Posted on 12/07/2013 7:34:43 AM PST by markomalley
It was inevitable that a few short days after Wall Street lovingly embraced Bitcoin as their own, with analysts from Bank of America, Citigroup and others, not to mention the clueless momentum-chasing, peanut gallery vocally flip-flopping on the "currency" after hating it at $200 only to love it at $1200 that Bitcoin... would promptly crash. And crash it did: overnight, following previously reported news that China's Baidu would follow the PBOC in halting acceptance of Bitcoin payment, Bitcoin tumbled from a recent high of $1155 to an almost electronically destined "half-off" touching $576 hours ago, exactly 50% lower, on very heave volume, before a dead cat bounce levitated the currency back to the $800 range, where it may or may not stay much longer, especially if all those who jumped on the bandwagon at over $1000 on "get rich quick" hopes and dreams, only to see massive losses in their P&Ls decide they have had enough.
Which incidentally, like gold, is to be expected when one treats what is explicitly as a currency on its own merits in a world of dying fiat - with the appropriate much required patience - instead of as an asset, with delusions of grandure that some greater fool will pay more for it tomorrow than it is worth today. Sadly, in a world of HFT trading, patience is perhaps the most valuable commodity.
As for Bitcoin, while the bubble may or may not have burst, and is for now kept together with the help of the Winklevoss bros bid, all it would take is for another very vocal institutiona rejection be it in China or domestically, where its "honeypot" features are no longer of use to the Fed or other authorities, for the euphoria to disappear as quickly as it came...
Two day chart, showing the epic move from $1155 to $576 in hours:
And longer term chart showing the overnight action in its full glory:
I remember talking with a coworker when she mentioned that she had a rare beanie baby doll that had gone up to $400.
The moment I heard the amount I barked “SELL”.
She didn’t want to.
Put it all on red....
I prefer Star Trek Federation credits.
I prefer Star Trek Federation credits.
Tulip Bulbs for sale...Real Cheap!
Exactly. That’s where my money has been going. That and items that will bring a high barter value. I also have gold, silver, and copper.
Interesting. Thanks for posting. I just happen to be watching this as I type...
http://www.youtube.com/watch?v=Cs6F91dFYCs
“Gold-Pressed Latinum which is useable throughout the Alpha Quadrant.”
what is that and what is Alpha Quadrant?
So basically BitCoin is back to the level it was at November 21st.
We had a Platypus beanie baby. Used it for a cat toy. D’oh!
Gold-Pressed Latinum —
Latinum is a rare silver liquid used as currency by many worlds, most notably the Ferengi Alliance. Latinum cannot be replicated and the reasons for its rarity are unknown. Latinum is usually suspended within the element gold to produce the currency Gold Pressed Latinum (GPL)Gold-Pressed Latinum icon.png. see also: http://sto.gamepedia.com/Gold-Pressed_Latinum
We live in the Alpha Quadrant of the Milky Way. see also — http://en.memory-alpha.org/wiki/Alpha_Quadrant
For further information go to:
http://en.wikipedia.org/wiki/Star_Trek:_Deep_Space_Nine
I still have a six pack, un-opened of Billy Beer. The only cans in my collection, lol.
Very astute.
I consider anyone that ever watched star trek a total idiot!
Live long and prosper.
Imagine what we think of you d;^)
ping
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.