BitCoins are the new Tulip Bulbs.
Posted on 12/05/2013 8:17:24 AM PST by Errant
The bitcoin bubble appears to have burst as a stepped series of price crashes are underway with the price currently standing at 1074 down form 1240 barely a day earlier. A clue to its future direction can be discerned from the unfolding technical price patterns, that just as I wrote wrote in the run up to the peak of the Bitcoin bubble with the price converging on USD 1250 that the market was primed to crash and all it was waiting for was any even marginally negative news to act as trigger for increasing waves of market panics as GREED amongst the bitcoin mania hoarders turns into fear of loss of paper profits.
(Excerpt) Read more at marketoracle.co.uk ...
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.
Dumb question: Who issued the Bitcoins in the first place?
Another dumb question: What’s to stop that person from issuing more?
"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."
The golden rule:
He who controls the gold makes the rules....
Is the Dutch word for Bitcoin ‘Tulip’?
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.
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.
Yep, and will do anything and everything to keep control.
BitCoins are the new Tulip Bulbs.
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 <^..^>
It will tumble. I will be laughing while I read the tales of woe posted here and elsewhere.
I just invented Bytecoins. They’re 8 times better than Bitcoins. Want to invest in them?
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.
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.
I'm not ready to make that kind of a leap. Got any Nibblecoins?
Oh you haven't heard of the godlike powers of:
(Blaring fan fair music)
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.
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
Sure, will you take some shares in a bridge I own? It's somewhere in New York...
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.
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