$1000 Litecoin!!!

[lukep]

There doesn't have to be an agreed upon definition of "intrinsic value" to understand some of the points that people like Peter Schiff are trying to make.

Schiff was being a hypocrite. He could make those points about gold, because it benefits him to do so, but he could not make similar points about bitcoin's unique properties having value.

If he were Keynesian, I would write it off as he just wasn't educated enough on the subjects of economics and freedom to value these things... But sadly he's very well versed in these two subjects so there is no excuse whatsoever... He is knowingly dissing bitcoin for the purpose of slanging his gold.

These type of things can also be applied to "Gay Webmaster Coins" or "Super Duper Digital Space Unicorns."

And can those two coins fetch $1000 per on each of the many exchanges that deal in them?

So basically this article is saying that most of the positives you give above and elsewhere about Bitcoin aren't really of that much "<INSERT TERM> value" because Litecoin (and all the present and future others) can easily contain the same features.

It says that they have similar attributes, but it says much more.

Yeah, it is a physical item; whereas Bitcoins are digital ones and zeros stored on hard drives (which contain gold).

I could easily argue that deniable and teleportable items like 1s and 0s are far more desirable than a physical item that governments can confiscate, but the point is here that the state of matter isn't the issue here at all... It's the Functionality, and how useful people find that functionality, that counts.

Right at the moment, despite the price of a bitcoin being about the same price as an ounce of gold, I'll admit that the world as a whole finds more utility in ounces of gold than it does in bitcoin.

My point from the very beginning however is that this is changing. Bitcoin already appeals more than gold does to thousands of people. There are several BILLION more who will feel the same way when they discover that they can accept bitcoin from anywhere in the world and hide it from their evil local governments. After that rush is caught up, making gold look like a toy for the 1% to the rest of the world, then some of bitcoin's many other uses will become known... Like this one: Proof Of Existence

...That has the power to greatly change or even completely destroy several industries all by itself, like Notary Publics & Private Mortgage Insurance brokers... Eventually All LAW itself could move onto the bitcoin blockchain in a way.

Such a remarkably useful thing that can host all kinds of finance and law is surely worth more than 21 billion to the planet, don't you think?

The world will eventually see this value... Goldbugs who believe that their magical rocks somehow 'inherently' are worth more than that will be the last ones to see this.

 

[productionhead]

Just wait until the word Bitcoin escapes Obama's mouth. Going to be $100K per coin. Change mothafuckas $$$ USD/BTC B⃦B⃦B⃦

 

[o hai guyz]

Just wait until the word Bitcoin escapes Obama's mouth. Going to be $100K per coin. Change mothafuckas $$$ USD/BTC B⃦B⃦B⃦

Actually what we need is for One Direction to say it. Then the masses will really jump in.

 

[lukep]

Gold parity day!

1 BTC now worth more USD than 1 Oz .999 Gold.

Thought this was fitting:

 

[lukep]

Actually what we need is for One Direction to say it. Then the masses will really jump in.

Ashton Kutcher not good enough?

https://twitter.com/aplusk/status/406114241091883008

 

[r3p1v]

Just wait until the word Bitcoin escapes Obama's mouth. Going to be $100K per coin. Change mothafuckas $$$ USD/BTC B⃦B⃦B⃦

Yep, he called (or created) the bottom in the stock market by saying something along the lines of "I think the stock market is getting so low that people will start buying it". Shortly after that the market took off and never looked back.

 

[Virtual Web]

Do you have the trading opportunities in the BTC e market ?
Im looking forward to achieve the next 1000 BTC's in the account and looking to spread them out for marketing.
Thanks.

 

[wayn3]

Gold parity day!

