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The Bitcoin Parabola Continues: Up 10% In 12 Hours, Hits $1170
Zero Hedge ^ | 28 November, 2013 | Tyler Durden

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...



TOPICS:
KEYWORDS: bitcoin; btc; cypto; fiat; fiatcurrency; litecoin
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1 posted on 11/28/2013 6:29:05 AM PST by Errant
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To: nascarnation

fyi


2 posted on 11/28/2013 6:29:45 AM PST by Errant
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To: Errant

Yeah, no bubble potential here. It’s all in the timing on when you get in/out. Someone will make a fortune, many more will not.


3 posted on 11/28/2013 6:34:02 AM PST by conservaterian (Time for a CONSERVATIVE party, but noooo, if we do that the libs will win !)
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To: All
Links:

https://www.mtgox.com

https://btc-e.com/exchange/btc_usd

http://blockchain.info

4 posted on 11/28/2013 6:34:05 AM PST by Errant
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To: Errant
That's nothing. The US Dollar has lost about 95% of it's value in the last century. Fiat currencies do funny things.

/johnny

5 posted on 11/28/2013 6:35:52 AM PST by JRandomFreeper (Gone Galt)
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To: Errant
1 year chart

Volume is very light compared to the last run-up in April.

Not many are actually trading at these levels.

6 posted on 11/28/2013 6:40:55 AM PST by ClaytonP
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To: Errant

Do you have a Beanie Babies chart?


7 posted on 11/28/2013 6:40:56 AM PST by babble-on
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To: JRandomFreeper

Yep, except these be rising. The FRN started falling from its inception.


8 posted on 11/28/2013 6:42:36 AM PST by Errant
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To: Errant

Can you short bitcoin?


9 posted on 11/28/2013 6:44:20 AM PST by Fresh Wind (The last remnants of the Old Republic have been swept away.)
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To: ClaytonP

Volume is probably related to price and hoarding now?


10 posted on 11/28/2013 6:45:11 AM PST by Errant
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To: Errant
Bitcoin is a Scam

http://monetaryrealism.com/bitcoin-is-a-scam/

11 posted on 11/28/2013 6:45:26 AM PST by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: Errant

Googlecoin? iCoin? Obamacoin?


12 posted on 11/28/2013 6:45:34 AM PST by bigbob (The best way to get a bad law repealed is to enforce it strictly. Abraham Lincoln)
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To: Fresh Wind

Nope, at least not yet. I’ve heard of efforts to establish Bitcoin future contracts though. It’s how the price will then be manipulated, IMO like PMs, if it occurs.


13 posted on 11/28/2013 6:47:57 AM PST by Errant
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To: SVTCobra03

And FRNs aren’t?


14 posted on 11/28/2013 6:48:54 AM PST by Errant
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To: Fresh Wind

That is a real good question.

I’d consider going short on bitcoin.


15 posted on 11/28/2013 6:50:23 AM PST by Cringing Negativism Network
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To: babble-on
Do you have a Beanie Babies chart?

Yes they do right before you get to the Emu's and Enron. You cannot miss it.

16 posted on 11/28/2013 6:51:46 AM PST by hadaclueonce (Because Brawndo's got electrolytes. Because Ethanol has Big Corn Lobby)
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To: JRandomFreeper
The Fed Must Inflate or Die
17 posted on 11/28/2013 7:02:10 AM PST by Errant
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To: SVTCobra03
All fiat currencies are a scam. Including the US Dollar.

/johnny

18 posted on 11/28/2013 7:03:56 AM PST by JRandomFreeper (Gone Galt)
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To: Cringing Negativism Network
I’d consider going short on bitcoin.

I guessing you've never heard the term: "A trend is your friend"? :-)

19 posted on 11/28/2013 7:05:30 AM PST by Errant
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To: Errant

The companion story, the Bitkillers on ZH is worth reading and looking at the chart; it really drives home the hypocrisy in BitCoin; the libs who love it ignore the 100 or so robber barrons who at any moment can make it crash and like the Marxist pope said, let all the “ones at the bottom suffer or miss out” (paraphrased very roughly but you get the gist).

On an aside, does anyone know how to spend BitCoins? I mean how do you use them or is it like holding a 10oz bar of gold for emergency?

Gold can’t vanish like 0’s and 1’s can for BitCoin.


20 posted on 11/28/2013 7:06:33 AM PST by CincyRichieRich (“Life is hard, but it’s harder when you’re stupid.” John Wayne)
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