Gary North calls this the end of bitcoins

[madfranks]

I don't agree - when the next financial threat occurs, watch it soar back up.

http://www.garynorth.com/public/11900.cfm



Bitcoins have just suffered another huge hit. The other shoe has just fallen.


Bitcoins were selling at $1,242 on November 29. The headlines were all over the Web: "Bitcoins surpass the price of gold." That was the peak. They are around $500 today. That is a decline of 60%.


When an investment fad ends, it usually ends spectacularly. A 60% decline in less than three weeks indicates that the Bitcoins fad is over.

[Ares]

LOL, yeah what is this, like the 3rd, or 4th time someone has pounded their chest and said Bitcoins are over?

Hell we all knew it was due for a correction. Price rises like that are unsustainable. I made some gains, and took some losses during that whole run up and down. But overall, I still see it as a viable alternative to government fiat. I believe they do as well, or they wouldn't be trying to lock out the competition.

[EE_]

Someone should write Gary with a fuck you angry letter, to stop posting this bullshit! Gary just doesn't understand bitcoin.
Everyone in the know, knows nothing of this world can stop bitcoin. He's just posting bullshit hoping something sticks.
Best arguement I've heard "you just don't understand bitcoin."

Bitcoins Go Splat
Gary North - December 18, 2013
Bitcoins have just suffered another huge hit. The other shoe has just fallen.

Bitcoins were selling at $1,242 on November 29. The headlines were all over the Web: "Bitcoins surpass the price of gold." That was the peak. They are around $500 today. That is a decline of 60%.

When an investment fad ends, it usually ends spectacularly. A 60% decline in less than three weeks indicates that the Bitcoins fad is over.

What is significant is why the collapse occurred. We know exactly why. China's government took two steps.

First, on December 5, the People's Bank of China announced that Bitcoins posed an unacceptable risk. It banned financial institutions from using Bitcoins. The price of Bitcoins fell by 30%.

Second, on December 18, the Bank forbade any third-party exchange of yuan (renminbi) for Bitcoins. Immediately, China's largest exchange ceased taking any new yuan deposits. That announcement has collapsed the market in China. It has collapsed the market worldwide.

When you get into a market, you need an exit plan. All of a sudden, there was no exit plan in China.

Around the world, the currency-denominated price of Bitcoins is down. That is how much clout the Chinese government has in this market.

NOT AN ALTERNATIVE CURRENCY

As I have said repeatedly, Bitcoins are not an alternative currency. They are an extension of a nation's government-run currency, meaning a real currency. You buy Bitcoins with real money. Then, to make a profit, the Bitcoins buyer must do one of two things: (1) get someone to sell him a good or service; (2) get someone to sell him a real currency that buys goods and services.

There is no visible independent market for goods and services sold for Bitcoins as a stand-alone currency. This is the central fact of the economics of Bitcoins.

The key national currency for Bitcoins is China. Young Chinese programmers and their age peers are the dominant users. The average Chou in China does not own a computer. The Chinese who are doing the buying and selling are young adults. They don't have much money. They know nothing about economics. They have never heard of fractional reserve banking. They are involved in their first investment mania.

Their parents may be buying apartments. That takes a lot of money. That market is also a mania, but it is closed to young adults. So, they bought Bitcoins.

Old Chinese without computers buy gold coins. Gold coins are also too expensive for the programmers. They need something that can be bought in fractional units. This is why Bitcoins has taken off in China. This is why China is the key market. It is a market for middle-class kids in a market where no one with experience is buying or selling.

The People's Bank of China has decided to nip this in the bud. The programmers are now trapped. They own a non-currency that was promoted as a future currency. But it is not a currency. It is bought and sold with currency. The people's Bank of China just made it more difficult to buy and sell this non-currency.

DECEMBER 5

The handwriting was on the wall on December 5. On that day, the People's Bank of China announced its "unacceptable risk" policy. On that day, Bank of America Merrill Lynch released a report saying that Bitcoins were a currency of the future. USA Today reported this.


Bank of America's report said the virtual currency could become a "serious competitor" to traditional money transfer providers. Bitcoin can help users avoid high taxes, capital controls and government seizures, but also is highly volatile, the report noted. Bitcoin, at its introduction in 2009, traded for less than $1. BoA placed the currency's maximum value at $1,300 per Bitcoin and said its maximum market capitalization would be $15 billion.
On the day the report appeared, Bitcoins fell below $1,000. A week before, the price was at $1,242.

Bad timing, surely.

