11 votes

2014 will be HUGE for Bitcoin!

Hey guys,

Guess who is the newest class of Millionaires?

Anarchists and Libertarians!

What an Amazing feeling and I'm glad all of you are along for the ride.

Bitcoin is a revolutionary Technology that enhances our Freedom and undermines the current corrupt FIAT system significantly.

I think many have mistakenly thought of it as a currency but it's much more than that. It's a disruptive Technology that could render the need for government entirely obsolete.

Bitcoin is just a protocol and the things that can be built on top of that protocol allow for some incredible things. Things such as Contracts law, endowments, smart property, title transfers, and tons of other implementations.

What I'm trying to get accross is that We're not even out of the beginning stages of Bitcoins growth. What is about to occur in 2014 is going to be remarkable.

There are numerous Start-ups world wide that have been quietly in the works that are about to launch using the Bitcoin protocol. This is the infrastructure that is going to take this to full scale adoption. This is the infrastructure that is going to have your Grandmother using Bitcoins and it's about to all go down.

I can see 5k-10k Bitcoin by next year and depending on how Governments react 100k within 5 years. This is going to be an earth shattering paradigm changing Technology that has the potential to free Humanity from the Central banker Death Grip.

The nations that have the mos to gain such as Argentina and Sudan who recently stole 30% of their citizens savings by devaluing their currency will be the first to adopt it. Naturally, The American Empire has the most to loose from Bitcoin so expect a big struggle. Ultimately given the speed at which Bitcoin is growing, it will be impossible to stop.

The cat is out of the bag, Humanity like a tree growing through a crack in the concrete wants to thrive and break free from an oppressive central banking monopoly. This is our crack and our chance to liberate ourselves from FIAT hell.

It's still early, Don't miss out.


http://youtu.be/KFeB7dbvsDo

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4 types of Bitcoin People

1. Guy who buys low and sells at or near the peak----CHA-CHING!!
2. Guy who buys from guy #1----WHAT'S THAT WELFARE NUMBER?
3. Guy who stays out but is jealous because he could have been guy #1
4. Guy who stays out and is relieved he didn't end up like #2

I say be careful.

I really wish I would have made that 10K investment in bitcoin when it was 10 dollars like i was contemplating. Having said that, I still don’t recommend anything that I don’t trust, fully understand and can’t easily find a liquid market to trade.

I think that the a new bubble is going to be like nothing we've seen before with these new inventions and will make bubbles of the past look like a burp.

If you have money to play with and wouldn't be hurt if you lost it all, then perhaps Bitcoin and such things like it could provide a profit or security.

The competing currency person in me says this is a good thing. The conspiracy side of me says this is another get rich quick scheme and another bubble.

Not to mention a strong move towards a cashless society.

I must look at the very distinct possibility that these new virtual currencies currencies could be used to capture enormous amounts of wealth if they crash and burn. Perhaps we will need an IMF approved global currency to save us all? Perhaps after capturing everyones dollars through inflation, taxes, haircuts, stock market corrections etc... they hold onto dollars, make them scarce again, crash virtual currencies, win a war or two and the dollar becomes strong again?

We can play this game till were crazy. It's really hard to almost pay the same amount of money for a bitcoin as an ounce of gold.

I'm still slightly aggitated that I missed my home run with bitcoin below 10.

Below $10?

You should have missed the one my son and I did. He had $500 planned for bitcoin at $0.009 or was it $0.0009 I can't remember now. Either way, it would be huge today. In hindsight, I can't believe the fear of losing such a really small "investment" kept us (him) from doing it.

I agree!

It was penny stock gamble that hit big. As for it's future, that's another discussion.

Bitcoin won't be widely accepted until it stabalizes

who wants a currency that you don't know if it will buy that same thing tomorrow as it bought today? Could buy more, could buy less, who the hell knows?

All new currencies that have ever been created were pegged to gold and silver at their beginning. And stayed pegged until the bankster deceived the masses to accept paper claims to the real deal.

Ok, so there is no way to just print out a pile of bitcoins. That's great! But it is pegged to nothing and there is no way to determine it's value at any moment in time. It jumps up and down. Can I buy the same dinner tomorrow as I did today with the same amount of Bitcoins? Doubtful in the current state.