1 BTC now worth more USD than 1 Oz .999 Gold.

Thought this was fitting:

Just another opinion

 

[lukep]

Wow, even the WSJ bloggers are starting to see that bitcoin is more useful than gold now:

Bitcoin, not gold, has the Midas touch - Matthew Lynn's London Eye - MarketWatch

But the most likely explanation is that bitcoin is emerging as a serious currency. Unlike gold, it has a genuinely finite supply. It is not subject to manipulation, and its difficult to steal (although not impossible). It doesn’t cost much money to store it. And you can actually buy stuff with it — which you can’t with gold unless you happen to be in a Dubai souk. In many ways, it is a better alternative than gold, and its superiority is starting to become clear.

If bitcoin is edging gold, that explains the divergence in price. More money is moving into the digital currency, which with no liquid market means the price soars. And at least some money must be moving out of gold — explaining much of its weakness. After all, for a few thousand years gold has had the alternative currency market to itself. If it now faces competition for that role then you’d be wise to switch at least a portion of your “safe haven” money from one to the other. Because bitcoin could keep rising, and gold falling, for a long time.

 

[Moxie]

Schiff was being a hypocrite. He could make those points about gold, because it benefits him to do so, but he could not make similar points about bitcoin's unique properties having value.

Again, as the article you linked to above points out, Bitcoin itself is not unique in the same way that gold is.

If he were Keynesian, I would write it off as he just wasn't educated enough on the subjects of economics and freedom to value these things... But sadly he's very well versed in these two subjects so there is no excuse whatsoever... He is knowingly dissing bitcoin for the purpose of slanging his gold.

I don't follow Schiff too closely, but I assume it's the same consistent type of opinion he has had on other items that he views to only (or mostly only) have extrinsic value. He admitted that it's possible that Bitcoin can go to $8,000 or whatever people will pay for them, and he admitted that he now wishes he would have bought some.

You yourself have linked to videos in the past that talk about how Federal Reserve dollars are desired, not because they are printed on magical paper or because they are created by space aliens inside computers - but because there are other factors going on that result in them being desired the way they are in year 2013.

And can those two coins fetch $1000 per on each of the many exchanges that deal in them?

But they are a super rare combination of easily transferable digitable numbers that are powered by the cockchain! How can they not be worth $1000 each?

...That has the power to greatly change or even completely destroy several industries all by itself, like Notary Publics & Private Mortgage Insurance brokers... Eventually All LAW itself could move onto the bitcoin blockchain in a way.

Such a remarkably useful thing that can host all kinds of finance and law is surely worth more than 21 billion to the planet, don't you think?

The world will eventually see this value... Goldbugs who believe that their magical rocks somehow 'inherently' are worth more than that will be the last ones to see this.

In 2005 someone could have predicted that all future human computer interactions would be conducted over Myspace. Bitcoin, like Myspace, doesn't have a patent or monopoly over the type of things it is capable of.

Nobody knows if investing in Facebook or gold will be worth more 20 years from now, but most understand that the worst case scenario for Facebook would be for it to be worth zero at that time, whereas the chances of that happening with gold are extremely small.

A person doesn't have to be an economics expert to understand that, but I guess people with Mark Zuckerberg posters on their wall wouldn't want to hear it.

Wow, even the WSJ bloggers are starting to see that bitcoin is more useful than gold now:

Here's a quote from another article by Matthew Lynn :

"Apple will sell a few to its fans, but the iPhone won't make a long-term mark on the industry."

Apple iPhone Will Fail in a Late, Defensive Move: Matthew Lynn - Bloomberg

 

[r3p1v]

litecoin crashed a little bit

 

[dmnEPC]

litecoin crashed a little bit

Enough to buy?

 

[Winston_McFail]

Enough to buy?

Yes.

Perfect time to buy, imo. $33 on btc-e

 

[CCarter]

litecoin? come on...

 

[Winston_McFail]

So are any of you guys using NCMedia's trading bot?

 

[o hai guyz]

Enough to buy?

It went down to about 27 this morning. If you can get in under 25 then I'd get some, under 20 then definitely.

I bought some Peercoin too right before BTC-e added the PPC/USD pair and it doubled already.

