Bitcoin cracks US$100

[Hammerhead]

??? I dont have a clue what your talking about. There are 2 seedbanks sites that except bitcoin right now this is a fact..I was involved with OP to try and get it working on the boo. Paypal uses bitcoin... If you do a search 100's of stores come up that use bitcoin..

You can use bitcoin right now to buy all kinds of stuff including cannabis seeds.

 

[chefboy6969]

ok good for them, but it's not a sound currency..that's all..I much rather have some cash in my pocket..and guess what..I am not American...

peace
Chefboy

 

[SpasticGramps]

Wow. I hadn't looked at what the spread was on the Bid/Ask. Bid is 60.1 and ask is 67.5! You are talking about an 11% spread! That's fucking crazy man. Penny stock spread on steroids.

In comparison AAPL has about a .1% spread on bid/ask.

I'm not hating. Serious congrats to all who got in and made a killing on this thing. I'm just sayin' tread lightly with those profits. Pocket most the profits and play with some house money you don't mind losing. You are on the other side of the parabolic chart right now. Post initial pop.

 

[SpasticGramps]

??? I dont have a clue what your talking about. There are 2 seedbanks sites that except bitcoin right now this is a fact..I was involved with OP to try and get it working on the boo. Paypal uses bitcoin... If you do a search 100's of stores come up that use bitcoin..

You can use bitcoin right now to buy all kinds of stuff including cannabis seeds.

And after all this initial bubble euphoria it may settle down. Some of the stores took a (big) loss though. Some probably made a mint if they converted bitcoin to other fiat at the right time. All I'm saying it's impossible to run a business if you unit of exchange varies 20-60% a day over the long term. A 2% move in a day is a big move in commodities 5% is massive. A 1% move in a day in even a MORE MASSIVE move for a currency.

Time will tell and time is the true test for a currency's viability.

 

[igrowone]

i think gramps has it nailed about the stores, or whoever was holding BC without the want to be a speculator
this will be a very large disincentive, currencies must be stable

 

[dagnabit]

there are some really stupid folks out there..
im thinking with a 3d printer and some spray paint i can be selling them "bitcoins" by the end of the day tomorrow.

would this be illegal?

 

[TwoOhSix!]

A service like bitpay could mitigate the volatility issue. They act as an exchange service between the customer and business, so businesses can accept BTC and immediately convert it to fiat.

 

[igrowone]

A service like bitpay could mitigate the volatility issue. They act as an exchange service between the customer and business, so businesses can accept BTC and immediately convert it to fiat.

that is conceivable, but they will need to be compensated for their risk
which currently is quite high, which means they would have to charge a proportionately high fee for transactions
will the risk go down over time? this is where you are trying to chart the madness of crowds
my opinion is no, or not enough to make BC widely accepted, as previously mentioned it has its niche in difficult to trace purchases
but get those purchases high enough, government will act, they will not tolerate large untraceable transactions

 

[unspoken]

 

[SpasticGramps]

that is conceivable, but they will need to be compensated for their risk
which currently is quite high, which means they would have to charge a proportionately high fee for transactions
will the risk go down over time? this is where you are trying to chart the madness of crowds
my opinion is no, or not enough to make BC widely accepted, as previously mentioned it has its niche in difficult to trace purchases
but get those purchases high enough, government will act, they will not tolerate large untraceable transactions

Nailed it on the head bro.

In the end, the Fed and Big Brother will let the people play with BitCoin, but if anything becomes a serious threat to the FRN (Federal Reserve Notes, USD) hegemony it will be annihilated with severe violence of action.

USD reserve currency status is enforced by the largest and most sophisticated military industrial complex EVER. Major General Smedley Butler said as much when he penned "War is a Racket" before he died in 1940 as the most decorated Marine ever at the time.

They don't teach about his words of wisdom at West Point, Annapolis, other military academies, or history books. He revealed that the American war machine was nothing more than a servant for the banks to enforce their goal of achieving higher returns on investment.

He said Capone could learn from him. The Chicago gangster only ran a racket that spanned a few states and his racket spanned several continents.

I spent 33 years and four months in active military service and during that period I spent most of my time as a high class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism. I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street. I helped purify Nicaragua for the International Banking House of Brown Brothers in 1902-1912. I brought light to the Dominican Republic for the American sugar interests in 1916. I helped make Honduras right for the American fruit companies in 1903. In China in 1927 I helped see to it that Standard Oil went on its way unmolested. Looking back on it, I might have given Al Capone a few hints. The best he could do was to operate his racket in three districts. I operated on three continents.-- Major General Smedley Butler

War has been and remains the main business of the American Empire. It is protected by it's monetary status and anything that is an affront to that status will be destroyed.

If alternative digital currencies ever become more than a nuisance and actually reach semi-legit level they will be crushed by the controllers of the global fiat regime.

