The Bitcoin Tracking Thread

[Ares]

China is the unknown variable in this equation.
http://www.coindesk.com/bitcoin-exchange-btc-china-5m-funding-lightspeed/

They seem to be buying Bitcoins and Litecoins apparently hand over fist. Both have a finite supply (21 million Bitcoins, 84 million Litecoins) China has a population of over 1 Billion people, and India has also been buying Bitcoins / Litecoins. 2 nations with 2+ billion people buying an item with a finite supply. Maybe they just got tired of the gold and silver manipulation? Who knows?

It makes it easier to get money out of the country that way as China does have capitol controls. Nations are going to realize that with crypto currencies, capitol controls just aren't going to work (not that they did before) but now it's even easier to put your fiat into a crypto take a "vacation" to another country cash out into the local currency and do whatever you like.

You can watch who buys what from where with www.fiatleak.com

[Son-of-Liberty]

I hate to say this but Horn and some others might be right about Bitcoin.

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

Considering that BTC if legitimate has the power to destroy the banking system, why on earth would they be promoting it?

[Shami-Amourae]

I hate to say this but Horn and some others might be right about Bitcoin.

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

Considering that BTC if legitimate has the power to destroy the banking system, why on earth would they be promoting it?

They think they will get away with forcing businesses to have licenses to be able to use Bitcoins and then taxing non-Americans and Americans. They are psychopaths.

[Ares]

I hate to say this but Horn and some others might be right about Bitcoin.

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

Considering that BTC if legitimate has the power to destroy the banking system, why on earth would they be promoting it?

I read the article, they really aren't promoting just giving the Senate committee guidelines on what it is. Even the Fed out of Chicago said it was innovative payment processing system.

My guess, and I'm just shooting in the dark here, my guess is that they are excited about the PROSPECTS of regulating and taxing it. Just like they have been with everything else. They see a 6 Billion dollar+ market cap, and are wondering how much of that they can take for themselves.

[Horn]

They see a 6 Billion dollar+ market cap, and are wondering how much of that they can take for themselves.

Not to mention it leaves citizenry holding nothing real.

[Shami-Amourae]

http://s21.postimg.org/hir0egbzr/Canute.jpg

[EE_]

I hate to say this but Horn and some others might be right about Bitcoin.

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

Considering that BTC if legitimate has the power to destroy the banking system, why on earth would they be promoting it?

Anyone that believes the dollar will eventually collapse, should also believe the bankers have thought about this.

If and when the dollar gets devalued, or outright collapses, the government will be more then ready to roll out the new currency. I can tell you it will not be paper...it will be a digital system. All transactions will be digital...employers will pay employees with the new digital credits and so on.

Bitcoin is a great way to prepare the masses for this new system. Just like people begging and standing in line all night to get the new government personal tracking, digital commerce device. (iPhone)

I think cash will be a slower phase out program as it will still be needed until all are on board and own a PTDCD (Personal Tracking Digital Commerce Device) aka. 'mark of the beast'

[Horn]

Just like people begging and standing in line all night to get the new government personal tracking, digital commerce device. (iPhone)

Those have a precious metal value to them though, what should be happening is finding ways to get that value back out of the old ones.

Not just letting them end up in a trash fill headed back for some polluted Chinese wok to be recycled.

Maybe it would stop or slow the new notional value phones, that really offer very little change benefit from the old one.

[Son-of-Liberty]

I read the article, they really aren't promoting just giving the Senate committee guidelines on what it is. Even the Fed out of Chicago said it was innovative payment processing system.

My guess, and I'm just shooting in the dark here, my guess is that they are excited about the PROSPECTS of regulating and taxing it. Just like they have been with everything else. They see a 6 Billion dollar+ market cap, and are wondering how much of that they can take for themselves.

http://bitcoinmagazine.com/8132/obama-initiative-spawns-identity-based-bitcoin-greenlist/

I don't know. I am being cautious.

You guys seen this paper on digital "cash" Supposedly put out by the NSA in 1996.

http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm

If the government is behind bitcoin it doesn't mean it is a bad investment. In fact it will go up even more. Just have to convert your BTC to tangibles or other crypto's before they demand biometrics.

Satoshi's real identity is still not known.

[Ares]

885.89 on Mt.Gox.

I'm getting a little concerned now. This a parabolic rise... Way too high, way too fast.

[osoab]

this is nuts

[Silver Rocket Bitches!]

Ahh! When do I sell my two measly little bitcoins?? I'm not used to having a bubble asset!

[Horn]

this is nuts


http://www.youtube.com/watch?v=eTmkowx_1xk

[Ares]

This makes me feel like when I first started getting into gold watching the wild swings with excitement and amazement.

750.00 Mt.Gox

[mamboni]

Ahh! When do I sell my two measly little bitcoins?? I'm not used to having a bubble asset!

Sell them now and be thankful to the Gods for the found money. Pigs get slaughtered.

[Son-of-Liberty]

Hit 900 briefly.

[Ares]

685.00

BTW I sold at 835.00 :)

[Son-of-Liberty]

Now down to $670

Hopefully this is the crash I've been waiting for. Want to load up Sub $300 or even $200

[Son-of-Liberty]

685.00

BTW I sold at 835.00 :)

You did? great timing. Get ready to buy. This could last or be gone in a flash.

[Son-of-Liberty]

I don't have USD, or CAD trading account so I cannot capitalize on these moves unless the price drop is sustained.

[Shami-Amourae]

http://forums.watchuseek.com/attachments/f15/1135161d1372248653-breitling-navitimer-01-date-changing-problems-3ps5zq.jpg

[Shami-Amourae]

Now down to $670

Hopefully this is the crash I've been waiting for. Want to load up Sub $300 or even $200

Same. I have a lot of money ready for it. I've been selling my stash in small intervals. I've made a lot of $$$ this week.

[Ares]

I don't have USD, or CAD trading account so I cannot capitalize on these moves unless the price drop is sustained.

I hope so, just waiting to see where it goes before I buy back in. Yeah when it bounced off of 900 at Gox I knew it was time to exit. At least that was my gut feeling.

[EE_]

685.00

BTW I sold at 835.00 :)

Are you getting close to shopping for the big spread in the hills?

[Ares]

Are you getting close to shopping for the big spread in the hills?

Hell I wish, I've only been trading 2 coins, 1 at each (BTC-e, Mt.Gox) exchange. So yeah while today's gains have been impressive no where near enough capitol to tell the boss here's my 2 weeks. LOL

[Shami-Amourae]

I hope so, just waiting to see where it goes before I buy back in. Yeah when it bounced off of 900 at Gox I knew it was time to exit. At least that was my gut feeling.

Watch it hit $1000 in the next two hours though.
:p

[Horn]

Hash - GHash - Netherlandia

5685
GHash.IO and double-spending against BetCoin Dice (https://bitcointalk.org/index.php?topic=327767.msg3519100#msg3519100)

https://bitcointalk.org/index.php?PHPSESSID=ld3kjmre5c9qvh0rr2l8ujq7h1&topic=327767.0

[mamboni]

Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds (http://www.zerohedge.com/news/2013-11-18/bitcoin-trades-over-1000-btc-china-exchange-crashes-promptly-thereafter)

Submitted by Tyler Durden (http://gold-silver.us/users/tyler-durden) on 11/18/2013 - 20:38 http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/11/BTC%20drop_0.jpg (http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/11/BTC%20drop.jpg)


Putting to rest fears that today's Senatorial hearing on digital currencies would crater Bitcoin (if in the immediate term), moments ago the digital currency priced in USD on the Mt Gox exchange, rose to yet another unpredecented price, hitting $850 moments ago, or about 50% higher than where it was this morning. But you ain't seen nothing yet. Because at the same time, the Renminbi-denominated price of Bitcoin on BTC China, has the digital currency at 6780CNY. At a USDCNY exchange rate of 6.09, this means a price over $1100 per Bitcoin. Naturally, at this point we would suggest picking up the 20%+ free arb, however it is unclear how one can short the CNY priced leg of the transaction, or if for that matter, there is even an actual, liquid market in the currency. Because as the final chart shows, taken literally moments before we were going to post this article, BitCoin touched $900 on Mt Gox... and promptly tanked to just under $700, entering a bear market in the span of seconds on what appears to be about 10,000 trades.


Government is DUTCH TULIP-ing Bitcoin. That's one way to destroy it - make it go exponential and then CRASH!

[mamboni]

LOL - forget the lost gold and silver. This guy lost a fortune in unrealized bitcoin gains! If he doesn't go postal I'd be surprised.




WARNING: Do NOT Buy Gold or Silver from Bitcoin Site Coinabul
by Jason Hamlin - Gold Stock Bull
Published : November 17th, 2013

This a quick warning message to gold and silver investors: DO NOT purchase any bullion from the bitcoin website Coinabul.com. This site has built a reputation as the first and one of the only sites to accept bitcoin in payment for gold and silver. I have used them in the past with no problems, but my latest order that was supposed to come the next day, is now nearly a week late.

In addition, their customer service is not replying to emails or answering the phone. Their phone number goes to a message saying to call back tomorrow during business hours, even if you are calling during regular business hours. I have also found several other people on popular bitcoin bulletin board sites complaining about never receiving their orders from Coinabul or receiving them months later.

While the irreversibility of bitcoin and ability to transact anonymously can be a benefit in many situations, in this instance it means that I might have been ripped off without recourse to recover my payment. Fortunately, I only made a small purchase with a fraction of my bitcoin holdings, but the company could be pulling in thousands per day in bitcoin payments from those not aware of the potential fraud.

24hGold - WARNING: Do NOT Buy ...

Their website continues to function, updating prices on the fly, with no message about delays or other fulfillment issues. The items that I ordered, American Silver Eagles coins, have even changed to the status: “out of stock.”

Using a site like Coinabul is a great way for those that have built up hefty gains in bitcoin, to take some profit off the table by exchanging bitcoin for physical metals. In my view, this is an excellent time to do so, as Bitcoin is now over $400 and precious metals are trading at very oversold levels after correcting sharply in the past year.

I will be updating this page if I hear anything back from Coinabul. Hopefully this was just a misunderstanding and they will respond soon, but I am not holding my breath after reading similar stories from others over the past few months. It seems silly to rip off a handful of customers and lose all credibility in a business that was legit for a long time and apparently was processing a good amount of bullion orders every day. This loss of confidence in Coinabul opens the doors for competitors and probably marks the end of the company.

As an investor and proponent of both gold and bitcoin, I really want to like Coinabul. If there are supply issues or regulatory problems, don’t accept orders or at least tell customers about the delays. If you can’t deliver as promised, return the bitcoin payment immediately. This is just simple common sense and good business practice.

In the meantime, please be advised that I still have not heard anything back from customer service after several days and multiple attempts to contact them via phone and email. I may have lost my money and been con-a-bulled, but hopefully this reaches people that may be considering a purchase from their website. Buyer beware, at least for the time being!

Here a few links to others complaining about Coinabul not delivering bullion and keeping their money:

https://bitcointalk.org/index.php?topic=149253.420

http://www.reddit.com/r/Bitcoin/comments/1jwn...the_moment_the/

24hGold - WARNING: Do NOT Buy ...

If you would like to purchase bullion with bitcoin and are looking for an alternative to coinabul.com, check out Agora Commodities. I have no affiliation with them and have never used their website, but others have reported success and quick delivery. I am going to put through a small order and will review their service after it is fulfilled. It also appears that their prices are significantly lower than Coinabul.com.

24hGold - WARNING: Do NOT Buy ...

Another website that accepts bitcoin for gold and silver bullion is https://www.goldsilverbitcoin.com


http://www.24hgold.com/english/news-gold-silver-warning-do-not-buy-gold-or-silver-from-bitcoin-site-coinabul.aspx?article=4683386710G10020&redirect=false&contributor=Jason+Hamlin

[madfranks]

885.89 on Mt.Gox.

I'm getting a little concerned now. This a parabolic rise... Way too high, way too fast.

Tell me about it. I sold at $400, after watching it double from $200 in less than two weeks. I feel like a retard about now.

[drafter]

Back to 700 isn't much of a "crash". I was hoping for more like back to 200 or less so that I can buy into the long haul. The idea of being able to travel without carrying loads of cash or relying on banks had me intrigued, but it seems to have all gone a bit crazy.

[Ares]

Tell me about it. I sold at $400, after watching it double from $200 in less than two weeks. I feel like a retard about now.

I'm very VERY new to trading, and have just been going with my gut. I just bought back in at 655. So I might hold, or I might sell again. Waiting to see where it goes. I'm going to be going to bed late tonight. LOL

[Shami-Amourae]

I'm very VERY new to trading, and have just been going with my gut. I just bought back in at 655. So I might hold, or I might sell again. Waiting to see where it goes. I'm going to be going to bed late tonight. LOL

What I've learned is to buy a lot when no one wants it. Sell it in small intervals as it goes up. Don't get greedy. Don't get angry at yourself for selling to short since you'll chase a rally which may turn into a falling knife and you'll cut yourself bad. Pay attention to what happens on multiple exchanges, especially the Chinese ones since they seem to be driving things a lot recently. Sometimes the best move to to not move at all, do nothing.

[mamboni]

"Dat be some good sheet that bitcon!"

http://i.imgur.com/A9hq2x5.gif

[mamboni]

Bernanke is lovin' how bitcon is beating the piss out of gold and silver. He knows gold and silver can be manipulated temporarily. Bitcon can be manipulated forever.


The Great Rotation: From Bullion To Bitcoin


http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://gold-silver.us/users/tyler-durden)
Submitted by Tyler Durden (http://gold-silver.us/users/tyler-durden) on 11/18/2013 12:53 -0500



Well you buy what's working, right? Don't fight the Fed? Oh wait...

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/11/20131118_BTCPMs_0.jpg

BTC just hit $670...

[EE_]

Bernanke is lovin' how bitcon is beating the piss out of gold and silver. He knows gold and silver can be manipulated temporarily. Bitcon can be manipulated forever.


The Great Rotation: From Bullion To Bitcoin


http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://gold-silver.us/users/tyler-durden)
Submitted by Tyler Durden (http://gold-silver.us/users/tyler-durden) on 11/18/2013 12:53 -0500



Well you buy what's working, right? Don't fight the Fed? Oh wait...

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/11/20131118_BTCPMs_0.jpg

BTC just hit $670...

Nobody is going to look at gold and silver with the stock market and bitcoin making new highs every day.
Dead money

[Horn]

Bernanke is lovin' how bitcon is beating the piss out of gold and silver. He knows gold and silver can be manipulated temporarily. Bitcon can be manipulated forever.

I think so too, its just as easy and fast for them also.

Really strange thread over on Bitcoin forums how one private miner out of the Netherlands is dominating all the Coins now too.

https://bitcointalk.org/index.php?topic=327767.msg3519100#msg3519100

[Ares]

I think so too, its just as easy and fast for them also.

Really strange thread over on Bitcoin forums how one private miner out of the Netherlands is dominating all the Coins now too.

https://bitcointalk.org/index.php?topic=327767.msg3519100#msg3519100

Yep cex.io it's basically a miner exchange that mines Ghash.io. Instead of trading BTC's you trade GHash. I thought it was a little pricey. I have an account there but they're wanting way too much BTC per Ghash.

[Horn]

Are Satoshi's riddles random in nature, or do they just increase difficulty while remaining somewhat the same?

Seems a crunch they could design some sort of logic chip that is optimized to the problems particularly, and jump ahead. Too centralized.

But then they just tiptoe in at just above the average competitor rate, then whamo, jaws clamp down.

[mamboni]

"I can feel your anger! Yes, your hatred for gold and silver is making me strong! Gold and silver must go lower and lower! Then, when they are bloodied, and beaten, and hated by you.....they will be....MINE! Ha ha ha ha ha (evil laughter with echo)"

Emperor Mambonitine and how he cornered the gold and silver markets, circa 2013.

[Horn]

Heh, mamboni, you're going to need an island to store that all in.

I'm available for guard duty.

My resume is excellent, and criminal record very short also. :)

[vacuum]

On a chinese exchange, bitcoin has hit $1100 USD

[Horn]

Ahh! When do I sell my two measly little bitcoins?? I'm not used to having a bubble asset!

Learn how to yodel from Walter.

Just try to price the items in Bitcoin...


http://www.youtube.com/watch?v=HjT7bSHAHAU

[Shami-Amourae]

This is the guy who woke me up to Bitcoin when the price was like $2. Discusses government hearings and possible future of Bitcoin.

http://www.youtube.com/watch?v=N0JWm92CssE

[Horn]

This is the guy who woke me up to Bitcoin when the price was like $2. Discusses government hearings and possible future of Bitcoin.

http://www.youtube.com/watch?v=N0JWm92CssE

Guy talks like he's never seen a Litecoin?

