Posted on 11/28/2013 6:29:04 AM PST by Errant
Despite the US being largely on holiday, the demand for digital currencies continues to surge. Bitcoin has rallied another 10% overnight as Chinese appetite for alternative stores of value remains unabated (BTC China is nearing its record highs) as USD/BTC is trading at $1170 - on its way to crossing the Maginot line of gold's spot price (within a few hours at this pace). Bitcoin though has nothing on its smaller cousin Litecoin which has now run from $1.11 to over $48 in the last 5 weeks. In fact, almost every crypto-currency in the world - from Infinitecoin to AnonCoin is surging... with only the ironically named PhoenixCoin (-68% overnight) not rising from the flames of fiat torment.
Bitcoin is making new highs in USD...
Getting close in China...
and Litecoin is exploding...
Is this but a private enterprise version of fiat money?
Hard to deal with bitcoins. You have to pay commission to buy them, and pay commission to sell them and you can only sell them at discount anyway.
Bitcoins are a game of ‘Hot Potato’, you don’t want to be holding any when the jig is up.
When I used to teach a course in forecasting, I would warn my students that a trend is a trend until it bends, and it gives you no advanced warning.
The correct word is asymptotic.
Bit coin is asymptotic to the $ axis
?
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