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Why the value of bitcoin is on an absolute tear
Marketwatch ^ | 11/4/15 | Mark Decambre

Posted on 11/04/2015 10:34:17 AM PST by Another Post-American

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In general I share stories about bitcoin news rather than price. But the last few days the price IS the news.

The price hit $499.95 on Coinbase last night, and has now pulled back to around $460. That's "only" up 13% over 24 hours!

One challenge to the conventional wisdom about Chinese evading capital controls is that while the price was slowly increasing for several months, it really began skyrocketing when the EU announced its' decision to treat bitcoin as a currency (and thus not subject to a VAT tax.) True, most of the trading volume is in China, but that's been true for a long time. (As have suspicions that the Chinese trade volumes are inflated.)

1 posted on 11/04/2015 10:34:17 AM PST by Another Post-American
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To: gaijin; I Hired Craig Livingstone; Lurkina.n.Learnin; Major Matt Mason; Wildbill22; plsjr; ...

Ping!

Would anyone be interested in a simple starter guide on how to buy bitcoins (or get modest amounts for free)?


2 posted on 11/04/2015 10:36:08 AM PST by Another Post-American (Jesus died for your sins.)
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To: Another Post-American

I’d like to understand what bitcoin IS, to start with. Haven’t found a single good ‘Dummie’s Guide’ yet.

-JT


3 posted on 11/04/2015 10:39:00 AM PST by Jamestown1630 ("A Republic, If you can keep it.")
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To: Another Post-American
Here's a somewhat better article on the subject, IMHO: Bitcoin's price jumps more than 70% in one month
4 posted on 11/04/2015 10:41:55 AM PST by Another Post-American (Jesus died for your sins.)
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To: Jamestown1630
Here's the link I usually share on this subject for newbies: What is Bitcoin? from CoinDesk.
5 posted on 11/04/2015 10:42:59 AM PST by Another Post-American (Jesus died for your sins.)
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To: Another Post-American

If bitcoin is so good, why is it measured in dollars? Dream on crazy wonks.


6 posted on 11/04/2015 10:46:05 AM PST by Dutchboy88
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To: Another Post-American

Just sold at $277. Typical me.


7 posted on 11/04/2015 10:59:25 AM PST by mmichaels1970
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To: Dutchboy88

“If bitcoin is so good, why is it measured in dollars? Dream on crazy wonks.”

If gold is so good, why is it measured in dollars?

Anything with value is translatable to other units of value. Most people are familiar with dollars, so...


8 posted on 11/04/2015 11:00:25 AM PST by PreciousLiberty
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To: mmichaels1970

“Just sold at $277. Typical me.”

At least you’d bought some. I’d been eyeing it for some time as it hovered in the mid-$200s. heh


9 posted on 11/04/2015 11:01:28 AM PST by PreciousLiberty
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To: Dutchboy88
If bitcoin is so good, why is it measured in dollars?

That's got to be the silliest objection yet. Would you prefer I reported the value of bitcoin in euros or renmimbi on FreeRepublic? I can do that...

10 posted on 11/04/2015 11:13:00 AM PST by Another Post-American (Jesus died for your sins.)
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To: mmichaels1970
Just sold at $277. Typical me.

Ouch. Sorry. Well, there's a reason bitcoiners invented the term HODL. (Hold On for Dear Life)

11 posted on 11/04/2015 11:14:56 AM PST by Another Post-American (Jesus died for your sins.)
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To: Another Post-American
Why the value of bitcoin is on an absolute tear

The Dutch tulip craze all over again.

12 posted on 11/04/2015 11:16:49 AM PST by DiogenesLamp ("of parents owing allegiance to no other sovereignty.")
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To: DiogenesLamp
It's not a bitcoin thread until somebody brings up 'tulips' or 'beanie babies'.
13 posted on 11/04/2015 11:23:28 AM PST by IDFbunny
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To: PreciousLiberty

No one I know buys and sells in gold. But, keep dreaming that your imaginary currency will stay nice and stable.


14 posted on 11/04/2015 11:23:42 AM PST by Dutchboy88
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To: Another Post-American

No. I’d prefer this nonsensical game of wonk money just go back to the TRS-80 world of Mario Bros. where it came from.


15 posted on 11/04/2015 11:24:59 AM PST by Dutchboy88
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To: IDFbunny
It's not a bitcoin thread until somebody brings up 'tulips' or 'beanie babies'.

Glad to be of service. :)

16 posted on 11/04/2015 11:26:25 AM PST by DiogenesLamp ("of parents owing allegiance to no other sovereignty.")
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To: Dutchboy88

“No one I know buys and sells in gold. “

I’ve seen transactions in gold, as well as pesos (for instance). Both are often discussed in terms of their “dollar value”.

Perhaps a more important question is what dollars will be worth in a year, or ten years...in terms of dollars today.

“But, keep dreaming that your imaginary currency will stay nice and stable.”

Someone should start charts of BTC versus a good suit, BTC versus loaves of bread, and of course BTC versus ounces of gold. Putting those next to charts of dollars versus the same commodities should be instructive. :-)


17 posted on 11/04/2015 11:43:26 AM PST by PreciousLiberty
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To: Dutchboy88
"I’d prefer this nonsensical game of wonk money just go back to the TRS-80 world of Mario Bros. where it came from."

World-renowned Nobel Prize winning economist Milton Friedman disagrees, predicting it in some detail.

Bitcoin, or some very similar variant, is here to stay - at least as long as we have a high-tech world. Loss of grid power, computers and the Internet would kill it, of course. ;-)

18 posted on 11/04/2015 11:48:37 AM PST by PreciousLiberty
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To: DiogenesLamp
Tulips don't have a whole lot of utility compared to blockchains. They never had armies of developers backed by hundreds of millions of dollars of Wall Street capital building a new financial infrastructure around what is widely hailed as a revolutionary technology.

We can compare bitcoin to its alternative, fiat currency, which is currently valued in the trillions (compared to billions for bitcoin) of dollars. When we do, we realize how dramatically undervalued cryptocurrency is by comparison. Government-issued funny money is what is over-valued. Its only inherent value is as sub-standard wallpaper or toilet paper.


19 posted on 11/04/2015 11:58:15 AM PST by Another Post-American (Jesus died for your sins.)
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To: Another Post-American
Government-issued funny money is what is over-valued.

I consider bitcoin to be entrepreneur issued funny money.

20 posted on 11/04/2015 12:12:38 PM PST by DiogenesLamp ("of parents owing allegiance to no other sovereignty.")
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