Bitcoin Surges Above $4900 Amid Catalan 'Independence' Declaration

Bitcoin began accelerating ahead of Catalan leader Puigdemont's initial speech time, but after his delayed start, the crypto currency accelerated higher...


and is now back above $4900 for the first time since September 1st record highs..


RabbitChow BaBaBouy Tue, 10/10/2017 - 14:45 Permalink

There is one buffoon, forget his name, that took a short position in GBTC, an OTC pink sheet stock that was trading near 1000 (representing 0.09 BTC and BTH) and bid it up to 1000 and then shorted, now keeps on hoping it will achieve near NAV (which would be near 500 maybe).  I thought it was strange that anyone would even attempt this, especially in the face of a rising price of BTC.  I'm not so sure shorting will work.  And as I understand it, there are special broker-banker deals that have to be cut in order to short an OTC stock.What's funny is this is allowed in the US.  Of course now the NYSE or NASDAQ won't register a bitcoin fund because it competes with USD.  I also read now that the CFTC is considering bending the rules on what it actually means to 'receive' bitcoin or cryptocurrencies, because CFTC has no more requirements for delivering anything to their rightful owners.  I also heard that a few folks do actually short bitcoin, and it may have something to do with their own re-hypothecation -- if you own 100 bitcoin you can short 140 or something.  I don't know.  I don't play that kind of game.  Too easy to get burned by bitcoin's price rise.

In reply to by BaBaBouy

Harbourcity BaBaBouy Tue, 10/10/2017 - 14:51 Permalink

There is no point in shorting Bitcoin when it is such an easily manipulated market.  The real meaningful crash will happen when the banks crash and credit seizes up.  Bitcoin values reflect malivestment the same as housing - so much money sloshing around looking for return.  Bitcoin buyers who aren't playing the manipulation are the "fish".

In reply to by BaBaBouy

Manthong tmosley Tue, 10/10/2017 - 14:48 Permalink

  The banks (allegedly) hold gold reserves “for when really bad things happen” (-Bernanke). It is like insurance for them and a lot of us.It behooves them to keep the price supressed until then.The good news is that it keeps it economical to aquire for little guys and big nations. When, inevitably, really bad things happen it will achieve a true market value. At that point gold will again assume it role as money. If Bitcoin stabilizes and is widely accepted then, it may become useful as a medium of exchange that I would swap some PM’s and junk fiat dollars for.
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The price of Bitcoin does not matter to anyone who did not speculate on it early.“Gold is money, everything else is credit.”-J P Morgan 

In reply to by tmosley

GodHelpAmerica Manthong Tue, 10/10/2017 - 14:51 Permalink

Cryptos and now even stocks to a lesser degree which now have a "store of value function" in terms of mass psychology are destroying the fed's ability to maintain negative real rates without motivating countervailing forces.

Too bad Summers solved Gibson's paradox only by modeling and manipulating gold. His model is now useless; and as a result gold will shortly be set free, as the world's debt is devalued against it.

In reply to by Manthong

Manthong btClunker Tue, 10/10/2017 - 16:28 Permalink

“Bitcoin like gold is no one's liability and therefore not debt-based money like fiat.” I get that and Bitcoin has that going for it… But from the liability perspective, in Puerto Rico right now, is a tiny fraction of a Bitcoin worth more than an ASE? I do not take the Internet for granted or the desperate bank’s/government’s ability to filter out distributed ledger transactions lightly. 

In reply to by btClunker

Jein Manthong Tue, 10/10/2017 - 15:10 Permalink

Gold bullion was illegal to own as recently as 43 years ago in America. If something really "bad" happens, what stops banks from banning gold again forcing people to sell it for their established "fair" price to boost reserves in a time of true crisis on the horizon (ww3)?This is a legitimate non-rhetorical question.

In reply to by Manthong

Manthong Juliette Tue, 10/10/2017 - 16:30 Permalink

 There are millions of well-armed citizens who are nowhere near as trusting of the government or the banks as FDR's sheep were in 1933.Besides, it was really the local and state banks gold the FDR and his FRB banking criminals wanted to get. Comparatively, there was not much gold in private hands then.That might have been done as a cover or to minimize the domestic effects of FDR's imminent revaluation of gold (devaluation of the dollar).The confiscation of that private property was a crime. But the ignorant (unknowing) sheep let him get away with it. 

In reply to by Juliette

illuminatus Juliette Tue, 10/10/2017 - 17:57 Permalink

The problem with your logic is that even if you don't hand over your gold your won't be able to use/trade with it because people your trade with may turn you in because they want to do the ' right thing ' and show what good citizens they are. Or they just don't trade with you because they are scared. So you sit on it til you die and then maybe your grand kids can use it if it become legal again to hold. Did I say maybe?

In reply to by Juliette

Antifaschistische tmosley Tue, 10/10/2017 - 15:57 Permalink thought PMs were a Hedge against regional independence movements?  okay....whatever.  not my reason to by Rhodium, or whatever.   Buy PMs because you believe in the long run, fiats will get slaughtered due to unprecidented world debt and ponzi schemes.   If you're young and impatient, I'm sorry.  If you're knocking on heavens door, I'm sorry...these events take decades to play out...and we're already 30 years in. 

In reply to by tmosley

misterb4096 tmosley Tue, 10/10/2017 - 15:49 Permalink

No kudos for me I guess (something to do witht he periodic table having only 118 elements?). But seriously tmosley, why are you so bullish on Dash? It's fast and private, is that correct? Have I not also seen you mention IOTA? I'm thinking so many cryptos will become a pain in the ass to use, so I'm thinking there will be "one coin to rule them all", so to speak, but that coin has not (to my knowledge) debuted yet. I'm eagerly waiting for something feeless, sclable, fast, anonymous and that suppoerts smart contracts. like a tange with smart platforms and zsnarks or something. But seriously, why so bullish on Dash?

In reply to by tmosley

tmosley tmosley Tue, 10/10/2017 - 20:23 Permalink

Ok, I'm back.I like Dash for a number of reasons. InstantX allows for instant transactions. That is HUGE in this space. Also has Darksend, which allows allows for anonymous transactions. 90% of the network needs to be compromised for the details of these transfers to be recovered. But the nature of the masternodes makes such attacks almost impossible because you would have to buy up 2000 Dash for each node. There are currently 4711 masternodes, which means that an attacker would need to either source 9.4 million Dash (there aren't that many in existance), or compromise 4240 masternodes. That might be possible since many are stored on Amazon, but that is fixed by the most important feature:Dash has an excellent, devoted dev team. These guys have proven time and again that they are top notch devs, consistantly shipping new features, improving security, etc. There might be better dev teams out there, but they are few and far between. If you find any, let me know, because I would throw money at them (just like everyone else) to get their products. Reputation is huge in business, and it is finally asserting its primacy in the crypto world. I am staying away from ICOs until it does the same there.

In reply to by tmosley

JustUsChickensHere tmosley Wed, 10/11/2017 - 02:28 Permalink

A small number of important corrections - whch do not really affect your reasoning.1. A DASH masternode needs excatly 1000 DASH committed to it. You calculations are wrong, but your conclusion is still correct2. InstantSend is currently disabled to avoid a potential security risk. The dev team decided it was better to simply disable it and wait for the next release rather than issue a hotfix. The fix was built immediately, but this was seen as a more stable approach. They used the rather clever staged rollout system that DASH has called 'sporks' to do this. Something very few alts have.3. The dev team is good, but what is better is that DASH has a built in governance system (right in the blockchain) which make the devs accountable to the 4000 or so master nodes. They only work on changes agreed by the masternode community. This makes DASH a DAO that really works.That governance system is why DASH is so focused in its approach.  

In reply to by tmosley

btClunker misterb4096 Tue, 10/10/2017 - 16:56 Permalink

Not sure if feeless is possible but I'll buy it if and when I find it. As far as Dash goes, if you were to separate the technology part from everything else I would still "buy" it. Branding and development are what will get it's noticed by average person. Add all the binary ledger shit? Very solid. Do a you tube search of any coin and if most of what you hear is price movement than that's what it is worth. Anything else is worth further research. But obviously I will let tmosley speak for himself....

In reply to by misterb4096

Aireannpure tmosley Tue, 10/10/2017 - 18:37 Permalink

Do you use volume in your brilliant analysis? The monopoly holder of BTC just stops selling and lets price rise all on its own. News or no news. Then buys selling at levels they deem taking a loss. Enjoy the taxes if you are in the USA. The monopoly holder is not in the USA and making fools of everyone. 

In reply to by tmosley

dasein211 Tue, 10/10/2017 - 14:29 Permalink

Crypto soars on an attempt to split Spain which would be a destabilizing factor in euro bonds..... there was once a medium of exchange that acted that way a long time ago. Wonder what it was?

Harbourcity Tue, 10/10/2017 - 14:30 Permalink

Bitcoin is such a farce.  A friend came to me saying she got hired to launder money via Bitcoin.  They would pay her $30hr Cdn to take cash, deposit it into her account and buy Bitcoin with it.  Geez, why they getting you to use your bank account? Duh.  So Catalan independence is a bigger deal to Bitcoin than it being banned in China and Russia?  Bitcoin will never be worth what the hard core bugs think it will be without mainstream acceptance, it'll always just be a means to buy illegal goods and launder money.