[mamboni]

Time Is To Go For Gold: Bitcoin Just Crashed ... Again – High Above $900 And Just Low at $540 GLD, MUX, TNR.v, GDX (http://sufiy.blogspot.co.uk/2013/11/time-is-to-go-for-gold-bitcoin-just.html#)



http://4.bp.blogspot.com/-tt7i-zoN6c0/UoudAplybvI/AAAAAAAALLQ/nlz0YO1Momk/s400/US+Dollar+Purchasing+Power+(1913-2013).jpg (http://4.bp.blogspot.com/-tt7i-zoN6c0/UoudAplybvI/AAAAAAAALLQ/nlz0YO1Momk/s1600/US+Dollar+Purchasing+Power+(1913-2013).jpg)




"Time is to go for Gold and for the real one this time - Bitcoin "Gold 2.0" status will be killed by its parabolic rise and bust and maybe it is happening already. Just today the high was at $900.98 and the low at $502.62, according to mtgox.com. With this kind of volatility Bitcoin will be struggling to become The Currency, it is traders paradise for now, but it looks like our scenario $2000 - $50 (put your own numbers here) can happen very soon."

[mamboni]

Learn how to yodel from Walter.

Just try to price the items in Bitcoin...


http://www.youtube.com/watch?v=HjT7bSHAHAU


You gotta love the old folk: they know that the most important things are to love living and enjoy yourself!

[Ares]

"Time is to go for Gold and for the real one this time - Bitcoin "Gold 2.0" status will be killed by its parabolic rise and bust and maybe it is happening already. Just today the high was at $900.98 and the low at $502.62, according to mtgox.com. With this kind of volatility Bitcoin will be struggling to become The Currency, it is traders paradise for now, but it looks like our scenario $2000 - $50 (put your own numbers here) can happen very soon."

Same thing was said back in April after it crashed from 266 down to 80. It was also said before when it crashed from 30 down to 5 before that. I trade, and it's not a paradise trading in this type of volatility.. But you'll have this type of scenario with liquidity shortages... The U.S. has 1 exchange (coinbase.com) which isn't anywhere near the top 10 exchanges in the world.

So I see it as a liquidity issue more than anything. It's trying to find a value, but runs out of steam when liquidity dries up.

[Neuro]

Same thing was said back in April after it crashed from 266 down to 80. It was also said before when it crashed from 30 down to 5 before that. I trade, and it's not a paradise trading in this type of volatility.. But you'll have this type of scenario with liquidity shortages... The U.S. has 1 exchange (coinbase.com) which isn't anywhere near the top 10 exchanges in the world.

So I see it as a liquidity issue more than anything. It's trying to find a value, but runs out of steam when liquidity dries up.
Try silver they can sell the equivalent of a years world production in 15 minutes, and it won't drop more than 5%...;)

[Ares]

Try silver they can sell the equivalent of a years world production in 15 minutes, and it won't drop more than 5%...;)

Maybe you should #AskJPM (https://twitter.com/search?q=%23AskJPM&src=hash) why that is? LOL

Naked Short selling isn't involved in BTC.... YET!!!! I'm sure it will eventually if they can figure out how to naked short it like they've done with the precious metals.

[Son-of-Liberty]

Since the blockchain is public it would be pretty hard to naked short unlike metals where we are just supposed to trust that they it.

[mamboni]

http://www.youtube.com/watch?feature=player_embedded&v=GOjh6GZC43Y

[EE_]

Use Bitcoin As A Currency, Get Wiped Out (The Government Likes It That Way)
Tuesday, November 19, 2013 at 8:24PM

Four years after its creation, folks are still arguing over what bitcoin is: “investment opportunity of the millennium,” “part of a societal revolution,” a security, a currency, a casino token? Whatever. But US regulators now have strategy for killing it as a currency.

The Senate is trying to wrap its brains around bitcoin. A sight to behold. Four years after its creation, folks are still arguing over what it is. For some, bitcoins aren’t even casino tokens (no fancy tokens). These non-physical entities traded on electronic exchanges “would likely be securities,” SEC Chairman Mary Jo White clarified in her letter to the Senate Committee on Homeland Security and Governmental Affairs that is now investigating the matter. And as securities, they would be “subject to our regulation.” So a security, not a currency.

Fed Chairman Ben Bernanke attempted to dodge the issue, but didn’t quite make it when he wrote to the committee that the Fed “generally monitors developments in virtual currencies” – so it’s a currency, not a security? He conceded even that virtual currencies “may hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system.”

Some sort of “private money” is what the German Ministry of Finance called it in August. Under German law, it could be used to settle multilateral transactions. Creating bitcoins (“mining”) was therefore “private money creation.” This emerged as an answer to MP Frank Schäffler’s query. Any gains from selling bitcoins after one year would be treated as capital gains for tax purposes. So it’s a security, in addition to private money? German banking supervisor Bafin also struggled with it, and finally considered it the equivalent to a foreign currency.

A miffed commenter on a Bloomberg article called it “the investment opportunity of the millennium” and “part of a societal revolution.” That would be the other end of the spectrum.

The Senate hearing on Monday was the culmination of a three-month investigation into virtual currencies, said committee chairman Sen. Tom Carper (D., Del.). “Virtual currencies, perhaps most notably bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us, including me.” He was worried that they could facilitate the sale of “weapons, child pornography, and even murder-for-hire services.”

So you’d expect some saber-rattling by the government officials who’d been asked to testify. But instead, it practically turned into a love fest.

Officials from the Secret Service, the Treasury’s Financial Crimes Enforcement Network, and the Justice Department bragged to the committee about successful investigations of crimes where bitcoin or other virtual currencies were used, including the busts of Silk Road, eGold, and Liberty Reserve. They were confident that they knew how to tamp down on criminal use of virtual currencies. No one expressed outright alarm about the new world of bitcoin.

Since every transaction of every bitcoin is forever recorded and part of the system, Mythili Raman, acting assistant attorney general at the Justice Department’s criminal division, pointed out that “cash is still probably the best medium for laundering money.” And she admitted that “many virtual currency systems offer legitimate financial services and have the potential to promote more efficient global commerce.”

At the word legitimate, bitcoin soared. And I mean, SOARED.

Even if they don’t agree on what bitcoin is, regulators clearly don’t want to go through the hassles of banning it or policing it. So if it’s a “security” where in the end a lot of people will lose a lot of money, so be it. That happens every day with securities.

Yet they are fretting about transactions. It seems they would like to prevent bitcoin from competing as a currency with the dollar. But they don’t want to get their hands dirty. And they found out how to do that. It’s so simple, it’s beautiful: Encourage bitcoin to become so phenomenally volatile with such mindboggling jumps and brutal crashes that no one can afford to use it as a currency to buy or sell anything, licit or illicit.

Taking on the dizzying risks of getting crushed by price swings can be fun for speculators, but they would be debilitating for buyers or sellers. So you want to buy a house valued at $500,000 and pay in bitcoins. You sign the contract on September 19, when bitcoins change hands at $134 each. So the contract specifies that you have to pay 3,731 BTC at closing. Closing was last night, after bitcoin had soared to $900. The transaction price of the house, in dollar terms, would then be $3.36 million. You’d get crushed by a $2.86 million loss on a $500,000 house. You’d never, ever do that again.

Another day, the price could swing the other way, and then it would be the seller’s turn to get crushed. That’s the idea. If regulators can keep it that way, while allowing speculators to play with it and have fun with it and drive the price up and down maniacally, bitcoin will die as a currency that can be used to buy or sell anything.

Turns out, all this drama can actually happen in time-lapse. Not in weeks, but in hours. Yesterday around midnight, after an already crazy run-up, bitcoin traded for $575. Then, triggered by the word “legitimate” or some other word, or something in the water, it spiked to $900 for the briefest moment at around 5 p.m., only to crash to $502 by around 4:45 a.m. today. It since jumped to $745, and now, as I’m writing this, re-crashed to $640 $599 $489. You can’t do business with a “currency” like that. You can only have fun with it or lose your shirt. And the Fed, the SEC, and a myriad of other regulators can pat each other, or themselves, on the back.

http://www.testosteronepit.com/home/2013/11/19/use-bitcoin-as-a-currency-get-wiped-out-the-government-likes.html

[Neuro]

Maybe you should #AskJPM (https://twitter.com/search?q=%23AskJPM&src=hash) why that is? LOL

Naked Short selling isn't involved in BTC.... YET!!!! I'm sure it will eventually if they can figure out how to naked short it like they've done with the precious metals.
No problems at all, they can easily create futures, and its derivatives, hundred times or more of real virtual crypto-money, just like they did with gold and silver, if you can convince investors and speculators, that they are better off holding the paper derivative of physical gold and silver than the real thing, they will not have any major problems convincing the public that the safest way of speculating the bitcoin wave is to buy their guaranteed product.

No-one is actually short-selling real silver or gold, they are short-selling the paper-promise to deliver silver or gold, and if they fail to deliver they settle the score in a different way. I wouldn't be surprised if 95% of the latest rise in the price of bitcoins have been driven by JPM and their partners in crime, buying up a significant chunk of real bit coins, so that they can start issuing, futures, derivatives, mainstream investment products on the bitcoin, with the ultimate aim of raking in profits by shorting the hell out of the market at regular intervals, just like they do with everything else, to increase their profits at the expense of their clients...

[Neuro]

^This is the art of taking a one billion dollar market, make it a $500 Billion market, where the counterfeit is driving the price of the real thing, and have total control of the counterfeit, which is 100:1 to the real thing. If they feel like it they can continue to play this beast they have created for an annual income, or they can crash bitcoins to its intrinsic value (0), and rake in a few hundred Billions in one go...

[Ares]

Turns out, all this drama can actually happen in time-lapse. Not in weeks, but in hours. Yesterday around midnight, after an already crazy run-up, bitcoin traded for $575. Then, triggered by the word “legitimate” or some other word, or something in the water, it spiked to $900 for the briefest moment at around 5 p.m., only to crash to $502 by around 4:45 a.m. today. It since jumped to $745, and now, as I’m writing this, re-crashed to $640 $599 $489. You can’t do business with a “currency” like that. You can only have fun with it or lose your shirt. And the Fed, the SEC, and a myriad of other regulators can pat each other, or themselves, on the back.

:rolleyes:

How about stop manipulating the dollar and we'll see how violent it swings in value? Or even Gold or Silver for that matter. The free market isn't pretty, and for a currency that's only 4 years old searching for a price discovery you're going to have really high highs, and really low lows. Whoever wrote this has no clue how markets work apparently.

[Ares]

No problems at all, they can easily create futures, and its derivatives, hundred times or more of real virtual crypto-money, just like they did with gold and silver, if you can convince investors and speculators, that they are better off holding the paper derivative of physical gold and silver than the real thing, they will not have any major problems convincing the public that the safest way of speculating the bitcoin wave is to buy their guaranteed product.

No-one is actually short-selling real silver or gold, they are short-selling the paper-promise to deliver silver or gold, and if they fail to deliver they settle the score in a different way. I wouldn't be surprised if 95% of the latest rise in the price of bitcoins have been driven by JPM and their partners in crime, buying up a significant chunk of real bit coins, so that they can start issuing, futures, derivatives, mainstream investment products on the bitcoin, with the ultimate aim of raking in profits by shorting the hell out of the market at regular intervals, just like they do with everything else, to increase their profits at the expense of their clients...

But that's the thing with Bitcoin. In order to get people to invest they'll want to know JPM's inventory so they'll have to publish their investment address. You can see what's in the wallet plain as day, there is no hiding it, manipulating the numbers it's right there in black and white. I don't think they'll be able to manipulate it how they are used to doing with Gold, Silver, and other commodities / currencies. Now they'll release numbers even though they've been caught lying COUNTLESS times already, they won't be able to really hide that. If they say, you're investing in 1000 BTC's and their wallet only has 5 someone will know they're lying immediately.

It would be equivalent of you wanting to invest in whatever product JPM has now, and you're ability to look at their accounting ledger. No way in HELL they will allow you to look at it now. But with BTC's you can look at anyone's wallet and see what they have in it. IF they publish the address.

[EE_]

:rolleyes:

How about stop manipulating the dollar and we'll see how violent it swings in value? Or even Gold or Silver for that matter. The free market isn't pretty, and for a currency that's only 4 years old searching for a price discovery you're going to have really high highs, and really low lows. Whoever wrote this has no clue how markets work apparently.

It is in the Fed's interest to manipulate a stable dollar.

It is in the Fed's interest to manipulate precious metals to be erratic so not to be a stable competing currency with their dollar...and it's working well I might add!

Bitcoin is also trying to compete...so it is the Fed's interest to do the same.

No such thing as a free market as long as the Fed exists. All markets are manipulated.

The Fed didn't take power only to give it back!

[Neuro]

But that's the thing with Bitcoin. In order to get people to invest they'll want to know JPM's inventory so they'll have to publish their investment address. You can see what's in the wallet plain as day, there is no hiding it, manipulating the numbers it's right there in black and white. I don't think they'll be able to manipulate it how they are used to doing with Gold, Silver, and other commodities / currencies. Now they'll release numbers even though they've been caught lying COUNTLESS times already, they won't be able to really hide that. If they say, you're investing in 1000 BTC's and their wallet only has 5 someone will know they're lying immediately.

It would be equivalent of you wanting to invest in whatever product JPM has now, and you're ability to look at their accounting ledger. No way in HELL they will allow you to look at it now. But with BTC's you can look at anyone's wallet and see what they have in it. IF they publish the address.
Don't underestimate the willful ignorance of the vast majority of the population. Butler has over decades exposed the bullion banks manipulation and short position of the PM market. But the reality is that the only thing needed for most people to reject all the readily available facts pointing out that the only safe way of investing in the PM market is to buy physical PM's, is if their personal trusted banker to tell them it is not safe. And people buy SLV and GLD instead... Sorry that is the reality!

[Ares]

It is in the Fed's interest to manipulate a stable dollar.

It is in the Fed's interest to manipulate precious metals to be erratic so not to be a stable competing currency with their dollar...and it's working well I might add!

Bitcoin is also trying to compete...so it is the Fed's interest to do the same.

No such thing as a free market as long as the Fed exists. All markets are manipulated.

The Fed didn't take power only to give it back!

The prices in gold and silver haven't been as violent as with crypto's. Yeah it may be in their interests, but someone will know pretty quickly who is accumulating what. There are literally people that monitor blockchain.info (well scripts anyway) looking for large and small transactions going to and from large wallet addresses. The reason being is that they are most likely targeting them to see if they can break in and steal the coins.

The FED's aren't used to doing business in this type of an open environment. They're used to doing everything in the dark. Yeah they may not give power back, but sometimes, just sometimes they can't stop when people decide to take it from them.

[Ares]

Don't underestimate the willful ignorance of the vast majority of the population. Butler has over decades exposed the bullion banks manipulation and short position of the PM market. But the reality is that the only thing needed for most people to reject all the readily available facts pointing out that the only safe way of investing in the PM market is to buy physical PM's, is if their personal trusted banker to tell them it is not safe. And people buy SLV and GLD instead... Sorry that is the reality!


How exactly does that work in their favor? Bankers I mean... If they buy a bunch up and hold they cause the price to rise. If they drop a ton on the market especially with China, India, and Russia getting on the scene they just performed a wealth transfer and the price will correct.


I get the physical manipulation have been watching it since back in 07 and I'm sure some of you guys much much longer. But they are unable to manipulate crypto's with the same ease they have in the past. It's easy to lie with the SLV and GLD saying they have this or that in inventory. It's not as easy with an online ledger that will say definitively what they do or do not have.

[Neuro]

How exactly does that work in their favor? Bankers I mean... If they buy a bunch up and hold they cause the price to rise. If they drop a ton on the market especially with China, India, and Russia getting on the scene they just performed a wealth transfer and the price will correct.


I get the physical manipulation have been watching it since back in 07 and I'm sure some of you guys much much longer. But they are unable to manipulate crypto's with the same ease they have in the past. It's easy to lie with the SLV and GLD saying they have this or that in inventory. It's not as easy with an online ledger that will say definitively what they do or do not have.
There is now what? 11-12 Million Bitcoins? Lets say the bankers bought up half that 5-6 million bitcoins the last year, at an average price of $120, an investment of $6-700 Million. Now they have enough of bitcoins for window dressing... Public starts to get convinced about the brilliance of bitcoins as an investment, but they figure its complicated and unsafe. Perfect time to start issue some Bitcoin futures on the normal exchanges to get the hedge funds and other early mainstream investors to buy, these futures are issued out of thin air by the banks that hold a significant amount of real bitcoins, so they actually don't cost a thing, unless you have to deliver real bitcoins for them. Then you can issue derivatives around these futures... Then you can base mainstream investment products around the futures and derivatives, which will track the performance of the bitcoin, without having a single bitcoin, you can close the loop by offering this investment product as settlement for anyone foolish enough to want a physical settlement on their future/derivative, you change the rules so only those who have bought futures on more than 5000 bitcoins can get a non-monetary settlement. Then as you have sold paper loosely based on the bitcoin to the tunes of 100:1, you just crash the price of bitcoin, and keep the cash that you sold it for. It helps to have the press in your hand so you can paint the image that bitcoins are now technologically outdated, combined with continued increased issuance of more bitcoin futures...

