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...
fyi
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.
/johnny
Volume is very light compared to the last run-up in April.
Not many are actually trading at these levels.
Do you have a Beanie Babies chart?
Yep, except these be rising. The FRN started falling from its inception.
Can you short bitcoin?
Volume is probably related to price and hoarding now?
http://monetaryrealism.com/bitcoin-is-a-scam/
Googlecoin? iCoin? Obamacoin?
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.
And FRNs aren’t?
That is a real good question.
I’d consider going short on bitcoin.
Yes they do right before you get to the Emu's and Enron. You cannot miss it.
/johnny
I guessing you've never heard the term: "A trend is your friend"? :-)
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.
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