22 votes

Warning! Dump your bitcoins!

Remember what happened to the Facebook pump and dump scheme?
Remember when bit coin dropped to 0?
There is nothing backing bitcoin execpt computer code. Don't be a chump. Dump your bitcoins before they drop in value significantly.

Example:
What bubble will burst first. The dollar or bitcoin?


http://youtu.be/UX75tiViEjA




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People Buying Bitcoins are Idiots

Sorry- there's no nice way to say this. Bitcoins DO NOT HAVE VALUE and people who are "investing" in them are fools. Bitcoin is imaginary money.

Not to say that some folks won't make "real" money on the ride up- people also became rich on Dutch tulip bulbs.

When it crashes- it'll crash HARD. Bitcoin is a joke (designed especially for the uber-gullible Facebook, "all things digital" generation). You were warned. Now- go spend your lunch money on some "secure" digital currency and learn your lesson.

I used to think people were getting smarter from one generation to the next- they're not. Every generation has to rediscover that "water doesn't run uphill" (and then claim it as their own).

I like bitcoin

I do. But it has serious problems, besides the bubble. Number one being the blockchain that must be downloaded in order to be in command of your own wallet and not leave it up to one of the online wallet service.

It took me 3 days to get that thing synced just so I could start using bitcoin. It's a serious flaw and the developers don't care.

It became obvious to me that the developers are in it for the short haul. Many other concerns are raised in the forums and the morons there just say, "If it was really a problem, the developers would fix it." Then the developers say, "It's not a problem right now, we'll fix it when it becomes one."

Wrong answer, when it becomes a problem it's too late.

It's clear the are not serious about it's future.

bitcoin on day this thread was posted: $46.89

today: $88.41

Did bitcoin actually drop to zero?

So, this latest stuff is zombie-bitcoin?

sell?

hopefully most of you didnt sell.. I wish i had bought some a while back!

"When the people fear the government, there is tyranny. When the government fears the people, there is liberty."

-Thomas Jefferson

Can't wait till the bubble pops

so I can buy low and ride the next bubble. PROFIT, fuck yeah!!

tell you what

I wish I had got in during/after the first crash.

Argentinians are beginning to use Bitcoins

new government dictates in Argentina about not being allowed to exchange currency and other monetary controls are causing many Argentinians to switch to Bitcoin as the local currency gets devalued. Plan on these types of controls here someday, although I'm not sure I want Bitcoin as the altervative

So I bought one

I only bought one, but if I am smart enough to stack silver, I might as well diversify a little. If I loose my $48, then I lost it in a gamble.
Silver is definitely the way to go in my opinion.
Yes, it is a fiat currency, but how can everyone use gold and silver? There is not enough for that, so people get a lot of good use from DECENTRALIZED currency. Even if it is fiat.

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

Minor complaint...

I realize that arguing over the meaning of words is pointless since all meaning is inherently subjective but if we check the dictionary and see how the word was used back when people spoke latin, Bitcoin does not fit the word fiat:

fiat  
fi·at [fee-aht, -at; fahy-uht, -at]
noun
1. an authoritative decree, sanction, or order: a royal fiat. Synonyms: authorization, directive, ruling, mandate, diktat, ukase.
2. a fixed form of words containing the word fiat, by which a person in authority gives sanction, or authorization.
3. an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it: The king ruled by fiat.

No one commands Bitcoin must be used or should be valued. Fiat does not mean man made, which is what Bitcoin is, a created currency, no question about it. Just not fiat. And if national currency weren't order to be used, the dollar wouldn't be fiat either.

Haha...

how ironic that you rant about the subjectivity of words...

"fiat money is in a wider sense any money declared to be legal tender by government fiat (ie law). IN THE NARROWER SENSE USED HERE, fiat money is an intrinsically useless good used as a means of payment and a storable object." = http://wiki.mises.org/wiki/Fiat_money

NOTICE: that definition is from the MISES FRICKIN' WIKI :)

The authors of the MISES FRICKIN WIKI says that the discussion of fiat within the confines of MISES discussions refers to INTRINSIC USELESSNESS and that the govt decree part is just a historical curiosity that is not relevant to the discussion.