The question still remains with BitCoin. Who are the major shareholders? We know that the Winklevoss twins (supposed original Harvard creators of Facebook) own 1% of all BitCoins. What percentage might the TBTF banks own and how may they be yielding this to fleece those who have strayed from USD hegemony?

"Give me control of a nation's money and I care not who makes the laws." - Mayer Amschel Rothschild

 

[SpasticGramps]

They need to rename them the "Bubble Twins".

Never Mind Facebook; Winklevoss Twins Rule in Digital Money New York Times

I believe igrow is probably right. The fact that digital currency is used for anonymous online drug dealing gives the Fed's all the headlines they need to eventually shut it down.

And I guarantee the slogan will be that it's "to protect the children."

 

[FlowerFarmer]

Nuff said Gramps,

TPTB could easily end this shit if/when they wanted.


While no immediate threat to them I see them letting it roll as one of the largest global experiments of all time in how the masses are beginning to see money and how that relates to their fiat ponzi scheme.

Much to be learned as confidence dwindles of the central banking currencies and early adopters look to alternatives.


Unfortunately for bitcoin the majority don't give a shit about the true concept decentralized digital currencies.. they just want to get rich. A look around the web the last few days and you'll find those very same "noble" alternative currency advocates screaming and whining about mtgox and the incompetence of exchanges, practically begging for regulation and centralization to protect their all mighty bitcoins from the free market in place... What fools. I guess that is what money does to people's heads.. it's instilled in most of us.


Because of this bitcoin is no currency, but rather simply a proxy for fiat. Why the fuck do any of these bitcoin fanboys care about the USD value anyways. Isnt that the entire concept of bitcoin.. to free oneself from the manipulations of fiat and the bad monetary policy of central banking?

point being...ANYTHING valued in USD is manipulated. The only way a digital currency like bitcoin would become plausible is if people truly adopted it as a alternative to fiat and used it as such.. peer to peer for actual goods and services, without any conversion back to USD. Otherwise you are achieving absolutely zero centralization of currency. The more speculation in the game with dreams of getting rich the closer you remain in bubble territory.



$54 USD.. ouch. I truly feel sorry for those whom listened to Pheno and Power and deemed it a good idea to be buying at such levels. Don't worry though. Luckily you have the government to take care of ya.



PS - pretty sure a capped digital currency wouldn't work anyways. Wouldnt there eventually be a liquidity crisis? Some inflation is necessary... otherwise people would be spending .0000000000000000000000000000000000000001 bitcoins for things. Right? Seems as though that would be awfully confusing and cumbersome.

 

[chefboy6969]

yea I haven't seen those guys in 48hrs...Hmmm I wonder why???

LOL


peace
Chefboy

 

[dagnabit]

They need to rename them the "Bubble Twins".

Never Mind Facebook; Winklevoss Twins Rule in Digital Money New York Times

I believe igrow is probably right. The fact that digital currency is used for anonymous online drug dealing gives the Fed's all the headlines they need to eventually shut it down.

And I guarantee the slogan will be that it's "to protect the children."

dont forget the mooslams!
these terrorizers could be transferin' their bitcoins for their heroin and white girl sex slaves!
gonna need an amendment to the usapatriot act!

you know they cant just stop a shutting down the competition they will need to capitalize by further "monitoring" and "regulation"(read censor and tax) of the interwebs...

can you imagine all the racket of 2bil bitcoins rattling around in that series of tubes?
the noise alone is enough to shut 'em down!

 

[bentom187]

its really not that secretive 2:30 I believe they reveal that every single transaction is recorded on a public ledger.

[YOUTUBEIF]zhj1zeisqWY[/YOUTUBEIF]

 

[PhenoMenal]

I believe they reveal that every single transaction is recorded on a public ledger.

Your BELIEF is basically correct, but this is another good demonstration of what not to do - people here are just stating things they THINK/ASSUME when they know virtually NOTHING.

 

[bentom187]

so that means they are not anonymous.so why make that claim ?

 

[PhenoMenal]

Because you don't understand or have any idea about what level of anonymity exists within Bitcoin. Please do some basic research into the protocol and get back to us - Wikipedia's page is all you need.

 

[bentom187]

that was the developer of bitcoin saying there was none.does he have no clue aswell ?

 

[TheArchitect]

No anonymity if you don't know how to anonymize yourself.

You think the average guy knows what a VPN is or what tor is and how to use it properly?

So much technical computer knowledge just to make sure someone can't see your real ip to launch an attack and steal your wallet.

Am I missing something.

malware already exists that turns people's computers to mining slaves, and I'm sure it wouldn't be hard to write some malware to go in search of unsecured wallets.

A banks digits may be electronic like bitcoin but they have far superior security to the average guy, and they are insured (not like that means much).