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Bitcoin Tops $1000
Zero Hedge ^ | 27 November, 2013 | Tyler Durden

Posted on 11/27/2013 7:06:16 AM PST by Errant

Well that escalated quickly. Having broken above $900 yesterday to new record highs (and a 100% gain in a week), the crypto currency is not looking back now. On what is higher than average volume this morning, Bitcoin just broke above the magic $1000 level for the first time (at $1025). Meanwhile, the BTC China "arb'd" rate is around $950 for those playing at home; and Litecoin has just topped $26 (from $4 a week ago!).


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KEYWORDS: bitcoin; btc; litecoin; ltc
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To: JRandomFreeper

Well any currency has value if the users and investers have faith in it. My problem with the currency is its primary usage by the underbelly of the net, what happens to Bitcoin if the Governments figure out a way to effectively shut down those sites?


21 posted on 11/27/2013 7:25:38 AM PST by aft_lizard
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To: grania

At least you could eat the tulips.


22 posted on 11/27/2013 7:27:10 AM PST by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: JRandomFreeper

probably best to invest in gold, guns and real estate. Hard to haul that stuff around with you though...


23 posted on 11/27/2013 7:27:37 AM PST by refermech
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To: aft_lizard
Well any currency has value if the users and investers have faith in it.

I don't have faith in fiat currencies. Including FRNs.

what happens to Bitcoin if the Governments figure out a way to effectively shut down those sites?

Black markets will always be around.

/johnny

24 posted on 11/27/2013 7:28:17 AM PST by JRandomFreeper (Gone Galt)
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To: Errant

Having studied its real rarity and its value as an off-grid currency I was going to buy some Bitcoin.

But then the Senate endorsed it.

Would you freely buy something backed by the U.S. Senate?


25 posted on 11/27/2013 7:28:49 AM PST by agere_contra (I once saw a movie where only the police and military had guns. It was called 'Schindler's List'.)
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To: aft_lizard

What happens in a power failure, or EMP attack? What if the creators have a back door in the programming?


26 posted on 11/27/2013 7:29:21 AM PST by refermech
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To: Errant

National currencies are backed by the full faith of the government (laughing in the background). Bitcoins are imaginary money. Only good as long as someone will accept them. The government doesn’t like competition and will soon find a way to shut this down, after demanding taxes on the capital gains increase in the value of the bitcoins.


27 posted on 11/27/2013 7:32:49 AM PST by I want the USA back (Media: completely irresponsible traitors. Complicit in the destruction of our country.)
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To: agere_contra
But then the Senate endorsed it.

Got a link?

Would you freely buy something backed by the U.S. Senate?

Depends upon WHICH Senators endorsed it... ;)

28 posted on 11/27/2013 7:34:11 AM PST by Errant
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To: refermech
What happens to your nest-egg federal reserve notes in savings if there is a power failure or EMP attack? They are just accounting entries in a computer.

/johnny

29 posted on 11/27/2013 7:37:24 AM PST by JRandomFreeper (Gone Galt)
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To: I want the USA back
Bitcoins are imaginary money.

Crypto-currencies are no more imaginary than the operating system your computer or device is using. They both take work to produce and each unit is serialized. All Bitcoin transactions, including their creation, are recorded in a distributed electronic ledger.

It's hard to get your head wrapped around it, but not as hard as trying to understand how FRNs get printed. lol

30 posted on 11/27/2013 7:40:34 AM PST by Errant
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To: tet68

What’s better than roses on your piano?
Tulips on your organ....................


31 posted on 11/27/2013 7:45:24 AM PST by Red Badger (Proud member of the Zeta Omicron Tau Fraternity since 2004...................)
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To: Errant
If you really haven't heard about this, see for instance here.

The bitcoin-friendly noises made at that Senate committee meeting have led to Bitcoin doubling in value in half a month.

For those saying that the Government will shut bitcoin down - I would only have brought bitcoin if your Government shunned it. The fact that the Senate are cuddling up to it is distinctly alarming.

But perhaps the Fed are just waiting to launder the 28 million bucks of Bitcoin they stole from Silk Road.

32 posted on 11/27/2013 7:47:22 AM PST by agere_contra (I once saw a movie where only the police and military had guns. It was called 'Schindler's List'.)
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To: Red Badger

haha, got me with that one.


33 posted on 11/27/2013 7:51:31 AM PST by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: grania
When I search for an explanation of what a bitcoin is, I'm told it's created from an algorithm that collects value on the internet. But nobody seems to be able to tell me what that algorithm is

Was it algorithm or Al-Gore-ism ?

Are bitcoins like carbon credits ?

34 posted on 11/27/2013 7:55:03 AM PST by UCANSEE2 (The monsters are due on Maple Street)
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To: agere_contra
Thanks for the link. I watch some of the testimony and got a mixed message out of it. I don't really pay much attention to what "most" politicians say. They talk out of both sides of their mouth and usually attempt to obscure their real intentions. For instance, any bills they submit do the opposite of what the bill's title suggests. I'm just very distrustful of politicians, either way.

It seems Bitcoin doesn't need government as the technology allows for commoners to be the decider of its fate. And at least for now, they seem to be wholeheartedly embracing it.

35 posted on 11/27/2013 7:56:24 AM PST by Errant
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To: grania; Ditter

On a more serious note, bitcoins are the modern electronic verion of SCRIP.

A form of non government issued currency.


36 posted on 11/27/2013 7:57:31 AM PST by UCANSEE2 (The monsters are due on Maple Street)
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To: Errant
It seems Bitcoin doesn't need government as the technology allows for ...

Since the government is in 'control' of that technology, it would seem Bitcoin is totally dependent on the government.

37 posted on 11/27/2013 8:02:43 AM PST by UCANSEE2 (The monsters are due on Maple Street)
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To: tet68
There are about 12 million in circulation now, and there will never be more than 21 million.
38 posted on 11/27/2013 8:04:29 AM PST by servantoftheservant
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To: tet68

“Boy that goes back a ways.”

How old do you have to be, I have no idea what you are talking about and i’m 76!


39 posted on 11/27/2013 8:04:36 AM PST by dalereed
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To: tet68

You can tune a piano but you can’t tuna fish..................


40 posted on 11/27/2013 8:10:49 AM PST by Red Badger (Proud member of the Zeta Omicron Tau Fraternity since 2004...................)
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