When in the world of Mises the term "fiat" refers to "INTRINSIC USELESSNESS OTHER THAN USE AS A PAYMENT AND STORABLE OBJECT" (which could not more perfectly describe bitcoin!).

Stick that in your subjective/objective pipe and smoke it. :)

.
~wobbles but doesn't fall down~

Upvoted you

Up-voted you for the dictionary plus insightful comment on arguing over words. Personally, I think bitcoin falls under def. 3, but then we could argue over the dictionary definition of 'decree' and argue on. What should be thought about is the 'spirit' or intention of words used. As I've quoted Mises before from HA:

"no good can be employed for the function of a medium of exchange which at the very beginning of its use for this purpose did not have exchange value on account of other employments. And all these statements implied in the regression theorem are enounced apodictically as implied in the apriorism of praxeology. It must happen this way. Nobody can ever succeed in constructing a hypothetical case in which things were to occur in a different way."

Certainly no 'authority', ie, government 'decreed' bitcoin be money so you could argue it's not fiat. But the spirit of the word fiat, and decree, and Mises' comment above is that 'people' can't just arbitrarily decide to make something money and have it work. I recall a similar example from an LvMI lecture years ago where a group of people in a commune or something couldn't arbitrarily choose something to be money and have that work out.

Think about Mises' statement carefully -- did bitcoin have exchange value outside of it's employment as a medium of exchange? I've seen arguments that bitcoin does have intrinsic value but IMO they are a huge stretch. I've also seen arguments that bitcoin -> money wouldn't violate the regression theorem but I think the quote above is pretty cut and dry.

There's a lot more to this than a snippet from Human Action. The regression theorem involves some deep thinking (ie, why is the quote above true), as does the 'enounced apodictically as implied in the apriorism of praxeology' comment (ie, why are Austrians usually right).

It's funny...

How people around here down vote a Mises quote. I mean I copied from Human Action, is it my fault that it says what it says?

Lately I really wonder why I even bother with this website anymore.

;-)

It's funny...

How people around here down vote facts. I mean I copied from the damn dictionary, is it my fault that it says what it says?

Lately I really wonder why I even bother with this website anymore.

I think

The DP has cronic downvoters.

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

Look at the data, decide for yourselves.

Does $40-50 per BTC look like a bubble?

http://i.imgur.com/NT1rU7Y.png

I have a question about that image.

How does anyone know how many bitcoin users there are? You can create as many wallets as you want.

Yes.

Yes.

Andrew Napolitano for President 2016!
http://andrewnapolitano.com/index

"Patriotism should come from loving thy neighbor, not from worshiping Graven images." - ironman77

Looks like a good speculative opportunity.

Ride the waves of any bubble (excess). The Bitcoin has not yet hit the "shoe shine boy recommended" level of the 1920's. In modern terms, when your pizza delivery boy recommends that you buy bit coins, that's the time to exit (as Joe Kennedy) or even short (as Bernard Baruch) the market. That is when great fortunes are transferred.

bitcoin plummeting...

down to $36 from $48 in like an hour with a relatively small spike in volume (selloff)

http://bitcoincharts.com/charts/mtgoxUSD#rg360zczsg2011-05-3...

.
~wobbles but doesn't fall down~

How do you read that chart? Which are you looking at?

.all I see is condensed lines that can hardly be differentiated

TAKE THIS!!!

THE PETER SCHIFF SHOW:

https://www.youtube.com/watch?feature=player_detailpage&v=t1...

TOM WOODS!

http://www.bitcoinmoney.com/post/44886495299/audio-erik-voor...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Adam Kokesh's take

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

Although I oppose digital

Although I oppose digital money and believe bit coin is a scam, I think Adam argued well for understanding money when he discussed perception and value, particularly when value is based on what is external to the individuals proposing trading with each other.

Recognizing this relationship -- a worth of a thing for self based on people's worth of that thing -- is helpful in understanding money because it, this relationship, can be harmful or beneficial. Most times, however, it is harmful. Here's why.

In the instances this relationship is harmful, it is a wedge, if you will, a wedge in that its use by persons A and B is because someone inserted it between them; this currency didn't come from persons A and B, it came from outside them and its worth depends on all its users. This dependence invites people to speculate on it, that is, to buy and sell it, which can create huge swings of its worth, resulting in eviscerating or growing wealth exponentially over night, which is how today's currencies operate, isn't it? Perhaps needless to say, wealth creation or destruction from this means doesn't come from honest work.

People involved in speculation, which occurs in consolidation and necessitates ownership of two or more currencies, succeed necessarily at the expense of others. Both kinds of persons, the speculator and the person who doesn't put his mind to evaluating money's value except when he prepares himself to trade (which means its value is applied from something besides him and who he'd transact with), must spend their lives thinking about money. But again, the latter person isn't living to his money, isn't a slave to his money, a slave being what the speculator is to his money; rather he, the latter person, is living his life. So, in an environment speculation is in, the latter person loses. He loses his money and what his money is attached to, what he owns. All along, "his" money belonged and belongs to everyone who uses that currency, evidence that the money scheme, or structure, doesn't derive from individuals applying their values to what they'd trade but, simply, that they're part of a pyramid (scheme), a construct that is (external) control.

Be aware the two monetary schemes: collectivist (whose result, good or bad, is based on how it functions) and individualist. There's a world of difference between them.

School's fine. Just don't let it get in the way of thinking. -Me

Study nature, not books. -Walton F. Dutton

dump them here

Please dump you coins to this address:

1LEjkKx3yuAf74XoNEdofPfjYLkTtey8sK

I will take them off of your hands.

Let's have a look at what is going on here

We have a guy a Mr. Chris Duane from The Silver Shield, Who has developed a Cult. Think of them like his heard. Well some members of his heard have come to see that one of the objectives of the heard and one of the fundemental principles behind the cult can be achieved by using Bitcoins. That principle being walking away from an evil system. Some members are starting to see that using Bitcoins instead of dollars actually bypasses the Federal Reserve system, It actually diminishes the power of central banks and works to end the debt and death power structure. See, The members who realize this have come to see that they can still hold on their ideas about Gold and Silver but fundamentally what eventually needs to happen is for them to stop using dollars. Well Bitcoins is a great way to do this. However This is a big no no for Chris. He can't have his Cult thinking such things. See he profits dearly from his heard. He sells them his Medallions and shirts and posters and so forth raking in profits for him. If His heard start buying some Bitcoins instead of some of his Medallions well, there goes some of his profit. Chris can't have this so he puts out a fear mongering propaganda campaign against his competition. Nevermind that it works to undermine the power the elitist posses and which he rallied against and built his brand on that opposition. Nevermind that... What's important to Chris is that he keep his heard in check so he can continue to Milk them for whatever they got.

Don't be a sheep People. Don't be part of some collective heard following your Shepard and all he says. Come out from the Cult like trance you people have been put into and think for your selves.

Do you support the evil FIAT dollar system or do you want to work to end it? Do you support Liberty or do you support the Tyrants that look to undermine our freedom? It comes down to that simple Question. No one is saying to not buy Gold and Silver. No one is saying that Bitcoins is the end all be all. What people are trying to tell you is that if you really want to walk away from the system, if you really want to strike a blow to the bankers, STOP USING DOLLARS! If you want to use Gold, silver, peanuts, shells, or Bitcoins that's up to you but for Liberty sake stop using Freaking Dollars.

In my opinion Bitcoins is definitely a great way to transact and a viable currency. Maybe you don't share this opinion and thats fine but don't get on your soap Box and start knocking people who are actually working to end the Fed by using some alternative currency while your sorry butt is over there making love to Ben Bernanke and his FRN's. Stop being that Hypocrite bastard.

Peace
:)

Dump them before the power

Dump them before the power goes out and your totally screwed.

LOL!!!

LOL!!!

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Watch a bitcoin

get born:
https://www.youtube.com/watch?v=O59A3lMogSo

watch The Panda/NAFTA Connection
tonight @ 9:00, 8 central

Buenos Dias!!

The real price of Bit Coins...

http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin...

Enjoy... (Don't forget to get ahead of the crowd within Austrian Economics; read the Austrian Text on Bitcoins Below by Peter Surda)

(((45.001 9:36 AM)))

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees