Bitcoin Soars By 10%: Does Someone Know Something?

Tyler Durden's picture

Despite the exuberance in US and European equity markets, it appears Bitcoin is sending a different (avoid the looming capital controls) message... Does someone know something?

 

Bitcoin is soaring on heavy volume...

 

This is the highest level in 4 months...

 

Source: Bitcoinwisdom

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Deathrips's picture

Digital numbers are nothing. If you cant stand in front of it with a gun a defend it, you dont own it. Ann Barndhart

 

RIPS

Stackers's picture

The last run up to $1000 started with Cyprus.......

OrangeJews's picture
OrangeJews (not verified) Stackers Jul 10, 2015 3:10 PM

Where did it end up?

Midas's picture

The end isn't here yet.

tmosley's picture

Exactly! 2% here.

Well, now more like 2.5%.

Took Red Pill's picture

JPM can't corner the market on it, that's why

USisCorrupt's picture

It may be digital,ONLY when you transfer them. "BitCoins"

 

But I have MINE out of the system and in cold storage, you can even store your BitCoins in your head if you want to, many many people are so CLUELESS on how you can hold your BitCoins. There are even many Sheeple on zerohedge.

 

ONE WORD.........DIVERSIFICATION

 

HELLO SHEEPLE !

Waylon Bits's picture
Waylon Bits (not verified) USisCorrupt Jul 10, 2015 4:20 PM

"If you can't stand virtually in front of it and encrypt with SHA256 you don't own it!"

                                                      ~ Ann Bithart

Publicus's picture

Peer to peer currency have made Gold and Silver obsolete.

Waylon Bits's picture
Waylon Bits (not verified) Publicus Jul 10, 2015 5:29 PM

Eh, teh we thinks gold and silver will always have a place as a localized store of value.

free shit plz's picture
free shit plz (not verified) MonetaryApostate Jul 10, 2015 6:30 PM

I wonder who is the better advocate for bitcoin here on zerohedge. Is it Waylon with his humorous take, the technoliterates nullifying the tired criticisms of the technotards, or is it the technotards themselves with their fear-inducing assertion that bitcoin won't work without electricity.(BOO!)

Do they eschew TVs and indoor lighting for this reason? Your computers won't work without electricity either please stop posting.

Scarlett's picture

Bitcoin is the only honest banking system these days, that's fucking valuable.  

 

very fucking valuable.

Deathstar's picture

Lets see you spend your shitcoins in most of the world where they do not even know WTF it is let alone they prefer the heft and weight of tangible metal. That sherpa at your base camp will laugh at you. Guess who gets the guide? He who has gold coins or shitcoins?

LOL Silly boys, you can't own electrons.

Gold! Everywhere you want to be! (TM)

TheHound73's picture

What's a sherpa and why would I be buying one? 

I do know, however, that I can buy server hosting, any type of computer appliance, gold and silver, quality software programming, etc., etc., and have flowers shipped to my mum, all from the comfort of my sofa using bitcoin. 

In the town where you live, does any grocery store accept gold bullion? Any gas station or book store?

buzzkillb's picture

Where I live, in Los Angeles, most places do not accept $100 bills. I have had multiple locations tell me to write IOU's when I said I had nothing smaller. Really, how useful is cash right now, at least from what I have seen??? BTC is interesting to follow. Mined it a few years ago to see what it was about. If BTC can't be used the world has bigger issues.

shouldvekilledthem's picture

Guess what, before 2012 almost nobody accepted it. The number of bitcoin accepting merchants are steadily growing worldwide since then.

Bitcoin is not a finished product pushed by corporations but a new ecosystem built by people like you and me. 

Publicus's picture

And none of those merchants will ever accept gold and silver, try mail it using the USPS! LOL. Or try accepting it using the USPS, good luck!

Abitdodgie's picture

Bitcoin is the way to go IF computers are around in the future , if they are not then gold and silver are the way to go.

A Nanny Moose's picture

Doesn't need to. It can corner law makers. I suppose that means something....to um....someone.

Waylon Bits's picture
Waylon Bits (not verified) Took Red Pill Jul 10, 2015 4:40 PM

We mother made 23.7 BTC last month shitting out Bitbabies.  Find out how you can work from home and make this virtual dream happen for you too!

https://btc-e.com

Creepy A. Cracker's picture

Few will be able to afford batteries for their phones after the crash.  Bye, bye, BitCoin.

Bunga Bunga's picture

You won't be able to afford anything if you don't have ....

TeamDepends's picture

Water, seeds, livestock, shiny, and guns guns guns!

Kirk2NCC1701's picture

The Stuff of Life and the right friends in the right places.

A group is stronger than an individual, and a network is better than a supply line.

Captain Debtcrash's picture
Captain Debtcrash (not verified) Creepy A. Cracker Jul 10, 2015 3:32 PM

There’s going to be a monetary overhaul, yes, but that doesn’t mean everything will be left in rubble.  Monetary shifts have happened, 1913, 1945, 1971, and sometimes they can be pretty ugly, 1933, but the world doesn’t fall apart.  Many will lose alot  but it is not the end of the world. The one thing that has been constant throughout those shifts is the banks and govt get stronger, hopefully that doesn't happen this time, but that's the trend. 

nomofiat's picture

blockchain tech can play a vital roll in minimizing the influence of banks and governments

you could google Decentralized autonomous communities (DAC)

this is a fun example

http://getgems.org/

 

 

 

Waylon Bits's picture
Waylon Bits (not verified) Creepy A. Cracker Jul 10, 2015 4:22 PM

Did you ever consider the fact that Bitcoiners will just be able to move to a country with power, running water, hot chicks?  Not filled with ignorant technophobes?  Just a thought....

TeamDepends's picture

Yeah, those virtual chicks are hot. Until you put the moves on them and they turn into Waylon Smithers.

Waylon Bits's picture
Waylon Bits (not verified) TeamDepends Jul 10, 2015 4:54 PM

Teh we always does an incremental backup of his Bitbabes and puts them in cold storage.

Stackers's picture

Dont know ............. not at the "end" yet

Jack Burton's picture

With me making a lot of extra cash by selling into the run up. It was obviously a bubble in Bitcoin, I had a few and jumped to sell at that inflated price. But mind you, some people bought them, and lost their asses.

shouldvekilledthem's picture

It's like saying that people who bought gold above $1200 "lost their asses".

If you don't sell lower than you bought then you didn't lost anything yet.

Bitcoin is a long game, where we are going, selling bitcoin does not make sense.

Also, it's a constantly evolving ecosystem with its own growing pains.

lordylord's picture

"Bitcoin is a long game, where we are going, selling bitcoin does not make sense."

Gold has intrinsic value.  Bits on a computer do not.  You bitcoin people are fools.  Do you really think government will let you subvert their control?  No one is going to accept bitcoins in a back alley when it is made illegal. 

shouldvekilledthem's picture

Intristic value is a huge fallacy and does not make sense. The word you're looking for is faith. Even gold lacks intristic value. Valuation solely depends on supply and demand in a free (functional) market.

Bitcoin is being attacked continously since it got some attention. They would have crushed it if they had the means (perfectly organized global effort). The bigger it gets the harder it is to attack it.

lordylord's picture

With arguments like yours, maybe you should head up the Fed. FYI, gold and silver in fact do have intrinsic value.  It will always be useful and will always have value.  Your bits will not.

RothschildsKryptonite's picture

Gold only has value because we assign it value. It is after all a metal that's freely found in the ground. How is something free worth anything? Because it takes energy to extract it. Same with bitcoin. It takes energy to get it. The only difference is one is electronic and the other is metal. Both have value.

nuubee's picture

Gold has value because it has properties that make it fantastic as a monetary commodity, as well as numerous other uses.

Bitcoin has value because it has properties that make it almost a pure monetary commodity, even purer than gold as a monetary commodity.

Neither has inherent value, neither has value that is "assigned" by humans. Both have properties that are valued highly by humans for accomplishing specific tasks, namely a freely accessed, used and linked worldwide ledger of exchanged value.

shouldvekilledthem's picture

The usefulness is highly subjective so your whole argument is moot.

nuubee's picture

The usefulness of gold is subjective, has been since the beginning of time, that hasn't changed the fact that humanity has consistently regarded gold as money for thousands of years.

Citxmech's picture

Whether gold has "intrinsic" value is debateable.  Whether water, shelter, arable land, food, tools, and community have intrinsic value, is not.  

These are the areas you want your heaviest investments IMHO.

JuliaS's picture

Intrinsic value implies pre-monetary origin - being a valuabel commodity first and then becoming a unit of exchange later having not sacrificed any of its qualities in the process. Gold is a commodity. It is precious due to its natural rarity and useful physical properties. It is widely use in semiconductor, space exploration and medical fields. It is virtually indestructible.

A bitcon a synthetic unit of exchange and nothing else. It is fiat, minus the paper. It has no other uses. It's network and electricity dependent. Each individual unit can only be verified against all other units, unlike a commodity that can be validated simply through its properties.

To check whether your bitcoin data is real and unique, you have to complare it against all all other bitcoins. To check a piece of gold, you don't need to have access to all the gold in the world. In fact, if you're familiar with physics, you don't need to have any gold on hand at all.

That's what is meant by "intrinsic value". An array of uses and properties that make validation of value possible by a single individual.

nope-1004's picture

Hey, teh he we gots bit babies, not logic.

 

TheHound73's picture

  "An array of uses and properties that make validation of value possible by a single individual."

A.K.A. The Blockchain.  With bitcoin's blockchain you need no 3rd party to validate the authenticity of incoming funds. All other bitcoins are right there in the database for nearly instant inspection, backed by military grade digital signatures and a phenomenal amount of spent electricity (bitcoin mining).  Unique uses and properties of BTC that differentiate it from gold are:  It passes invisibly through metal detectors, crosses borders effortlessly, can be transferred directly to other trading partners anywhere across the globe quickly, securely, and cheaply without needing to ask permission from any 3rd party (such as customs officials or pony express).  Nobody said it would be easy to create or understand a scarce, non-counterfitable, durable system that is also intangible but for the past 6 years bitcoin has been doing exactly that.

DontGive's picture

Down votes on the above, shut the fuck up or bring up your points. Inquiring minds want to know.