[Ares]

There is now what? 11-12 Million Bitcoins? Lets say the bankers bought up half that 5-6 million bitcoins the last year, at an average price of $120, an investment of $6-700 Million. Now they have enough of bitcoins for window dressing... Public starts to get convinced about the brilliance of bitcoins as an investment, but they figure its complicated and unsafe. Perfect time to start issue some Bitcoin futures on the normal exchanges to get the hedge funds and other early mainstream investors to buy, these futures are issued out of thin air by the banks that hold a significant amount of real bitcoins, so they actually don't cost a thing, unless you have to deliver real bitcoins for them. Then you can issue derivatives around these futures... Then you can base mainstream investment products around the futures and derivatives, which will track the performance of the bitcoin, without having a single bitcoin, you can close the loop by offering this investment product as settlement for anyone foolish enough to want a physical settlement on their future/derivative, you change the rules so only those who have bought futures on more than 5000 bitcoins can get a non-monetary settlement. Then as you have sold paper loosely based on the bitcoin to the tunes of 100:1, you just crash the price of bitcoin, and keep the cash that you sold it for. It helps to have the press in your hand so you can paint the image that bitcoins are now technologically outdated, combined with continued increased issuance of more bitcoin futures...

That's going on the assumption that they've purchased 5-6 million coins before it got up to be where it's at now. It's a pretty safe bet that they haven't purchased anywhere near that amount.

Now will they do so in the future? Quite possibly, but banks (at least here in the U.S. and Canada) have been particularly cold when comes to their stance on Bitcoin. They even said as such during the Senate hearing, that they don't see a forseeable way to make money from Bitcoins. Most bank revenue is off of service fee's (according to them) with Bitcoin they are completely sidelined. Bank isn't required. Right now Bitcoin exchanges are currently taking the place of a bank, open market (to purchase / buy Bitcoins), and international wire facility. All with minimul (almost none when doing a transfer with BTC's).

With the growing number of alternative crypto coins, it's like a multiheaded hydra. They are usually used to being the multiheaded hydra. They're not so used to having to deal with one on their own.

[Horn]

That's going on the assumption that they've purchased 5-6 million coins before it got up to be where it's at now. It's a pretty safe bet that they haven't purchased anywhere near that amount.

The percent of volume that just dictated the price in recent weeks is the only percentage needed. Demand for Bitcoin being stripped by rapid fluctuation.

Demand for Silver is stripped by decades of suppression and long standing supply chains, now vunerable supply chains.

Well until Bitcoin showed up to relieve them some.

[Neuro]

That's going on the assumption that they've purchased 5-6 million coins before it got up to be where it's at now. It's a pretty safe bet that they haven't purchased anywhere near that amount.
Is it? It went from low tens to high hundreds in that time frame, in more than 95% of this time it's been trading below $200, and it made this 5000% or so increase in an atmosphere where its had multiples of bad news, concerning its safety/thefts, Silk Road confiscation, Mt Gox, the major exchange, trading problems, etc. Seems like this has only been minor hickups on the road to the pearly gates. I would say that it is highly likely that major actors have been carefully vacuuming the market for bitcoins, and they didn't pay anyway near the current prices as an average...

[Horn]

The "chinese market rush" by supposed knowledgeable traders in the field is something that needs to be investigated further.

Chinese are typically conservative and chip away coordinated as a Borg. Unless now they've become so desperately free that chomp like Piranha? If that's the case, they ain't got much longer before their supply chain runs out.

Fact is Bitcoin needed a much wider and whiter real trade market first as a exclusive currency before being speculated upon. It is a test bed for some other type, or eventually to be gobbled up by a larger Ripple fish. Its utility being the sales point, over any kind of limited and gold investment aspect.

Join us now in a moment of tribute, to its decentralized nothingness.

The virtual can not exist without the real, while the real can exist without virtual.


http://www.youtube.com/watch?v=0OGO--In9NI

Now let's get on with finding ways to circumvent silicon as its processing thruput is capped. :)

[EE_]

Bitcoin: For Smuggling, Ordering Hits, Paying For College And Now - Going To Space

Richard Branson @richardbranson
Want to spend your #bitcoins? How about a ticket to space! Will discuss today live on @SquawkCNBC @virgingalactic8:20 AM - 22 Nov 2013

[Shami-Amourae]

Bitcoin is crashing again (thank God).

Looks like $900 has strong resistance.

[optionT]

Bitcoin is crashing again (thank God).

Looks like $900 has strong resistance.

I could see it taking a few days to go through 900. In the meantime, buying opportunity.

[madfranks]

Bitcoin is crashing again (thank God).

Looks like $900 has strong resistance.

Less than a month ago it was $200. Unless it touches that level again I don't think "crashing" is the proper term. My gut is telling me it needs to correct back to $400 or so.

[Neuro]

Less than a month ago it was $200. Unless it touches that level again I don't think "crashing" is the proper term. My gut is telling me it needs to correct back to $400 or so.
Usually what was strong resistance becomes strong support, so a healthy correction would be down to $200, but I really don't know what these are supposed to be worth... Right now around $800!

[Horn]

but I really don't know what these are supposed to be worth... Right now around $800!

I hear they are going to start using them to coat the lead connectors on PCboards, and phone jacks

so we should have some indication soon of their discovered price/value.

[sirgonzo420]

$880 on BitStamp.

$940 on MTGOX.

[Cebu_4_2]

930 here: http://bitcoinity.org/markets

[mick silver]

they are learning from this , dont think for a second that there not
Anyone that believes the dollar will eventually collapse, should also believe the bankers have thought about this.

If and when the dollar gets devalued, or outright collapses, the government will be more then ready to roll out the new currency. I can tell you it will not be paper...it will be a digital system. All transactions will be digital...employers will pay employees with the new digital credits and so on.

Bitcoin is a great way to prepare the masses for this new system. Just like people begging and standing in line all night to get the new government personal tracking, digital commerce device. (iPhone)

I think cash will be a slower phase out program as it will still be needed until all are on board and own a PTDCD (Personal Tracking Digital Commerce Device) aka. 'mark of the beast'

[PatColo]

This recent Clif High appearance on Red Ice Radio gives a really good explanation of bitcoin, both technical and political implications. Advance to the middle, around 00:30:00 to hear it. 1 hour:


Clif High - Hour 1 - Bandwidth Caps, Bitcoin, ISON & Nummo Origins (http://www.redicecreations.com/radio/2013/11/RIR-131125.php)
November 25, 2013

Clif High, along with his associate George Ure, developed the Web Bot, or the Web Bot Project in the late 1990s. It's an Internet bot software program or a web spider that originally was designed to predict stock market trends. Eventually it developed into something different. Now it's claimed to be able to predict future events by tracking keywords on the web. In the first hour of the program Clif and Henrik discuss the looming internet bandwidth caps that are slated to limit, restrict and control internet data consumption. The control of the internet comes in many different forms and the cap is the latest trick by the ISP monopolies, enabled by government, to make more money and to shut down streaming services. Clif talks about hackers and other alternatives to circumvent these restrictions. Later, we discuss the "wings" that have sprouted on comet ISON in the last few days, as it's getting closer to the sun. We move on to discuss the positive aspects of Bitcoin, why you should get involved and how they continue to increase in value, as more and more people get aboard. In the second hour, we continue to discuss the technicalities of Bitcoin and Litecoin. High describes how to purchase Bitcoin, the incentives of Bitcoin mining and how to maintain your digital wallet. Finally, we discuss human origins. Clif speaks more about the origin myth of the Nummo as retold by the Dogon tribe.
http://www.redicecreations.com/img/radiodownloadbutton.png (http://rediceradio.net/radio/2013/RIR-131125-clifhigh-hr1.mp3)

[Son-of-Liberty]

Great program Pat. Thanks.

[madfranks]

Day-am bitcoin got slaughtered today. Down over 20% in one day - currently $693.94.

[madfranks]

$1001 at gox right now.

[vacuum]

Day-am bitcoin got slaughtered today. Down over 20% in one day - currently $693.94.

One of the mining pools neared 51%, and apparently they've done a double-spending attack in the past.

It's a big issue for bitcoin and needs to be address if bitcoin is going to stick around.

[Ares]

One of the mining pools neared 51%, and apparently they've done a double-spending attack in the past.

It's a big issue for bitcoin and needs to be address if bitcoin is going to stick around.

Yeah saw that. There was a red alert on reddit yesterday asking Miners to stop mining at ghash.io and join another pool. I've been at BTCGuild.com since I received my Gigahash miner late last year.

Here's the thread at reddit.

http://www.reddit.com/r/Bitcoin/comments/1urrwn/leave_ghashio_if_you_mine_there/

[Sparky]

Epic collapse.

6040

[Ares]

Epic collapse.

6040

Yep, Gox most likely is finished after this. They've fucked up too many times with customers money. They aren't the only exchange in town anymore.

[Horn]

Yep, Gox most likely is finished after this. They've fucked up too many times with customers money. They aren't the only exchange in town anymore.

Why would I buy a Bitcoin anywhere eles but Mt. Gox?

[Shami-Amourae]

Why would I buy a Bitcoin anywhere eles but Mt. Gox?

Because you can't withdraw your Bitcoins.

[Sparky]

Yep, Gox most likely is finished after this. They've fucked up too many times with customers money. They aren't the only exchange in town anymore.

This is one of the disturbing things about bitcoins. Isn't this like the value of my FRNs being different depending upon which bank I deposit them into, by a factor of two?

[Horn]

Because you can't withdraw your Bitcoins.

Doesn't Mt.Gox have secure wallets you can store it in?

I've been told Bitcoins aren't simply going to go away.

[Sparky]

And the competition amongst competing digital currencies has gotten absurd. I'm not even sure what the analogy is here with fiat paper. It's worse than each country having its own currency. It's like each citizen being able to establish its own currency.

As a result, I no longer view it as currency. It's more like baseball cards, where the value is attached to "collectibility". With baseball cards, new manufacturers popped up every year and flooded the market with different varieties to choose from, and collectors would keep switching to the latest thing. This ultimately led to frustration and lack of cohesion in the desire for the underlying product. The result was a dramatic drop in demand and price.

[EE_]

When this is over, Bitcoin will have it's place in the annals of history along side the dot-com mania, beanie babies, housing mania, tulip mania and the dollar and stock market bubbles.

http://www.evancarmichael.com/Yutong/version5/images/PT-Barnum.jpg

[Ares]

When this is over, Bitcoin will have it's place in the annals of history along side the dot-com mania, beanie babies, housing mania, tulip mania and the dollar and stock market bubbles.

http://www.evancarmichael.com/Yutong/version5/images/PT-Barnum.jpg

Yeah, because we shouldn't be trying anything different. We should just continue to use whatever currency the government issues and controls right? Even if it's a gold backed currency, because hey they're the only game in town, even though they cannot even be trusted with a gold backed currency. Let's keep advocating for a gold backed currency give them complete authority to issue it. :rolleyes:

I mean there isn't 2000+ years of currency debasement even with countries that used a gold backed currency. I'm sure it'll work out this time though. :rolleyes:

[Ares]

This is one of the disturbing things about bitcoins. Isn't this like the value of my FRNs being different depending upon which bank I deposit them into, by a factor of two?

The problem is that arbitrage with fiat is a near impossibility. The forex would be the same thing without brokerage accounts and people arbitraging the different currencies. The exchanges would level out pretty damn quickly if say I or you could buy 10k worth of bitcoins at one exchange, send them to another sell them take the profit and repeat 2-3 times a day and the difference would be almost gone.

[Ares]

And the competition amongst competing digital currencies has gotten absurd. I'm not even sure what the analogy is here with fiat paper. It's worse than each country having its own currency. It's like each citizen being able to establish its own currency.

As a result, I no longer view it as currency. It's more like baseball cards, where the value is attached to "collectibility". With baseball cards, new manufacturers popped up every year and flooded the market with different varieties to choose from, and collectors would keep switching to the latest thing. This ultimately led to frustration and lack of cohesion in the desire for the underlying product. The result was a dramatic drop in demand and price.

A recent MIT report discounts that as people do not spend collectable items. Do you spend collectables? This report says that Bitcoins are most likely to be spent than hoarded. Dismissing crypto-currencies because 1.) you don't agree with it our see value, 2.) prefer a commodity backed currency is a little short sighted and does a complete disservice not only to you, but as a society as whole. There's only been one gold backed currency that wasn't debased and it lasted for 700 years. I am tired of governments and banks thinking the realm of money belongs to them, and them alone. It's time we used whatever we wish as the medium of exchange and sidelined them completely. Having multiple currencies to exchange in has been a dream of Dr. Paul for years. He's even said that he doesn't completely understand Bitcoins, but says if it competes government fiat than it's a good thing.

http://www.coindesk.com/mit-report-bitcoin-more-likely-spent-hoarded/

Bitcoins could be the currency that is regulated, so people spend those on the open market, while alternative currencies will remain in the wild west sort of speak of being unregulated. Others will come along that obfuscate the sender and receiver making identifying someone completely impossible. (Zerocoin) I like to think of it as whack a mole, or a 100 headed hydra. There's no way they can stop, regulate or remove them all.

[EE_]

Yeah, because we shouldn't be trying anything different. We should just continue to use whatever currency the government issues and controls right? Even if it's a gold backed currency, because hey they're the only game in town, even though they cannot even be trusted with a gold backed currency. Let's keep advocating for a gold backed currency give them complete authority to issue it. :rolleyes:

I mean there isn't 2000+ years of currency debasement even with countries that used a gold backed currency. I'm sure it'll work out this time though. :rolleyes:

What you should be trying, is what this Jew is doing.
http://47mb5740sj2k1xsfst40mqbb16bh.wpengine.netdna-cdn.com/wp-content/uploads/2014/02/I-Have-Bitcoins-IHB20.png

I don't think a currency can be backed, although I do like the idea of the Aurum gold infused note.

The sales pitch for bitcoins started out as: it's decentralized, anonymous and can transfer money over borders.

I don't know how it's decentralized when the government controls the exchanges and banks.

It is not anonymous. Yes, there's a record of all your transactions too.

How many times have you transfered more then $10,000 over borders...or anyone you know has? Not a very large maket there.

The uber-rich that need to secretly move their money around the world, do it with assets, diamonds/gemstones, fine art, rare coins, etc.

I'm fine with paper currency as a medium of exchange. If people would just get the simple solution to debasement, to store your wealth in precious metals and only convert them to dollars as needed...the government/Fed thieves would not be able to hide their unlimited printing of dollars

[Sparky]

Yeah, because we shouldn't be trying anything different. We should just continue to use whatever currency the government issues and controls right? Even if it's a gold backed currency, because hey they're the only game in town, even though they cannot even be trusted with a gold backed currency. Let's keep advocating for a gold backed currency give them complete authority to issue it. :rolleyes:

I mean there isn't 2000+ years of currency debasement even with countries that used a gold backed currency. I'm sure it'll work out this time though. :rolleyes:

Ares, this is not an indictment on trying something different. It's more an assessment of the current attempt. The positive characteristic of these digital currencies are that they are not controlled by governments, who tend toward corruption. But there are many negatives to overcome:

1) Fundamentally, it's too ethereal; there's no conversion to a tangible asset, even a paper one. As such, it's too dependent upon electronics and electronics. One could say that this is 95% true of sovereign currencies, but that 5% capability makes all the difference in the world. That's why we get anxious about a "paperless" currency. If we needed to, we could convert far more than 5% to tangible FRNs as a fallback to an electronic/digital failure.

2) This is compounded by no "insurance" in the event of failure. If a bank messes up digitally, they have redundant backups, and are obligated to compensate a deposit, with insurance from the government. Now, we all agree that a collapse would be problematic in that the government does not have enough assets set aside to insure a massive collapse. But they could create those assets in an emergency. It would lead to a massive dilution of the paper value, but better to lose 25-50% then 100%. And that scenario requires a complete collapse, and not regional or local collapse. These digital currency local failures are causing 100% loss.

