Posted on 10/25/2013 8:16:36 PM PDT by Errant
Bitcoin mining difficulty is increasing now exponentially with more and more ASIC miners coming online. Today the difficulty increased by 45% to 390 million. In a little over 2 days, difficulty level is predicted to increase by 300% to 1.6 billion. When I first started paying attention in May of this year, the difficulty level was only 10 million.
Not sure what this will mean for bitcoins or the price theroof. I'm curious what those Freepers who mine or have bitcoins think?
Apparently you missed the news that Friday the Feds raided some online drug business and took $28 million in bitcoins away. There is no way the US govt or any other govt is going to allow a rogue currency to endanger the regular fiat currency.
If you want to hedge your bets buy gold or silver. When the SHTF and there is no internet there won’t be any bitcoins anyway. If you can’t hold it in your hand it doesn’t mean chitola.
This person allegedly was engaged in illegal activity. It matters little where he kept his profits. The government will go after them, even if held in an offshore bank.
While it's great to prepare for the SHTF, you still have to live for today. It's wise to diversify and not be cowered, for if that's the case we've already lost the war, and our final outcome is assured to be a miserable existence under a tyrannical master. That said, I'm certain central banks are demanding their governments do something about this infringement on their monopolies.
The question is will these governments try to stomp out crypto-currency or instead embrace and tax it like Germany has decided to do. I suspect some countries will try to make it illegal, with stiff penalties, acquiescing to their central bankers' demands, while other countries who more respect the rights of individuals, will join the crypto-currency bandwagon.
When/If the SHTF, only food, water, shelter, company, and some way to ease pain will matter. I think if more people realized how bad things could get, there would be more effort to avoid collapse of civilization. The movie *The Road* is probably a good look into where the road we're on now eventually leads to.
Have to go cook some mustard greens. Later... :-)
The Time Has Come To Fully Diversify: Retreating From Banks And From The Dollar Itself
Yes I read that article on Suvivalblog last week. IMO bitcoins are not a good idea for when the SHTF. They will disappear you will have nothing. Gold and Silver will always have value.
I just stopped by MickyD’s to grab a quick sandwich on the way home. In the cashier’s window was a notice to the cashiers (I had to read it reversed) telling them they were getting a lot of counterfeit bills, and to make sure the “pen” was used on ALL 5s, 10s, 20s, 50s, and 100 dollar bills. You know it’s getting bad when you have to use “the pen” on $5 bills!
Regal theatre in Oceanside ca has even gotten fake $1s
Dang! That’s unreal...
Ruins my scheme lol
I don't take my bitcoin hoard that seriously but I do like to get naked every now and pour these into my bathtub. Then I roll around in them for a while and pretend I'm Richie Rich.
I was making a joke. Perhaps you ought to consider a stand up desk,
because the the humor is going tight over your head.
http://www.reddit.com/r/Bitcoin/comments/1pf5jm/obama_asks_google_ceo_eric_schmidt_if_bitcoin_is/
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