RIP Bitcoin

[Coup]

Rest in peace price bubble of the decade.

[sperbonzo]

Rest in peace price bubble of the decade.

Interesting article here... Interestingly, posted yesterday.
http://www.naturalnews.com/039850_bi...lobalists.html

How do you criminalize bitcoin? The same way you get guns banned: Plan an attack, make sure lots of people get hurt, roll out all the victims in front of the cameras, then use the sob stories as moral justification to crack down with oppressive new laws.

This is the agenda being planned right now with bitcoin. The recipe works like this:

Step 1) Central banks buy up massive quantities of bitcoin currency, driving the prices into the stratosphere and encouraging millions of people around the world to jump on board the "get rich" bandwagon.

Step 2) Once bitcoin valuations reach a sufficient level of insanity, start a massive selloff by dumping the bitcoins you already bought onto the market, offering them for sale at any price (i.e. sell into falling prices, accelerating the loss in valuations).

Step 3) Watch panic take hold as the bitcoin crash accelerates, ending in a catastrophic wipeout of "valuation" of all bitcoins.

Step 4) Find "victims" of the bitcoin crash who can tell a good sob story for the mainstream media about how they invested little Johnny's college money in bitcoin and lost it all. Roll them out on CNN and MSNBC where they cry on camera and talk about how they were ripped off by bitcoin and now they only trust the government from now on.

Step 5) Demonize bitcoin by characterizing it as a "libertarian pyramid scheme." Lash out against both decentralized currencies and libertarians.

Step 6) Once the demonization gains traction, have traitors in the U.S. Congress announce a "Consumer Currency Protection Act" that outlaws non-central bank currencies such as bitcoin. It's all "for your safety," of course. Shut down all online bitcoin wallets and exchanges, calling them "criminal pyramid schemes" and arrest a few people using bitcoin to send a warning message to the rest.

Mission accomplished! You've now made bitcoin look like a "pyramid scheme," you've scared the public into being wary of "anti-government currencies," and you've criminalized their use by consumers.

That's the goal the central banks are trying to achieve right now. It's all be set in motion by the bitcoin bubble which will inevitably lead to a bitcoin crash.




.....

[- Jesus Christ -]

RIP BitTorrent
we will miss you

[Joshua G]

what proof is there that central banks are engineering a bubble. it really could be anybody doing the manipulating. seems like a massive overthinking of a very simple thing called a pump n dump, which is done all the time to penny stocks.

always fun to speculate though. i blame the rothchilds myself.

[dyna mo]

Interesting article here... Interestingly, posted yesterday.
http://www.naturalnews.com/039850_bi...lobalists.html




.....

that's the silliest article i've read yet on btc.

[NiXXiN]

not over yet

[EddyTheDog]

What did happen - I seem to have slept through it all - All I see is BC has taken a massive hit...

[mechanicvirus]

I heard PBBC reporting people should sell!

[grumpy]

that's the silliest article i've read yet on btc.

Yes it is but he makes some good points there, the whole thing is based on greediness ;)

[MainstreamGuy]

[adult-help]

so how exactly does one sell bitcoin? you probably cant just convert it into money and take it out? How long does it take to sell it? It fell within hours - how is it even possible to take the money out in such a short time?

[tony286]

Interesting article here... Interestingly, posted yesterday.
http://www.naturalnews.com/039850_bi...lobalists.html

How do you criminalize bitcoin? The same way you get guns banned: Plan an attack, make sure lots of people get hurt, roll out all the victims in front of the cameras, then use the sob stories as moral justification to crack down with oppressive new laws.

This is the agenda being planned right now with bitcoin. The recipe works like this:

Step 1) Central banks buy up massive quantities of bitcoin currency, driving the prices into the stratosphere and encouraging millions of people around the world to jump on board the "get rich" bandwagon.