3) Currencies work because everyone participating in the fiat process has agreed to them. When they lose faith, the currency implodes. With no limit on creation of digital currencies, it's will be hard for a global rally around a single one. Multiple currencies work now because they serve individual regions. To tell you the truth, I think there are two paths toward a global digital currency, and one of them is very scary. The scary one is a digital currency established by the banking system or government. The less scary one is a currency established by a globally accepted innovator like Google. Of course, this would then put everyone at the mercy of Google. However, if they were to organize an "open source" mechanism for it (like bitcoin), it might work. The difference from bitcoin and all it's variants is that they are originating from unfamiliar sources, which make it difficult for widespread acceptance.

So, it's not as though bitcoin critics can think outside the box. It's more that this particular attempt (and its variants) still have too many weaknesses.

[Ares]

What you should be trying, is what this Jew is doing.
http://47mb5740sj2k1xsfst40mqbb16bh.wpengine.netdna-cdn.com/wp-content/uploads/2014/02/I-Have-Bitcoins-IHB20.png

LOL Maxcoin. I place that in the category of Dogecoin, a complete novelty, and internet meme..


I don't think a currency can be backed, although I do like the idea of the Aurum gold infused note.

Given history of currency debasement by almost every country that had a gold backed currency I agree. I love gold and silver, and by right it should be a currency. It has a 5,000+ year history of being used as a currency. But there are those *cough* Zionist Jew *Cough* who can't let those of us be without their greedy hands in our economic dealings and advancement.


The sales pitch for bitcoins started out as: it's decentralized, anonymous and can transfer money over borders.

I don't know how it's decentralized when the government controls the exchanges and banks.

Outside of the United States, governments don't really control the Bitcoin exchanges. They do however control the banks and the means of funding the exchanges. Which is where you're seeing the bottle neck and strangulation. They are attempting to choke off the funding to prevent people from piling into crypto currencies. Leaving the only avenue of either mining, or purchasing bitcoins locally at a risk to you due to in person transactions with large amounts of fiat.


It is not anonymous. Yes, there's a record of all your transactions too.

No, but it CAN be anonymous. Especially when you involve mixing services in darknet. Also the creator of the 3D printed gun is working on a project called "dark wallet" where all transactions are mixed and it's impossible to tell who sent what to who. It's still in development.


How many times have you transfered more then $10,000 over borders...or anyone you know has? Not a very large maket there.

Honestly, I've done it twice. Once when I purchased a server from China. It took 2 weeks for me to just get the money to Hong Kong. The other was sending 12k to family in Germany as they were traveling. It took a week just to get it there, and I got a friendly notification from the government that I needed to inform them what the nature of that transaction was. It may not be a large market, but sending money internationally is a huge hindrance.. I could of sent bitcoins, or any other crypto in a matter of minutes. With no reporting, and no nosey government assholes asking why I'm sending it and to whom.


The uber-rich that need to secretly move their money around the world, do it with assets, diamonds/gemstones, fine art, rare coins, etc.

Yep, that they do. I remember reading an article where there was a section of an airport completely fabricated for fine art, and wealth storage. Found it, they're called "Freeports"
http://www.economist.com/news/briefing/21590353-ever-more-wealth-being-parked-fancy-storage-facilities-some-customers-they-are


I'm fine with paper currency as a medium of exchange. If people would just get the simple solution to debasement, to store your wealth in precious metals and only convert them to dollars as needed...the government/Fed thieves would not be able to hide their unlimited printing of dollars

I couldn't agree more. I see the root of the problem is trusting government and banks to manage the money in the first place. I guess that's why I'm drawn to the decentralized nature of crypto currencies. We've all seen the video's of Mark Dice trying to sell an American Gold Eagle at face value of 50 dollars, and as far as I know, no one has taken him up on the offer. You and I would purchase it in a heart beat. But most people won't. You can thank our government indoctrination centers called public schools. They actually teach that gold is just a commodity and hasn't been used as a currency because it's "cumbersome" for over 100 years. They don't even talk about Nixon severing the gold standard in 1971, or the gold confiscation of FDR in 1933. Completely ignored. So people place their trust in a government / central bank and are continually raped over and over again and don't even know why..

[Ares]

Ares, this is not an indictment on trying something different. It's more an assessment of the current attempt. The positive characteristic of these digital currencies are that they are not controlled by governments, who tend toward corruption. But there are many negatives to overcome:

1) Fundamentally, it's too ethereal; there's no conversion to a tangible asset, even a paper one. As such, it's too dependent upon electronics and electronics. One could say that this is 95% true of sovereign currencies, but that 5% capability makes all the difference in the world. That's why we get anxious about a "paperless" currency. If we needed to, we could convert far more than 5% to tangible FRNs as a fallback to an electronic/digital failure.

True, but you can also take Bitcoins / Litecoins and convert them to physical gold or silver. http://www.amagimetals.com/
How is that different than the dollar which as you said is already 95% digital? I don't really view that as a weakness more as a strength. If electricity goes out, I don't think we'll get much with our FRN's either. Why having physical gold / silver is good for that type of SHTF commerce.


2) This is compounded by no "insurance" in the event of failure. If a bank messes up digitally, they have redundant backups, and are obligated to compensate a deposit, with insurance from the government. Now, we all agree that a collapse would be problematic in that the government does not have enough assets set aside to insure a massive collapse. But they could create those assets in an emergency. It would lead to a massive dilution of the paper value, but better to lose 25-50% then 100%. And that scenario requires a complete collapse, and not regional or local collapse. These digital currency local failures are causing 100% loss.

I'm going to have to disagree here. The insurance you mention isn't even insurance. It's just another rubber stamp to print. I can almost guarantee that in a collapse you'll get 100% of nothing. If you aren't part of the elite, you'll get absolutely nothing. Because they have no obligation to reimburse you for losses. I accept the risk of being in Bitcoin of no insurance because I know the risk and I accept that risk. Some might not, that's totally their call. But let's not kid ourselves here and rely on newly printed money that has next to nothing purchasing power.


3) Currencies work because everyone participating in the fiat process has agreed to them. When they lose faith, the currency implodes. With no limit on creation of digital currencies, it's will be hard for a global rally around a single one. Multiple currencies work now because they serve individual regions. To tell you the truth, I think there are two paths toward a global digital currency, and one of them is very scary. The scary one is a digital currency established by the banking system or government. The less scary one is a currency established by a globally accepted innovator like Google. Of course, this would then put everyone at the mercy of Google. However, if they were to organize an "open source" mechanism for it (like bitcoin), it might work. The difference from bitcoin and all it's variants is that they are originating from unfamiliar sources, which make it difficult for widespread acceptance.

Going to have to disagree with you here as well. Fiat currency's only work because of legal tender laws. Not because we agree to use them. We are FORCED to accept them at the barrel of a gun. We only start losing faith in their use when we start noticing that when we go to buy something it requires more than our ability to earn. That's when alternatives are sought after. I believe your scenario the banking system attempting to create their own digital currency, but it'll have to offer and do something that the multitude of others don't. Yet at the same time be limited so as to not be debased like past currencies. Central banks and governments don't really have a strong track record of keeping their word. There have been leaked emails from google that they might implement Bitcoin. So it doesn't sound like they're going to reinvent the wheel and create their own. There are some technical and fundamental issues with bitcoin that will prevent it from being adapted for mainstream point of sales. Time and confirmation being the main factor.


So, it's not as though bitcoin critics can think outside the box. It's more that this particular attempt (and its variants) still have too many weaknesses.

Bitcoin most likely will not win out in the end, due to some current technical limitations. But it definitely showed what is possible without government or central bank control.

[Sparky]

Ares, thanks for the thoughtful response. I guess we just disagree.

But I do want to counter on one point: You say that if the electricity goes out, we won't get much for our FRN's. On the contrary, if the electricity goes out, FRNs will be king. Your local store or your neighbor will not suddenly be enlightened to the virtues of gold and silver as soon as the lights go out. They will be much more comfortable accepting the familiar currency, which will suddenly be in short supply and high demand. FRNs would actually carry a premium for a while.

Gold and silver have their highest potential value during increasing fear of collapse, when the system continues to run but is being exposed as increasingly tenuous. During this period, there will continue to be an expansion of fiat, and people will be turning to gold and silver to preserve their wealth as the exchange rate to fiat becomes volatile. But immediately after collapse, FRNs and tangible items would have the highest value. If the government response is a flood of paper, then FRNs would diminish in value. After that, gold and silver will resume their high value during the restoration phase to a new system, whatever that may be.

[Ares]

Ares, thanks for the thoughtful response. I guess we just disagree.

These kinds of debates tend to be circular in nature anyway. I don't prefer one (gold / silver) over the other (Bitcoin) I believe they don't need to be against each other. I prefer to use them in a fashion that compliment each other. That's my own personal choice, because I do love gold and silver, but I also love the ease of use and functionality of bitcoin which gold and silver lack. That's entirely due to being physical in an ever increasing digital world. If we are to have a digital currency, I prefer one that isn't under their control.


But I do want to counter on one point: You say that if the electricity goes out, we won't get much for our FRN's. On the contrary, if the electricity goes out, FRNs will be king. Your local store or your neighbor will not suddenly be enlightened to the virtues of gold and silver as soon as the lights go out. They will be much more comfortable accepting the familiar currency, which will suddenly be in short supply and high demand. FRNs would actually carry a premium for a while.

I agree because if the lights go out, physical paper notes will be limited. But you also might get yourself a better price with real gold and silver with some good old fashion bartering. :)


Gold and silver have their highest potential value during increasing fear of collapse, when the system continues to run but is being exposed as increasingly tenuous. During this period, there will continue to be an expansion of fiat, and people will be turning to gold and silver to preserve their wealth as the exchange rate to fiat becomes volatile. But immediately after collapse, FRNs and tangible items would have the highest value. If the government response is a flood of paper, then FRNs would diminish in value. After that, gold and silver will resume their high value during the restoration phase to a new system, whatever that may be.

Also agree, why I believe gold and silver are rising in value again. The sand at the bottom of our financial foundation is beginning to shift again. It has yet to be seen if that shift will be cataclysmic. We all know it will eventually collapse, the timing is always the unknown factor.

[Shami-Amourae]

Price of Bitcoin has fallen significantly from about $1,200 to $400 now. Might be a good time to buy. I just loaded up myself.

[1970 silver art]

I have been following BTC and I have been "nibbling" (i.e. making small purchases) on it via Coinbase each time that it went down by a certain amount. It looks like it will break $400 on the downside. The low so far is right at $400. I suspect that China is spooking Bitcoin at the moment with some sort of "announcement" about Bitcoin. We will see.

[1970 silver art]

I have been following BTC and I have been "nibbling" (i.e. making small purchases) on it via Coinbase each time that it went down by a certain amount. It looks like it will break $400 on the downside. The low so far is right at $400. I suspect that China is spooking Bitcoin at the moment with some sort of "announcement" about Bitcoin. We will see.It looks like one of the 4 big China banks is already starting to tell Bitcoin exchanges about their upcoming policy (i.e. halting RMB "recharges" (i.e. no BTC/RMB transactions) by next Tuesday. The story is here..............http://thebitcoinnews.co.uk/2014/04/10/agricultural-bank-of-china-notifies-btctrade-that-they-need-to-halt-rmb-recharges-by-april-15th/

[1970 silver art]

Because of China, Bitcoin did break $400 on the downside to a low of $382.70 today (so far). I managed to "nibble" again on Bitcoin. I bought 0.10 BTC at Coinbase at $384.90 (costs of $39.02 including fees). If BTC continues to drop further and if it results in a price that it is well below $375 (based on Bitstamp quote), then another "nibble" is possible. I will see.

[Neuro]

Once China bans it the Bitcoin should skyrocket. Nothing stimulates demand like outlawing it!

[Neuro]

I think a likely downside target is the high of April last year (around $250). Not much in terms of resistance before that...

http://bitcoincharts.com/charts/chart.png?width=940&m=bitstampUSD&SubmitButton=Draw&r=&i=&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

[Horn]

Once China bans it the Bitcoin should skyrocket. Nothing stimulates demand like outlawing it!

Russia already tried that in the beginning of February and it didn't work.

[Shami-Amourae]

Russia already tried that in the beginning of February and it didn't work.

Did Horn just say something remotely positive about Bitcoin?
http://i.dailymail.co.uk/i/pix/2014/01/09/article-2535709-1A7D371000000578-703_964x531.jpg

[Horn]

Did Horn just say something remotely positive about Bitcoin?


Reaching your head with the cold, sudden fury of a divine messenger
Let me tell you about heartache and the loss of god
Wandering, wandering in hopeless night

Out here in the perimeter there are no stars
Out here we is stoned... Immaculate.


http://www.youtube.com/watch?v=bHNa_f28Q-s

[Horn]

Regulators line up to crack down on bitcoin


It’s not so much a question of whether bitcoin (http://www.marketwatch.com/Subjects/Bitcoin?lc=int_mb_1001) and other virtual currencies should be regulated.

Rather, it’s more a question of which government agency or agencies should regulate bitcoins and when it will happen. These are just some of the questions that must be answered if virtual currencies have any hope of becoming a mainstream and trustworthy way of paying for goods and services, according to experts who participated recently in a MarketWatch panel discussion about bitcoin in New York.

“There has to be regulation,” said Mark T. Williams, a Boston University (http://www.marketwatch.com/organizations/Boston_University?lc=int_mb_1001) professor and critic of bitcoin who was joined by Todd Harrison, the present and founder of Minyanville, and Barry Silbert, the creator of the Bitcoin Investment Trust and the founder and president of SecondMarket, on the panel. “We have to have more regulation. We have to have, in particular, focus on consumer protection.”


Silbert took issue with the notion that bitcoin is not regulated. For instance, Silbert said, the Financial Crimes Enforcement Network (FinCEN) had released guidance, which, in essence, says: “if you are operating basically as a money-changing business, an exchange, you have to register as a money services business (MSB).” And there are rules for MSBs, Silbert said.
According to that guidance, a user of virtual currency is not an MSB under FinCEN’s regulations and therefore is not subject to MSB registration, reporting and record-keeping regulations. However, an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person. Read Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies. (http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html)
Williams, however, disagreed with Silbert’s point of view that bitcoin is regulated. “I will tell you bitcoin is unregulated,” Williams said. “And that is the problem.”
Part of the problem, according to the panelists, is that few know which agency or agencies should regulate bitcoin. And many federal government agencies have taken a pass on proposing regulations, for one reason or another.
According to Silbert, the Federal Reserve, the Securities and Exchange Commission (http://www.marketwatch.com/organizations/Securities_and_Exchange_Commission?lc=int_mb_1001) (SEC), the Commodity Futures Trading Commission (http://www.marketwatch.com/organizations/Commodity_Futures_Trading_Commission?lc=int_mb_100 1) (CFTC) and the Federal Trade Commission (http://www.marketwatch.com/organizations/Federal_Trade_Commission?lc=int_mb_1001) (FTC) are unlikely to regulate bitcoin. The CFTC might propose regulations if derivatives of bitcoin are created, said Silbert.
Consider:
In late February, Federal Reserve Chairwoman Janet Yellen said the central bank doesn’t have authority to regulate bitcoin. Read Yellen on Bitcoin: Fed Doesn’t Have Authority to Regulate It in Any Way. (http://www.marketwatch.com/Users/Robert/Documents/MarketWatch/MWBitcoin/Yellen%20on%20Bitcoin:%20Fed%20Doesn%e2%80%99t%20H ave%20Authority%20to%20Regulate%20It%20in%20Any%20 Way)
And then there’s this conundrum The SEC, the nation’s top stock cop, says bitcoin is not a security and issued an alert to investors about the dangers of investing in bitcoin.Read Ponzi schemes Using virtual Currencies. (https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf) The Financial Industry Regulatory Authority (http://www.marketwatch.com/companies/Financial_Industry_Regulatory_Authority?lc=int_mb_ 1001) (Finra), which regulates broker/dealers for the benefit of investors, issued a similar release: Bitcoin: More than a Bit Risky. (http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/FraudsAndScams/P456458)
Meanwhile, the IRS in late March said it would treat bitcoin and other virtual currencies like property such as stocks, and not currency. Read IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply. (http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance)
So which entity or entities will regulate bitcoin? Williams suggested that state banking departments and the Consumer Financial Protection Bureau (CFPB) are in the best position and the most likely to regulate bitcoin. “State bank commissioners are going to regulate it,” said Williams. He noted that a committee of nine state bank commissioners including those from Massachusetts, Washington, California and Florida has been formed to address the bitcoin regulation question.
According to Williams, state banking regulators are the “boots on the ground” needed to put in place regulations. “These are folks that actually have been working with money transfer companies,” he said. “They go through the whole chain of distribution. When you think about the payment system, it’s handled at the state level. So these bank examiners, in particular the state bank examiners, are perfectly aligned for that.”
Williams said several state banking regulators, including David Cotney, the commissioner of banks in Massachusetts, and Benjamin Lawsky, the head of New York’s DFS, are among those taking a leadership role.

http://www.marketwatch.com/story/regulators-line-up-to-crack-down-on-bitcoin-2014-04-09

[1970 silver art]

Once China bans it the Bitcoin should skyrocket. Nothing stimulates demand like outlawing it!


