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Bitcoin Rises Over $500
Zero Hedge ^ | 17 November, 2013 | Tyler Durden

Posted on 11/17/2013 2:04:56 PM PST by Errant

One day before the Senate's digital currency hearing titled "Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies", Bitcoin is largely oblivious to any potential regulatory threats, either at the legislative or the city level, where as reported previously the New York superintendent is in a rush to enforce BitLicenses on businesses that accept BitCoin, and moments ago crossed $500 for the first time ever. Instead, it appears that as we also reported previously, the Chinese Bitcoin craze has reached the parabolic threshold, going so far as making Bitcoin an acceptable payment for real estate, which means that while for the time being Bitcoin becomes the alternative inflation protection medium for hundreds of millions of Chinese, all bets on how high it can get are off.

(Excerpt) Read more at zerohedge.com ...


TOPICS:
KEYWORDS: bitcoin; china; crypto; dollar; europeanunion; gold; goldbugs; india; tylerdurden; tylerdurdenmyass; zerohedge
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To: servantoftheservant

So how much are all the bitcoins currently in existence worth? How many are in the hands of the early creators? And even if they create the 21 million bitcoins planned, at the current rate that’s $10 billion worth of value, hardly enough to send world economies into a tailspin


21 posted on 11/17/2013 2:41:44 PM PST by sharkhawk (Mr Gorbachev, tear down this wall.)
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To: Vermont Lt

The Chinese are also buying empty apartments in ghost cities. Not someone I would take investing advice from.


22 posted on 11/17/2013 2:43:18 PM PST by sharkhawk (Mr Gorbachev, tear down this wall.)
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To: nascarnation
I found this interesting:

Me too... ;-)

23 posted on 11/17/2013 2:47:40 PM PST by Errant
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To: BCW

I didn’t know about them in ‘09, but I knew about them long enough ago that if I had jumped when I thought about it, it would have may uncle Sam a heck of a lot of tax money, if I sold today. :-)


24 posted on 11/17/2013 2:50:27 PM PST by Errant
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To: sharkhawk

To each his own. I am playing with their money now anyway. It could drop to $1 and I will still have money in my pocket. It’s returning better than Madoff and the lottery. And it’s more fun.


25 posted on 11/17/2013 2:55:49 PM PST by Vermont Lt ( 1-800-318-2596, Mr President.)
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To: ToastedHead

There will be more stories this week as the Senate is holding hearings on Silk Road. The MSM will be talking about money laundering and drug deals and hit men.

The government will do whatever they can to make this seem dirty, seedy, and illegal.

They will fail.


26 posted on 11/17/2013 2:58:31 PM PST by Vermont Lt ( 1-800-318-2596, Mr President.)
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To: Paladin2

The Fed does it every day to the tune of a billion and a half dollars.


27 posted on 11/17/2013 2:59:35 PM PST by Vermont Lt ( 1-800-318-2596, Mr President.)
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To: Vermont Lt
But it’s a scam, a ponzu, what happens if the lights go out, what about a EMP, it can be hacked, only drug dealers use it, the government will stop it, tax it, outlaw it.

"Internet Kill Switch".

28 posted on 11/17/2013 3:00:45 PM PST by Stentor
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To: sharkhawk
I’ll buy Tulips instead.

By all means, do so then. Meh, I like owning something that doesn't require the maintenance that tulips do, and is easier shipped to anywhere in the world. ;)

29 posted on 11/17/2013 3:03:15 PM PST by Errant
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To: Stentor
"Internet Kill Switch"

And what will that do to everything else that relies on the internet (e.g., banking, ordering, ...)?!

30 posted on 11/17/2013 3:04:50 PM PST by Errant
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To: Stentor

Ah yes... I will add that to the list.


31 posted on 11/17/2013 3:05:31 PM PST by Vermont Lt ( 1-800-318-2596, Mr President.)
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To: SVTCobra03

“Bitcoin is a Scam”

No moreso than Federal Reserve Notes.


32 posted on 11/17/2013 3:15:42 PM PST by RKBA Democrat ( There is no worst president but owebama, and valerie jarrett is his prophet.)
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To: Errant
And what will that do to everything else that relies on the internet (e.g., banking, ordering, ...)?!

Ask DHS.

33 posted on 11/17/2013 3:17:22 PM PST by Stentor
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To: Stentor
Ask DHS.

Good point! What's DHS gonna do if the internet goes down? For that matter, what's all the other alphabet agencies going to do as well? lol

34 posted on 11/17/2013 3:20:10 PM PST by Errant
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To: Errant

What they probably WILL do is shut down the wire transfers into US bank accounts from banks dealing with bitcoin. For example, due to federal banking rules, Mt Gox really hinders the movement of dollars through their exchange.

If Bitcoin grows, you will see the Treasury jump ugly over it.


35 posted on 11/17/2013 3:23:38 PM PST by Vermont Lt ( 1-800-318-2596, Mr President.)
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To: Vermont Lt
I would expect that. And if we were better respected in the world, probably a try to for a coordinate effort with other governments. Since our government seems to be beholding to the bankers and their owners and no longer to the people, and as the largest country with still the world's currency standard, I'd expect we will spearhead an attempted destruction of crypto-money.

But then that leaves the rest of the world and only 12 million Bitcoins at present. Doesn't take many owning only 1 to suck up that miniscule inventory - only about two thirds of the people living in Hong Kong.

We shall see... Watch who in the senate comes out against it - then you'll know more of what to expect. It might actually be better for our "leaders" to ignore the owners of the Fed, embrace it and tax it to death instead... lol

36 posted on 11/17/2013 3:45:06 PM PST by Errant
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To: Vermont Lt
only about two thirds of the people living in Hong Kong.

Oops, I got that wong. I was thinking about the population of Mexico city. lol There are only about 7 million living in HK. ;)

37 posted on 11/17/2013 4:01:51 PM PST by Errant
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To: Errant
Interesting.

I'm dealing with the estate of a family member, who was into bitcoins. I can see where he bought a bunch at $20. When I first started watching, they were at about $100 each. Now? Mt Gox "Weighted Avg:$499.60693"

38 posted on 11/17/2013 4:13:26 PM PST by Lee N. Field ("You keep using that verse, but I do not think it means what you think it means.")
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To: Vermont Lt

bttt

Remember the States can COIN, not PAPER, money.


39 posted on 11/17/2013 4:20:53 PM PST by txhurl
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To: JRandomFreeper
All fiat currencies are a scam.

Though it's fun [and educational, too!] to watch the BitCoin phenomenon unfold, in the end, you're absolutely correct.

Just as wealth is created only by the production of tangible goods, a dependable medium of exchange must be tangible, itself.

BitCoin is nothing more than a fancy debit card. It's only worth something so long as it can be exchanged for existing currencies.

40 posted on 11/17/2013 4:21:13 PM PST by BfloGuy (The final outcome of the credit expansion is general impoverishment. [Ludwig Von Mises])
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