Skip to comments.Bitcoin Rises Over $500
Posted on 11/17/2013 2:04:56 PM PST by Errant
One day before the Senate's digital currency hearing titled "Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies", Bitcoin is largely oblivious to any potential regulatory threats, either at the legislative or the city level, where as reported previously the New York superintendent is in a rush to enforce BitLicenses on businesses that accept BitCoin, and moments ago crossed $500 for the first time ever. Instead, it appears that as we also reported previously, the Chinese Bitcoin craze has reached the parabolic threshold, going so far as making Bitcoin an acceptable payment for real estate, which means that while for the time being Bitcoin becomes the alternative inflation protection medium for hundreds of millions of Chinese, all bets on how high it can get are off.
(Excerpt) Read more at zerohedge.com ...
I found this interesting:
To me it’s difficult to believe it’s anymore of a scam than fedbucks issued by Ben & Janet’s.
Agree, but something new that couldn’t have existed before computers. While not gold or silver, at least something with at lest the possibility of being better than central bank fiat even in its infancy.
It might wind up being a fiasco, depending upon how well it was thought out prior to deployment, but it's not a scam. So far, it seems to have been far better thought out than the brightest minds who conceived Obamacare did in their wildest imaginations.
But it’s a scam, a ponzu, what happens if the lights go out, what about a EMP, it can be hacked, only drug dealers use it, the government will stop it, tax it, outlaw it.
Did I get them all?
Oh, by the way, someone investing in it a month ago—and who has been prudently paring their holdings has just about doubled their money.
As long as you keep emotions in check, why not make some money.
Why should bitcoins be equal to 7,000 ounces of gold? Cheerleader articles like this, plus a rise from $5.00 for early investors to $500 now has all the makings of a bubble. I’ll buy Tulips instead
Bitcoins are simple. There will never be another one made, and the Banks can't manipulate them. Yet. Imagine what the gold price would be if the Banks didn't manipulate the paper price. Bitcoins give you an idea.
Unless you’re the one holding the Tulips when the Bubble bursts. You can’t create value out of nothing
What are federal reserve notes?
A pile of steaming pile of Hopium is worth something isn't it?
The value is not nothing. The value is that they can be used to buy real things, and there will never be another one made.
Ever. So, they are a pretty good arbiter of the rapidly declining value of the dollar.
Currently the only use for bitcoins is speculation, or buying coffee in one shop in Vancouver. How do you study them, get a good idea of value? They’ve doubled in value in 2 months, why?
I’m wondering if Zero Hedge is where Bitcoin was born. It’s all they talk about lately.
last week they were $319...damn! - Missed another opportunity...should have bought like $500 worth in 2009!
Time will tell. Have you seen the number of Chinese buying those things?