I think a likely downside target is the high of April last year (around $250). Not much in terms of resistance before that...

http://bitcoincharts.com/charts/chart.png?width=940&m=bitstampUSD&SubmitButton=Draw&r=&i=&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&I agree with this. Banning bitcoin is not going to make it go away and the people who live in a country that banned Bitcoin, a person in that country will just try much harder to find a way to get it IMO. As for where the BTC $ price goes from here, it is certainly possible for it to go down further before it bounces back. It appeared that BTC slightly bounced up to a current level of $390 after it got down to the $382 level.

[1970 silver art]

$339 seems to be the low for the time being which Bitcoin seemed to have bounced off from that level and it is back to the $400 level. I did not take another "nibble" when BTC was in the $340's range when I had the chance to. However, I do not trust the current "rally" from the $339 low and I suspect that there will be a retest of that $339 low very soon since the China's crackdown on Bitcoin is still fresh news. If I am wrong on this and Bitcoin truly continues to recover and go up from the current $400 level, then at least I can say that I took the opportunity to "nibble" on it when the $ price was under $400. It is a win-win situation for me as far as I am concerned. Perhaps if Bitcoin goes back down to between the $330 - $340 range then I might "nibble" again on it and perhaps another "nibble" on BTC if/when it goes down to under $300. Just thinking out loud here. For the time being, I am just waiting for the next good opportunity to "nibble" on it.

[Horn]

Chinese Bitcoin exchange readies fallback plans amid crackdown worries



Apr 10, 2014 4:45 AM

Once the largest Bitcoin exchange in the country, BTC China has seen better days. Trading volume on the site is down over 80 percent from its peak, and customers are fleeing amid rumors China is preparing a crackdown on the virtual currency, said the exchange’s CEO Bobby Lee.

“People are scared, people are sitting on the sidelines,” he said on Thursday. BTC China, though, is preparing fall back plans to keep the virtual currency in circulation even as local exchanges face a more hostile market.

Chinese Bitcoin exchanges have been on alert since media reports emerged claiming that China is readying another crackdown on the virtual currency. By April 15, Chinese banks will have to close the accounts used by the local exchanges to take funds from customers wanting bitcoins in return.

Gradually, more banks are shutting down (http://www.pcworld.com/article/2139620/bitcoin-crackdown-in-china-halts-bank-transfers-for-two-exchanges.html) services to local exchanges. On Thursday, another prominent exchange, called Huobi, reported that one of its banks has been forced to close its account by April 18. Huobi’s accounts with other Chinese banks, however, remain in operation.
Although BTC China has yet to receive any formal notification of any bank account closures, the rumors have been enough to send customers packing, Lee said in an interview. Since December, when China first announced it would ban banks (http://www.computerworld.com/s/article/9244555/China_bans_banks_from_trading_in_Bitcoin) from trading in bitcoins, the virtual currency’s price has fallen from 7000 yuan (US$1,136) to 2487 yuan.

“The people who are actively trading are few and far between,” he said. “Certainly, the mainstream audience, if they ever get back in, is sitting on the sidelines.”

Fans of new technology make up most of the remaining investors. But despite the beating BTC China has taken from today’s market, the exchange is optimistic it can remain viable, Lee said. He pointed to recent statements from China’s central bank that, while authorities believe bitcoins should not be treated as a currency, consumers are still free to buy and sell them.

“So there’s no doubt in my mind that these activities are legal and allowed,” he said. “It’s just about what hoops you have to jump through to conduct these activities.”

BTC China is also coming up with legal “workarounds” to get bitcoins in the hands of wanting customers, he said. Shutting down the bank accounts would mean customers could no longer wire money to the local exchanges, although they could still buy bitcoins with cash, Lee said.
Lee declined to offer more details on how local exchanges might end up taking customer deposits in the future. However, some exchanges are experimenting with methods revolving around customer’s personal debit cards. The exchanges could also conceivably sell pre-paid cards filled with bitcoins that are then delivered to customer’s doorsteps, he added.

For China’s Bitcoin market, “It’s a cooling off period,” he said, adding, “We are still very excited. Everything will have ups and downs.”

http://www.pcworld.com/article/2142260/chinese-bitcoin-exchange-readies-fallback-plans-amid-crackdown-worries.html

[1970 silver art]

$339 seems to be the low for the time being which Bitcoin seemed to have bounced off from that level and it is back to the $400 level. I did not take another "nibble" when BTC was in the $340's range when I had the chance to. However, I do not trust the current "rally" from the $339 low and I suspect that there will be a retest of that $339 low very soon since the China's crackdown on Bitcoin is still fresh news. If I am wrong on this and Bitcoin truly continues to recover and go up from the current $400 level, then at least I can say that I took the opportunity to "nibble" on it when the $ price was under $400. It is a win-win situation for me as far as I am concerned. Perhaps if Bitcoin goes back down to between the $330 - $340 range then I might "nibble" again on it and perhaps another "nibble" on BTC if/when it goes down to under $300. Just thinking out loud here. For the time being, I am just waiting for the next good opportunity to "nibble" on it.Well, it looks like I was wrong and this current Bitcoin rally from the $339 intra-day low seems to be for real which I am not surprised since Bitcoin is very resilient from bad news that comes out about it. Bitcoin got back briefly to over $500 (intraday high so far is $515). It went slightly back down to $497 but still it just shows that despite the bad news, BTC will not stay down for long. Going from an intraday low of $339 to just over $500 in the face of China's supposed "crackdown" on Bitcoin just shows how resilient bitcoin is and that is why I "nibbled" a little on it when it was at $450 and nibbled again when it was below $430 and again when it was below $400. I was fortunate to get some BTC at those levels. However, if Bitcoin falls from here and it goes back to under $400, then I will "nibble" again and if it goes back to the $340-$350 range, then I will "nibble" there as well. If it somehow went down to under $300 (always a possibility), then I will "nibble" at that price point as well.

[Neuro]

Well, it looks like I was wrong and this current Bitcoin rally from the $339 intra-day low seems to be for real which I am not surprised since Bitcoin is very resilient from bad news that comes out about it. Bitcoin got back briefly to over $500 (intraday high so far is $515). It went slightly back down to $497 but still it just shows that despite the bad news, BTC will not stay down for long. Going from an intraday low of $339 to just over $500 in the face of China's supposed "crackdown" on Bitcoin just shows how resilient bitcoin is and that is why I "nibbled" a little on it when it was at $450 and nibbled again when it was below $430 and again when it was below $400. I was fortunate to get some BTC at those levels. However, if Bitcoin falls from here and it goes back to under $400, then I will "nibble" again and if it goes back to the $340-$350 range, then I will "nibble" there as well. If it somehow went down to under $300 (always a possibility), then I will "nibble" at that price point as well.
You don't happen to be a hypnotist?

[madfranks]

BTC price is floating back up to the $500 range. I think this is based on BTC-China's release of their new mobile ATM platform.

http://www.coindesk.com/btc-china-launches-first-soft-bitcoin-atm-interface-international-markets/

[1970 silver art]

You don't happen to be a hypnotist?Nope. I am not a hypnotist and I do not play one on TV and I do not play one on the Internet. However, I am a Bitcoin investor and I play one on the Internet. :)

[optionT]

This may be the beginning of a new rally. We'll see how it goes but if it is, I can see it going to $5,000 to $7,000 range by late summer.

[1970 silver art]

This may be the beginning of a new rally. We'll see how it goes but if it is, I can see it going to $5,000 to $7,000 range by late summer.I also think that this rally is for real once it got past $450. It bounced off the low of $339 and has gone up as high as nearly $550 before backing off to the $520's range. As par the course, Bitcoin ia able to shake off any bad news that it is thrown at it and the China banks crackdown on Bitcoin is no different.

[1970 silver art]

The $550 $-price level apparently ended up being the temporary high for Bitcoin since it has gone down from that level. It is currently at $478.38 as I type this post and it is certainly possible that a retest of the recent lows. I do not know. This is just a WAG on my part. I will "nibble" on it if/when it goes down to the $340 - $375 level and will "nibble" again if/when it goes below $300. In the meantime, I will just continue to win satoshi worth of BTC every hour (when I am home) from Freebitcoin.in and Bitcoin Zebra to continue to build up my bitcoin inventory.

[optionT]

Bitcoin on the rise, $538.

[madfranks]

Bitcoin on the rise, $538.

crazy. The last few days must have had some good news.

[Shami-Amourae]

I think there's a trend out of alt-coins and back into Bitcoins.

[1970 silver art]

crazy. The last few days must have had some good news.

Since Bitcoin was stuck in the $430-$460 trading range for several weeks, then this must be the upside breakout from that trading range. I am guessing that Bitcoin is shaking off the negative China news from last month. I think that the $550 level is be the next level that bitcoin has to go through to sustain the current rally.

[1970 silver art]

Bitcoin is currently at $592.99 (Coinbase quote). The highest price that I have seen so far today was $597.77 (Bitstamp quote). Maybe bitcoin will get past $600 today. We will see.

[Shami-Amourae]

There's a shift generally out of alt-coins back to the "safety" of Bitcoin right now in my opinion. I wouldn't be shocked if Bitcoin hits $2,000 this year.

[madfranks]

There's a shift generally out of alt-coins back to the "safety" of Bitcoin right now in my opinion. I wouldn't be shocked if Bitcoin hits $2,000 this year.

My money is still on litecoin having greater gains this year. Charlie Lee is working on getting LTC adopted into Coinbase; this alone will help propel LTC back into an easy 0.4-0.5 ratio to bitcoin. So I'm expecting a 4-5x increase in LTC by the end of the year.

[1970 silver art]

Bitcoin is currently at $628.14 (Coinbase quote). For me personally, that means that my 0.231 BTC investment is currently up 49.4% from my cost basis. I'm not complaining at all. I am happy with it.

[Shami-Amourae]

My money is still on litecoin having greater gains this year. Charlie Lee is working on getting LTC adopted into Coinbase; this alone will help propel LTC back into an easy 0.4-0.5 ratio to bitcoin. So I'm expecting a 4-5x increase in LTC by the end of the year.

I'm seriously watching Dogecoin now. It's crashing hard and still has a very strong community behind it. Looks like a good buy to me.

[Horn]

Darkcoin has opened up a wormrift in the fabric of spacetime.

http://www.darkcoin.io/img/slider/slider1.jpg

[optionT]

Computer Giant Dell Now Accepts Bitcoin


Multinational computer technology specialist Dell has announced it is now accepting bitcoin through a partnership with Coinbase.


With annual revenue approaching $57bn, Dell is roughly four times the size of DISH Network (http://www.coindesk.com/dish-becomes-worlds-largest-company-accept-bitcoin/) – the previous biggest bitcoin-accepting business.


Following today’s announcement, consumers and small business owners.......



http://www.coindesk.com/computer-giant-dell-now-accepts-bitcoin/

[madfranks]

Computer Giant Dell Now Accepts Bitcoin


Multinational computer technology specialist Dell has announced it is now accepting bitcoin through a partnership with Coinbase.


With annual revenue approaching $57bn, Dell is roughly four times the size of DISH Network (http://www.coindesk.com/dish-becomes-worlds-largest-company-accept-bitcoin/) – the previous biggest bitcoin-accepting business.


Following today’s announcement, consumers and small business owners.......



http://www.coindesk.com/computer-giant-dell-now-accepts-bitcoin/

Good news for bitcoin! I wish I bought more at $40 when I had the chance. Right now I have about 7 bitcoins, which I plan to just hold and not sell.

[Horn]

Screw Dell and their crappy machines,

[Horn]

Like purest milk from the vacuum of space, a pale horse eclipses the ridge.


Bitcoin Price Drops Below $600 After Relative Stability


The last two months have seen no shortage of positive bitcoin news.

DISH (http://www.coindesk.com/dish-becomes-worlds-largest-company-accept-bitcoin/) became the latest big retailer to accept bitcoin in June, only to be eclipsed six weeks later by Dell (http://www.coindesk.com/computer-giant-dell-now-accepts-bitcoin/). Then, there was the successful US Marshals auction of roughly 30,000 BTC (http://www.coindesk.com/price/), which proved bitcoin’s fungibility in the eyes of the US government.

With all that good news, bitcoin’s price must be rocketing again, right? Hardly. In fact, price volatility has been flat in the last month, making it the most torpid period this year, according to the Coinometrics volatility index (http://www.coinometrics.com/bitcoin/vix).
One exchange operator I spoke to was as mystified as the rest of us. The last two month’s newsflow should have goosed the price, but it barely budged.

“In any other time, in any part of 2013, and even before that, an event like Dell [taking bitcoin], would have shot the price up by 20-50%,” said Mark Lamb, chief executive of London-based exchange Coinfloor (http://www.coindesk.com/tag/coinfloor/), which has been growing its daily trading volume of about 150 BTC (http://www.coindesk.com/price/) since it launched in March.
In fact, the value of a bitcoin hadn’t closed below $600 over the last 30 days, according to the CoinDesk BPI, (http://coindesk.com/price/) except for a blip today, which saw it dive briefly to a low of $591.


Bitcoin price declines

At press time, the price of bitcoin on the CoinDesk USD Bitcoin Price Index had lost its long-time stability, dropping roughly 4% since the day’s open to sit at $595.73. This figure was up from the day’s low of $591.46, but down measurably from its high of $618.42, figures that baffled traders and reddit readers alike.
The day’s low was observed at 13:35 UTC and was followed by a sharp recovery, but it wasn’t enough to undo the mysterious and sudden decline.
Prices on the CoinDesk CNY Bitcoin Price Index followed a similar trajectory, falling from an open of ¥3,832.17 to ¥3,692.45 at press time, but for once, even China wasn’t to blame for falling bitcoin prices.
With no clear news to blame for either the stability or the decline, many are wondering where to turn for answers.


http://www.coindesk.com/market-monthly-stable-bitcoin/



http://www.youtube.com/watch?v=ynKoZD-sFi4

[optionT]

Bitcoin is dead, it's all over.

Price $464.


/s

[Neuro]

Bitcoin is dead, it's all over.

Price $464.


/s
It's certainly been very quiet about it lately. Which seems to be its greatest enemy. However during the period of this thread it has advanced from a bitcoin costing less than an ounce of silver to more than 20 ounces of silver.
Another thought... This year the price has been much less volatile... Which means it can start function like a currency you can make commercial transactions in.

[Neuro]

Anyone else find it eerily strange that bitcoins rose to $49 and change before receding back down? Just like silver. That is quite the coincidence.
That is the first post of this thread... And then it went up to par with gold, before receding... More than a coincidence?

[Shami-Amourae]

Bitcoin is dead, it's all over.

Price $464.


/s

I'll start buying again when I hear more people say that kinda crap. I assume you're being sarcastic though.

Right now I'm purely focused on guns/ammo/accessories.

[Horn]

It's certainly been very quiet about it lately. Which seems to be its greatest enemy.

Well they keep trying to make the news stories stick, but like Shami says people are buying lead instead.

Maybe if an ammo manufacturer, cell phone carrier picked it up for exchange ... ?

http://www.cryptocoinsnews.com/wp-content/uploads/2014/08/Selection_181.png

[Horn]

https://s3.amazonaws.com/tradingview/m/MS1frEMZ_mid.png

Looks like the bottom fell out, if only there were some intrinsic value support.

[optionT]

I'll start buying again when I hear more people say that kinda crap. I assume you're being sarcastic though.

Right now I'm purely focused on guns/ammo/accessories.


I'm long term uber-bull, lol!

It appears that 2014 will look like 2012, in which the price rose modestly due to the fact that 2011 had an incredible rise, just like 2013 had.
So 2015 could be absolutely massive!!
We'll see!

[1970 silver art]

I think a likely downside target is the high of April last year (around $250). Not much in terms of resistance before that...

http://bitcoincharts.com/charts/chart.png?width=940&m=bitstampUSD&SubmitButton=Draw&r=&i=&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

New low for 2015 is currently at $250.45 (Coindesk quote).

[1970 silver art]

I'm long term uber-bull, lol!

It appears that 2014 will look like 2012, in which the price rose modestly due to the fact that 2011 had an incredible rise, just like 2013 had.
So 2015 could be absolutely massive!!
We'll see!

So far, 2015 is starting off on a rough note but by going down to the $250 low not seen since April 2013 but once it shakes off the recent Bitstamp hacking and other bad news, then it will go back up IMO.

