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Bitcoin Mania Bubble Bursts, China Triggers Price Crash Start, ...
Market Oracle, UK ^ | 5 December, 2013 | Nadeem Walayat

Posted on 12/05/2013 8:17:24 AM PST by Errant

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A pure unadulterated attack on alternative (and private) money from a banker crony who couldn't forecast his way out of a wet paper bag and who in reality only follows the dictates of his monopolistic lords.

Unlike government fiat thrown from helicopters and easily manipulated by world powers, Bitcoin will likely surge even more after proving it can survive not only the US Senate, but the Red Chinese as well.

1 posted on 12/05/2013 8:17:24 AM PST by Errant
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To: Errant

Dumb question: Who issued the Bitcoins in the first place?

Another dumb question: What’s to stop that person from issuing more?


2 posted on 12/05/2013 8:19:34 AM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: All
BofAML Sees Bitcoin Fair Value At $1300

"Bitcoin could become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers, BofAML notes in a report today, adding that as a medium of exchange, Bitcoin has clear potential for growth, in our view. Despite Greenspan's inability to find "value", BofAML prefers not to call the crypto currency a bubble, and assigns a maximum fair-value of $1,300, but does warn that the 100 fold increase in Bitcoin prices this year is at risk of running ahead of its fundamentals."

3 posted on 12/05/2013 8:21:59 AM PST by Errant
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To: Errant

The golden rule:

He who controls the gold makes the rules....


4 posted on 12/05/2013 8:24:58 AM PST by Red Badger (Proud member of the Zeta Omicron Tau Fraternity since 2004...................)
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To: Revolting cat!

Is the Dutch word for Bitcoin ‘Tulip’?


5 posted on 12/05/2013 8:25:18 AM PST by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: All
Bitcoin Tumbles After China Central Bank Bans Financial Companies From Using Digital Currency

The take away:

The Chinese government stopped short of banning Bitcoin altogether, saying that as an online product people were free to buy and sell it at their own risk.

6 posted on 12/05/2013 8:25:33 AM PST by Errant
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To: Errant

Much like bin laden, I was way more impressed the first 5 or 6 times it was proclaimed dead. Now these reports about bitcoin biting the dust are just getting lame.


7 posted on 12/05/2013 8:25:55 AM PST by Orangedog (An optimist is someone who tells you to 'cheer up' when things are going his way)
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To: Red Badger

Yep, and will do anything and everything to keep control.


8 posted on 12/05/2013 8:26:13 AM PST by Errant
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To: Errant
BitCoins are the new Tulip Bulbs.
9 posted on 12/05/2013 8:27:58 AM PST by dfwgator (Fire Muschamp. Go Michigan State!)
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To: BenLurkin
re: your dumb questions

I don't get it either. At least with the tulip Ponzi scheme, those who lost out had pretty flowers.

This whole thing seems a bit like Enron.

PT Barnum is smilin' in his grave <^..^>

10 posted on 12/05/2013 8:30:02 AM PST by grania
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To: Errant

It will tumble. I will be laughing while I read the tales of woe posted here and elsewhere.


11 posted on 12/05/2013 8:30:56 AM PST by I want the USA back (Media: completely irresponsible traitors. Complicit in the destruction of our country.)
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To: All

I just invented Bytecoins. They’re 8 times better than Bitcoins. Want to invest in them?


12 posted on 12/05/2013 8:31:45 AM PST by McGruff (Obama lied. Period!)
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To: Errant

Half of bitcoin traffic comes from China. The Chinese are looking for a place to store their money outside of overbuilt real estate. Some are placing bets for a quick payoff. At the rates Chinese loan sharks charge (10% a month) for speculative loans, the average punter can’t stay in a bet for very long if it goes against him. Check out the average casino and it will become clear the extent to which Orientals are over-represented among problem gamblers.


13 posted on 12/05/2013 8:33:03 AM PST by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: BenLurkin
Dumb question: Who issued the Bitcoins in the first place?

Anyone with a computer can issue a bitcoin.

Another dumb question: What’s to stop that person from issuing more?

It takes a LOT of processing time to generate a bitcoin. On my machine it would take about a year of calculations to solve the algorithm needed to generate a single bitcoin.

There are also a limited number of possible solutions to the algorithm, that sets a cap on the total number of bitcoins that can exist.

14 posted on 12/05/2013 8:34:24 AM PST by null and void (I'm betting on an Obama Trifecta: A Nobel Peace Prize, an Impeachment, AND a War Crimes Trial...)
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To: McGruff
I just invented Bytecoins. They’re 8 times better than Bitcoins. Want to invest in them?

I'm not ready to make that kind of a leap. Got any Nibblecoins?

15 posted on 12/05/2013 8:35:16 AM PST by Yo-Yo
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To: BenLurkin
"What’s to stop that person from issuing more?"

Oh you haven't heard of the godlike powers of:

(Blaring fan fair music)

THE ALGORITHM

It has amazing powers.

It can leap tall buildings in a single bound...

it can defy basic laws of economics...

it can cure rickets and embarrassing anal seepage.

it can even deal with the heartbreak of psoriasis.

There is no problem too tough for it.

Of course if the guys who wrote it sez "Well OK since 21 Million Bitcoins seem so popular lets get doubly popular and do it again!" There is nothing to stop them.

but shhhh don't say anything it will harsh the "true believer's" mellow and we can't have that.

16 posted on 12/05/2013 8:35:39 AM PST by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
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To: a fool in paradise
"Is the Dutch word for Bitcoin ‘Tulip’?"


17 posted on 12/05/2013 8:36:59 AM PST by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
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To: BenLurkin

Do your research on Bitcoin. Risky, but great idea. no more than 21 million can ever be “mined”, and the difficulty of mining one BC increases every day.

Here is a great article - but do your homework on understanding what it is first.....

http://www.freerepublic.com/focus/f-chat/3098466/posts


18 posted on 12/05/2013 8:39:04 AM PST by Arlis
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To: McGruff
I just invented Bytecoins. They’re 8 times better than Bitcoins. Want to invest in them?

Sure, will you take some shares in a bridge I own? It's somewhere in New York...

19 posted on 12/05/2013 8:40:14 AM PST by IYAS9YAS (Has anyone seen my tagline? It was here yesterday. I seem to have misplaced it.)
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To: BenLurkin

Dumb question: Who issued the Bitcoins in the first place?

Another dumb question: What’s to stop that person from issuing more?

Supposedly, there is a 21 million coin limit.
Other crypto-currencies and private currencies also exist.


20 posted on 12/05/2013 8:40:47 AM PST by grumpygresh (Democrats delenda est. New US economy: Fascism on top, Socialism on the bottom.)
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