The US dollar was defined as 1 ounce of silver and 20 dollars was defined as 1 ounce of gold. Fixed, and therefore was widely accepted. No volatility. Crytocurrencies have to do the same thing. I don't see any way around it. History shows this to be the way a currency can be successfully introduced and accepted.

I think denominating Bitcoins in dollars or any other fiat currency will keep it volatile and thus an unacceptable alternative. It must maintain its value to real stuff to be acceptable.

True, but....

Sure, its acceptance is in large part based on its volatility but I don't agree that pegging it to a commodity is a good thing. Its utility is such that a physical commodity backing it up would be a detriment. What's to stop the commodity from being manipulated? If so, you get the same currency problems you get with fiat money.

I think it's backing comes from its wide acceptance as being incorruptible and its process/infrastructure owned by the people. In other words, TPTB can't manipulate it as shown by the FBI not being able to take ownership of the $600k worth they "confiscated" from the Silk Road guy.

If it comes down to trusting the people vs trusting the banks, given their track record, I'll take the people ANY DAY.

Looking forward to many more

Looking forward to many more locations with Bitcoin ATMs.

Put your own in

As I recall, the machine cost $20k up front and they earned that back in the first 8 days of transaction fees.

Although that's not counting whatever regulatory red tape is involved where you decide (choose???) to place it.

Only locations I know of are

Only locations I know of are outside the US.

Bitcoin and Gold comparison

Many people call bitcoin a fiat currency. Since it's not decreed by an authority, it doesn't qualify. But then they say its just decreed by the masses without any physical backing. When asked for a better solution, they offer precious metals.

This is the wrong type of example. Gold, and the other metals, don't have any different backing than bitcoin. One could say that metals are useful for other purposes but that's not a difference, its a similarity. Just as a small percentage of physical metals is used in physical industry, a small percentage of digital bitcoin is used in the digital finance industry to facilitate otherwise problematic transactions. However, precious metal industrial use has peaked long ago, leaving the ratio of need to currency essentially flat. These days, as new gold is mined, that same ratio holds for industry and investment.

Bitcoin has these same features but it isn't limited in any way. Unlike gold's industrial usage, using bitcoin does not diminish its supply. In other words, they don't compete. They actually support each other. The more uses people have for it, the more value they place in it, which then leads to more uses. The limits to that adoption rate may be a point of lots of contention but they technically do not exist.

Another argument that people incorrectly use to compare bitcoin to gold is that "people have supported gold for thousands of years; it's trusted; and it holds its value." First off, this is technically false. Certain people have supported gold while the poor have, by and large, rarely even seen one coin in their lifetimes. Certainly, this doesn't mean they couldn't but the denominations would have to be so small they might miss it. Gold, also isn't fully trusted. Sure, people mostly believe its value can't go to zero, but they also mostly believe that by manipulating its price via paper derivatives, it can be dropped enough for them to lose their shirt.

With bitcoin, we should really look at its history on the digital timeline, not the physical world's. In doing so, it's not far from gold's track record.

Gold has been known of since 4,000 BC and used only periodically as adornments. It's infancy as money began around 600 BC, mixed or even diluted with other metal coins. As money, it became popular later, around 200 BC, still mixed. Most people remember its isolated popularity coming from around 1000-1400 AD - when the majority of wealth began being stored in it. It is still feared of being diluted by tungsten or other counterfeiting measures.

Comparing Bitcoin and crptos in general... It's been known about since around 1983. Its infancy was 1997, mixed with other crypto-currencies. It was later isolated in 2009, and while still mixed in the market with others, it cannot be counterfeited by itself. In 2012, it became popular and in 2013, it blossomed into numerous alternate areas of finance. It was only falsly and briefly feared of being diluted or counterfeited.

In other words, if we look at the digital world as 200 times as fast as the physical world (popular comparisons range from slightly lower to many times faster), then bitcoin is currently in the equivalent of gold's 1800's. (I sure hope this doesn't mean a Fed takeover battle soon!)