[Horn]

Ok now it's at $54.88

Whatever happened to Gonzo?

[Dogman]

Whatever happened to Gonzo?
Been wondering the same thing!

He went poof!

[Neuro]

New low for 2015 is currently at $250.45 (Coindesk quote).
What a difference a couple of days can make. New low is $162.68, but I think it is a low that will stick, because it had a decisive bounce up to now around $200, in the last 12h. My initial crypto-investment $1100 from October is now worth around $350. Initially I traded my bitcoins to litecoins and got about 250 of them. I have traded mainly between PPC and LTC, and in the beginning I lost some from that trade, in the middle I didn't do any trading. Now the last 10 days or so I managed to recover the trading losses and some more, and have 265 Litecoins, from a low below 200. I think I will stay in Litecoin now. I think it has the greatest potential, and the trading volume is very good, 2nd to Bitcoin and then none!

[1970 silver art]

What a difference a couple of days can make. New low is $162.68, but I think it is a low that will stick, because it had a decisive bounce up to now around $200, in the last 12h. My initial crypto-investment $1100 from October is now worth around $350. Initially I traded my bitcoins to litecoins and got about 250 of them. I have traded mainly between PPC and LTC, and in the beginning I lost some from that trade, in the middle I didn't do any trading. Now the last 10 days or so I managed to recover the trading losses and some more, and have 265 Litecoins, from a low below 200. I think I will stay in Litecoin now. I think it has the greatest potential, and the trading volume is very good, 2nd to Bitcoin and then none!

Yeah Bitcoin is currently rallying off of that $162.68 low and it is now at $218.26 (Coindesk.com quote). I originally said that I would stop buying bitcoin once it reached what-was-then the $275 low but I did not expect it to fall as low as it did. I did make another "nibble" on bitcoin and I bought 0.31 BTC on Coinbase when the price was at $191. It was only $59.90 (including fees) and I was able to lower my cost basis down. I might make another "nibble" on it if it retests the $162.68 low which it is certainly possible.

I have already made money on it earlier last year when it was at 2000 satoshi (currently at 5120 satoshi) but I still think that the biggest gain for me will come from Bitshares (BTS) once it really takes off and I have a lot of my past weekly bitcoin earnings invested in bitshares. When I had some profitable crypto trades, I invested the bitcoin profit in Bitshares. I also do have some DOGEcoin and I am currently adding to my Dogecoin balance but I am doing it by earning them from the DOGEcoin internet faucets. I have some other Alt coin named Whitecoin that I made my original investment back plus a profit on it when it went up to 200+ satoshi (currently back down to 75 satoshi). I did not add any Whitecoin to what I already had. Just watching the price.

At the moment, I am concentrating on bitcoin and I am still earning bitcoin from the various bitcoin faucets on the internet while watching what the price is going to do.

[Horn]

Bitcoin revealed: a Ponzi scheme for redistributing wealth from one libertarian to another
http://www.washingtonpost.com/blogs/wonkblog/wp/2015/01/14/bitcoin-is-revealed-a-ponzi-scheme-for-redistributing-wealth-from-one-libertarian-to-another/

[optionT]

The Truth About Willy (http://www.reddit.com/r/Bitcoin/comments/2whyyl/the_truth_about_willy/)



by paleh0rse (http://www.reddit.com/user/paleh0rse)


I've seen a lot of misconceptions about the infamous Willy bot at MtGox -- thanks, in no small part, to a few posthumous analyses posted by others over the last year that included many incorrect assumptions and conclusions.

Here's the real deal, short and to the point:

Willy purchased between 10 and 19 BTC every 5-10 minutes. Those small buys never moved the price by more than a few pennies.

Willy's purchase amounts and timing were very obviously written to take the spread and order book into account; as a result, Willy would wait a maximum of ten minutes for the order book to present an ask (or group of asks) that wouldn't move the price up by more than a few cents when Willy made a purchase.

By late December, several competing bots were created that placed asks (sells) directly in front of Willy. These further prevented any measurable price movement when Willy made buys.
Willy was a very slow and low impact accumulation bot. Often times, thousands of coins would change hands in the 5-10 minutes between Willy's small buys.

China and real whales drove the rally. Period.

Source: I discovered Willy and studied "him" in real time for almost two months. There's more to that story -- including how the name was selected (thanks, W!), how some of us used to make bets about his next purchase amount, and about the night I confronted Mark with Willy's existence -- but, those aren't really relevant to the main points I wrote above. I'll be glad to answer any questions below, though. :)



http://www.reddit.com/r/Bitcoin/comments/2whyyl/the_truth_about_willy/

[1970 silver art]

Update (7-3-2015): The Bitcoin that I bought with FRNS on Coinbase, I sold it all (except my Bitcoin faucet earnings) when the price was $283. However, I do have 0.1031 BTC in my wallet. The 0.1031 BTC that I have in my wallet arerepresents my current total Bitcoin earnings that I have earned from the various bitcoin faucets on the internet since mid 2014. Those BTC earnings are currently worth ~$26.31 (based on bitcoin $ price of $255.15). I do not plan to exchange FRNs for BTC, I will just continue to earning BTC from the bitcoin internet faucets to add to my bitcoin savings since there are a bunch of the BTC faucets that have decent payouts.

[madfranks]

Update (7-3-2015): The Bitcoin that I bought with FRNS on Coinbase, I sold it all (except my Bitcoin faucet earnings) when the price was $283. However, I do have 0.1031 BTC in my wallet. The 0.1031 BTC that I have in my wallet arerepresents my current total Bitcoin earnings that I have earned from the various bitcoin faucets on the internet since mid 2014. Those BTC earnings are currently worth ~$26.31 (based on bitcoin $ price of $255.15). I do not plan to exchange FRNs for BTC, I will just continue to earning BTC from the bitcoin internet faucets to add to my bitcoin savings since there are a bunch of the BTC faucets that have decent payouts.

What do you think about Litecoin?

[1970 silver art]

What do you think about Litecoin?

Honestly speaking, I do not have much of an opinion on Litecoin but I watched litcoin's price go up big on coinmarketcap. I got out of Litecoin when it was in the $8.90 range but I never got back in when it was in the $1.80 range. I will be honest with you in that I like bitcoin mainly because it is the "bluechip" of cryptos and I am more motivated to earn more bitcoin because the BTC internet faucets are paying more now than they did when bitcoin was much higher. I have been taking advantage of it. The main reason that I sold the BTC that I bought with FRNs on Coinbase because I realized a small profit and wanted to lock that profit in and just keep all of the . I was planning not to exchange FRNs for BTC at this point because I can earn bitcoin from the faucets since they have much higher payouts.

At this point in time, I have earned enough BTC from the faucet earnings to buy 1-oz of silver from an online dealer that accepts Bitcoin but I will not do it at this point. My BTC goal at the moment is to save enough of my Bitcoin earnings from doing the bitcoin faucets to buy an ATB puck. As of today (July 4, 2015) I currently have a total of 0.1031 BTC which is worth about $26.24 (based on BTC price of $254.56/BTC). It took me a year to earn that much but that is misleading because 1.) BTC faucet payouts are much higher on a certain faucets now than a year ago and 2.) There are more BTC faucets with big payouts now than a year ago.

The short term goal for my bitcoin savings is to double the $ worth of my bitcoin savings from where it is now (currently at $26.24) by December 31, 2015. I will see how it goes with that. The long term bitcoin savings goal is to have enough bitcoin savings from all of my bitcoin faucet earnings to buy an ATB 5-oz bullion puck.

The alt cypto investments that I have at the moment are 1.) Whitecoin, 2.) Dogecoin (earning from DOGEcoin faucets) and 3.) Bitshares.

[Neuro]

What is a "bitcoin faucet"?

[Horn]

marketing sites


Dismissed by many for the tiny amounts of bitcoin they give to end users, these faucets still have served an important entry gateway into bitcoin for a number of years now, enabling people to get their hands on their first bitcoin. I think the first thing that people find out is that there are easier ways to get their first bitcoins. But as many people are exposed to new brands and service, whether good, bad or shady, a number of these users will go on to buy or trade bitcoins on exchanges, buy mining hardware to generate bitcoin themselves. or invest in cloud mining services.

Users visit the sites, usually plastered with advertising, and fill in a captcha and their bitcoin wallet address. A small amount (anything from 10-500 satoshi) is then transferred into an associated micro wallet, and the visitor needs to wait for a specified cool-down period from five to 240 minutes before being able to repeat the process. People then can systematically do this across several sites using the same micro wallet, which builds up. Once they pass the bitcoin network’s 5430 minimum payment threshold , a payment is queued to be sent to a large batch of users on a set frequency.


https://bitcoinmagazine.com/18137/bitcoin-faucets-in-trouble/

[1970 silver art]

What is a "bitcoin faucet"?

Bitcoin Faucet are websites on the internet were you can get a certain amount of free bitcoins per a certain time period (for example: 1000 satoshi every 60 minutes) after solving a captcha. A captcha is a question or simple puzzle that you have to complete before getting free bitcoins and that is used to prove that you are not a bot. Those are usually very easy questions or short words or phrases that you have to enter to "solve" a captcha.

I use a lot of bitcoin faucets to get free bitcoin but some of the best ones (IMO) are the following:

1. Freebitco

2. Bitcoin Zebra

3. Moon Bitcoin

4. Bitcoinker

Those above 4 are some of the highest bitcoin payouts typically between 750 to as much as 10,000 an hour. There are many other smaller bitcoin faucets that I use but those are the 4 best ones on the internet if one just wanted to use faucets to earn bitcoin on the internet. Earning bitcoins from intenet faucets is, IMO, is the east way to get and build up a bitcoin savings with out having to exchange FRNs for BTC through Coinbase especially when you are on the computer anyway doing something else.

[1970 silver art]

marketing sites



https://bitcoinmagazine.com/18137/bitcoin-faucets-in-trouble/

FaucetBox is the main microwallet that I use storing bitcoin earnings from the smaller faucets.

[1970 silver art]

I wanted to add that there are internet faucets for Litcoin, DOGEcoin and DASH to name a few alto coins and the payouts on those will vary.

[1970 silver art]

I added up my bitcoin earnings for July 4, 2015. I earned a bitcoin total of 131,046 satoshis (0.00131046 BTC). What I earned in one day would have took a week to earn a year ago. Now I will see how much I can earn on July 5, 2015 (Sunday).

[Neuro]

Bitcoin Faucet are websites on the internet were you can get a certain amount of free bitcoins per a certain time period (for example: 1000 satoshi every 60 minutes) after solving a captcha. A captcha is a question or simple puzzle that you have to complete before getting free bitcoins and that is used to prove that you are not a bot. Those are usually very easy questions or short words or phrases that you have to enter to "solve" a captcha.

I use a lot of bitcoin faucets to get free bitcoin but some of the best ones (IMO) are the following:

1. Freebitco

2. Bitcoin Zebra

3. Moon Bitcoin

4. Bitcoinker

Those above 4 are some of the highest bitcoin payouts typically between 750 to as much as 10,000 an hour. There are many other smaller bitcoin faucets that I use but those are the 4 best ones on the internet if one just wanted to use faucets to earn bitcoin on the internet. Earning bitcoins from intenet faucets is, IMO, is the east way to get and build up a bitcoin savings with out having to exchange FRNs for BTC through Coinbase especially when you are on the computer anyway doing something else.
So at todays rate you value your hour at 0.25 cents if BTC is at $250 and you get 1000 Satoshis for one hour of your time? You wouldn't even earn a full bitcoin if you spent every hour in a day for a year doing this...

[1970 silver art]

So at todays rate you value your hour at 0.25 cents if BTC is at $250 and you get 1000 Satoshis for one hour of your time? You wouldn't even earn a full bitcoin if you spent every hour in a day for a year doing this...

Keep in mind that I am on the computer anyway (usually listening to internet radio while browsing web sites and forums such as GSUS) so earning bitcoin on the faucets is not a big deal to me and it is easy to do. I am not going out of my way doing this. I used a rate of 1000 satoshis/hour as an example, I earn a lot more than that in an hour depending on what I do and how many faucets I decide to do (also depending if I am at work in which case I am not at home on my home computer earning BTC). I was on the computer most of the time today since it was raining all day outside where I live and I do not go to work today being that it is a July 4 holiday. I am not concerned about earning a full bitcoin in a certain period of time doing this. If I do (by hitting a large faucet jackpot for example), then great. If not, then that's fine too.

[Neuro]

I added up my bitcoin earnings for July 4, 2015. I earned a bitcoin total of 131,046 satoshis (0.00131046 BTC). What I earned in one day would have took a week to earn a year ago. Now I will see how much I can earn on July 5, 2015 (Sunday).
That is around 30 cents FRN...

[1970 silver art]

That is around 30 cents FRN...

Actually 34 cents but who's counting since BTC price is above 250 at last check ($262.10 to be exact on Coindesk at last check)? Well I guess that I am. :) As I have mentioned in my previous post, I am not going out of my way nor is it cramping my lifestyle earning BTC on the faucets. Even if the BTC internet faucets did not exist, I would still be on the computer doing the same things that I am doing now (posting on gold and silver forums, listening to internet radio, browsing web sites etc.). The only difference now is that I am earning BTC while doing the things on my computer that I normally do.

[1970 silver art]

The people who sold litecoin for fat profits must have put it into Bitcoin.............

Currently at $284.05 (Coindesk.com quote).

[Horn]

The people who sold litecoin for fat profits must have put it into Bitcoin.............

Currently at $284.05 (Coindesk.com quote).

Yeah no doubt they have surnames of Warburg and Morgan also.

[1970 silver art]

Bitcoin continues to move up.............................

Currently at $313.50 (Coindesk.com quote)

Greece effect? Maybe.

[Shami-Amourae]

Big drop in Bitcoin today. No clue what happened.

Price went from $255 to $220.

[Jewboo]

https://a248.e.akamai.net/f/1015/2073/5m/blogs-images.forbes.com/jessecolombo/files/2014/02/stages_bubble.png






































http://charts.stocktwits.com/production/original_29801483.jpg?1417538437

[madfranks]

Big drop in Bitcoin today. No clue what happened.

Price went from $255 to $220.


http://www.coindesk.com/bitcoin-price-falls-14-following-bitfinex-flash-crash/

[Shami-Amourae]

https://www.youtube.com/watch?v=Y0HNiIRxV10

[1970 silver art]

As of 9:03 PM on Saturday, November 28, 2015, My total bitcoin faucet earnings are now at 0.16876508 BTC. That amounts to $60.18 at a price of $356.57/1 BTC (Coinbase quote). I already know what I am going to spend my BTC faucet earnings on and where I am going to spend it at. I am going to buy a oz (or two) of silver on Provident metals since Provident accepts Bitcoin as payment. However, I am not going to do it now since I am waiting for spot silver to hit $8 but I plan to continue to earn more bitcoin from the various bitcoin faucets on the internet.

[1970 silver art]

Bitcoin is currently at $424.40 (Bitpay quote). Up from the $356.57 quote that I last posted on this thread on November 28, 2015. As for my bitcoin earnings. I earned enough free bitcoin from the Bitcoin faucets to buy a total of 4 oz's of physical silver for all of December 2015. I bought 3 1-oz Zombucks Saints and a 1-oz Incuse Indian Head with the free bitcoin that I obtained from the Internet faucets.

My current bitcoin faucet earnings rate is currently between 1 million to 1.2 million satoshi per week (142,857 to 171,428 per day). I will aim to eventually reach my goal to obtain at least 2 million satoshi in a week in free bitcoin from the faucets. I think that this is doable. I will see.

[Neuro]

Bitcoin is currently at $424.40 (Bitpay quote). Up from the $356.57 quote that I last posted on this thread on November 28, 2015. As for my bitcoin earnings. I earned enough free bitcoin from the Bitcoin faucets to buy a total of 4 oz's of physical silver for all of December 2015. I bought 3 1-oz Zombucks Saints and a 1-oz Incuse Indian Head with the free bitcoin that I obtained from the Internet faucets.

My current bitcoin faucet earnings rate is currently between 1 million to 1.2 million satoshi per (142,857 to 171,428 per day). I will aim to eventually reach my goal to obtain at least 2 million satoshi in a week in free bitcoin from the faucets. I think that this is doable. I will see.

Wow that is around $5 a week! Not bad for 50-60 hours a week, and you still have time to post your progress here...

[1970 silver art]

Wow that is around $5 a week! Not bad for 50-60 hours a week, and you still have time to post your progress here...

I do not do this for 50-60 hours a week. I spend my free time (after leaving my full-time job) at home getting free bitcoin from the internet faucets. During the week I might spend about 1-2 hrs in the morning before i go to work and after I get home from from my job, I will spend 3-4 hours at night getting free bitcoin while listening to Internet talk radio. During the weekend, I will spend about 6 to 7 hours on sat and 8 to 9 hours on Sunday doing this. Of course that will vary on the weekends if I go out of town or just spend time outside.