Step 2) Once bitcoin valuations reach a sufficient level of insanity, start a massive selloff by dumping the bitcoins you already bought onto the market, offering them for sale at any price (i.e. sell into falling prices, accelerating the loss in valuations).

Step 3) Watch panic take hold as the bitcoin crash accelerates, ending in a catastrophic wipeout of "valuation" of all bitcoins.

Step 4) Find "victims" of the bitcoin crash who can tell a good sob story for the mainstream media about how they invested little Johnny's college money in bitcoin and lost it all. Roll them out on CNN and MSNBC where they cry on camera and talk about how they were ripped off by bitcoin and now they only trust the government from now on.

Step 5) Demonize bitcoin by characterizing it as a "libertarian pyramid scheme." Lash out against both decentralized currencies and libertarians.

Step 6) Once the demonization gains traction, have traitors in the U.S. Congress announce a "Consumer Currency Protection Act" that outlaws non-central bank currencies such as bitcoin. It's all "for your safety," of course. Shut down all online bitcoin wallets and exchanges, calling them "criminal pyramid schemes" and arrest a few people using bitcoin to send a warning message to the rest.

Mission accomplished! You've now made bitcoin look like a "pyramid scheme," you've scared the public into being wary of "anti-government currencies," and you've criminalized their use by consumers.

That's the goal the central banks are trying to achieve right now. It's all be set in motion by the bitcoin bubble which will inevitably lead to a bitcoin crash.




.....

Maybe its not gov plot but proof that free markets really dont work, greed gets in the way. After the mortgage bubble burst Greenspan said I really thought they would self regulate. Self regulation doesnt work.

[Dirty F]

How is something that is worth twice what it was a month ago dead?
Care to explain?

[Dirty F]

Imbecile, a bitcoin is worth 80 dollars. Twice what it was a month ago. What part of that can't you understand?

You pathetic losers are so, so fucking sad.
Just blindly repeat the same old bullshit over and over again ignoring all the facts that are right in front of your eyes.
All out of hate because are other people are making money.
I really hope you are not much older than 17.

[Nathan]

The problem Bitcoin has is that there is no USE for normal people associated! With a normal currency, you can buy anything. With Bitcoins you can buy almost nothing.

So, the only reason why it was trading was, because it was trading... That will never work for a currency! The value of it can not be what trading makes it, it must be the demand that actually USING the currency generates, not the demand generated by SELLING it.

Regarding the question above by adult-help: What you see in terms of "value" is what the currency is being SOLD and BOUGHT at on mtgox.com. Meaning, mtgox.com provides a PLATFORM ONLY where you can deposit ACTUAL NORMAL MONEY and use that money to BUY bitcoins from OTHER people. So, mtgox does not generate BTC or convert it, but they provide a platform that lets me sell you 10 BTC for a certain amount of USD. You have USD on your account, I have 10 BTC, you pay me 720 USD (right now) and get the 10 BTC from me, mtgox takes a small commission from _ME_ (since I got the USD, the true money) and that's it. Now you have 10 BTC, I have more USD. I can cash out and walk away.

That is what has caused the BTC price spike, more and more people went to mtgox and wanted to buy some BTC from people that had them already. The people they bought it from walked away with USD.

This is it, end of the story. Nothing really special. (700 USD now btw, in the last 2 minutes it dropped further).. So right now more people are trying to get rid of the BTC for USD, instead of trying to find BTC to buy. That is why the price is dropping.

[Dirty F]

The problem Bitcoin has is that there is no USE for normal people associated! With a normal currency, you can buy anything. With Bitcoins you can buy almost nothing.

So, the only reason why it was trading was, because it was trading... That will never work for a currency! The value of it can not be what trading makes it, it must be the demand that actually USING the currency generates, not the demand generated by SELLING it.

I stopped reading here because the rest will probably be nonsense as well.
You can buy TONS of stuff at TONS of places with the coins. The fact that you don't know that means you don't know anything about the coin.
Hell, even i sell stuff daily while getting paid in coins.