So overall, the characteristic comparison of bitcoin to gold is rather similar except that bitcoin is not limited like gold is. It is a game-changing, paradigm shifting new tech money that finally offers every person the choice to opt out of fiat and fractional reserve corruption. And while sure, its still early in the game, digital time is moving faster every day.

Whether by BitCoin or ---Coin

Whether by BitCoin or whichever crypto-currency emerges as:

  1. The most secure
  2. Adopts DarkWallet Anonymity
  3. Utilizes the tangible QR code Gold Silver weighting

We shall END the FED by Ignoring the FED.

It will be a beautiful day when the headlines scream:
"Crypto-Currencies Process More Transactions than USD"

I just wish I had more to

I just wish I had more to invest.

End The Fed!
BTC: 1A3JAJwLVG2pz8GLfdgWhcePMtc3ozgWtz

Bitcoin Pyramid scheme

I've always seen bitcoin as a bit of a Pyramid scheme, if you got it early on, you made huge profits if you entered the game late you gain next to nothing, especially since the rate which bitcoins are generated is diminishing.

Now if you own a lot of bitcoin the logical thing would be to hype it, I'm not saying it doesn't have a lot of good qualities, what I am saying is that the first ones investing in it got a huge amount of money out of it, almost like counterfeiting.

Secondly I see a big vulnerability to it due to the amount of spyware going around. If it would have been linked to a finite resource like gold or oil and invested some of the money earned from it to increase transaction security via a security token like internet banks use, then I'd be all over it.

It has to be linked to a real resource else it only gain value due to speculations of future value. One solution could be to make the bitcoins represent a share of a company, ideally like paypal, that takes a small transaction fee say 0,5%. Earnings the company then makes (by its transactions) go into adding value to the company by buying resources that hold real world actual value, the creation of the new coins or shares could be similar to the model bitcoin uses except that rate of creating new coins is based on the company current value.

Then you do not understand BitCoin

pyr·a·mid scheme (noun)

noun: pyramid selling; noun: pyramid scheme; plural noun: pyramid schemes

1. a form of investment in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.

###

Perhaps research the DarkWallet to allay your fears of snooping/malware and watch this excellent explanation by the Foundation for Economic Education

Okay?

I watched the video but that doesn't say anything I didn't already know. The technology is great, I still think it looks like pyramid scheme though, since all those that invested in it early want to get more people to use it so they can make money out of it. As it grows new users gain less and less profit from keeping the transaction service up.

And what happens if there happen to be more people like me that want money to be backed by something? I don't like the thought to make money by creating a new currency, that in my eyes make us no better than the banks.

How about just the difference

between being created out of debt (loaned into existence) and being earned into existence. Digital or not, bitcoins are still earned and not lent. And even gold back dollars cost interest.

In a way I agree with you

But I think the rate should remain fairly the same, with bitcoin, if you mined in the start you would have made millions of dollars, true that goes for a lot of investments invest early and gain bigger profits. The different is that gain is very very varying depending on when you started mining. Now its seemingly useless to start mining unless you already have bitcoins and the only purpose for doing it would be to keep the service going

How about an analogy?

I used to automate systems. To do this for a tank, we need to write a program that watches the level and changes the pump speed (if filling it) or the valve position (if draining it) to maintain a constant level.

When I start out, the tank is empty and I have no idea what pump speed it will end up at. I create a feedback system which watches the approaching level condition and moderates the speed to get there smoothly. However, at first, the system is at the mercy of the maximum pump speed (or filling speed). I have no control over that.

In the same way, Bitcoin is "programmed" to accommodate quite a range of fluctuations once we approach a stable or level condition. It doesn't really address the migration to that point. In this virtual currency world, there's so much left in question that we can't even begin a guess as to how it will go along the way. People could jump in from excitement or they could focus on negative news. Banks could hinder it or they could do something stupid wrt fiat currencies and actually scare more people into it. New industries related to Bitcoin could come online early or be delayed past some tipping point in the people's interest. Overall, I don't think it matters at this point what its value or volatility is because it should settle down as we approach that leveling off.

For me, the question ultimately comes down to, "Do I support the movement or would I just invest for personal gain?" I'm definitely in the latter category but I don't hold it against those in the former. The biggest thing to remember is this - it's the first example I've heard of that's truly a genuine, global free market.

jrd3820's picture

I think 2014

Will be big/interesting for all the new emerging crypto currencies. I brushed bitcoin off at first, but I think crypto currencies will be here for a while now and it is becoming quite interesting to watch and observe. If I was a bit more tech savvy I would jump in here and there. I see it more as a possible short term investment as it still all seems a bit bubbly to me. But hey if ya got in and out on bitcoin in the right time frame there was money to be made which could be used to buy things that some people might feel more comfortable with such as silver.
On the Truebig show one of the callers said if it holds steady it could go to $700,000 in a few year time frame. I highly highly doubt that will happen, but it did go higher than most people thought before it's recent pop.
How high could litecoin go? Who really knows? No one. No one knows for sure either way.

Anyways, I'm cheering for the crypto currency crowd. Go do your thing guys. Good luck to all of you.

Go to Vancouver and you can

Go to Vancouver and you can buy up to $3,000 worth of Bitcoin per day (with only your handprint for ID) using the Bitcoin ATM there. I'd stay for a long weekend.

jrd3820's picture

Thanks, but not personally interested

in bitcoin. Just think the whole crypto currency thing is interesting and the stage has been set for the emergence of crypto currencies.
I'm an observer. It is fun to observe this.

ecorob's picture

Lets be honest.

They don't have mine.

Bitcoin is a distraction. Ignore it!

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

The Gold and Silver Community should be loving Bitcoin

Lets be honest, the central bankers have the gold and silver markets totally manipulated and it looks like there is no stopping it.

Except Bitcoin.

Bitcoin can end the need for Banks and free Gold and Silver from those shackles.

Gold Silver Bitcoin

End the Fed

i am old school...im like the Amish libertarian

i will sit back on my porch mind my own business counting my precious coins. should be interesting watching people buying stuff out of thin air. sucks for those who hit big and having a hard time changing them for cash or even desired materials. hey what ever rocks your boat.

?

how much you need changed out? trace mayer said he can help but the limit is about $100,000,000. that's one hundred million dollars cash for bitcoins.

can't you just cash out your btc at an exchange and have it wired to your bank account?

if you don't want a paper trail you could buy gold and/or silver and cash it out at the cash for gold shop down the street.

how much we talking about?

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
My ฿itcoin: 17khsA7MvBJAGAPkhrFJdQZPYKgxAeXkBY
http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

One thing that will help us sleep better

Forget about "woulda coulda shoulda." With Bitcoin there will be plenty of those "regrets". And many times those regrets are smart business decisions. Don't kick yourself for making a smart, risk assessed decision, even if that decision was to invest less and later the price skyrocketed. Enjoy it everyone!

I love how many establishment shills always say, what have libertarians ever done? Well, we may have just saved the planet from tyranny with Bitcoin. Defense Distributed just made all out gun confiscation impossible with their 3-D printed gun, and now they are working on a "Dark Wallet" for Bitcoin, that hopefully will be seizure proof, anonymous and secure. We exposed the spying of the US government. Edward Snowden and Cody Wilson are known Ron Paul fans. I can only guess that Satoshi Nakamoto is too, but we don't know who he is. What has the state done except piss off more people?

"Tu ne cede malis, sed contra audentior ito."

I can't help but agree

I don't want to be overly optimistic, but if I could short sell government credibility, I would invest all of it right now. Given the Obamacare disaster, the recent scandals, etc. I don't really think government will ever recover. What's the best they can do? Make it illegal? Oh please please please do that!!! If government made sand illegal, there would be a shortage in the desert. Ban Bitcoin, and the value will skyrocket. Yet, really, how can they stop us from using it if it were illegal. If just one country on earth kept it legal, that country could serve as the host for the rest of the world's population.

"Tu ne cede malis, sed contra audentior ito."

Looking more and more like

Looking more and more like the only way to protect and keep completely liquid and portable one's savings would be to pour a sizable amount into a variety of cryptocoins.

Nice comment

Thanks

just be careful guys. the

just be careful guys. the banks control bitcoin. they will collapse it when they want.