GREATER FOOLS

As I have said, Bitcoins are not a stand-alone currency, and they will not become a stand-alone currency. They are simply a plaything of young programmers and speculators. A Bitcoin is something you buy because someone else bought it. You cannot buy anything with it from any seller who does not sell his Bitcoins for real money.

The seller must re-supply whatever it is he sells. He can do this only with real money. That means that he must sell Bitcoins for dollars, euros, pounds, or -- until today -- yuan.

This is obvious to anyone familiar with business. But it was not obvious to the programmers who touted Bitcoins as an alternative currency.

If the central banks of the world imitate the People's Bank of China, the Bitcoins market will plummet again. Bitcoins are not a separate currency. They are a speculative bubble that rose from nothing to an international fad, a fad based on selling real currencies, getting into a mania, and hoping to sell to a greater fool for his real currency.

The supply of greater fools has been slashed by the People's Bank of China. If other central banks follow, this market will end as it began: the plaything of programmers.

CONCLUSION

Bitcoins' future depends on the tender mercies of central bankers.

It always did.

Bernanke has said as much. He said it in a September 6 letter. He repeated this in testimony to Congress in mid-November.


Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market. In general, the Federal Reserve would only have authority to regulate a virtual currency product if it is issued by, or cleared or settled through, a banking organization that we supervise. Given the Federal Reserve"s authority and the manner in which virtual currencies have developed, the Federal Reserve has focused primarily on a supervised banking organization's role in the products' sale and distribution, as well as the applicable regulations, such as Bank Secrecy Act (BSA) /anti-money laundering (AML) requirements. . . .
As noted above, the Federal Reserve plans to work with other FFIEC member agencies on electronic cash and related issues such as virtual currencies, as needed, for banking organizations. The Federal Reserve will continue to monitor developments as part of its broad interest in the safety and efficiency of the payment system. We also stand ready to cooperate with other agencies in fulfilling their mandates, as appropriate.

At any time, the FED can pull the plug on what remains of the Bitcoin mania. Any programmer who thinks differently has had too much Jolt Cola. He needs to sober up.



For my background articles on Bitcoins, click here. (This may take a few seconds, as the search engine "mines" the site.)

Here is one, published on November 29, the day Bitcoins peaked.


http://www.garynorth.com/public/11828.cfm
Here is how I ended it.


Whenever somebody tries to sell you an investment that is based on the economic analysis of a market -- an analysis that cannot possibly be true -- do not buy the investment. This is a simple rule. I adhere to this rule.
There has to be an economic justification for a capital investment, and there is no economic justification of buying Bitcoins as an alternative currency. That was how Bitcoins were initially sold, and it was impossible as an economic concept from the beginning. The Austrian theory of money shows why.

I do not invest in capital that has no economic justification other than the greater fool theory. There are too few fools to keep the scheme going.

Bitcoins are not illegal. They should not be made illegal. They should merely be avoided.
http://www.garynorth.com/public/11900.cfm

[mick silver]

the next thing Gary North will be saying is http://thestrangestbrew.com/wp-content/uploads/2013/09/told-you-so.png

[Ares]

The real reason the price has dropped some 60% is because the PBoC had a meeting with 3rd party payment processors last week. It was agreed upon to stop allowing the transmission of government fiat into the exchanges. So as of today, BTC China is unable to accept RMB denominated deposits. That's a liquidity crunch, and only a temporary measure (can kicking if you will) to try and hamper the governments biggest competitor.

It was bound to happen eventually, governments and central banks absolutely do not like competition. The U.S. has gone to war repeatedly to save the dollar, Saddam Hussain,(Wanted to accept Euro's for oil, instead of dollars) Muammar Gaddafi (Was attempting to setup a gold for oil exchange). Both out right challenged the dollars supremacy, and since they were the head of the snake, were cut off. With crypto currencies there is no head of a snake, so they have to try a different tactic.

It's also I believe the same reason Satoshi Nakamoto has never revealed him/themselves.

With the amount of animosity from some of the worlds largest central banks towards this alternative currency, is it at least raising a little bit of a question to the legitimacy of crypto currencies? They wouldn't be taking this kind of an approach if it was something they created and would actively assist with its implementation.

[EE_]

China is a sick barbaric society, they kill their babies and eat the fetuses.
What's to say they won't pass a law next that anyone caught using bitcoin will have his hands chopped off?

[Ares]

China is a sick barbaric society, they kill their babies and eat the fetuses.
What's to say they won't pass a law next that anyone caught using bitcoin will have his hands chopped off?