[Emil]

I wonder how low it will go before it starts rising again. I'm ready to buy.

[L-Pink]

The problem Bitcoin has is that there is no USE for normal people associated! With a normal currency, you can buy anything. With Bitcoins you can buy almost nothing.

So, the only reason why it was trading was, because it was trading... That will never work for a currency! The value of it can not be what trading makes it, it must be the demand that actually USING the currency generates, not the demand generated by SELLING it.

Regarding the question above by adult-help: What you see in terms of "value" is what the currency is being SOLD and BOUGHT at on mtgox.com. Meaning, mtgox.com provides a PLATFORM ONLY where you can deposit ACTUAL NORMAL MONEY and use that money to BUY bitcoins from OTHER people. So, mtgox does not generate BTC or convert it, but they provide a platform that lets me sell you 10 BTC for a certain amount of USD. You have USD on your account, I have 10 BTC, you pay me 720 USD (right now) and get the 10 BTC from me, mtgox takes a small commission from _ME_ (since I got the USD, the true money) and that's it. Now you have 10 BTC, I have more USD. I can cash out and walk away.

That is what has caused the BTC price spike, more and more people went to mtgox and wanted to buy some BTC from people that had them already. The people they bought it from walked away with USD.

This is it, end of the story. Nothing really special. (700 USD now btw, in the last 2 minutes it dropped further).. So right now more people are trying to get rid of the BTC for USD, instead of trying to find BTC to buy. That is why the price is dropping.

Have you figured out how to steal bitcoins mined by others yet?

.

[sperbonzo]

Maybe its not gov plot but proof that free markets really dont work, greed gets in the way. After the mortgage bubble burst Greenspan said I really thought they would self regulate. Self regulation doesnt work.

It has nothing to do with Free Markets. This is about central banks that will use the power of GOVERNMENT to get rid of competition in currency. There will be extreme price fluctuations in any currency until it comes into everyday usage. The point of the article was that central banks will try to make it fluctuate in order to get people (like you apparently), to demand that the GOVERNMENT regulate that free market, so that they can control it.... through the governments power.


I think you pretty much completely missed the point.




.



.

[Nathan]

I stopped reading here because the rest will probably be nonsense as well.
You can buy TONS of stuff at TONS of places with the coins. The fact that you don't know that means you don't know anything about the coin.
Hell, even i sell stuff daily while getting paid in coins.

Dirty F, 99% of the people that bought bitcoins in the last 7 days, did so because they thought the value would rise, thus the goal was to sell when they were higher. Do you disagree there?

Most people buying USD buy USD because they need to buy goods from an entity that only takes USD.

This is the basic difference. Sure, there are a ton of people that also simply speculate using currency at a forex exchange, but this is tiny compared to the amount of currency bought and sold each day because of standard trade & commerce.

This simply is not the case in terms of bitcoins and until that changes, the currency will be used to speculate and not to actually use as a currency and as long that is the case, it will continue to fluctuate the way it has the last couple of days.

[dyna mo]

It has nothing to do with Free Markets. This is about central banks that will use the power of GOVERNMENT to get rid of competition in currency. There will be extreme price fluctuations in any currency until it comes into everyday usage. The point of the article was that central banks will try to make it fluctuate in order to get people (like you apparently), to demand that the GOVERNMENT regulate that free market, so that they can control it.... through the governments power.


I think you pretty much completely missed the point.




.



.

so the fed/government artificially brought this hype to btc, raised the value of it exponentially in weeks to over $1 billion, as a grand scheme to kill it because they are fearful of it as a currency all the sudden? the puppet masters of a 100 trillion dollar economy at work?

