On one of the Bitcoin threads last week I pondered whether TPTB were purposely driving the price of bitcoin to unsustainable levels in order to crash it in an attempt to discredit it as an alternative currency. Make no mistake about it, the bankers and politicians DO NOT like bitcoin. Anything that reduces their power and/or control of the monetary system is considered a threat. They may act unconcerned, but in the smokey backrooms where the real decisions in this country are made, the bankers are worried. This bubble and crash smells like a planned publicized event to scare people away from bitcoin. The MSM will now do their part by scorning and ridiculing bitcoin as a joke. TPTB are becoming a bit predictable.
Bitcoin Crashes, Loses Half Of Its Value In Two Days
Which incidentally, like gold, is to be expected when one treats what is explicitly as a currency on its own merits in a world of dying fiat – with the appropriate much required patience – instead of as an asset, with delusions of grandure that some greater fool will pay more for it tomorrow than it is worth today. Sadly, in a world of HFT trading, patience is perhaps the most valuable commodity.
As for Bitcoin, while the bubble may or may not have burst, and is for now kept together with the help of the Winklevoss bros bid, all it would take is for another very vocal institutiona rejection be it in China or domestically, where its “honeypot” features are no longer of use to the Fed or other authorities, for the euphoria to disappear as quickly as it came…
Two day chart, showing the epic move from $1155 to $576 in hours:
And longer term chart showing the overnight action in its full glory:
I think TPTB view Bitcoin, despite its supposed threat to the dollar, as a way to condition people to accept totally digitalized currency.
I turned 73 two days ago. That means that my brain, along with other things, is half the size it used to be. What is a “bitcoin” and what do you do with it?
DaveL
It’s a digital crypto-currency that bypasses the banking cartel where people can buy and sell without government control. One bitcoin was worth $200 six weeks ago. Last week one bitcoin was worth $1,200. Today one bitcoin is worth $600.
Happy birthday!!!
HAPPY BIRTHDAY DAVE L !! And many more.
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Strange coincidence: DaveL’s brain, along with other things are half the size they used to be and bitcoin also has been halved.
DaveL, I hope you have many more birthdays and hopefully your brain and other things don’t continue to shrink. Cheers.
This just proves that Bitcoin is not money or a currency that can be considered reliable. It can be manipulated for speculation just like any other commodity.
If bitcoin drops back to the starting price I will then be convinced it is time to buy.
What the difference between bitcoin and BS. Nothing except you can use BS as fertilizer.
What the difference between bitcoin and a dollar bill. Nothing except you can use a dollar bill to wipe your ass.
Wow it crashed. I am truly shocked. I mean its only done that a few times before. Damn near got to zero. What people want in a currency is stability. Bitcoin fails in that area in spades. Plus it can be hacked, manipulated and in general screwed around with, even more so than gold or silver.
Like any ponzi scheme, or MLM its good to be on board first. If your late to the party, you get to clean up. I want a currency that I can hold and is in my possession. Even crap dollar bills are better than bitcoin. As speculation, just like stocks, the actual value is what someone is willing to pay for it.
I expect bitcoin will see zero, or close to it again. Then the government will step in to save us and make it illegal. Then thats that.
Hey you Shitcoin Fanbois?
How’s that workin’ out for ya?
BAHH-HAHAHAHAHAH!!!!
All’s you all did was make the anonymous creator of Shitcoin very rich… he’s enjoying his Shekels while you watch your shitcoins melt away.
Sukiaki Hatamoto or whatever his “name” is, very likely made damn sure to give himself hundreds of thousands of shitcoins for free (and why not? He’s the one who created them in the first place). I wonder how much gold and silver he bought with the proceeds from dumping large amounts of shitcoins that everyone bought into? We will never know…
Sorry… schadenfreude is part of my DNA…
I fucking told ya so, youse bitsuckers.
It is very simple – bitshit trades in very low quantities. Small volumes of buys drive the fucking price through the roof. A few hundred “investors” (read gullible mofos) run out and buy ten each (“woohoo I iz gonna be a rich mofo, I sure iz”), and the price rockets. Mr Bitcoin magnate sees this and says “Eureka, time to sell, those gullible mofos are gonna buy me a new Ferrari”), and dumps a couple of thousand of those suckers, pockets his millions, and waits for the next wave of suckers to come along.
For fuck sake – let me say it again. Bitcoins are bought/sold in very small quantities. Small buyers drive the price up as they get on the bandwagon. When the price gets up the larger players, who already own lots of them, dump bitcoins onto the market and fuck the small players in the ass.
Why don’t you bitcoin buyers just take your $1200 bucks down to the streetcorner where you can buy a dozen blowjobs. It would be lots more fun than spending $1200 on a good assfucking where they do not even apply lube.
Stupid is as stupid does.
Billy – large amounts of those fuckers are not traded. If they were, the price would be much more stable. The large holders dump them, as you say, but they do not dump large amounts of them or they would get nothing for them. They are trickling down their holdings so the stupid will keep the price propped up.
What Llpoh said (did I really say that?)
Did you buy the dip? No? Lost out on a $300 appreciation in 3 days? You gotta think like a trader man….
China October Gold Imports Surge To Second Highest Ever
Submitted by Tyler Durden on 12/08/2013
According to Hong Kong customs data, in the month of October (with the usual one month delay), China imported 148 total tons of gold in a month in which the price of gold, once again plunged. Curiously, unlike momentum chasers of paper ETF promises to get gold delivery, China continues to BTFD in gold, and the 148 tons of import in the past month was the second highest monthly import ever through Hong Kong, second only to the 224 tons imported in March of 2013. Compared to a year ago, when the price of gold was over 30% higher, China has imported over 200% more than the 48 tons it bought through Hong Kong a year ago. At least someone is grateful for plunging gold prices.