They may certainly try, but proving who owns a bitcoin will be difficult if nearly impossible. With the number of services out in the dark web designed to mask bitcoin transactions, just when the law is passed, send them to another address you control, but put them through a mixing service first. See Police State fascist central bank, I got rid of all my Bitcoins. I sent them to some guy in North American, South American (insert whatever continent you want here), and just deal with it on the black market if it comes to it.

[mamboni]

The people should decide what is money.

Pure speculation on my part: I believe that bitcoin is a trojan horse introduced by the banksters to warm us up to an electronic currency intended to eventually replace physical cash and make possible tracking of all transactions. The up and down movements of bitcoin are not conducive to a stable currency. But more importantly, bitcoin exists strictly in the virtual world of computers. Therefore, TPTB ultimately control its fate because they control the information superhighway. Gold on the other hand will always be money if the people choose to hold it as money. And gold's 5000 year predigree as money is truly a precious gift that the people would be foolsih to give up. After all, gold is held outside of any government or bank and it's 'value' is determined by the people, not some power elite.

[Horn]

There's really nothing you can do with a Bitcoin, that can't be done with 40 Litecoins,

the Chinese who bought them could do even less.

[EE_]

The people should decide what is money.

Pure speculation on my part: I believe that bitcoin is a trojan horse introduced by the banksters to warm us up to an electronic currency intended to eventually replace physical cash and make possible tracking of all transactions. The up and down movements of bitcoin are not conducive to a stable currency. But more importantly, bitcoin exists strictly in the virtual world of computers. Therefore, TPTB ultimately control its fate because they control the information superhighway. Gold on the other hand will always be money if the people choose to hold it as money. And gold's 5000 year predigree as money is truly a precious gift that the people would be foolsih to give up. After all, gold is held outside of any government or bank and it's 'value' is determined by the people, not some power elite.

If you love your bankers, you can keep your bankers...just buy bitcoin!...it takes attention away from gold and help supress gold prices!
If you don't like your bankers, you know what to do...

[Horn]

If you love your bankers, you can keep your bankers...just buy bitcoin!...it takes attention away from gold and help supress gold prices!
If you don't like your bankers, you know what to do...

I think it was a mistake for the Bitcoin marketing division to make the "Gold 2.0" comparison,

it should've been marketed more as a Pyrite currency.

[Ares]

The people should decide what is money.

Pure speculation on my part: I believe that bitcoin is a trojan horse introduced by the banksters to warm us up to an electronic currency intended to eventually replace physical cash and make possible tracking of all transactions. The up and down movements of bitcoin are not conducive to a stable currency. But more importantly, bitcoin exists strictly in the virtual world of computers. Therefore, TPTB ultimately control its fate because they control the information superhighway. Gold on the other hand will always be money if the people choose to hold it as money. And gold's 5000 year predigree as money is truly a precious gift that the people would be foolsih to give up. After all, gold is held outside of any government or bank and it's 'value' is determined by the people, not some power elite.

Agreed, people (Free market when you get down to it) should determine what is, and what is not money. It should not be used as a tool by the peoples respective state to enslave them.

I disagree on your second point about Bitcoins being a trojan horse. If the bankers controlled it, they wouldn't be putting a bottle neck around its implementation. Instead of a regional population they could control a global population. What's happening is the worlds largest central banks / payment processors have stopped allowing the flow of fiat into Bitcoin. They realize it is competition and are trying to remove it. The up and down variations you are seeing is fiat spigots being turned off, and on, and back off again and the prices rise and drop with the eb and flow like a tide coming in and going back out. Imagine what would happen to the dollar if Saudi Arabia came out tomorrow and said they'll accept Euro's or Gold for their oil. The dollar would be instantly worthless, because there would be no demand for it. There is demand for bitcoin, but if the fiat flow is being restricted and not everyone can be a miner to obtain bitcoins, then the price is going to reflect that.

TPTB however do not control the information superhighway, they only have the image of control through ICANN. If they had control the Jew media out of Hollywood would of shut down Bit torrent, and file sharing in general a decade ago. They haven't, because they can't. When something is decentralized it becomes exponentially difficult to control. With e-Gold, and Liberty Dollar they were able to go after the CENTRAL issuing authority and charge them with bullshit charges, close down their operation and confiscate their holdings for liquidation. How do you do that with a decentralized system? You can't. So no, they don't control Bitcoin's fate. They can certainly hinder its adoption though, but ultimately they do not control it. They are human, not gods. They bleed just like the rest of us, and are just as flawed as the rest of us.

Gold will ALWAYS be money, always has been, and always will be. But in the digital age its extremely cumbersome to transport, store and protect. It's why only the largest governments and financial institutions have the means of storing, protecting and safeguarding it against theft. Try sending gold to someone in Germany, or Russia for a product you want. Example, I read about a cancer patient who wanted to give himself massive doses of Vitamin C. as a means to help combat cancer (1,000,000 mg) a day intravenously. However he couldn't find a manufacturer of the I.V. bags, or the equipment needed to sell him the vitamin C bags, or the equipment to administer his preferred form of cancer treatment. He did find a German manufacture of that equipment it cost him close to 12,000 FRN's when all was said and done (wire transfer fee's, equipment cost # of I.V. bags, and international shipping and handling). It took him 2 weeks to get the money wired and received by the manufacture and receive his equipment. If it had been gold, he probably would of been looking at a month, and definitely more than 12,000 FRN's to send it over seas. If you're fighting cancer, or any illness for that matter, as a doctor you already know time is of the essence.

So yes, gold and silver are money. They are incredibly cumbersome when doing business in the modern age on a global scale and bypassing your own corrupt government and health industries ridiculous notions of what is "medicine".

P.S. Just wanted to add, that the value of Gold is controlled and manipulated. With the 85 billion a month (1 Trillion a year money printing) you can't honestly say that the value of gold should be at measly $1231.00 an ounce do you? If the people truly set the value of gold it would be orders of magnitude higher than what it is now.

[EE_]

I think it was a mistake for the Bitcoin marketing division to make the "Gold 2.0" comparison,

it should've been marketed more as a Pyrite currency.

http://cdn.pigeonsandplanes.com/wp-content/uploads/2012/08/fools-gold.jpg

[EE_]

Agreed, people (Free market when you get down to it) should determine what is, and what is not money. It should not be used as a tool by the peoples respective state to enslave them.

I disagree on your second point about Bitcoins being a trojan horse. If the bankers controlled it, they wouldn't be putting a bottle neck around its implementation. Instead of a regional population they could control a global population. What's happening is the worlds largest central banks / payment processors have stopped allowing the flow of fiat into Bitcoin. They realize it is competition and are trying to remove it. The up and down variations you are seeing is fiat spigots being turned off, and on, and back off again and the prices rise and drop with the eb and flow like a tide coming in and going back out. Imagine what would happen to the dollar if Saudi Arabia came out tomorrow and said they'll accept Euro's or Gold for their oil. The dollar would be instantly worthless, because there would be no demand for it. There is demand for bitcoin, but if the fiat flow is being restricted and not everyone can be a miner to obtain bitcoins, then the price is going to reflect that.

TPTB however do not control the information superhighway, they only have the image of control through ICANN. If they had control the Jew media out of Hollywood would of shut down Bit torrent, and file sharing in general a decade ago. They haven't, because they can't. When something is decentralized it becomes exponentially difficult to control. With e-Gold, and Liberty Dollar they were able to go after the CENTRAL issuing authority and charge them with bullshit charges, close down their operation and confiscate their holdings for liquidation. How do you do that with a decentralized system? You can. So no, they don't control Bitcoin's fate. They can certainly hinder its adoption though, but ultimately they do not control it. They are human, not gods. They bleed just like the rest of us, and are just as flawed as the rest of us.

Gold will ALWAYS be money, always has been, and always will be. But in the digital age its extremely cumbersome to transport, store and protect. It's why only the largest governments and financial institutions have the means of storing, protecting and safeguarding it against theft. Try sending gold to someone in Germany, or Russia for a product you want. Example, I read about a cancer patient who wanted to give himself massive doses of Vitamin C. as a means to help combat cancer (1,000,000 mg) a day intravenously. However he couldn't find a manufacturer of the I.V. bags, or the equipment needed to sell him the vitamin C bags, or the equipment to administer his preferred form of cancer treatment. He did find a German manufacture of that equipment it cost him close to 12,000 FRN's when all was said and done (wire transfer fee's, equipment cost # of I.V. bags, and international shipping and handling). It took him 2 weeks to get the money wired and received by the manufacture and receive his equipment. If it had been gold, he probably would of been looking at a month, and definitely more than 12,000 FRN's to send it over seas. If you're fighting cancer, or any illness for that matter, as a doctor you already know time is of the essence.

So yes, gold and silver are money. They are incredibly cumbersome when doing business in the modern age on a global scale and bypassing your own corrupt government and health industries ridiculous notions of what is "medicine".

P.S. Just wanted to add, that the value of Gold is controlled and manipulated. With the 85 billion a month (1 Trillion a year money printing) you can't honestly say that the value of gold should be at measly $1231.00 an ounce do you? If the people truly set the value of gold it would be orders of magnitude higher than what it is now.

Here's 4 boxes of cumbersome gold eagles...about 2.5 million dollars worth at today's price

http://i.ebayimg.com/t/RED-MONSTER-BOX-CERTIFIED-US-MINT-TREASURY-GOLD-EAGLE-BULLION-COINS-HOARDE-SAFE-/00/s/MTIwMFgxNjAw/z/0~wAAMXQAwNRCv4h/$(KGrHqF,!jMFD2YjsmITBRCv4gmrL!~~60_35.JPG

[Horn]

Gold will ALWAYS be money, always has been, and always will be. But in the digital age its extremely cumbersome to transport, store and protect.

Whoever this knave is, he appears extremely primed for The Royal Mint's new E-coin introduction.

God save the Queen, she and the people shall never be separated.


http://www.youtube.com/watch?v=tN9EC3Gy6Nk

[Ares]

Here's 4 boxes of cumbersome gold eagles...about 2.5 million dollars worth at today's price

http://i.ebayimg.com/t/RED-MONSTER-BOX-CERTIFIED-US-MINT-TREASURY-GOLD-EAGLE-BULLION-COINS-HOARDE-SAFE-/00/s/MTIwMFgxNjAw/z/0~wAAMXQAwNRCv4h/$(KGrHqF,!jMFD2YjsmITBRCv4gmrL!~~60_35.JPG

Yeah? So if an equipment manufacturer in another country makes a widget you want and will accept gold. How would you get that to them to pay for it when your home country has capital controls?

[madfranks]

After all, gold is held outside of any government or bank and it's 'value' is determined by the people, not some power elite.

I think it's been adequately demonstrated that the "value" of gold is heavily manipulated by the power elite. Even though I believe the price of gold is heavily manipulated, I'm not selling any of my gold because once the veneer falls, I believe we'll see an amazing rise in the price. Like others here, my interest in cryptos is primarily a means by which to obtain more gold/silver!! (http://gold-silver.us/forum/showthread.php?74542-Profit-taking)

[EE_]

Yeah? So if an equipment manufacturer in another country makes a widget you want and will accept gold. How would you get that to them to pay for it when your home country has capital controls?

Gold doesn't have to trade hands daily. Gold is a store of wealth that will police dollar printing just by holdin it.

People just need to accept gold as money and a store of wealth, and as it becomes more accepted there will be more places to exchange gold for fiat currency.

Fiat is for daily exchanges. When needed for a purchase, you simply exchange some gold that day and get rid of the fiat asap.

Unfortunately, to make an over-seas purchase, or other country, you will have to pay a premium to use one of the existing methods, credit card, paypal, money wire transfer. Unlike bitcoin, all are insured and protected against fraud.

Some of the premium can be attributed to this insurance.

PS, don't be surprised when the bankers roll out their version of crypto-currencies.
It should make money transfers more economical for everyone...except for the taxes they will be taking on every transaction.

[Horn]

my interest in cryptos is primarily a means by which to obtain more gold/silver!! (http://gold-silver.us/forum/showthread.php?74542-Profit-taking)
Romans 13:6-7

New International Version (NIV)

This is also why you pay taxes, for the authorities are God’s servants, who give their full time to governing. 7 Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.

[Ares]

Gold doesn't have to trade hands daily. Gold is a store of wealth that will police the dollar printing just by holdin it.

Agreed, no argument from me there.


People just need to accept gold as money and a store of wealth, and as it becomes more accepted there will be more places to exchange gold for fiat currency.

Big problem with that is most people still think that gold backs the dollar. I've done it here at my new job just in conversation about money, I asked what backs the dollar? The responses I got were gold out of the 5 people that were there, all of them thought gold backed the dollar. You have to overcome state propaganda to get it into peoples heads that gold is money. Instead these people think the dollar is "as good as gold." I was called crazy for even mentioning that the dollar has been a free floating currency with no official backing since the days of Nixon. Even back in Indiana I encountered the same sentiment that gold backs the dollar, particularly with the older generations.


Fiat is for daily exchanges. When needed for a purchase, you simply exchange some gold that day and get rid of the fiat asap. Unfortunately, to make an over-seas purchase, or other country, you will have to pay a premium to use one of the existing methods, credit card, paypal, money wire transfer. Unlike bitcoin, all are insured and protected against fraud. Some of the premium can be attributed to this insurance.

There are companies springing up to offer that international trustworthy bitcoin transfer service at a fraction of the current cost. Just give it some time, the free market will work it out. The current system of wire transfer is atrocious. It took me 2 weeks to get fiat into my Mt.Gox account and that was WHEN Dwolla was allowed to send them fiat. The U.S. government has since told Dwolla to stop, and they've complied. So you have to do a direct wire transfer to get fiat in and out of foreign exchanges. That includes all of the bank transfer, and wire transfer fee's on top of what you just want to send. Now if I want to send a bitcoin to that exchange it happens in a matter of minutes, and I can send it for free (takes 2-3 hours then), or pay the small transaction fee 0.0001 and will be confirmed within 10 minutes. So for international money movement that is a huge time and cost savings.

I'd wager that within a year, maybe 2 at the most you'll see trustworthy services that will insure and protect international BTC movement's. There are already some smaller services that help with money remittance, I know of one in Kenya using Bitcoin as the medium of exchange. That's directly competing with Western Union.

A medium of exchange can be anything people agree upon. Gold and Silver will always be a store of value. I'm hoping with the introduction of crypto currencies that TPTB lose some of their control on gold and silver and they are able to rise to their true value.

I've come to the realization that since they have locked up the vast majority of gold in their control, and they control the paper price that we'll never be able to get that control from them through conventional means.

Now add in the mix of crypto currencies, and "cashing out" your crypto to your preferred gold or silver unit of account (GAE, SAE, Krugerrand etc.) you'll finally start forcing them to unlock their gold to meet the demand. Even with the comex if they can't deliver they'll settle with fiat. What good is that to any of us? It's still playing their game with their rules. Crypto's change it into our advantage, at least currently if you cash out directly into silver and gold. The reasoning for that is, currently when you cash out your crypto to gold or silver, you force the distributor to cash out of his crypto's to fiat to acquire more gold and silver. IF crypto's become more valuable, in the orders of magnitude of thousands, and hundreds of thousands of fiat, cashing out becomes more costly for them. Because most speculation takes place in fiat, and paper trading. Hardly anyone cashes out to acquire physical in that market so it cost them little or nothing to manipulate the price. However a lot of the bitcoin community are anarchist / libertarians who understand and know that gold / silver is money. As such like to cash out in that preferred store of value. Go to the Bitcointalk.org forum and just go through the general discussion on gold and silver, and you'll see a lot of them cash out directly to gold or silver. Now multiply that by a coin valued in the thousands and hundreds of thousands and cashing out to physical will finally force them to release a lot of what they have locked up. Bitcoiners do not want fiat, they want physical. I acquire more BTC's to acquire more physical gold and silver. That's why I hold on to it. I cashed out some Litecoins for 50oz of silver when it was 35 FRN's a coin. Those were coins that I mined directly.

[Son-of-Liberty]

PS, don't be surprised when the bankers roll out their version of crypto-currencies.
It should make money transfers more economical for everyone...except for the taxes they will be taking on every transaction.

Great, let them try to compete in a free market. When people realize that the bankers version of cryptocurrency has none of the advantages of p2p open source crypto already available how well do you think they will do?

Why do you think JP Morgan tried to get patents for a digital currency? Because without them they know they can't compete. They would be slugging it out with the 19 year old pimple faced teenager who started Dogecoin (a joke now worth 7 million) from his parents basement at zero cost.

[madfranks]

Bitcoins just broke upwards of $1000 again. So Dr. North was wrong on this one. Anyone want to guess what the next high will be?

[Horn]

Anyone want to guess what the next high will be?

Sing hymns make love get high fall dead
He'll bring his perfume to your bed
He'll charm your life 'til the cold winds blow
Then he'll sell your dreams to a picture show


http://www.youtube.com/watch?v=Puxqxff_3IQ

[Neuro]

Yeah? So if an equipment manufacturer in another country makes a widget you want and will accept gold. How would you get that to them to pay for it when your home country has capital controls?
Damn we need the knight Templars after all!

[Neuro]

Bitcoins just broke upwards of $1000 again. So Dr. North was wrong on this one. Anyone want to guess what the next high will be?
For the future of bitcoins, I think another a bit smaller correction after hitting $1250 again would be healthy, maybe going down to $750 or so. If not I think it will peak somewhere between $3-6000 in a couple of months...

[Shami-Amourae]

But but but some professor sez $10 by mid-2014
http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12
:rolleyes: