Bitcoin $2400.00 .... silver $17.00

[ximmy]

http://www.blacklistednews.com/Bitcoin_Explodes_Above_%242400_After_China_Downgra de%2C_Scaling_Agreement_Reached/58643/0/38/38/Y/M.html

Source: Zero Hedge (http://www.zerohedge.com/news/2017-05-24/bitcoin-explodes-above-2400-after-china-downgrade-scaling-agreement-reached)
Following comments from DoubleLine's Jeff Gundlach (http://www.zerohedge.com/news/2017-05-23/gundlach-bitcoin-100-china-down-10-coincidence) tieing the surge in virtual currencies to the demise of China (right before that nation is downgraded), Bitcoin surged overnight, breaking above $2400 for the first time. It is now up over 150% year-to-date.
Bitcoin is up fopr the 26th day in the last 29 sessions, doubling in price in that period...

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/23/20170524_BTC_0.jpg (http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/23/20170524_BTC.jpg)



Wednesday's gain comes after a bitcoin scaling agreement (https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77) was reached by the Digital Currency Group, representing 56 companies in 21 countries, at the Consensus 2017 conference in New York, which reduced some of the fears surrounding the so-called 'hard fork' in Bitcoin's code. The agreement states:


Paper Vs. Physical: The Amazing Amount Of Leverage In The Silver Market http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://www.zerohedge.com/users/tyler-durden)
by Tyler Durden (http://www.zerohedge.com/users/tyler-durden)
May 17, 2017 11:47 AM


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Authored by Steve St.Angelo via SRSroccoReport.com, (https://srsroccoreport.com/paper-vs-physical-the-amazing-amount-of-leverage-in-the-silver-market/)
While many precious metals investors realize the massive amount of paper trading leverage taking place in the gold market, they should see what is going on in the silver market. In a previous article (https://srsroccoreport.com/record-10-trillion-paper-gold-trading-market-continues-to-depress-price/), I provided data showing that an amazing $9.8 trillion of notional gold paper trading took place on the world’s exchanges in 2016 versus $42 billion in actual physical gold investment. This was a paper to physical ratio of 233 to 1.
However, the amount of paper trading leverage in the silver market is much higher than that.
But, before I get into the specifics of the paper silver market trading leverage, let’s take a look at the pathetic amount of physical silver investment versus Central Bank asset purchases. According to the data in the recently released 2017 World Silver Survey, total physical silver investment for 2016 came in at a whopping $4.4 billion:


https://dj0s31cxqi9ot.cloudfront.net/wp-content/uploads/2017/05/Total-Global-Estimated-Silver-Investment-2011-2016.png?x65756

That’s correct. When we add up all the global silver investment demand last year, it adds up to a measly $4.4 billion. It was nearly ten times less than all physical gold investment in 2016. The analysts who wrote 2017 World Silver Survey, arrived at the $4.4 billion figure by using the following data: Global Silver Investment 2016 (in million oz – Moz):
Physical Bar Investment = 83.6 Moz
Official Coins & Medals = 123.2 Moz
ETP (ETF) Inventory Build = 47 Moz
Grand Total Silver Investment = 253.8 Moz
By adding up total Physical Bar investment of 83.6 Moz, Official Coins & Medals of 123.2 Moz and ETP (ETF) Inventory Build of 47 Moz and then multiplying it by the average silver spot price of $17.14, it totaled $4.4 billion.

http://www.zerohedge.com/news/2017-05-17/paper-vs-physical-amazing-amount-leverage-silver-market


Fidelity Is Mining Bitcoin, CEO Abigail Johnson Admits http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://www.zerohedge.com/users/tyler-durden)
by Tyler Durden (http://www.zerohedge.com/users/tyler-durden)
May 24, 2017 4:15 AM


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In what bitcoin geeks undoubtedly interpreted as a sign of bitcoin’s renewed relevance now that its price is at all-time highs, Fidelity CEO Abigail Johnson told CoinDesk’s Consensus conference that her company is now in the business of mining bitcoin.
Per the FT: (https://www.ft.com/content/876ec06c-3f46-11e7-9d56-25f963e998b2)

“Ms Johnson noted that Fidelity has also set up a bank of computers built by 21 Inc that can crunch complex algorithms to be rewarded with bitcoin.

“My…computer has mined over 200,000 satoshis,” she said, using the name for the smallest unit of bitcoin.
Her remarks coincide with an astounding rally in virtual currencies like bitcoin. As DoubleLine’s Jeffrey Gundlach noted on Tuesday, (http://www.zerohedge.com/news/2017-05-23/gundlach-bitcoin-100-china-down-10-coincidence) bitcoin is up 100% in under two months, implying that the turmoil in Chinese markets was driving more locals into bitcoin.
http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/05/18/bitcointwo_0.JPG (http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/05/18/bitcointhree_0.JPG)
One coin was trading at $2,275 Tuesday according to Coinbase, the latest in a series of all-time highs as global uncertainty rises...

[Dogman]

sumthing out of nothing real could be called the same as fractional banking. Value is what is perceived as something that does have value, like bartering and such.

Fads and such wane and peak, virtual currency's are as I see it is a fad that most are created out of nothing but computer power and time and have a perceived value to they that play the game. But other than living on a hard drive , which it seems like of most currency's do, is a conundrum.

Real value historically is precious items, metals, jewels and such that are rare and are real.

The thought that money can be created by computing power alone makes me ? .

Value is what the majority places on an item or process, bitcoins to me are the same as any value created by fractional banking but without the larger perception of the majority vs other currency's backed at least in name by real value, as gold and silver.

But unlike virtual, hard play money or real value in hand trumps value that can go poof by the a digital disasters ak the power goes out.

Good conundrum

Like most fads , play hard but know when to get the fuck out..

But also as long as the internet in one shape or so, virtual currency will be a player imho.

;D

[PatColo]

I was just poking around at bitcoin related stocks; this little penny jobee, around 4 cents today, has a nice cup/handle going beginning top of march... birds of a feather...
http://stockcharts.com/h-sc/ui?s=BTSC

arguably a big sloppy C/H beginning around March '16,
http://stockcharts.com/h-sc/ui

on yahoo,
https://finance.yahoo.com/quote/BTSC?p=BTSC

[PatColo]

(((David Seaman))), I've only watched the shorter 2, not the 1.5 hour one

https://i.ytimg.com/vi/ewbLUj7eVAI/hqdefault.jpg?custom=true&w=336&h=188&stc=true&jpg444=true&jpgq=90&sp=68&sigh=mIgezN5Nf8ya4kIh5c2fgF9xw_0 (https://www.youtube.com/watch?v=ewbLUj7eVAI) 4:16
Bitcoin And Ether Are Going Crazy! Bubble Or Legit? (https://www.youtube.com/watch?v=ewbLUj7eVAI)



590 views
57 minutes ago





https://i.ytimg.com/vi/Bx6L1HA3zjU/hqdefault.jpg?custom=true&w=336&h=188&stc=true&jpg444=true&jpgq=90&sp=68&sigh=vRzis-EQbL0i3lrs71DfNXI8ouw (https://www.youtube.com/watch?v=Bx6L1HA3zjU) 1:27:27
LIVE Now: Bitcoin or Ether or Litecoin?! (https://www.youtube.com/watch?v=Bx6L1HA3zjU)

6,005 views
2 days ago





https://i.ytimg.com/vi/IN8SQcrIlCM/hqdefault.jpg?custom=true&w=336&h=188&stc=true&jpg444=true&jpgq=90&sp=68&sigh=9hsvaOy1PXHqztUgG5Xrkq2aZ1o (https://www.youtube.com/watch?v=IN8SQcrIlCM) 3:06
Bitcoin: Wow, I Get This. (https://www.youtube.com/watch?v=IN8SQcrIlCM)

5,031 views
3 days ago

[madfranks]

We're in another irrational rally. Who knows when it'll peak, but it's going to crash down hard again. This has happened three of four times before.

[Glass]

$4K in Korea.

[madfranks]

$4K in Korea.

Good arbitrage opportunity?

[Jewboo]

http://static1.squarespace.com/static/56eddde762cd9413e151ac92/570cb87b5bd33022b93a0272/5743255a746fb9088462a1e9/1464019506295/c22cb6033f069963e4a07f627e3e9627.jpg?format=1000w

[sirgonzo420]

I was just in Amsterdam last month and the tulip business is still booming.

[ximmy]

I was just in Amsterdam last month and the tulip business is still booming.


Hi sirgonzo420... Long time

http://www.sherv.net/cm/emoticons/hello/cute-girl-waving-smiley-emoticon.gif

[Glass]

I was just in Amsterdam last month and the tulip business is still booming.

Is that 2 or 3 paper tulips?

Do they allow tourists to buy coffee still?

[sirgonzo420]

Hi sirgonzo420... Long time

http://www.sherv.net/cm/emoticons/hello/cute-girl-waving-smiley-emoticon.gif

Hey Ximmy! Good to see you're still around!


Is that 2 or 3 paper tulips?

Do they allow tourists to buy coffee still?

I was surprised at the number of tulip stands and shops. And I can confirm that tourists can still buy "coffee". :cool:

[C.Martel]

Do they allow short sales or naked short sales for bitcoins like they do in the silver "market"?

[Neuro]

Do they allow short sales or naked short sales for bitcoins like they do in the silver "market"?

Apparently in Poloniex exchange if you have one BTC you can borrow 2.5 BTC's for shorting. I was into Poloniex very shortly prior to the crash with several thousands worth of crypto's, and I had huge difficulties in getting my funds out of there. I think Poloniex may crash one of these days. Literally half the posts in their troll box consisted of people having difficulty withdrawing their funds, their had been something like 40,000 complaint tickets issued in less than a couple of weeks, and most of them related to difficulty in withdrawing funds. Moderators said that it was due to security issues and they wanted to keep the coins safe from hacking.

[Neuro]

I was just in Amsterdam last month and the tulip business is still booming.

Price per bulb is way less nowadays though...

[ximmy]

Bitcoin, Gold, Silver... Update story... from Zero Hedge.

Is Bitcoin Standing In For Gold? http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://www.zerohedge.com/users/tyler-durden)
by Tyler Durden (http://www.zerohedge.com/users/tyler-durden)
May 31, 2017 8:35 PM


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Via Paul Craig Roberts and Dave Kranzler, (http://www.paulcraigroberts.org/2017/05/31/bitcoin-standing-gold/)
In a series of articles (http://www.paulcraigroberts.org/2017/05/31/bitcoin-standing-gold/), we have proven to our satisfaction that the prices of gold and silver are manipulated by the bullion banks acting as agents for the Federal Reserve.
The bullion prices are manipulated down in order to protect the value of the US dollar from the extraordinary increase in supply resulting from the Federal Reserve’s quantitative easing (QE) and low interest rate policies.
The Federal Reserve is able to protect the dollar’s exchange value vis-a-via the other reserve currencies—yen, euro, and UK pound—by having those central banks also create money in profusion with QE policies of their own.
The impact of fiat money creation on bullion, however, must be controlled by price suppression. It is possible to suppress the prices of gold and silver, because bullion prices are established not in physical markets but in futures markets in which short-selling does not have to be covered and in which contracts are settled in cash, not in bullion.
Since gold and silver shorts can be naked, future contracts in gold and silver can be printed in profusion, just as the Federal Reserve prints fiat currency in profusion, and dumped into the futures market. In other words, as the bullion futures market is a paper market, it is possible to create enormous quantities of paper gold that can suddenly be dumped in order to drive down prices. Everytime gold starts to move up, enormous quantities of future contracts are suddenly dumped, and the gold price is driven down. The same for silver.
Rigging the bullion price prevents gold and silver from transmitting to the currency market the devaluation of the dollar that the Federal Reserve’s money creation is causing. It is the ability to rig the bullion price that protects the dollar’s value from being destroyed by the Federal Reserve’s printing press.
Recently, the price of a Bitcoin has skyrocketed, rising in a few weeks from $1,000 to $2,200. Two explanations suggest themselves.

One is that the Federal Reserve has decided to rid itself of a competing currency and is driving up the price with purchases while accumulating a large position, which then will be suddenly dumped in order to crash the market and scare away potential users from Bitcoins. Remember, the Fed can create all the money it wishes and, thereby, doesn’t have to worry about losses.

Another explanation is that people concerned about the fiat currencies but frustrated in their attempts to take refuge in bullion have recognized that the supply of Bitcoin is fixed and Bitcoin futures must be covered. It is strictly impossible for any central bank to increase the supply of Bitcoins. Thus Bitcoin is standing in for the suppressed function of gold and silver.
The problem with cryptocurrencies is that whereas Bitcoin cannot increase in supply, other cryptocurrencies can be created. In order to be trusted, each cryptocurrency would have to have a limited supply. However, an endless number of cryptocurrencies could be created that would greatly increase the supply of cryptocurrencies. If entrepreneurs don’t bring about this result, the Federal Reserve itself could organize it.
Therefore, cryptocurrency might be only a temporary refuge from fiat money creation. This would leave gold and silver, whose supply can only gradually be increased via mining, as the only refuge from wealth-destroying fiat money creation.
For as long as the Federal Reserve can protect the dollar by bullion price suppression and money creation by other reserve currency central banks, and as long as the Federal Reserve can keep the influx of new dollars out of the general economy, the Federal Reserve’s policy adds to the wealth of those who are already rich. This is because instead of driving up consumer prices, thus threatening the US dollar’s exchange value with a rising rate of inflation, the Fed’s largess has flowed into the prices of financial assets, such as stocks and bonds. Bond prices are high, because the Fed forced up the price by purchasing bonds. Stock prices are high, because the abundance of money bid prices higher than profits justify. As the US government measures inflation in ways designed to understate it, the consumer price index and producer price index do not send alarm systems into the markets.
Thus, we have a situation in which the Fed’s policy has done nothing for the American population, but has driven up the values of the financial portofilios of the rich. This is the explanation why the rich are becoming more rich while the rest of America becomes poorer.
The Fed has rigged the system for the rich, and the whores in the financial media and among the neoliberal economists have covered it up.