Bitcoin discussion

Potemkin

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It's above 1,000 $ and Litecoin above 40 $.

The PM market is finished. We're doomed :(

All that money I invested in my stack :(

Should've bought Bitcoins for speculation :(
 

rblong2us

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Not sure that you are in the right place Potemkin, if its speculation and quick profit you seek :flail:

Us old reactionaries dont care about such things, we merely need to be proven right :judge:
 

Jay

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It's above 1,000 $ and Litecoin above 40 $.

The PM market is finished. We're doomed :(

All that money I invested in my stack :(

Should've bought Bitcoins for speculation :(
Potemkin I really hope you are being sarcastic.....
 

rblong2us

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We approach the 'maginot line' -

http://www.zerohedge.com/news/2013-11-28/bitcoin-parabola-continues-10-12-hours-hits-1170

And we see crypto currencies proliferating.

If they really do become the new 'cash' then they surely represent a threat to PM's ?

At some point a problem occurs when no one wants to convert crypto to fiat
but for the moment we are seeing more retailers sending a message of support for crypto ( or perhaps a vote against fiat ...... )

Oh yeah and Jeff Berwick (The Dollar Vigilante) has developed a Bitcoin ATM :pffftt:

http://motherboard.vice.com/blog/jeff-berwick-the-founder-of-bitcoin-atm-says-his-machine-is-real
 

rblong2us

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Gary Gibson. TDV editor, yesterday -

Yesterday afternoon Bitcoin broke through the 900 USD mark with so much momentum that it made my ears pop.

I keep a realtime bitcoin price tab open at all times these days. One second the price was bouncing around $880 or so and the next it was over $930. As of this writing the USD price is batting its head against $970, just inches away from $1000. I wonder if by the time this goes to "print" whether $1000 will have been broken...or if those four significant digits will prove to be the barrier off which the Bitcoin price bounces and crashes.

As much of a proponent of Bitcoin I am, I am among those who are strenuously hoping for its price to tumble. But last I checked there were three distinct types of people who are dreaming of a crash: bitter gold bugs, bitter state-worshiping dollar-lovers and bitter free market true believers who wish they'd bought a lot more a long time ago. Your editor is a vocal member of that last group.

Like many of the more digitized liberty-minded, I wish I had just one more chance to get some bitcoins for relatively cheap before it charges to new heights, never to look back. Others calling for Bitcoin's fall are doing so because Bitcoin is making their favorite currency or store of value look bad. The more economically astute Bitcoin detractors keep reminding us that bitcoins aren't gold, have no "intrinsic value", etc. The less economically astute (and more prone to worship centralized violence) keep reminding us that Bitcoin has no central banker or government guns to back it up.

So as Bitcoin pushes into higher highs, you have three different kinds of people calling for a tumble...

a) Those who will always hate it because it's not gold...

b) Those who hate it and say it's a bubbly fad because it's not backed by government guns like a proper currency ought to be...

c) Those who think it's a great free market answer to money and who see a much higher price, but who wish they could buy in at much lower prices.
 

DoChenRollingBearing

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Bitcoin IMO is a great complement to having to having a nice big pile(s) of PMs and even CA$H lying around. Even having a bank account is diversification as long as you have good assets elsewhere. But, because BTC has apparent threats/weaknesses, I am only keeping a small amount in BTC vs. PMs and the rest.

I have a special interest in BTC as I go to Peru a lot and am always interested in being able to move money around, particularly in a reasonably private way. Now I just have to learn how to SPEND it down there.

Should our bearing suppliers in Asia choose to accept BTC, that might be a game changer. Our Chinese supplier might particulary be open to payment (or partial payment) by BTC.

***

I just received the BTC that I paid for (cash by mail). I am still looking at finding a BTC-cash community down here in town.

And then I want to buy gold with BTC...

:)

$.02

:gold:
 

Jay

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did anyone see the comment that if the US Government wants to de-stabalize BTC all they have to do is buy large chunks and then dump them on the market, crashing prices. The person commented that if they do this frequently enough, no one will trust it.
 

bushi

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did anyone see the comment that if the US Government wants to de-stabalize BTC all they have to do is buy large chunks and then dump them on the market, crashing prices. The person commented that if they do this frequently enough, no one will trust it.
Yeah well, it doesn't take US govt to play with BTC... market cap of approx US$ 11 bln, all in... chump change these days, no?

Sent from my SM-N9005 using Tapatalk
 

Jay

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Yeah well, it doesn't take US govt to play with BTC... market cap of approx US$ 11 bln, all in... chump change these days, no?

Sent from my SM-N9005 using Tapatalk
point...
 

Potemkin

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Started collapsing already. I read and I research. The graphs look ugly.

Here's a vid:

It seems, someone set it up to squeeze money. Bitcoin is proably a worthless trick and the sellers get rich.

After all, some "smart guys" are collecting the dollars on the other end.

It will go down, it has no intrinsic value.

I almost fooled myself.
 

benjamen

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http://www.theverge.com/2013/12/15/5214772/bitcoin-not-real-money-says-norway-government

"Norway — Scandinavia's richest nation — has said that the currency doesn't qualify as real money."

"The Norwegian government instead decreed Bitcoin to be an asset upon which capital gains tax can be charged. Bloomberg News says profits from Bitcoin will fall under the wealth tax, and that losses can be deducted. Holte also said there will be a 25 percent sales tax for businesses."

:popcorn:
 

DoChenRollingBearing

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I bought BTC today (my BTC paid for 0.25 oz Gold Eagle also arrived by nice coincidence), rblong2us...

At least my exposure is limited, and my average cost-basis about $725 (includes today's purchase).

***

Note to Self:

Ask the doc for a scrip for LOTS of Xanax...
 

bushi

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(...) it has no intrinsic value.
Repeat after me: There's no such thing as "intrinsic value". There's no such thing as "intrinsic value". There's no such thing as "intrinsic value"(...)

Value is (always and forever), PERCEIVED. There might be rational reasons WHY value is perceived as X, Y or Z, but it doesn't make it "intrinsic" in any way, shape or form - because these reasons are in a constant flux and are constantly changing.

Bitcoin has a lot of objective, rational "value" backing it - it is a global, distributed computing network, all nodes working together to validate the transactions, and secure it from counterfeits. This is most certainly not "nothing".

Is it worth more or less than current market cap of Bitcoins, will it be worth more in the future - that's the real (and only) sensible question.
 
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