Bitcoin hits $100
- Thread starter lcver
- Start date
Stock != currency.
Currency is first and foremost backed by TRUST. -Gold just made it easier to trust, but it's the trust that makes it truly valuable.
People are trusting bitcoin because it's open-source and peer-to-peer. They can see for themselves in the code that it cannot be inflated, no matter who wants to inflate it.
This is more important to libertarians (at least) than any bribe of gold.
Fuck backing. It's just a bribe.
Only the wars that were started to protect the value of currencies... Which is all of the ones that the USA was involved in since WWI or so...
They would of course try... But there is no way to manipulate it the way it is set up... They can only try to destroy it.
A prohibition on bitcoin would now certainly fail, if not totally backfire on them, so all they're left with is a 51% attack to destroy our trust in it. -And that would depend on them getting their hands on shitloads of ASIC chips, and create more hashing power than all of the bitcoin miners in the world today put together.
We're not talking about 5 guys in the basement here... They'd have to throw billions at such a solution, and that's only if they act fast.
Looks like someone here needs to spend more time on Shadowstats.
Good thing mesh networking is many years old now and if we had the motivation to do so, we'd all become our own ISPs.
This would in fact be the worst move uncle sam could possibly make. Every step of restriction is now met with a larger step away from the entire system that they control... Not just the ISPs, either, but the dollar and the entire economy, too.
I was kind of on the fence before, but this recent rise seems manipulated, fishy, unnatural, etc, like a big con someone's about to cash out on.
All of the pros of the currency have been addressed but one important one hasn't, or I haven't seen it, which is price manipulation. Since the value of bitcoin's exchange to traditional currencies is just based on recent trades, who's to stop a large holder of these things to manipulate the prices by constantly selling and buying set amounts at regular intervals at higher and higher prices to themselves through different accounts?
Then, ultimately just dumping the inflated things on the newcoming marketed-to suckers. Seems like when the crash starts, nobody will be able to sell the damn things as demand freezes, supply overflows, and bitcoins are coming down hard for the mega crash.
I don't know, there's probably some argument as to why this would be impossible, but that's just a gut feeling, take it for what it's worth.
All of the pros of the currency have been addressed but one important one hasn't, or I haven't seen it, which is price manipulation. Since the value of bitcoin's exchange to traditional currencies is just based on recent trades, who's to stop a large holder of these things to manipulate the prices by constantly selling and buying set amounts at regular intervals at higher and higher prices to themselves through different accounts?
Then, ultimately just dumping the inflated things on the newcoming marketed-to suckers. Seems like when the crash starts, nobody will be able to sell the damn things as demand freezes, supply overflows, and bitcoins are coming down hard for the mega crash.
I don't know, there's probably some argument as to why this would be impossible, but that's just a gut feeling, take it for what it's worth.
I'm not excited to test the theory that the USG can't cripple Bitcoin. They can, at least, severely depress the value of it. Not everyone is revolutionary and those who are often marginalized.
The best thing that can happen is that Bitcoin is left alone for a long long time.
(O_o)
H̨̼̩͐̑͆̀̚&
Wow.
I just realized what this was hahaha
Sucks to be the seller but the buyer, hahah is prob freaking out.
OUCH
I'm not saying that its definitely not in a bubble, but people have said that bitcoin is in a bubble at every single price point its ever had. From the first time it was $1, to the second time it was $20, to every single value in between then and today. Bitcoin has literally always been in a bubble to someone.
You know what also goes parabolic? IPOs and tech adoption / network effect.
Interesting article by Max Keiser on potential bitcoin exchange patent infringement:
Source - Could a patent lawsuit take down Bitcoin exchanges? ? RT Op-Edge
Source - Could a patent lawsuit take down Bitcoin exchanges? ? RT Op-Edge
This is awesome news... If Max is right about them fighting bitcoin on the grounds of it being a patent infringment, then bitcoin won't just be challenging nationalized currencies; but it will be fighting the entire concept of IP as well!
Just to make my position clear; I don't think that the pace of change is set by the price of bitcoin... It may be 5 more years and 3 market 'crashes' before we see some of the changes I'm talking about with mesh networking and IP being widely challeneged... But the seeds are clearly there... Freedom WILL have it's day, thanks to bitcoin in a very large way.
I have to agree. At first I was all for Bitcoin but it is seeming alarmingly fishy by the day.
The whole Bitcoin industry is fucked and is being controlled and manipulated by just a handful of players. It would not surprise me if the news regarding Bitcoin is being manipulated in some way.
I could be completely wrong, but it will surely be fun to watch this shit develop.
I have now gotten down from that fence, pulled the splinters out of my arse and am fully prepared to watch this motherfucker burn.
For some reason you grossly underestimate the power of the US .gov. They wont implement prohibition. Sure they may just shut down the ability get money in or out of BTC. Or maybe they will start a propaganda campaign. They trot out some random MIT grad who goes on a campaign explaining how the evil BTC hackers took him for everything. Maybe more and more people will start coming out and go on TV or on their FB acts telling how they got ripped off. Or maybe they show a family and talk about how dad lost the kids college money in a BTC scam. Or maybe they just DDOS all the exchanges and or wallets.
Even if the US .gov decides to tolerate BTC, do not think for a second that they cant/wont control BTC. The same tactics above can/will be used to control everything that is BTC.
That is interesting.
I've been watching this with interest. I bought a few coins at ~$40 and then cashed out shortly after, mainly because I don't want to waste a lot of time with them until I see how they play out.
But really you've got a handful of exchanges, and they're the only reference for pricing. There's only a few, MtGox alone has a lot of centralized power over a decentralized currency.
I'd be curious how it could survive if the exchanges where all taken down.
Everyone posting updates with new highs will you also be posting updates when this crashes and you were unable to get out? Look how many individuals are unable to get filled on buys and the time delay for converting dollar to bitcoin. You think that when the price plummets and everyone wants to head for the hills you can cash out in the blink of an eye?
I know there are a variety of reasons for wanting to see this succeed, but most of them are driven by the insatiable hunger to make as much money as quickly as possible while doing little to no work.
I know there are a variety of reasons for wanting to see this succeed, but most of them are driven by the insatiable hunger to make as much money as quickly as possible while doing little to no work.
(O_o)
H̨̼̩͐̑͆̀̚&
Sure, i'll always update this thread w btc info good & bad.
Why wouldn't I be able to get out?
Yes. I can cash out all BTC I own instantly. Using Mtgox + coinbase (or locally).
If i owned 1000s of bitcoins, I could see it taking longer and being a bit more difficult.
Same thing would happen if the USD fell and you walked into your local bank branch and demanded all 700k of your money in cash money right now. You would have to wait a few days for them to collect all your $$$ in cash.
You can say that about most things and people.
The reason I want to see it succeed is because no fees and fuck PayPal as the largest online payment method.
First off, you can't cash out immediately, it will take at least an hour to get your coins into the exchanges or coinbase and confirmed. Bitcoin has lost 40% of value in an hour DURING this climb. If you are keeping your coins already hosted with gox or coinbase, then good luck to you on those services never getting hacked between now and then.
Second, whatever you are able to cash out with, will be subject to the withdrawl limitations of those sites. Currently for gox thats 10k per month and 50 coins per day via coinbase.
Third, its entirely possible that during a major crash, those services will be overwhelmed and you won't be able to take any action.
Tell that to E-Gold.
This is sucker talk. The price will fluctuate. It may settle in a year @ $500. It may settle in a year @ $15. Don't talk about one way price movements (that are almost totally divorced from utility) as being inevitable.