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How To Use Bitcoin – The Most Important Creation In The History Of Man

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psionl0 said:
You are trying to have it both ways.
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No I'm not. And I think that the only reason you're accusing me of this is because you don't want to accept that bitcoins are useless as a currency and that the only real value it has is that people can exchange them for a hard currency.
 
Belz... said:
I'd swap "fundamentally" with "historically", myself.
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this shows us that the US master plan to erase gold from any monetary status in the minds of its "subjects" (and the rest of the world if possible) outlined in the 1974 Kissinger memo here, has worked quite well, at least on you it would seem. the academic class in general seem to have bought it, but as they were educated through state apparatus with the *correct* thoughts to think, and then most often reliant on the same apparatus for their jobs, it's to be expected.

40 years is a good run but whether it can continue indefinitely is another subject entirely.

there are some interesting parallels between Gold & BTC and Silver / Litecoin just this week, that is that both these cryptos have now replicated the approximate equivalent price rise of Gold/Silver since 1974, in the last few months.

Bitcoin peaked out briefly at the value of an Oz of gold this week and if I'd been wise enough to be into Bitcoin in the $5s and $10s I would most definitely have been swapping them coin for coin into Au Oz at that point.

Imagine if you had mined and gathered 1000 bitcoins at lowish prices and could swap them out for real physical gold. Modern day alchemy no?

And the litecoin price went from $4 on the 17th Nov and peaked out at $48.20 on my charts, it's just replicated 40 years of (maximum) silver rally in 2 weeks.

as these are the only currency markets that are not directly controlled by a group of large banks, and thus far (as far as we know) are not subject to Fed (through the ESF) or BIS direct interventions (like all the others) and are also potentially "disruptive technology" to the Fiat Ponzi in the same was Google & eBay were to bricks and mortar and newspaper businesses, I am not expecting these markets to follow the generally accepted "rules of markets" really.

where do we think Bitcoin fits in on the upside down Exeter?

Bitcoin is not gold, and its vulnerability to certain technical difficulties ensures it never will be. It could however be a very effective way of transferring wealth stored in other mediums one day.

therefore I give it's chances of ultimately going to zero reasonable odds over a long enough timeline, because Im sure the Governments and monetary authorities will try very hard to either control or destroy it.

and how would it fare under a more longtail event scenario a previous one I once posited?

being as Alien analogies are ok for genius Nobel Laureattes, perhaps I can use one?

..so there's this benign bunch of stoner Aliens that have been watching us for a while in near orbit, who are a bit slack on their maintenance and accidentally blow a warp drive while over the mid Atlantic.

This has the unfortunate side effect of letting off a powerful EMP taking out all electronics across Northern America & Europe.

being your average sort of Billionaire, you've got a boat, a few houses, a jet, a big pile of gold, a garage full of armaments and some guys working for you and approx $750 million in various stocks and shares and bonds.

what do you think your wealth is after the EMP? real wealth will survive generations, not just vanish like an idea under the right circumstances.
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it wouldn't need to be Aliens, who knows when somebody might have had enough and go for the jugular.
 
Wildy said:
No I'm not. And I think that the only reason you're accusing me of this is because you don't want to accept that bitcoins are useless as a currency and that the only real value it has is that people can exchange them for a hard currency.
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You are still arguing that the situation will remain static but trying to deny this because you have been caught out being illogical.
 
Bitcoin is in need of a bounce

Bitcoin is under some fairly heavy liquidation the last few hours.

It had that big bounce on Friday to bring it back up, will that happen again? If not, the first white support line is in play and breaking through there could be bad. It has tested that 1050 support twice already this weekend. Merchants who accepted bitcoin in payment on Saturday better get their cash quick or they are toast. This is what could produce a run on bitcoin, merchants with wallets that got the benefit of purchases made in bitcoin on Saturday or at a high point not being sure the price will go on to infinity.
 

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This might be the last time you see 1050

THe fear is palpable....................
 

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The collapse is on

Off to the races..............

Hurry, sell those bitcoins before they hit 0!!!!!!!!!!!!!!!!!!!!!!!!!!!!
 

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Kiss 1000 goodbye

I snapped this for the bitcoin lovers so they could have it as a keepsake............
 

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Saved 950 for bitcoin lovers

Here it is, I am thinking of starting a bitcoin collapse thread.
 

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Popping the Biggest Bubble yet? Bitcoin to $150 in three, two, one.........

OK, had to do it, it's through both of my support levels now.

Post your guesses as to how low it can go. I am on record for $150 but it may only get to $500. Anyway, right now, it's pretty horrible for bitcoin holders.

This chart shows $900 but currently, it's at $866.
 

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Now at $850, saving this for bitcoin lovers

How long will $850 hold? This is nearly a $400 drop since Friday. By the time I get this posted it might be $800, who knows...........
 

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Senor_Pointy said:
It's back above 1000. Maybe you were just a little premature?
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No, I waited for it to break both support lines.

I expected it to bounce to that first support line at 1050. I didn't really expect it to drop so fast below 900. It should have bounced first at 910 where my second support line is. The 1050 support line turned into resistance and now we will go back to test 910 I think.

The key here is that a new low at 841 was set which makes a new price target in the decline.
 
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And nobody was surprised.

Like I've been saying for a long time, it's a glorified pyramid scheme, not a serious currency, although to its defence it is backed by the full faith and credit of the internet illicit drug market.

Frankly, I'm surprised it's still afloat at all.
 
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