[Neuro]

I do not do this for 50-60 hours a week. I spend my free time (after leaving my full-time job) at home getting free bitcoin from the internet faucets. During the week I might spend about 1-2 hrs in the morning before i go to work and after I get home from from my job, I will spend 3-4 hours at night getting free bitcoin while listening to Internet talk radio. During the weekend, I will spend about 6 to 7 hours on sat and 8 to 9 hours on Sunday doing this. Of course that will vary on the weekends if I go out of town or just spend time outside.

Ok so only 35-45 hours a week...

[madfranks]

Hey, everyone needs a hobby. Most other people spend their free time and get nothing for it, Josie at least gets some bitcoins and silver!

[1970 silver art]

Hey, everyone needs a hobby. Most other people spend their free time and get nothing for it, Josie at least gets some bitcoins and silver!

That is exactly it. I am making that free time work for me and this is how I am going about doing that while still doing the things that I usually do on the Internet. Essentially I am getting free bitcoins for spending my free time surfing the internet and listening to internet talk radio which eventually results in me getting some "free silver". Free silver in the sense that I did not have to spend any FRNs out of my wallet but gained a few oz's to add to my collection. A win-win for me as far as I am concerned and will continue to obtain free bitcoins from the faucets since it works for me. Jmho.

[osoab]

Chicago's CME Group bites on bitcoin, will publish daily price (http://www.chicagotribune.com/bluesky/originals/ct-cme-group-bitcoin-prices-bsi-20160502-story.html#nt=outfit)

[Jewboo]

Mt. Gox Creditors Seek Trillions Where There Are Only Millions


$2,411,412,137,427.

That figure — $2.4 trillion for those with an untrained eye for very large numbers — is in the same ballpark as the annual economic output of France.

It is also exactly the amount that people around the world claim they lost when Mt. Gox, the Tokyo-based virtual currency exchange, collapsed into bankruptcy in 2014, after huge, unexplained losses of the volatile digital currency Bitcoin.

As with most of the people who lost money with Bernard L. Madoff, the investment manager who was convicted of running a Ponzi scheme (http://topics.nytimes.com/top/reference/timestopics/subjects/f/frauds_and_swindling/ponzi_schemes/index.html?inline=nyt-classifier), most of those who put their Bitcoin in Mt. Gox will be disappointed: The Japanese trustee overseeing the case said on Wednesday (http://www.mtgox.com/img/pdf/20160525_notification_en.pdf) that only $91 million in assets has been tracked down to distribute to claimants — a small portion of the more than $500 million in assets that Mt. Gox claimed it had in the weeks before it went bankrupt (http://dealbook.nytimes.com/2014/02/28/mt-gox-files-for-bankruptcy/) in February 2014, and a tiny portion of the amount that claimants have requested.

The giant gaps between those numbers are an indication, if nothing else, of the sheer number of dishonest people who have been drawn to the fiasco around Mt. Gox and Bitcoin. They are also the latest reminders of the topsy-turvy nature of the digital-currency realm. A currency designed to bring computer precision and traceability to money has been marked by multiple unsolved mysteries swirling around it.

Journalists and others have made many unsuccessful attempts to determine the true identity of the creator of the Bitcoin technology, a programmer or group of programmers (http://www.nytimes.com/2016/05/06/business/dealbook/australian-ends-attempt-to-prove-he-founded-bitcoin.html) going by the name Satoshi Nakamoto.

Bitcoin experts and law enforcement officials have spent over two years trying to figure out how hundreds of thousands of Bitcoins disappeared from the Mt. Gox exchange. There have been lots of conspiracy theories but few solid answers.

The amount that claimants have requested from the Mt. Gox bankruptcy estate is absurd on its face, given that all the Bitcoins in the world today are worth about $7 billion, or 0.3 percent of the $2.4 trillion being claimed.

Most of that huge number is an outsize claim by one individual — but even after that is taken out, the rest of the claimants said they lost some $27 billion, or 54 times what the exchange claimed it held before it went under.

The trustee said on Wednesday at a meeting with creditors that $414 million of the claims appeared to be legitimate and have been approved. Each of those claimants will get some portion of the $91 million. It is not yet clear how much because of outstanding lawsuits and investigations.
Bitcoin investors have complained about how long it has taken to work through the claims, not to mention the legal and accounting costs. The trustee reports that those costs have added up to about $55 million so far.

“I am disturbed by the amount of money which the bankruptcy process has burned through,” Kolin Burges, one of the most outspoken creditors (http://dealbook.nytimes.com/2014/02/25/trading-site-failure-stirs-ire-and-hope-for-bitcoin/), said on Wednesday. “We have seen very poor results from the investigations, and the details have been constantly shrouded from the creditors.”

http://www.nytimes.com/2016/05/26/business/dealbook/mt-gox-creditors-seek-trillions-where-there-are-only-millions.html?_r=0

[Neuro]

Mt. Gox Creditors Seek Trillions Where There Are Only Millions


$2,411,412,137,427.

That figure — $2.4 trillion for those with an untrained eye for very large numbers — is in the same ballpark as the annual economic output of France.

It is also exactly the amount that people around the world claim they lost when Mt. Gox, the Tokyo-based virtual currency exchange, collapsed into bankruptcy in 2014, after huge, unexplained losses of the volatile digital currency Bitcoin.

As with most of the people who lost money with Bernard L. Madoff, the investment manager who was convicted of running a Ponzi scheme (http://topics.nytimes.com/top/reference/timestopics/subjects/f/frauds_and_swindling/ponzi_schemes/index.html?inline=nyt-classifier), most of those who put their Bitcoin in Mt. Gox will be disappointed: The Japanese trustee overseeing the case said on Wednesday (http://www.mtgox.com/img/pdf/20160525_notification_en.pdf) that only $91 million in assets has been tracked down to distribute to claimants — a small portion of the more than $500 million in assets that Mt. Gox claimed it had in the weeks before it went bankrupt (http://dealbook.nytimes.com/2014/02/28/mt-gox-files-for-bankruptcy/) in February 2014, and a tiny portion of the amount that claimants have requested.

The giant gaps between those numbers are an indication, if nothing else, of the sheer number of dishonest people who have been drawn to the fiasco around Mt. Gox and Bitcoin. They are also the latest reminders of the topsy-turvy nature of the digital-currency realm. A currency designed to bring computer precision and traceability to money has been marked by multiple unsolved mysteries swirling around it.

Journalists and others have made many unsuccessful attempts to determine the true identity of the creator of the Bitcoin technology, a programmer or group of programmers (http://www.nytimes.com/2016/05/06/business/dealbook/australian-ends-attempt-to-prove-he-founded-bitcoin.html) going by the name Satoshi Nakamoto.

Bitcoin experts and law enforcement officials have spent over two years trying to figure out how hundreds of thousands of Bitcoins disappeared from the Mt. Gox exchange. There have been lots of conspiracy theories but few solid answers.

The amount that claimants have requested from the Mt. Gox bankruptcy estate is absurd on its face, given that all the Bitcoins in the world today are worth about $7 billion, or 0.3 percent of the $2.4 trillion being claimed.

Most of that huge number is an outsize claim by one individual — but even after that is taken out, the rest of the claimants said they lost some $27 billion, or 54 times what the exchange claimed it held before it went under.

The trustee said on Wednesday at a meeting with creditors that $414 million of the claims appeared to be legitimate and have been approved. Each of those claimants will get some portion of the $91 million. It is not yet clear how much because of outstanding lawsuits and investigations.
Bitcoin investors have complained about how long it has taken to work through the claims, not to mention the legal and accounting costs. The trustee reports that those costs have added up to about $55 million so far.

“I am disturbed by the amount of money which the bankruptcy process has burned through,”
Seems like the lawyers will get the remaining 91 million instead of the Bitcoin account holders at Mt Gox. First Mt Gox defrauded them, then the lawyers...

[Glass]

how would you verify your claim? What physical evidence could you muster to establish your standing as a claimant?

so the single claim of 99.3% amounted to 2.393 trillion? Clearly included in the report for titillation purposes. My guess is people valued it based on the price they paid, not the trading value.

I wonder if anyone just walked away and are not included in the claim? I guess there will be people in that category. Too risky or too open to being contacted by the local tax people for a please explain.

And did Gox actually have the number their are claiming they had? I assume these people bought paper and not actual bits?

I've been planing my own digital currency. I'm going to call them Tinkerbits. They come with special sparklie dust. The best part is, to get them all you need is my soon to be patented Tinkerbits stick. It has a little star on the end and when you wave it around you can make new Tinkerbits.

[madfranks]

how would you verify your claim? What physical evidence could you muster to establish your standing as a claimant?

so the single claim of 99.3% amounted to 2.393 trillion? Clearly included in the report for titillation purposes. My guess is people valued it based on the price they paid, not the trading value.

I wonder if anyone just walked away and are not included in the claim? I guess there will be people in that category. Too risky or too open to being contacted by the local tax people for a please explain.

And did Gox actually have the number their are claiming they had? I assume these people bought paper and not actual bits?

I've been planing my own digital currency. I'm going to call them Tinkerbits. They come with special sparklie dust. The best part is, to get them all you need is my soon to be patented Tinkerbits stick. It has a little star on the end and when you wave it around you can make new Tinkerbits.

Good luck getting your tinkerbits to trade on the open market for ~$450 each.

[Glass]

Good luck getting your tinkerbits to trade on the open market for ~$450 each.

A lot of people believe in never never land. If they can believe in bitcoins they can believe in anything.

[Neuro]

A lot of people believe in never never land. If they can believe in bitcoins they can believe in anything.

Bitcoins make far more sense than federal reserve notes or AU$

[madfranks]

Bitcoin up over 4% today, trading around $475 each. I wonder what prompted this rally?

[Neuro]

Bitcoin up over 4% today, trading around $475 each. I wonder what prompted this rally?

Glass decided to convert his fiat script into bitcoins? ;D

[Neuro]

Now Bitcoin is up licking at $550!

[madfranks]

Bitcoin above $740 as of this post. Now there's no doubt in my mind that this is the market pricing in the halving (which is due in a few weeks).

Once the block reward halves, there was really two possible outcomes. One, the price stays the same and due to lost profitability the network hashrate falls to around 50% of what it was before, or hashrate stays the same and price doubles to make up for lost profitability. I had wondered for a while what it would be. I suspected we would see a price rise, and I'm glad I bought in once more before it shot up over $500. The halving should cement the new "standard" BTC price between $800 and $1k or so.

[Glass]

prices should go up again after Judge rules Bitcoin is not money in Money laundering case


Judge Rules Bitcoin Isn't Money Because It "Can't be Hidden Under A Mattress"

In a landmark decision, a Florida judge dismissed charges of money laundering against a Bitcoin seller on Monday following expert testimony showing state law did not apply to the cryptocurrency.
Michell Espinoza was charged (https://www2.miami-dadeclerk.com/cjis/CasePrinter.aspx?case=%2bfcNq4Ga1yx7PbUje9MkGA%3d% 3d) with three felony charges related to money laundering in 2014, but what appears to have helped to clear him of any and all wrongdoing was testimony given just a few weeks ago by an economics professor.



“This is the most fascinating thing I’ve heard in this courtroom in a long time,” Miami-Dade Circuit Judge Teresa Mary Pooler said after hearing Barry University professor Charles Evans present evidence during a May hearing that Bitcoin was more akin to“poker chips that people are willing to buy from you,” according (http://www.miamiherald.com/news/local/crime/article80421072.html) to theMiami Herald.

Evans was given $3,000 in Bitcoin by defense attorneys for sharing his expertise, the newspaper reported (http://www.miamiherald.com/news/local/crime/article91682102.html).
Judge Pooler found the cryptocurrency, which is based on verified encrypted transactions that are recorded on a public ledger, did not constitute “tangible wealth” and“cannot be hidden under a mattress like cash and gold bars,” reported the Herald.

Pooler added that Bitcoin was not codified by government, nor backed by any bank.


“The court is not an expert in economics, however, it is very clear, even to someone with limited knowledge in the area, the Bitcoin has a long way to go before it the equivalent of money,” Pooler wrote in her decision.


“This court is unwilling to punish a man for selling his property to another, when his actions fall under a statute that is so vaguely written that even legal professionals have difficulty finding a singular meaning,” she added.




Espinoza, 33, was charged after undercover detectives bought $1,500 worth of Bitcoin from him, claiming they would use the currency to purchase stolen credit card numbers. However, Judge Pooler found the Florida law prosecutors based their case upon to be too “vague.”
Another man, Pascal Reid, was arrested in tandem with Espinoza. Reid took an early plea deal, pleading guilty to acting as an unlicensed money broker. The deal required him to serve a probation sentence and educate law enforcement on the workings of Bitcoin.
While Monday’s ruling comes as a relief to Espinoza, it remains to be seen what comes next in Bitcoin regulation. States continue to grapple with the issue (http://coincenter.org/entry/tracking-bitcoin-regulation-state-by-state), and at the federal level, regulation has stalled (https://bitcoinmagazine.com/articles/the-united-states-is-falling-behind-in-bitcoin-regulation-1461604211). But Bitcoin enthusiasts have recently been more optimistic about a price surge (https://www.cryptocoinsnews.com/bitcoin-price-surges-beyond-675-amid-brexit-vote/), so the powers that be may move quickly if the virtual currency’s popularity resurges.



ZeroHedge (http://www.zerohedge.com/news/2016-07-26/judge-rules-bitcoin-isnt-money-because-it-cant-be-hidden-under-mattress)

[osoab]

Largest US Bitcoin Exchange Ordered To Disclose Three Years Of User Data To IRS (http://www.zerohedge.com/news/2016-12-01/largest-us-bitcoin-exchange-ordered-disclose-three-years-user-data-irs)

[Neuro]

prices should go up again after Judge rules Bitcoin is not money in Money laundering case



ZeroHedge (http://www.zerohedge.com/news/2016-07-26/judge-rules-bitcoin-isnt-money-because-it-cant-be-hidden-under-mattress)

I think the judge saw the possibility of being legally bribed if Bitcoin isn't money...

[madfranks]

Largest US Bitcoin Exchange Ordered To Disclose Three Years Of User Data To IRS (http://www.zerohedge.com/news/2016-12-01/largest-us-bitcoin-exchange-ordered-disclose-three-years-user-data-irs)

I think they're looking for the handful of "bitcoin millionaires" who probably unloaded millions of $ worth of bitcoins but haven't paid any taxes on the gains.

[optionT]

Bitcoin price knocking on $800.



Andreas has a good vid:

Andreas Antonopoulos - Currency Wars and Bitcoin's Neutrality
https://www.youtube.com/watch?v=6ZCVQHtD2l4&feature=youtu.be&t=1756

[monty]

Bitcoin has been on a steady upward trend while litecoin is floundering

https://s19.postimg.org/4ihyr789v/IMG_1393.png


https://s19.postimg.org/4jrwkma3n/IMG_1394.png

[Neuro]

Bitcoin has been on a steady upward trend while litecoin is floundering

https://s19.postimg.org/4ihyr789v/IMG_1393.png


https://s19.postimg.org/4jrwkma3n/IMG_1394.png

Litecoin is like silver, a dog!

[madfranks]

Bitcoin hit $900 today! Wow, so what comes next, the moon, or a consolidation back down?

[madfranks]

BTC over $1100 this morning. Is Bitcoin about to overtake gold?!?

[PatColo]

Bill Still; apparently he got burned on "Quark" crypto, and washed his hands of all cryptos. But he may dabble again, considering it.

https://i.ytimg.com/vi/K7Ovk2ig_ag/hqdefault.jpg?custom=true&w=336&h=188&stc=true&jpg444=true&jpgq=90&sp=68&sigh=6ZFJ3WloWMHBVhMnm36XEJ8KJSY (https://www.youtube.com/watch?v=K7Ovk2ig_ag)
13:16
1508 – BitcoinMeister Show Interviews Me on the Future of Cryptos, 1508 (https://www.youtube.com/watch?v=K7Ovk2ig_ag)

1,256 views
1 hour ago

[goldenguy]

BTC over $1100 this morning. Is Bitcoin about to overtake gold?!?

Just wanted to let you know that in March, Bitcoin actually surpassed price for the ounce of gold for the first time. So yeah... it's HUGE thing :o

[madfranks]

Just wanted to let you know that in March, Bitcoin actually surpassed price for the ounce of gold for the first time. So yeah... it's HUGE thing :o

You know, we actually had members here back in '12 and '13 who called this possibility to our attention, but very few of us actually listened... :(

Anyone remember SirGonzo's thread on BTC approacing silver spot years back? Damn if only we weren't all a bunch of retards back then and loaded up.

[Neuro]

You know, we actually had members here back in '12 and '13 who called this possibility to our attention, but very few of us actually listened... :(

Anyone remember SirGonzo's thread on BTC approacing silver spot years back? Damn if only we weren't all a bunch of retards back then and loaded up.
Now litecoin is approaching the price of silver... ;)

$11.60, just give it a couple of days and it will probably overtake silver... ;D

[monty]

Litecoin Last 30 Days
https://s19.postimg.org/5rbmwi2hv/IMG_1548.png

Bitcoin Last 30 Days
https://s19.postimg.org/yuzusqqlf/IMG_1549.png

[Jewboo]

https://img.4plebs.org/boards/pol/image/1493/57/1493576075566.jpg



Hey goyim...it's a New Paradigm so buy buy buy!



https://media.tenor.co/images/948cdd3b70c9e970ca3a5bd94592dec8/tenor.gif

[monty]

https://img.4plebs.org/boards/pol/image/1493/57/1493576075566.jpg



Hey goyim...it's a New Paradigm so buy buy buy!



https://media.tenor.co/images/948cdd3b70c9e970ca3a5bd94592dec8/tenor.gif



Sell your litecoins. Provident Metal will give you silver.

http://s19.postimg.org/4v7xzmnc3/IMG_1556.png

[sirgonzo420]

You know, we actually had members here back in '12 and '13 who called this possibility to our attention, but very few of us actually listened... :(

Anyone remember SirGonzo's thread on BTC approacing silver spot years back? Damn if only we weren't all a bunch of retards back then and loaded up.

I remember.

[madfranks]

I remember.

How many BTC do you have?

[Ares]

I remember.

Holy shit SirGonzo420 is back. Long time no see.

[Ares]

How many BTC do you have?

I have enough for half of my yearly salary right now. Wife said if it hits 5k per BTC that we'll cash out some buy some land and build a house with it.

[JohnQPublic]

Sell your litecoins. Provident Metal will give you silver.



Looks like they take bitcoin, but not litecoin.

[monty]

Looks like they take bitcoin, but not litecoin.


You're right. They did take litecoin in the past. In July 2015 I bought silver from them with litecoin.

[sirgonzo420]

How many BTC do you have?

Considerably less than 21,000,000. :)*#*


Holy shit SirGonzo420 is back. Long time no see.

Good to see you Ares!

[sirgonzo420]

Looks like they take bitcoin, but not litecoin.


You're right. They did take litecoin in the past. In July 2015 I bought silver from them with litecoin.


In case you guys aren't aware, most all popular cryptocurrencies can be converted via shapeshift.io or changelly.com. So if you have litecoin and want to buy silver, it is trivial to exchange from litecoin->bitcoin->silver.

[Neuro]

Considerably less than 21,000,000. :)*#*



Good to see you Ares!

Welcome back! You have been missed!

[JohnQPublic]

Is Cryptopia a good exchange? I have a bunch of infinitecoins, and may consider trading some. Any suggestions? I know IFC is pretty much dead, but they are trading pretty high.

[PatColo]

SGT Report 1-2 weeks ago; I'd hate to chase BTC at this level, without a little pullback first. I guess Japan made BTC an acknowledged currency at some point? Might be a nationalistic thing, as wasn't BTC designed by a JP guy?

https://i.ytimg.com/vi/EIFpeBEUa9s/hqdefault.jpg?sqp=-oaymwEXCNACELwBSFryq4qpAwkIARUAAIhCGAE=&rs=AOn4CLBp3iZqA_JHhc4arMOInCIZ3LOfzw (https://www.youtube.com/watch?v=EIFpeBEUa9s) 8:44
$2,000 BITCOIN: COULD ETHEREUM GO TO $1,000? (https://www.youtube.com/watch?v=EIFpeBEUa9s)

70,094 views
1 week ago




also check (((David Seaman's))) channel (https://www.youtube.com/user/davidseamanonline/videos); he has too many BTC clips to list. He's a conflicted zionist, similar to Bill Still, in that both are "publicly" anti-rothschild/NWO, yet pro izzy... regurgitating the pro izzy PR talking LIES points... as though izzy weren't rothchild's pirate's cove. :rolleyes:

speaking of bill still,

https://www.youtube.com/user/bstill3/videos

[PatColo]

(((David Seaman))), conflicted zionist

https://i.ytimg.com/vi/3Tm3ZK43UTI/hqdefault.jpg?sqp=-oaymwEXCNACELwBSFryq4qpAwkIARUAAIhCGAE=&rs=AOn4CLBRY1gV7IS_MH9XuFIliHqnbIQTMg (https://www.youtube.com/watch?v=3Tm3ZK43UTI) 5:27
Popular Pro Bitcoin, Anti-Federal Reserve Twitter Account Shut Down Without Notice (https://www.youtube.com/watch?v=3Tm3ZK43UTI)

1,782 views
4 hours ago

[madfranks]

Got to keep this thread alive: BTC currently $4298.61

The rally is still going strong. I can't help but think we're on the move to establishing a nice $5k floor.

[sirgonzo420]

I have enough for half of my yearly salary right now. Wife said if it hits 5k per BTC that we'll cash out some buy some land and build a house with it.

Ever get that land? Or still holding out for $10,000?

Edit: Bitcoin currently $5964

[Neuro]

Ever get that land? Or still holding out for $10,000?

Edit: Bitcoin currently $5964

Are you getting a Bitcoin island? :)

[Ares]

Ever get that land? Or still holding out for $10,000?

Edit: Bitcoin currently $5964

No, I've convinced her to still hold. I have a feeling it's going to continue going higher.

Good to see you posting again. :)

[madfranks]

Broke $6k this morning, now $6086.80. What can I say, I wish I bought more when it was cheap as hell, and I wish I didn't sell earlier.

[Ares]

Broke $6k this morning, now $6086.80. What can I say, I wish I bought more when it was cheap as hell, and I wish I didn't sell earlier.

Why I haven't sold yet. I still have a good number of BTC that I'm holding on too.

[madfranks]

Btc $7169.49 +9.47%

[Ares]

I wrote a PowerShell utility to monitor coin holdings and email and or text you (depends on which method you would prefer) throughout the day if anyone wants it. It does take some configuration with task scheduler and modifying some variables regarding which coins you own and the number. If anyone is interested in it, PM me and I'll send it over.

[Jewboo]

https://img.4plebs.org/boards/pol/image/1511/98/1511988349470.gif
Shorting bitcoin is a no-brainer now.

[Joshua01]

9483

[AndreaGail]

https://pbs.twimg.com/media/DP1ScalWkAAov9T?format=jpg&name=medium

[Joshua01]

9484

[Horn]

Show me the money...

They will all be taxed at the casino winnings 40% no doubt.

[PatColo]

having touched ~$19.7K/coin on Dec 17, it touched ~$13.1K today... presently ~$14.7K now.

that ~$13.1K price a couple hours ago marked a ~33% off sale from that ~19.7K peak.

a return from 13.1 to 19.7 would mark a ~50.4% gain.

WILD BTC RIDE!! :o

https://www.coindesk.com/price < change the time frame above the chart; & you can mouseover the chart to check those days' prices.

ETH ~$748 now, a much more modest/stable swing from it's $880 high, also today.
https://www.coindesk.com/ethereum-price

[Neuro]

No, I've convinced her to still hold. I have a feeling it's going to continue going higher.

Good to see you posting again. :)

Did she convince you to sell yet?

[Ares]

Did she convince you to sell yet?

Nope, not with mainstream adoption just getting started. :) Just wish Core would implement the Schnorr signatures already so that Bitcoin can go back to not being so congested.

[PatColo]

$10.8K & still falling atm. Lots of alienated BTCers about now. I may have to open me a coinbase acct & jump in here soon :D hasn't been THIS low since, around Dec 2!

ETH touched $564

https://www.coindesk.com/price

[EE_]

Is it time to mortgage the house and buy?

[EE_]

Can someone tell me how all these sellers got cash? Does the exchange issue a big check for a million dollars, or more? Where does the cash come from?

[Ares]

$10.8K & still falling atm. Lots of alienated BTCers about now. I may have to open me a coinbase acct & jump in here soon :D hasn't been THIS low since, around Dec 2!

ETH touched $564

https://www.coindesk.com/price

Part of the lower price at Coinbase is because of a community organized Boycott against them. When they opened Bitcoin Cash at coinbase, they never announced it(which most exchanges do including a timeline Coinbase didn't.), and it showed signs of heavy insider trading which pissed a lot of people off.

[madfranks]

Can someone tell me how all these sellers got cash? Does the exchange issue a big check for a million dollars, or more? Where does the cash come from?

Most exchanges have a sell limit, so no you don't just get a big fat check. Some exchanges have weekly sell limits of just a few thousand dollars, while at Coinbase if you fully verify your account you can get a weekly sell limit of $50k. Not bad, but no way to unload a million bucks at a time.

[Ares]

Most exchanges have a sell limit, so no you don't just get a big fat check. Some exchanges have weekly sell limits of just a few thousand dollars, while at Coinbase if you fully verify your account you can get a weekly sell limit of $50k. Not bad, but no way to unload a million bucks at a time.

Correct, most exchanges do not have that much fiat on hand. Coinbase works a little different while you can deposit fiat with them most orders are done on as purchase sell order. Meaning that if I purchase a coin coinbase will hold it at the price I bought at, and will direct my fiat bank to deposit how much I wanted to buy. They link your account similar to Paypal. They use ACH which means the transaction usually takes close to a week to complete.

[Jewboo]

https://img.4plebs.org/boards/pol/image/1511/98/1511988349470.gif
Shorting bitcoin is a no-brainer now.



https://s-media-cache-ak0.pinimg.com/originals/8a/ea/e0/8aeae012e04261d0aa7584ee2dcc4610.gif
Posted November 29th

[EE_]

Most exchanges have a sell limit, so no you don't just get a big fat check. Some exchanges have weekly sell limits of just a few thousand dollars, while at Coinbase if you fully verify your account you can get a weekly sell limit of $50k. Not bad, but no way to unload a million bucks at a time.

So with so many selling and no one buying in the downturn today, the billions of dollars that sold off, no one got cash? Who did they sell to? Surely someone sold a large portion (1,000 bitcoins) in the last 24 hours. How did they safeguard their money? If the exchange is sitting on the sale, haven't they lost millions of dollars?
At least with the stock market, you sell everything and the money gets deposited in your bank account. Not so with bitcoin.

[Ares]

At least with the stock market, you sell everything and the money gets deposited in your bank account. Not so with bitcoin.

Depends on the exchange. Some exchanges are fiat gateways (coinbase / gemini etc) and once you sell your coins there you can have the money wired to your account. I do not know what the limit is or even if there is one for USD withdraws from the exchanges.

[EE_]

Depends on the exchange. Some exchanges are fiat gateways (coinbase / gemini etc) and once you sell your coins there you can have the money wired to your account. I do not know what the limit is or even if there is one for USD withdraws from the exchanges.

You should know this...

Serious question. I'm still trying to figure out how you go to cash with bitcoin. There are people with millions, if not hundreds of millions in bitcoin.

Example: Say there is a big spike up in bitcoin, say $30,000 a bitcoin, several big players call a bullion company that accepts bitcoin and orders $100 million in gold. What does the bullion company do with these bitcoins?

What if Amazon accepts bitcoin and many people start making large purchases during a big spike in bitcoin, what do they do with millions of dollars of bitcoins they take in?

Are you familiar with any of these?
https://localbitcoins.com/sell_bitcoins

[Ares]

You should know this...

Serious question. I'm still trying to figure out how you go to cash with bitcoin. There are people with millions, if not hundreds of millions in bitcoin.

Example: Say there is a big spike up in bitcoin, say $30,000 a bitcoin, several big players call a bullion company that accepts bitcoin and orders $100 million in gold. What does the bullion company do with these bitcoins?

What if Amazon accepts bitcoin and many people start making large purchases during a big spike in bitcoin, what do they do with millions of dollars of bitcoins they take in?

Are you familiar with any of these?
https://localbitcoins.com/sell_bitcoins

My guess is the bullion dealer would convert to cash, or may try to negotiate with miners to accept Bitcoin as payment. I believe most merchants use a 3rd party (like Bitpay or Coinbase) to facilitate the transaction. Once its completed Bitpay/coinbase converts the purchase to fiat at the point of sale and the customer can withdraw it at anytime.

[EE_]

My guess is the bullion dealer would convert to cash, or may try to negotiate with miners to accept Bitcoin as payment. I believe most merchants use a 3rd party (like Bitpay or Coinbase) to facilitate the transaction. Once its completed Bitpay/coinbase converts the purchase to fiat at the point of sale and the customer can withdraw it at anytime.

I have to ask, who is Bitpay and Coinbase? A legitimate bank, Wall Street firm, or just some computer nerds in a basement?

[Ares]

I have to ask, who is Bitpay and Coinbase? A legitimate bank, Wall Street firm, or just some computer nerds in a basement?

Bitpay:

https://bitpay.com/

Coinbase:

https://www.coinbase.com/

They are essentially fiat gateways that allow you to buy / sell / accept Bitcoin for payments while giving you the options of keeping Bitcoin or converting it to fiat. They are money transmitters based in the United States and are full licensed money transmitters (which is stupid in my opinion) but you can't deal with that amount of money without being licensed in the United States.

[Jewboo]

https://i.ytimg.com/vi/BgT83yDTJYs/hqdefault.jpg

Eventually it will all be this...

[Ares]

https://i.ytimg.com/vi/BgT83yDTJYs/hqdefault.jpg

Eventually it will all be this...

They will most certainly try. What's the max coin supply on that one 6 million? LOL

[EE_]

Bitpay:

https://bitpay.com/

Coinbase:

https://www.coinbase.com/

They are essentially fiat gateways that allow you to buy / sell / accept Bitcoin for payments while giving you the options of keeping Bitcoin or converting it to fiat. They are money transmitters based in the United States and are full licensed money transmitters (which is stupid in my opinion) but you can't deal with that amount of money without being licensed in the United States.

So they are Wall Street bankers?

[Ares]

So they are Wall Street bankers?

I can't find any direct links to wall street. Coinbase / Bitpay both started close to the same time back in 2013 as a way for U.S. individuals to get involved in crytpo currencies. Prior to that you had to wire money to Mt.Gox or any of the other handful exchanges that did not reside in the U.S. so was a bit of a pain in the ass.

[EE_]

I can't find any direct links to wall street. Coinbase / Bitpay both started close to the same time back in 2013 as a way for U.S. individuals to get involved in crytpo currencies. Prior to that you had to wire money to Mt.Gox or any of the other handful exchanges that did not reside in the U.S. so was a bit of a pain in the ass.

Who else could possibly handle an enormous amount of money and money transfers like this, then Wall Street, or the US Government?
Is there anyone in the private sector that handles this much money/transfers/business on a daily basis? Amazon?

[Neuro]

I can't find any direct links to wall street. Coinbase / Bitpay both started close to the same time back in 2013 as a way for U.S. individuals to get involved in crytpo currencies. Prior to that you had to wire money to Mt.Gox or any of the other handful exchanges that did not reside in the U.S. so was a bit of a pain in the ass.

One of the co-founders of Coinbase, Fred Ehrsam, was a Goldman Sachs currency trader prior to starting Coinbase...

https://www.coindesk.com/bitcoin-coinbase-co-founder-fred-ehrsam-leaving-company/

[Ares]

Who else could possibly handle an enormous amount of money and money transfers like this, then Wall Street, or the US Government?
Is there anyone in the private sector that handles this much money/transfers/business on a daily basis? Amazon?

Wal-Mart, Amazon, Facebook, Google, etc. They all handle sums of money at this scale.

[EE_]

Wal-Mart, Amazon, Facebook, Google, etc. They all handle sums of money at this scale.

Walmart, the Waltons married into Jewish families
Amazon, Jeff Bezos Zionist (not Jewish) made the American Jewish power for 'Vanity Fair' list https://voat.co/v/politics/1862626/9122391
Facebook, Zuckerberg, Jew
Google founders, both Jews

So by these examples it's pretty safe to assume the only people able to handle sums of money at this scale are Jews, or those with Jewish backers.
It is also safe to assume major crypto exchanges Coinbase and Bitpay are also run by Jews.

Question: Who are the people that want to control, are planning to control and already control the money of the world?

Now for my opinion, Jews are behind Bitcoin and the crypto industry and they have much bigger plans then to give people like you and I a decentralized currency.

*The above has nothing to do with people profiting during the transition into a global currency for the elite Jewish NWO.
I'm sure no one that's making money on cryptos cares what happens to the world, or our future, as long as you're getting rich now. Now is all that matters.