Daily Bitcoin Thread
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Daily Bitcoin Thread
Posted by Lsut81 on 4/10 at 9:22 am
quote:

It seem like it was only yesterday that Bitcoin crossed $200 for the first time. Oh wait, it was. It is now 24 hours later, and as parabolic rises imply, it is only "fair" that the price of the electronic currency (expressed in the same currency that incidentally can be created out of thin air and is used to transact for BTC) is some 25% higher, or well over $250.... In one day.



As before we will merely continue to watch in quiet amazement as the parabolic chart gets parabolic-er, but we will suggest this: those who absolutely must chase this runaway chart should not "invest" one penny more than they are comfortable losing, and as we said before, "This leaves us with the question, which line item on the Fed's Balance Sheet is 'Virtual Currency Transactions'... what better way to destroy an up and coming currency competitor than to blow a bubble in it and explode it?"


LINK



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Posted by el duderino III on 4/10 at 9:26 am to Lsut81
said it in november, i'll say it again - its anonymity prevents speculators from analyzing the currency's fundamentals which would prevent the current nonsense. Just one of several ways it's greatest strength is it's greatest weakness.


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Posted by GumboPot on 4/10 at 9:29 am to Lsut81
A comment from your link:

quote:

if this hockey stick is as legitimate as al gores climate change hockey stick, then lookout below





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Posted by Bunk Moreland on 4/10 at 9:31 am to Lsut81
May as well post this one yesterday from ZH by a von Mises guy.
Bitcoin: Money of the Future or Old-Fashioned Bubble?



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Posted by Choctaw on 4/10 at 9:34 am to Lsut81
i'm tired of hearing about Bitcoin


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Posted by slackhouse on 4/10 at 9:35 am to Bunk Moreland
so, what would happen if our federal government and other country government's around the world were using a ton of resources to mine as many bitcoins as possible? How would it affect the market if our government simply mined as much as possible and then did nothing with the bitcoins.


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Posted by BeeFense5 on 4/10 at 9:38 am to Lsut81
Unicorn money


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Posted by CITWTT on 4/10 at 9:38 am to Lsut81
Would you like to come over and beat the crap out of me? Trying to go through a day without this BS or CT writing about the evil Zionists is just too damned hard.


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Posted by BlackHelicopterPilot on 4/10 at 9:39 am to Lsut81



I have Tulips for sale


This post was edited on 4/10 at 9:40 am

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Posted by Lsut81 on 4/10 at 9:39 am to CITWTT
quote:

Would you like to come over and beat the crap out of me?


Will you be paying me in bitcoins



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Posted by CITWTT on 4/10 at 9:41 am to Lsut81
I'll see if I can arrange TAF points, which have much greater value.


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Posted by WikiTiger on 4/10 at 9:47 am to BlackHelicopterPilot
quote:

I have Tulips for sale


You're smarter than that, BHP.

Don't fall for the groupthink. Think for yourself.

I posted this a couple days ago in response to another tulip mania accusation:

I just think that most people throw the "tulip mania" comparison out there without actually understanding that it's not an accurate comparison. Government expansion of the monetary supply and a product that is not actually scarce were integral aspects of tulip mania that bitcoin does not share. So I think it is kind of simplistic to just point out what looks like a bubble and say "Hey look tulip mania." Bitcoin may be in a bubble right now (I think it definitely is), but that doesn't mean it won't recover when this bubble pops, because despite your assessment of bitcoin, it actually does have strong fundamentals.

For an Austrian view of tulip mania: The Truth About Tulipmania

~~~~~~~~~~~~~~~~~~~

Tulip Mania explanation ( source )
















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Posted by BlackHelicopterPilot on 4/10 at 9:49 am to WikiTiger
quote:

Don't fall for the groupthink. Think for yourself.






It was just a throw away, goofy line.

I have said that I am intrigued and watching this with an open mind.

However, I know I lack the knowledge to take a "side" on this. So, I will neither invest nor poo-poo the BCs




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Posted by WikiTiger on 4/10 at 9:55 am to BlackHelicopterPilot
new bitcoin article in forbes: Bitcoin Is A Disruptive Technology


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Posted by CITWTT on 4/10 at 10:01 am to WikiTiger
Now that is some funny shite. You say think, and try to make your point with art from a comic book.


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Posted by LSURussian on 4/10 at 10:22 am to CITWTT
quote:

You say think, and try to make your point with art from a comic book.



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Posted by slackhouse on 4/10 at 10:25 am to WikiTiger
quote:

WikiTiger
hey Wiki, can you answer my question I posed earlier? What would happen if governments (U.S. and others) have been mining bitcoins and just mined as many as possible as fast as possible and then did nothing with their bitcoins?



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Posted by Tech Support Grunt on 4/10 at 10:28 am to slackhouse
If they started mining at the beginning then they possibly made a large sum of money. If they are just starting to mine now they will make very little.


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Posted by slackhouse on 4/10 at 10:35 am to Tech Support Grunt
quote:

If they started mining at the beginning then they possibly made a large sum of money. If they are just starting to mine now they will make very little.
i'm talking about the government holding a large number of bitcoins and not doing anything with them. Just mining them and then not using them, not committing any transactions.

For Example: If the U.S. government holds 50% of all bitcoins mined and does nothing with them, how would it affect the bitcoin market? And, not just now, but 5 years from now.



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Posted by WikiTiger on 4/10 at 10:37 am to slackhouse
quote:

What would happen if governments (U.S. and others) have been mining bitcoins and just mined as many as possible as fast as possible and then did nothing with their bitcoins?


The price for all other bitcoins would go up.



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