As BitCoin Touches $400 The Senate Starts Seeking Answers... As Does The Fed

Zero Hedge ^ | 9 November, 2013 | Tyler Durden

[Errant]

Moments ago BitCoin hit $395, and will likely cross $400 in the immediate future (the chart looks a little less scary in log scale).

So as more and more pile into the electronic currency, some due to ideological reasons, some simply to chase momentum, some out of disappointment with the manipulated gold price looking to park their savings in an alternative, non-fiat based currency, which a year ago traded 40 times lower, the attention of the government is finally starting to shift to what has been the best performing asset class in the past year, outperforming even the infamous Caracas stock market.

Which means one thing: Congressional hearings.

[Errant]

Mucho info at link above.

[E. Pluribus Unum]

The banksters and the big-government/big-corporate criminal complex doesn’t want a currency they can’t manipulate.

[Errant]

fyi

[SueRae]

I wouldn’t touch bitcoin. It reminds me of ‘tokens’ or credits you get in arcades or on some of the Facebook pages, even though some are apparently making tons of money..scares the crap out of this investor.

[JRandomFreeper]

Yep. You can go broke just as easy with the trusted stocks.

/johnny

[Errant]

Yeah, they’re starting to get nervous now. I don’t think so much from being afraid of BTC cutting into their profits as the fear that light will be shown on the Ponzi scheme they’ve been running for years.

[Errant]

It reminds me of ‘tokens’ or credits you get in arcades or on some of the Facebook pages, even though some are apparently making tons of money..scares the crap out of this investor. That's a normal reaction to something you haven't bothered to research. Fiat currency cares the crap out of me, but that's because I HAVE researched it. lol

[dljordan]

” It reminds me of ‘tokens’ or credits you get in arcades or on some of the Facebook pages, even though some are apparently making tons of money..scares the crap out of this investor.”

What about the “tokens” from the Federal Reserve? They have nothing to back them except belief.

[PoloSec]

If you put a thousand dollars into bitcoins, anytime in 2009 thru 2010, you would be a very, very rich man today.

Who knew, when I first heard of it, I thought it be a huge scam.

[NonValueAdded]

Which means one thing: Congressional hearings.

Put Issa on the case ... BitCoin will be good for another decade.

[RC one]

they’re mobsters who insist on getting a piece of any and all action in their territory. You just aren’t going to make a quarter in America without giving them a dime. that’s why they hate gold. that’s why they want to close the “gun show loophole”.

[Errant]

Bitcoin scares banks and governments

http://www.youtube.com/watch?v=0rLN4ftgvtQ

[Errant]

Same here. It's something you have to research and learn about. It's a totally different and somewhat abstract money system that's vague to just about everyone at first, even though that was never intended and there are plenty of easy to understand resources online that explain the concept in great detail.

The purveyors of fiat currency on the other hand (folks like the Fed (a collaboration of big banks)), and others (World Bank, Euro Banks, Chinese, Bricks, and etc.) go to extremes to keep their inner workings secret.

[Errant]

Put Issa on the case ...

That man and the GOP in general are a joke!

[SVTCobra03]

Bitcoin is still a scam.

http://monetaryrealism.com/bitcoin-is-a-scam/

[deadrock]

The only think I worry about is...someone knows the exact location of the Bcoins.

[nascarnation]

Thanks.
Looks like FReepers are as divided on Bitcoins as a lot of other subjects these days.

[Darksheare]

Soros, look to see if he’s involved.

[jacquej]

Some of us have not yet formed an opinion.

Since it is all computer based - I wonder what happens if the grid goes down? (Not that the banks or stores will function in that event)

[nascarnation]

I agree. It’s hard to wrap my brain around Bitcoin.
When I study the mechanics of it, I get a headache LOL.