-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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The quicker bitcoins rise in value...

the less valuable and viable I view them. :)

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~wobbles but doesn't fall down~

Banks and bank employees can

Banks and bank employees can buy gold and silver too, are you suggesting that precious metals are dying because the banks can buy them? This is a silly post, imo. Everytime Bitcoin drops you bitcoin haters with no life come around to anger people who like it. Go get a life and stop wasting your time.

JP Morgan is widely recognized...

as being a major player in manipulating the price of metals through both paper stock and moving large amounts of physical in and out of markets. So, yes... :)

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~wobbles but doesn't fall down~

Then what do you invest in?

Then what do you invest in? Trolling?

Is trolling profitable? :p

Where can troll stocks be acquired?

I invest in metals, dollars sometimes, self-reliance materials, etc.. :)

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~wobbles but doesn't fall down~

You said in your own post

You said in your own post that banks were cutting ties with exchanges.

These exchanges rake in alot of money to the banks, why cut ties if its not a threat? Hmm?

I asked "how'...

Speculating that a banks actions is an indirect indication of harm is not "how". Please proffer an explanatory model. :)

You said that banks are making a lot of money off of bitcoin. Making money is harm?

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~wobbles but doesn't fall down~

I've seen this type of thread somewhere before...

Oh, yeah! I remember!

"Gold collapsed! Gold dropped hundreds of dollars! The gold bugs are wrong! Greedy gold speculators lost money like they deserved! hahahaha poopoo pants!"

Weebles seriously you are the Bitcoin equivalent of the fiat lovers who mock the sound money advocates. Bitcoin is not *over. Silk Road is functioning and continuing to push the boundaries of anarchism.

Grow up. It is not a competition between gold, silver, and Bitcoin. I don't get why you are gleefully rooting against the anarcho-capitalist pioneers.

Flinging...

the straw man, "If you hate bitcoin you are a fiat lover" doesn't cover for bitcoins defects. No matter how much you wish it did...

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~wobbles but doesn't fall down~

No that is not what I said.

I said you are "Bitcoin equivalent of the fiat lovers who mock the sound money advocates." This is no way implies that you are a lover of fiat, but that you mock Bitcoin in the same way that they mock gold and silver. I was comparing the attitude.

You are correct that there are "defects" with bitcoins. No shit. There are also problems with gold and silver. Many of their problems overlap. This does not mean both or either are illegitimate. As I have stated before, and so have many others, bitcoins are a supplement to gold and silver.

Weebles you have a dishonest streak in you when it comes to debating. It seems to me that your aversion to crypto-currency is more rooted in emotion than logic.

I don't consider...

pointing out real life market dynamics, defects and offering analysis as "mocking". Bitcoin has serious security, anonymity and volatility issues that are hindering it's ability to function not only as a currency but merely as a speculative holding.

Also, did you imply that bitcoin is sound money?

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~wobbles but doesn't fall down~

What security issues does

What security issues does Bitcion have? Also what anonymity issues does Bitcoin have? you can be as anonymous as you want it to be.

"Look this 4 year old currency that is just hitting the mainstream is Volitile!" No way!

Read up on Litecoin...

Litecoin was created to "fix" some of bitcoins security issues. Kokesh did a recent video on the topic.

Also, bitcoins are NOT anonymous and the bitcoin software developers state so openly...

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~wobbles but doesn't fall down~

Here is an article by a

Here is an article by a famous "hacker" that couldn't hack bitcoin.

http://www.businessinsider.com/dan-kaminsky-highlights-flaws...

Yes bitcoin has some flaws but it will be worked out.

Bitcoin is Pseudoanonymous . like I said it can be as anonymous as you want it to be. Its just numbers going back and forth. If you tie your bitcoin address to a real world identity (pasting it on the daily paul forums) you aren't going to be anonymous.

I know all about Litecoin and have never seen anything concrete weather it is more secure or not. IMO Kokesh is just trying to pump it to make some $$. I own both Bitcoins and Litecoins and others.

This post is not an analysis of real life market dynamics

Nice spin on that one. lol. You are gloating.

Not everyone using bitcoins is speculating. You can try to downplay the market all you want to, but bitcoins have an undeniable useful function on Silk Road and other potential black markets. No one has successfully hacked bitcoin yets.

Guess what, gold has security issues as well. How secure is your house? When you travel with gold and silver, are you armed at all times? What is stopping an ambitious thief/robber from testing the holes in your security?

It is all relative.

Not sure what you and the government are worried about?

http://pricedingold.com/bitcoin/

Competing currencies are a good thing.

Free includes debt-free!

The only "worry" I harbor...

is for the majority who will lose the value of their holdings. And even with that I'm not "worried". The educational result will benefit them in the long run. :)

Bitcoin competing as a currency?? Where? Very little commerce has ever occurred with bitcoin and the vast majority of bitcoins are and always have been accumulated as a speculative holding. Nothing more and nothing less...

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~wobbles but doesn't fall down~

Kreuzberg Germany

http://www.lewrockwell.com/blog/lewrw/archives/136839.html

http://www.lewrockwell.com/blog/lewrw/archives/136933.html

Contracts provide a framework for exchanging goods and services.

Food, Gold are goods exchanges for a service, for example.

$FRN are a service accounting for current value. Our money supply, however, represents a debt owed. An amount nearing $17 trillion dollars that creditors someday expect returned.

A bitcoin also represents a service but is not an accounting of debts exchanged.

Gloabal, pseudonymous accounting, peer-to-peer is a service. Under what condition would it have no value?

A Wells Fargo money order is $o.59 at Kroger. Is this the real value of the service? If both parties, Krogers and Wells Fargo are Federal Reserve members then Congress is subsidizing them by putting us people deeper in debt.

It doesn't make any difference if a bitcoin = One $FRN or a million dollars to the user.

Just buy what your need to make the exchange. A few or a lot.

If bitcoin becomes too profitable, competitors who can offer the same service profitably will try.

The market will choose the cheapest and least volatile. People are cheapskates looking for a deal; First rule of the market. People seek to reduce the risks of exchange.

Free includes debt-free!

Bitcoin could easily and quickly...

become a service nobody wants. Akin to nobody wanting wagon wheel repair service...

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~wobbles but doesn't fall down~

I have a US Copper Penney, I bet that bitcoin outlasts $FRN.

How would you pay when the time comes? ;-)

Free includes debt-free!

Hmm Silk Road did 22 million

Hmm Silk Road did 22 million dollars of sales last year, probably will triple that this year. Bitcoin store did about $500,000 worth of sales in March. Bitpay has about 6000 merchants that use their service and did a few million in sales also in March.

I can buy just about anything I want online with Bitcoins with very low fees from anywhere in the world. Try that with your gold and silver.

Disclaimer: I own gold and silver, but its not a very good currency especially in this global commerce system we have.

I can buy just about anything

I can buy just about anything I want online with Bitcoins with very low fees from anywhere in the world. Try that with your gold and silver.

That's the good part of crypto-currencies but I don't think I would trust it as a store of value.

Disclaimer: I own gold and silver, but its not a very good currency especially in this global commerce system we have.

Agreed, use physical precious metals to store your wealth, use crypto-currencies to trade.

Have you been following...

recent news items about Silk Road? It is down on its knees begging for help from law enforcement (haha). And Silk Road is currently "closed to the public".

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~wobbles but doesn't fall down~

The silk road isn't begging

The silk road isn't begging for help from law enforcement. That was a lie.

http://www.reddit.com/r/Bitcoin/comments/1dfkhw/silk_road_be...

Max Keiser stopped gloating over being a bitcoin millionaire

Gee, Max Keiser has stopped gloating over being a bitcoin millionaire, even though he [currently, as of noon EST 5/2/2013] is one.

I still think the brutish takedown we witnessed a few weeks ago was Lloyd & Jamie f***ing with bitcoin in order to bring it to zero and make Keiser a pauper. I mean, with Keiser campaigning to "Crash JP Morgan" for years, and urging Americans to guillotin Blankfein on his show every week, its sure they have it out for him.

And as Billy Ray Valentine said in TRADING PLACES, "Seems to me the best way to hurt rich people is to make em poor people."

And who's got the skills and clout to do that? Why, DUKE & DUKE (Lloyd Duke and Jamie Duke).

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

I don't think...

Max was ever serious about bitcoin as a future dominant currency. His game is to find ways to hurt the Banksters. Do you know how much Keiser invested and how early? At any rate, Keiser is a wealthy man with or without bitcoin. He made his fortune during the golden days of Wall Street in the 90's and has been investing in metals ever since.

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~wobbles but doesn't fall down~

My point is, the banksters found a way to hurt him back

My point is, the banksters found a way to hurt him back. And while I like everything Bitcoin COULD BE as a medium of exchange, my big problem with Bitcoin is its speculative nature. All I hear is VALUE, price swings, sales and exchanges, and only an occasional reference to a new merchant accepting them.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

Actually

Max Keiser thinks we're heading for a global gold/Bitcoin currency standard. Watch the video below starting at about 2:30


http://youtu.be/Z3cQhPBPl6w