[ninavain]

so the fed/government artificially brought this hype to btc, raised the value of it exponentially in weeks to over $1 billion, as a grand scheme to kill it because they are fearful of it as a currency all the sudden? the puppet masters of a 100 trillion dollar economy at work?

and how the fuck do you think the Illuminati makes that 100 trillion gazillion.....$1 billion at a time.. and it's not about THEM making it..it's about THEM taking it..so there's very few to rise up

[dyna mo]

Dirty F, 99% of the people that bought bitcoins in the last 7 days, did so because they thought the value would rise, thus the goal was to sell when they were higher. Do you disagree there?

Most people buying USD buy USD because they need to buy goods from an entity that only takes USD.

This is the basic difference. Sure, there are a ton of people that also simply speculate using currency at a forex exchange, but this is tiny compared to the amount of currency bought and sold each day because of standard trade & commerce.

This simply is not the case in terms of bitcoins and until that changes, the currency will be used to speculate and not to actually use as a currency and as long that is the case, it will continue to fluctuate the way it has the last couple of days.

it's not accurate to view it strictly as a currency. fact is, it's a proof of concept of crypto-currency. it's still very young, in this stage, primarily mining, it will be volatile, word of mouth is required to introduce it but it can also be a detriment as hoarders create volatility.

i don't anticipate it being anywhere close to being fairly and accurately scrutinized as a crypto-currency for another few years, until most all coins are mined. i also don't think crypto-currencies can be considered currency.

[dyna mo]

and how the fuck do you think the Illuminati makes that 100 trillion gazillion.....$1 billion at a time.. and it's not about THEM making it..it's about THEM taking it..so there's very few to rise up

you don't get it. the fed is run by the same people who run wall street. you think they'll kill this instead of raping it for massive roi?


pfft.

[Vapid - BANNED FOR LIFE]

Quadruple bitcoins, very tired though.

[DWB]

Imbecile, a bitcoin is worth 80 dollars. Twice what it was a month ago. What part of that can't you understand?

You pathetic losers are so, so fucking sad.
Just blindly repeat the same old bullshit over and over again ignoring all the facts that are right in front of your eyes.
All out of hate because are other people are making money.
I really hope you are not much older than 17.

This is your first time investing in anything, isn't it?

You seem extra tense today. You probably lost a lot of money.

[seeandsee]

Some bc expert says bc are stronger than ever!
O RLY???

[Supz]

Just blindly repeat the same old bullshit over and over again ignoring all the facts that are right in front of your eyes.

Sounds similar to all the bitcoins threads you've posted.

[MikeRoth]

Have you figured out how to steal bitcoins mined by others yet?

.

http://illmob.org/Sources/RobinHood.html

Here you go. Go steal them bitcoin wallets and cash out while the gettin is good.

[Dirty F]

Sounds similar to all the bitcoins threads you've posted.

Sure, but there is a difference about understanding the subject you keep talking about and not understanding it at all.

[tony286]

It has nothing to do with Free Markets. This is about central banks that will use the power of GOVERNMENT to get rid of competition in currency. There will be extreme price fluctuations in any currency until it comes into everyday usage. The point of the article was that central banks will try to make it fluctuate in order to get people (like you apparently), to demand that the GOVERNMENT regulate that free market, so that they can control it.... through the governments power.


I think you pretty much completely missed the point.




.





.

No I think that's the fantasy.

[Supz]

Sure, but there is a difference about understanding the subject you keep talking about and not understanding it at all.

So what you are saying is, people who are too skeptical to invest into a fake currency know less about it, and if they really knew the truth they wouldnt hesitate to invest? You do know how rediculous that sounds right?

[_Richard_]

So what you are saying is, people who are too skeptical to invest into a fake currency know less about it, and if they really knew the truth they wouldnt hesitate to invest? You do know how rediculous that sounds right?

he just found out about it!

he's an expert

[Dirty F]

So what you are saying is, people who are too skeptical to invest into a fake currency know less about it, and if they really knew the truth they wouldnt hesitate to invest? You do know how rediculous that sounds right?

No, i'm not saying that. Stop pulling things out of your ass. It makes you look stupid.

[CyberHustler]

Franckoins

[JOKER]

The problem Bitcoin has is that there is no USE for normal people associated! With a normal currency, you can buy anything. With Bitcoins you can buy almost nothing.[...]

So start accepting them on some Manwin properties as additional funding source, test your theory.

Bitcoins should be a nice way for non-recurring payments such as buying credits, a concept that we both already know works well.

This way bitcoins get more exposure, you open up options to accept them, get the free press (reddit amongst other sites is huge on bitcoin news) and people have more options to actually spend their coins.

And I can finally develop some adult bitcoin domains I'm sitting on...

[Dirty F]

Franckoins

[MikeRoth]

MFW I realize I restarted my computer this morning and forgot to re-start the LTC miner.

[Nathan]

So start accepting them on some Manwin properties as additional funding source, test your theory.

Bitcoins should be a nice way for non-recurring payments such as buying credits, a concept that we both already know works well.

This way bitcoins get more exposure, you open up options to accept them, get the free press (reddit amongst other sites is huge on bitcoin news) and people have more options to actually spend their coins.

And I can finally develop some adult bitcoin domains I'm sitting on...

If the value of a coin would not move up and down 50% each friggin day, that might actually work. But how much should a non recurring one month membership paid by bitcoins cost? 1 BTC? 0.5 BTC? What if in 3 months a BTC is worth $10, should the price change? should we change it based on current MtGox rate and just mirror our normal prices?

There is no reference of how much a BTC is ACTUALLY WORTH in goods. This is the problem here. There just is a reference how much a BTC is worth trading to USD. What good does that do us?!

[Dirty F]

If the value of a coin would not move up and down 50% each friggin day, that might actually work. But how much should a non recurring one month membership paid by bitcoins cost? 1 BTC? 0.5 BTC? What if in 3 months a BTC is worth $10, should the price change? should we change it based on current MtGox rate and just mirror our normal prices?

There is no reference of how much a BTC is ACTUALLY WORTH in goods. This is the problem here. There just is a reference how much a BTC is worth trading to USD. What good does that do us?!

Huh?

I sell stuff and i simply price it x amount in dollars and people pay that in Bitcoin.
It really isn't that hard.
Tons of people are doing it.

[MikeRoth]

If the value of a coin would not move up and down 50% each friggin day, that might actually work. But how much should a non recurring one month membership paid by bitcoins cost? 1 BTC? 0.5 BTC? What if in 3 months a BTC is worth $10, should the price change? should we change it based on current MtGox rate and just mirror our normal prices?

There is no reference of how much a BTC is ACTUALLY WORTH in goods. This is the problem here. There just is a reference how much a BTC is worth trading to USD. What good does that do us?!

SilkRoad converts the current MTGox USD exchange rate into the bitcoin price. So the customer would still pay the same amount of USD whether bitcoin is at $70 or $150. You would then want to exchange it for USD ASAP to keep from losing money if the price of BTC goes down.

The price of bitcoin will eventually settle down.

[Nathan]

Huh?

I sell stuff and i simply price it x amount in dollars and people pay that in Bitcoin.
It really isn't that hard.
Tons of people are doing it.

So I sell a 1 year membership today for 1 BTC because the price happens to be 99 USD.

Tomorrow, the MtGox crashes to 75 USD.

Now I just lost 24 USD. I should not care about that? Or you expect to immediately sell every BTC to USD in MtGox automated the second someone spends any BTC?

The fluctuation is too fast, it makes no sense. My hosting cost is not in BTC, its in USD. If I bill USD, there is no fluctuation at all, I know how much I get and how much of it is spent on hosting. With BTC this does not work, the F/X impact on our P&L would be INSANE from month to month.

[Nathan]

SilkRoad converts the current MTGox USD exchange rate into the bitcoin price. So the customer would still pay the same amount of USD whether bitcoin is at $70 or $150. You would then want to exchange it for USD ASAP to keep from losing money if the price of BTC goes down.

