-15 votes

Bitcoin Is *Over*

Kokesh is dissing bitcoin's insecurity in favor of litecoin. Silk Road is "closed to the public". The founder of Mt. Gox says bitcoin is too volatile and is sinking his money into Ripple. Various others bemoan bitcoin's lack of true anonymity. Canadian banks are closing accounts of people who've transacted in bitcoin.

There is no justification to speculate on bitcoin anymore. Bitcoin is currently sinking below $100 sans excuses from Mt. Gox about DDoS attacks or too many new people signing up.

Game over. The next generations will speak of bitcoin like we speak of tulip bubbles... :>

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News of its demise has been greatly exaggerated..

to wit:

Ben Swann: Is BitCoin Real Capitalism? YES: It's One of the Best Examples of REAL Capitalism; Econ Democracy in Action!

Ben Swann: Is Bitcoin Real Capitalism?

http://youtu.be/adrh83IHp6s
Ben Swann
Published on Oct 29, 2013

Media doesn't talk about Bitcoin very often. When they do, it tends to be negative. Love it or hate it, is Bitcoin one of the few remaining examples of true capitalism?

Predictions in due Time...
http://www.youtube.com/watch?v=zGDisyWkIBM

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul

Old thread, old news, death greatly exaggerated

"The last week has seen dramatic upwards price action in the bitcoin markets, driven by a series of macro and micro events across the globe. The fallout from Silk Road’s closure turned out to be but a blip in bitcoin’s price history, with significant gains since then. Turmoil in global financial markets and recent news of leading global websites accepting bitcoin may have bolstered enthusiasm for digital currency, but most interesting may be CNY’s definitive recent price leadership."

http://www.zerohedge.com/news/2013-10-19/bitcoin-climbs-high...

"The price of Bitcoin is climbing as fast as Sandra Bullock’s post-Gravity reputation. It’s up to $200 – $219 USD on major Bitcoin exchanges, hitting highs it hasn’t seen since the spring. What’s driving the price up? I spoke with a few experts and analysts in the field for their takes…"

http://www.forbes.com/sites/kashmirhill/2013/10/23/five-poss...

"After the feds seized and shuttered Silk Road, an online marketplace for illegal drugs, earlier this month, some technology experts started sounding the death knell for Bitcoin, Silk Road's international currency of choice. Instead, we may soon see Bitcoin's real value."

http://news.nationalgeographic.com/news/2013/10/131014-bitco...

bitcoin is far from over

Of course a brand new type of "money" system is going to have some volatility. DUH. But much of its volatility is not because of bitcoin itself. Unless you are barnacle stuck to the underside of a ship, you should be aware that the central banks of the world have been increasing money supply and causing artificial bubbles all over the place. There are going to be ripple effects in every direction. Not to mention, govs of the world I am sure are doing what they can to cause volatility in systems that could remove power from them. Even gold and silver, have seen some unpredictable awkward trends lately. If you haven't noticed precious metals took a dip. Compared to their trajectory over the last hundred years, I'd say their swings have been usual. This is what central banks do.....

If you aren't an idiot, you should be diversifying....The more competing currencies the better. We aren't going to see a stable alternative for at least a decade. Stop looking at monies as safe harbor or investments. Look to where REAL value is.Look at growing industries, technologies, developing countries etc. Have some precious metals of course, but keep a little bitcoin and other currencies to. Don't put all your eggs into 1 basket. Including precious metals, because you never know when this tyrannical gov may come to confiscate it. Given the current trends of our gov, that is just as likely as any kind of monetary crash.

We are all going to get hit, and get hit hard. We'll likely take some kind of loss. How much a loss is up to you and how you diversify. Diversifying, sure could spread you thin here and now and lower your overall buying power. But that also prevents you from losing everything when the likely crash happens.

If you don't hold it...

you don't own it. I'm all for competing currencies but I am suspect of anything that I can't actually hold. I think it is just the same as the fiat money we are dealing with now. Just my $0.02 or whatever percentage of a bitcoin that is.

You can hold it..

Just put your wallet on a USB key, CD, or print it out on a piece of paper.

And it's not the same as a pure fiat currency being created out of nothing. Work is being done to produce unique and scarce products. Those products have some inherent value just as gold or diamonds do. Just because the product is digital rather than material is simply the state of the commodity.

pursuant to the fractional coinage act of 1878...

$.02 works out to be 450 milligrams of silver.

Or 480 mg on the classical 1792 standard.

Currently about three tenths Fe'ral Reserve Digit.

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What if

his 2 cents are pre 1982? :)

It reminded me of

the HYIP scam that went down a couple years ago. Goldenrocks anyone?

"If this mischievous financial policy [greenbacks], which has its origin in North America, should become endurated down to a fixture, then that government will furnish its own money without cost. It will pay off its debts and be without debts. It will hav

I see all these 'coins' the

I see all these 'coins' the same as Dr. Paul.

"if I can't put it in my pocket, I have some reservations about that."

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

Dr. Paul is excited about Bitcoin as well

It's not going to win him over gold ever, but he's not only just for gold but for competing currencies.

Bitcoin is part of the equation and the best example of agorism I've ever seen.

And you can put it in your pocket via an offline wallet loaded onto your USB key or print it out. Talk about secure/portable!

If you print it out you can

If you print it out you can put it in your pocket. In fact offline wallets are the most secure way to store bitcoins.

Litecoin is cool. Zerocoin

Litecoin is cool. Zerocoin which could make Bitcoin anonymous is cool. Opencoin/Ripple is cool.

Ripple is just Mt Gox's way of cashing in more. And it's not new, it's been around since 2004.

Check out http://ronpaulforums.com for activism and news.

I'm not surprised about Bitcoin 1.0 implementation problems

I'm waiting for a later improved release, or a better competitor, before I use it.
I think it can be improved enough to make it useful as an anonymous currency.
I doubt that it will ever be money, for those that care about such distinctions.

What I don't understand is...

What I don't understand is why you are cheering for a pseudo-anonymous, un-hackable, un-siezable, un-counterfeitable, un-inflatable, free-market currency to fail.

It's almost like you WANT the central banksters to win...

No, its because bitcoin is the ultimate fiat currency

And if it ever takes off, God Help us all! It will be manipulated more than anything we've ever seen considering there is absolutely nothing backing it it and people can generate it electronically at will.

You don't think the banksters would love to have servers churning out bitcoins???

I don't think you really understand

what bitcoin is and its advantages. www.bitcoin.org

Fiat?

fi·at
[fee-aht, -at; fahy-uht, -at] Show IPA
noun
1.
an authoritative decree, sanction, or order: a royal fiat. Synonyms: authorization, directive, ruling, mandate, diktat, ukase.

Bitcoin is decentralized. It is the antithesis of a fiat currency.

"You don't think the banksters would love to have servers churning out bitcoins???"

I have no doubt they would. I am equally sure they would love to have servers churning out gold. Fortunately, both are impossible.

C_T_CZ's picture

I don't think this is correct...

Among the strengths of bitcoin is the inability of external manipulation. It can not be generated at will. Banksters can not have servers churning out bitcoins. Bitcoin has no centralized control.

Bitcoin may fail or not, but from my understanding what you wrote is incorrect.

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"ultimate fiat currency"

Fiat currency is a currency that is given value by fiat...aka by command/edict/decree/etc...

Since bitcoin is not given value by fiat, i don't think it is the ultimate fiat currency.

It could be said that bitcoin was the antithesis of a fiat currency because its value was determined by the parties transacting in it, on a case by case basis. No central third party authority determined its value by way of legislation, regulation, or other kinds of fiat.

:)

Need to be right?

Or could it be that he has taken the position that bitcoin is 'bad', or inherently flawed? The need to be right is a very powerful force in the human psyche... Perhaps the wish is more for it's demise, rather than a win for the banksters...

LOL the banksters and

LOL the banksters and statists wish! Anyone who values bitcoin in the amount of FRN's it can be traded for does not get it. Gee we have a long history of what happens to goods or services when outlawed... They flourish and become more valuable... Let them lock bitcoin out of the system and watch what happens...

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Why are...

bitcoiners so quiet when the value in FRNs is going down and so noisy and ecstatic when the value in FRNs is going up? Perhaps because they value bitcoin according to how many FRNs they can exchange bitcoins for?

Also, many libertarians (non-Banksters and non-statists) are skeptical of bitcoins. Ron Paul is one of them (and me too)...

.
~wobbles but doesn't fall down~

The exchange rate has nothing to do with

The exchange rate has nothing to do with wanting to get back into FRNs at a profit, and EVERYTHING to do with the increasing purchasing power of the Bitcoins they already hold.

Everyone knows a Starbucks coffee costs $3, and that a movie ticket costs $10. While the value of bitcoin changes during it's adoption period, people can't automatically answer the question, "how many bitcoins for a gallon of milk?" like they can with dollars.

The bitcoin economy needs to grow a lot more before it reaches the stability needed to be able to peg prices to non-arbitrary or fiat-converted prices.

That may well be

There's room for competition and something else might gain traction.

But I'm not discounting bitcoin for being vulnerable to fluctuations when participation is so low and the MSM put in a purposeful effort to get it to fluctuate. It won't be as vulnerable to that kind of push if it ever gains more traction. It's just a matter of if it can after that media push.

Defend Liberty!

My point...

in the my post is that many prominent persons, including well-known bitcoin proponents and even founders, are coming out questioning bitcoin and its viability.

.
~wobbles but doesn't fall down~

the Gox co-founder

The Gox co-founder is doing what entrepenuers always do.

Try to start the next-big-thing. The challenge with getting Gox running as a currency exchange is over, and he's looking for something new.

So he's created a "currency" that is nothing like Bitcoin (centralized, non-finite, controlable) and playing it off like it's an enhancement to bitcoin, in hopes that he can dupe people who know nothing about what's under Bitcoin's hood, but have heard about digital currencies are "the thing" into buying into his system.

Did it work?

If I had a Bitcoin for how

If I had a Bitcoin for how many times I've heard Bitcoin was "over" during the last 4 years. Funny how some "Libertarians" can't wait to see it (and other cryptocurrencies) "die" when its one of the most threatening things to the current banking system that has ever been created.

Holding Silver and gold are great, but it doesn't threaten banks one bit just another part of their game. Yes they have been "money" for thousands of years, humanity has also been enslaved by bankers for the same amount of time. Coincidence? No.

Waxing hyperbolic, eh?

Please explain how bitcoin threatens banks in any way. Banks and bank employees can buy bitcoins and game the bitcoin markets. The Banksters are masters of scheming economic assets. It's what they do.

.
~wobbles but doesn't fall down~

valuing bitcoins in how many

valuing bitcoins in how many FRN's you can trade them for is just silly...

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!