Bitcoin value crosses $1000 USD

[DSUrocks07]

Hey spanos, I've been on pins and needles waiting on a thread about bitcoin for the last few years. Nary a mention.

http://data.cnbc.com/quotes/MTGOXUSD



Even when the feds shut down The Silk Road in October, that seems to be the kind of thing you would be all over.

Slacker.

[expandspanos]

Hey spanos, I've been on pins and needles waiting on a thread about bitcoin for the last few years. Nary a mention.

Slacker.

Hey DSU.. you wouldn't be a Daily Paul reader by any chance would ya?

Regarding Bitcoin- it appears it's being set up as the "new global digital currency" that everyone has been afraid of, but is now embracing.

Not sure it's a good time to buy right now, as it seems high, but wouldn't be surprised to see it continue to rise. I don't like the "your transactions are tracked" aspect, it seems they're trying to get people away from gold and silver by creating a digital, digitally traceable currency backed by gold/silver.

[youtube]http://www.youtube.com/watch?v=G314jRumV_8[/youtube]

[Ibanez]

Who the hell is buying this shit?


Sent from my iPhone

[Skjellyfetti]

Wow. I am so surprised.

Bitcoin plummets as China's largest exchange blocks new deposits

Digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency

The price of bitcoin has plummeted following an announcement from China's largest bitcoin exchange that it would no longer be accepting new yuan deposits.

BTC China said that due to action by a third-party payment provider, YeePay, it could no longer accept deposits in the Chinese currency, although it would still be able to process withdrawals. BTC's chief executive, Bobby Lee, said that YeePay gave notice on Wednesday morning Shanghai time that it would no longer provide services.

Lee blamed government regulation for the decision. China's central bank warned in early December that bitcoin was not legally protected and had no "real meaning", and barred financial institutions from using the currency.

http://www.theguardian.com/technology/2 ... tocurrency" onclick="window.open(this.href);return false;

[ALPHAGRIZ1]

Who the hell is buying this shit?


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Me

[93henfan]

From what I understand, it's easier to get into Bitcoins than to get out of them.

And then, as KYJ posted, there's the issue of states giving it the middle finger.

[CAA Flagship]

$11,000.00

[GannonFan]

I don't even know what it means that it's crossed the $11,000 threshold. I feel old. Are people still playing Atari or is that changed now too?

[93henfan]

I don't even know what it means that it's crossed the $11,000 threshold. I feel old. Are people still playing Atari or is that changed now too?

I still own a functioning Atari (later dubbed the 2600), but I also own an XBox One.

I prefer the Atari, because my ten year old can kick my ass in everything on the Xbox. Dad can destroy him on Jungle Hunt and Missile Command on the 2600.

[GannonFan]

I don't even know what it means that it's crossed the $11,000 threshold. I feel old. Are people still playing Atari or is that changed now too?

I still own a functioning Atari (later dubbed the 2600), but I also own an XBox One.

I prefer the Atari, because my ten year old can kick my ass in everything on the Xbox. Dad can destroy him on Jungle Hunt and Missile Command on the 2600.

Heck, my Atari 2600 is so old it's branded as a Sears Teleplay, and I still have the original Pong and Target Fun that came with the system. And yes, my kids destroy me on anything on the Xbox One we have - it's embarrassing.

[CAA Flagship]

$11,000.00

Now at $9350

[Chizzang]

Crypto Currencies are tricky to use... Easy to purchase / difficult to use
Unless you're using them to trade towards Swiss Francs and then back to dollars
but that is now being tracked too



The Russians ruin everything...

[CID1990]

Can I eat bitcoins? That's what will matter when Skynet becomes aware.


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[Chizzang]

Can I eat bitcoins? That's what will matter when Skynet becomes aware.

Yes,
Bitcoins are edible
in much the same way that existentialism is edible

[CID1990]

Can I eat bitcoins? That's what will matter when Skynet becomes aware.

Yes,
Bitcoins are edible
in much the same way that existentialism is edible

Or (according to Chairman Mao) socialism


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[93henfan]

Extreme volatility (possible pump and dump) yesterday.

Bitcoin dropped from $11,350 to $9,300 (-18%) in just a few minutes.

[CAA Flagship]

$17,000

[93henfan]

Who the hell is buying this shit?


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Me

Do Butte attorneys accept bitcoin?

[clenz]

I'll admit to not following cryptocurrency at all.

Is bitcoin actually a "real" thing people use or did someone just create something and go "Buy this from me it's worth more than you pay for it" and a bunch of suckers caught on and it's avalanched into this?

I get I'm naive on the cryptocurrency, I just don't understand how something that isn't real is tradeable.

[93henfan]

I just don't understand how something that isn't real is tradeable.

It’s like every other non gold-backed currency on the planet. It’s backed by the full faith and credit of the issuer. Any issuer can default. Obviously, some issuers are more solid than others.

Actually, scratch that. I just did some reading. Bitcoin is peer to peer. You’re essentially trusting unemployed millenials in momma’s basement. And the market. There is no single issuer.

[ALPHAGRIZ1]

Me

Do Butte attorneys accept bitcoin?

No idea, my attorney is from South Dakota

[clenz]

I just don't understand how something that isn't real is tradeable.

It’s like every other non gold-backed currency on the planet. It’s backed by the full faith and credit of the issuer. Any issuer can default. Obviously, some issuers are more solid than others.

Actually, scratch that. I just did some reading. Bitcoin is peer to peer. You’re essentially trusting unemployed millenials in momma’s basement. And the market. There is no single issuer.

So the reality is a boit coin is actually worth as much as the points on Whose Line Is It Anyway??

It's all made up and doesn't really matter. People are just trading money back and forth with each other at higher prices than the last until someone finally goes "I have the money so now it's time to fuck everyone else?

[93henfan]

What would scare me most about Bitcoin is liquidity. I’ve heard it can be difficult to buy and sell. So yeah, if it tanks for good and you didn’t get out fast enough, you’re fucked.

[Ibanez]

I'll admit to not following cryptocurrency at all.

Is bitcoin actually a "real" thing people use or did someone just create something and go "Buy this from me it's worth more than you pay for it" and a bunch of suckers caught on and it's avalanched into this?

I get I'm naive on the cryptocurrency, I just don't understand how something that isn't real is tradeable.

[∞∞∞]

It's like any other fiat currency, including the dollar. It's value is based on a mix of supply, demand, and the belief in the currency.

Bitcoins aren't easy to make as there's an entire puzzle behind every one (supply), and the demand is high (which boosts that exchange value), and there's an entire network of people that believe in it.

You can't think of Bitcoins as a commodity to sell, trade, or buy. It acts like any other currency, which is why it's exchanged between the Dollar, Euro, Yen, etc.