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Bitcoin Fails (to Fail)

The underground economy discovers its currency of choice as Bitcoin fails to collapse despite all warnings from doom sayers and attempts by governments to shut it down or otherwise terrorize...

Following our last primer on the digital currency, prices have somewhat stabilized (despite the ongoing efforts of TPTB to regulate it out of existence). The following infographic provides a step-by-step illustration of how a bitcoin transaction occurs.

With the forces of market elasticity and government attacks driving the price of a bitcoin unit down from $175 or so, I expected to see a drop down to around $80. It never got near that kind of low. And this while providing the emerging digital economy 2.0 with real-time lessons in attacks upon itself and how to dodge, thrust, or parry them...

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Chris Indeedski!

Daily Paul cured my abibliophobia.

ecorob's picture

Bitcoin is a distraction...

ignore it and focus on what is important.

its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
9/11 Truth.

I was just thinking that... in other news:

what ELSE happened today???

Chris Indeedski!

Daily Paul cured my abibliophobia.

Bump for bitcoin


Chris Indeedski!

Daily Paul cured my abibliophobia.

Yes, bump for bitcoin indeed!

Yes, bump for bitcoin indeed! - ~ Learn more about bitcoin/litecoin, and how they relate to the liberty movement.

You don't know what yore talking about...


Chris Indeedski!

Daily Paul cured my abibliophobia.

How stable was bitcoin today?

As opposed to, say, every major paper store of wealth?

Chris Indeedski!

Daily Paul cured my abibliophobia.

Trading around $134 (usd) right now...

As opposed to 0.

Chris Indeedski!

Daily Paul cured my abibliophobia.

Perhaps the biggest argument against bitcoin is this idea of...

bitcoin not having intrinsic value. What that is actually saying is 'what is bitcoin but a string of letters and numbers which don't have any value in and of themselves?' When the fact is that the particular strings of letters and numbers have value due from and only from perceived value by other people who show themselves inclined to own bitcoins in the future, whatever and whenever that and then is(are).

hence the difficulty in talking about intrinsic value.

But a gold watch is really not much different. Whether used as decoration or as a fishing weight a gold watch only has value as a projection of the human mind and the value as such in the object itself or someone, anyone else's perceived value of the object.

Chris Indeedski!

Daily Paul cured my abibliophobia.

I price commodities in silver or gold not promissory notes.

Seems to be settling in around 2.5g AU per Bitcoin.

What is the price of a peer-peer, re-usable, global transaction, today?

What is the cost of a government-banker enabled, one time, global transaction, today? Tax liabilities created are part of final cost.

Part of the 'value' of gold or silver is that they have a three thousand year history of fairly constant purchasing power.

Bitcoin has very little history. Instantaneous private, global transactions are a brand new possibility.

What is a bitcoin worth? If anything, the market will tend to discover a fair price.

Free includes debt-free!

Safe to say it hasn't fallen below $100 gold equivalent...

during that same time (though gold is off a bit after regaining its record losses a few days back)

Chris Indeedski!

Daily Paul cured my abibliophobia.

Bitcoin fails to go below $100...

or did it?

Chris Indeedski!

Daily Paul cured my abibliophobia.