 

[Winston_McFail]

litecoin? come on...

I initially thought the same but once it hit a billion market cap.. it's not disappearing anytime soon and there's about a hundred percent chance it's pegged to btc on it's rise (which is over twelve hundred fucking dollars on Gox right about now).

Also... What the fuck is with all the crypto/btc haters around this place. I think Lukep is dead wrong about Litecoin but he seems to be one of the only ones around that's contemplating how all this fits into the future.

Here's a fucking newsflash for those that lack the insight:

YOU ARE WITNESSING THE BIRTH OF A NEW MARKET - POSSIBLY THE BIGGEST IN THE HISTORY OF SOCIETY - DIGITAL CURRENCIES.

As a gay webmaster, you're going to feel like a total douche for not being involved in it.

 

[CCarter]

I initially thought the same but once it hit a billion market cap.. it's not disappearing anytime soon and there's about a hundred percent chance it's pegged to btc on it's rise (which is over twelve hundred fucking dollars on Gox right about now).

Also... What the fuck is with all the crypto/btc haters around this place. I think Lukep is dead wrong about Litecoin but he seems to be one of the only ones around that's contemplating how all this fits into the future.

Here's a fucking newsflash for those that lack the insight:

YOU ARE WITNESSING THE BIRTH OF A NEW MARKET - POSSIBLY THE BIGGEST IN THE HISTORY OF SOCIETY - DIGITAL CURRENCIES.

As a gay webmaster, you're going to feel like a total douche for not being involved in it.

I've got my bitcoins, I'll be alright. I don't see the need for more than 1 digital currency and bitcoin has far more reach at the moment, so mass adoption by the masses would be a lot sooner.

It make sense to possibly have your eggs in more than one basket, but I see it as this - If bitcoin drops, EVERYTHING drops. So those other coins are riding bitcoin's coattail really - You can get in and out and do some quick trades I guess. But that's not my thing, I'm holding my bitcoins for the long term.​

 

[Winston_McFail]

I've got my bitcoins, I'll be alright. I don't see the need for more than 1 digital currency and bitcoin has far more reach at the moment, so mass adoption by the masses would be a lot sooner.

It make sense to possibly have your eggs in more than one basket, but I see it as this - If bitcoin drops, EVERYTHING drops. So those other coins are riding bitcoin's coattail really - You can get in and out and do some quick trades I guess. But that's not my thing, I'm holding my bitcoins for the long term.

​

Nor mine.. I've got btc and ltc long term and play in the exchanges for fun.. some SERIOUS pump and dump action. Tons of fun.. unless you're dumb enough to bet the farm.

As for Litecoin... You may be right.

The psychology of gold AND silver is so engrained in the collective minds of all those who participated in commerce in the past thousand years. People will be scared to get into digital currencies.. watching you're money fluctuate up and down is a bit less stressful if you have "back up".. now, like you said.. it's not at all back up because it will most likely crash if btc did... but the sheeps don't know that. Also ltc is like 4 times faster in transactions... does the actually fucking matter in the real application of digital currency? No clue, but again, the sheeps.. they don't care.. "4X faster" sounds like the reason most people upgraded dvd drives.. It'll be a great marketing point.

Not to mention the creator of Litecoin works at Coinbase and used to work for Google.. not that these are set in stone advantages but they sure don't hurt.

Hope i'm right, lol.

 

[Winston_McFail]

One more thing about ltc..

If (when) digital currencies truly hit their tipping point.. and if ltc is even anywhere close to btc.. then I've gotta believe that there are plenty of powerful entities that would prefer not make an anonymous person the richest person in the world..

The creator of ltc didn't pre-mine it.. which means he didn't get a huge head start at acquiring what could be one of the many foundational elements of a fully digital economy..

If it HAD to between btc and ltc.. The real whales certainly wouldn't their money into the one that would create a super duper fucking rich anonymous guy.. they'd pump/promote ltc.