Posted on 12/07/2013 11:23:34 AM PST by Errant
The Bitcoin price last traded at USD 790 (this morning) which represents a 37% price crash against its trading high of 1242, vaporising the wild dreams of just a few days ago where some reported that the virtual money could be destined to go as high as 1 million! Whilst never realising the difference between what is virtual and what is real, instead in large part bitcoin pumper's remain in denial as many have been seduced by the golden coin image to imagine that bitcoins and gold are the same or similar when the reality is the exact opposite. Bitcoins is fairy dust, it is perceived as being very valuable but a small gust of reality is enough to make it disappear.
(Excerpt) Read more at marketoracle.co.uk ...
People were deceived by the name. “coin.” Coin means money, and this is not money. It isn’t anything at all, really. It’s nothing. It’s like a giant on-line game, with the results posted. Some people chose to look at the results as if they represented money, and even talked about the “bitcoin at $700.”
On this forum I said it was a ponzi scheme.
I would think that an enterprising individual could do a Pulitzer Prize winning documentary on the Bitcoin, in the same vein as the 'BEEB' did on the spaghetti harvest.
-- Dr. Tong N. Cheke
All I have are cats.
It’s been fifteen below for three days, no yard privileges, and the prisoners are restless.
I carry during the day but oh the nights are loooong.
Just like most dollars. They are just entries in the Fed computers.
/johnny
Cool link, thanks! If only stocks or commodities were this exciting, instead of HFT ruining it, I might still be trading. I long for the days of Redhat and Coco futures. lol But then I’d have to leave Galt’s Gulch... ;)
That is a great question
Who do you think is buying every dip?
beanie babies
So if the power goes down(EMP)or(EPA) no coal law comes on harder than what? I’ll stay with my bet of beans, bullet, band aids and whiskey. If you can’t hold it in your hand you don’t own it.
Thanks. Viewed and bookmarked.
OK. Experiential learning is sometimes the best form of learning. I have no further words of wisdom regarding Bitcoins or post SHTF bartering. :-)
I think you're ascribing far too much value to federal reserve notes ....
“If you can’t hold it in your hand you don’t own it.”
Yes indeedy.
I’m with you - don’t really understand it, but then again I did not understand the tech bubble either.
Give me silver today and silver tomorrow. I probably won’t get the huge gains other instruments do, but I don’t think I will have the huge losses either.
There are other far more common commodities that look like good investments currently - wheat berries, ammunition, and honey all come to mind.
I actually have some seedlings and seeds for sale. I offer a no money back; satisfaction not guaranteed warranty.
After building the ObamaCare website in just 3 days with my crack team of 5 highly trained ex toilet polishers; I decided to start a new business.
'hack
It's not a Ponzi scheme by any stretch. It is an abstract concept and one that's a little hard to understand and something new, which is based on computer computations solving unique "algorithms". Once solved, an entry for a fixed number of "bitcoins" (25 now) gets added to a distributed ledger and logged under a unique identifier. All transactions are likewise recorded in this distributed ledger of record. It would be similar to your Clerk of Court recordings, except everyone can have their own copy.
The concept provides for most of the requirements of a currency for use in exchange of goods and services, and IMO, does so far better than fiat which all the world uses today. That said, it is still a "relatively" unproven/untested means of exchange, but one that certainly is showing potential.
I would prefer using something of intrinsic value such as gold or silver, PMs lack the utility of a cyrptocurrency which exceeds even fiat in the utility department. Unlike fiat however, cryptocurrency isn't able to be printed out of "thin air" at the whims of bankers and politicians hoping to increase the amount of skimming off of debt or buy votes by handing out freebies to the populace.
In reality, like its leaders, a country's money is only as good as its people no matter what it is based on (the Romans used gold). Therein lies the key to all, as history as shown.
Could this new technology allow us to break the money debasement cycle and reign in politicians and ourselves in the process? I don't know, but I believe it's something the world should explore further and provide people the freedom to do so.
That sounds like a good deal, Mr. Flanaygan, but do you also have spaghetti tree seedlings for sale? As it is currently a balmy -16C (3F) in Calgary, do you have the northern kind, short growing season and resistant to the cold?
What math problems are those algorithms solving?
What value do those solutions have?
Who is collecting those solutions and for what purpose?
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