Posted on 11/10/2013 10:21:27 AM PST by Errant
It took literally minutes following our report from yesterday that in addition to the ECB and Fed, it was the Senate's turn to finally shine the spotlight on the most notorious electronic currency with a hearing titled "Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies" next Monday, for Bitcoin to tumble 25% from its all time high just shy of $400, to $290 within 12 hours, in large part answering our rhetorical question if "the one thing that can finally end the dream of BitCoin holders arrive soon: when the government, and existing monetary authorities, start taking it seriously." They appear to be doing just that, which is why additional upside from here may be in the eye of the Cray supercomputer-armed NSA beholder.
(Excerpt) Read more at zerohedge.com ...
That's an interesting assumption... ;)
Full title of the article: As BitCoin Plunges 25% On Government Scrutiny, The First BTC “Fair Value” Reco Has A Stunning Price Target
Though I'm sure some folks have put many hours into "manufacturing" bitcoins and their value.
Yep, same as a Federal Reserve Note.
/johnny
Thanks. My head continues to spin as I ponder bitcoin.
But a little intellectual work at my age is a good thing.
At least until the Nascar race comes on...
A friendly disagreement: The Bitcoin is nothing which is better than the Federal Reserve Note which is debt.
/johnny
Fed fiat monster waking up, ready to kill.
I think they might try to do to BitCoin what they succeeded I doing to online US gambling.
“Yep, same as a Federal Reserve Note.”
The Feds can print unlimited quantities but bitcoins are limited to abut 21 million
What is a dollar? Isn't it just an entry in the Fed's ledger? I might add, a ledger that no one is ever allowed to see outside the Fed. Bitcoin's ledger is distributed and available for all to see.
Unlike fiat currency, Bitcoins represent actual work (mining). When a bitcoin is found, encrypted identifier is recorded in the distributed blockchain ledger.
As I understand it, the system is design with a limit of about 22 million bitcoins, and with a variable mining difficultly that allows for approximately only 1 bitcoin to be mined over the entire system every 10 minutes.
It's hard to understand at first, but starts making sense after you study it for awhile. It makes much more sense than the way the Fed can create dollars from thin air. lol
Maybe Satoshi Nakamoto could offer to fix Healthcare.gov in exchange for laying off bitcoin, LOL.
“Yep, same as a Federal Reserve Note.”
Not quite. As least with a reserve note, you get the pretty piece of paper, or you CAN get it if you want it.
LOL! I know what you mean...
Not firmly under Federal control, therefore it must, and will be, destroyed.
With Bitcoins, you can print your own “pretty pieces of paper” - Legal tender in at least Germany now...
But I can take one of those Federal Reserve notes with a "10" on it over to my local Meijer's store and buy some beer with it. Can I do the same with a Bitcoin or will the check out gal just laugh at me?
If ya got em dump em.
/johnny
I wouldn’t doubt that at all. But, will Bitcoin be the “germ of an idea” that destroys central banking like the idea of freedom led to the rebellion against the crown, that started the revolutionary war? That’s the question in my mind. And if that happens, it could wind up being a worldwide phenomenon.
In other words, the answer is no.......
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