The price of bitcoin will eventually settle down.

Right, but the risk is still big, considering BTC still today fluctuate between $80 and $60 in a matter of minutes.

It is just not stable enough and the upside of using a BTC is far from big enough to justify it.

[woj]

SilkRoad converts the current MTGox USD exchange rate into the bitcoin price. So the customer would still pay the same amount of USD whether bitcoin is at $70 or $150. You would then want to exchange it for USD ASAP to keep from losing money if the price of BTC goes down.

The price of bitcoin will eventually settle down.

hmm, what if MTGox is down, and so you can't accurately determine the current exchange rate? you just make up a price and pray that when MTGox re-opens you aren't going to be down 50%?

[JOKER]

If the value of a coin would not move up and down 50% each friggin day, that might actually work. But how much should a non recurring one month membership paid by bitcoins cost? 1 BTC? 0.5 BTC? What if in 3 months a BTC is worth $10, should the price change? should we change it based on current MtGox rate and just mirror our normal prices?

There is no reference of how much a BTC is ACTUALLY WORTH in goods. This is the problem here. There just is a reference how much a BTC is worth trading to USD. What good does that do us?!

A/B split test which method actually reaches better acceptance short / long term.

From the implementations I've seen so far it was always coupled to the market rate, then again I don't think most people have the volume to actually split test with fast meaningful results, either that or nobody has actually tried to establish the value of a bitcoin with other means.

Either way could have success - if you take the anonymity of bitcoins in conjunction with porn it should be a no-brainer that people would use them for their privacy / convenience.
Under that aspect I could see people accepting a certain markup in pricing since it's a one-time payment without their name attached they know it can't "bite them in the ass" (carding, angry wife [card/bank statement] etc.)

One method is automated (attach bitcoin value to market value) the other you have to adjust it yourself to not make a loss - then again you could monitor if you _actually_ make a loss or if those are simply extra sales that would not have happened with standard payment / funding methods in the first place.

[Dirty F]

So I sell a 1 year membership today for 1 BTC because the price happens to be 99 USD.

Tomorrow, the MtGox crashes to 75 USD.

Now I just lost 24 USD.

Or it goes up 25 dollars. I believe in the coin and i believe it will go up.

So that's the risk i take when accepting payments.

[Fetish Gimp]

How do you criminalize bitcoin? The same way you get guns banned: Plan an attack, make sure lots of people get hurt, roll out all the victims in front of the cameras, then use the sob stories as moral justification to crack down with oppressive new laws.

Things don't bode well for the solidity of your argument when it starts off using a conspiracy theory as its basis.

[MikeRoth]

hmm, what if MTGox is down, and so you can't accurately determine the current exchange rate? you just make up a price and pray that when MTGox re-opens you aren't going to be down 50%?

It would most likely use the price of the last trade. This volatility is not normal... It's crazy pump and dumpers trying to make money so who knows how long it will be like this.

There is a movement to quit tieing the price of bitcoins to only MTGox and use the collective exchange rate of all the exchange sites. This would also help alleviate the massive swings caused by MTGox being down.

[Dirty F]

It would most likely use the price of the last trade. This volatility is not normal... It's crazy pump and dumpers trying to make money so who knows how long it will be like this.

There is a movement to quit tieing the price of bitcoins to only MTGox and use the collective exchange rate of all the exchange sites. This would also help alleviate the massive swings caused by MTGox being down.

Todays clusterfuck might be a good thing if this coin wants to grow again in the future.
It's still in beta sort off. We're testing it and improving it. It can only get better from here i think.

[dyna mo]

Todays clusterfuck might be a good thing if this coin wants to grow again in the future.
It's still in beta sort off. We're testing it and improving it. It can only get better from here i think.

this event mimics the 2011 crash, things improved after that, this will get us to the next step, i agree.