Bitcoin Broke Through The 900 Usd Mark With So Much Momentum That It Made My Ears Pop! Peter Schiff And Stefan MolyneuxSubmitted by barracuda_trader on Wed, 11/27/2013 - 03:14
"Crash, You F#cker!": Reactions To Bitcoin Soundly Breaking 900 USD
[The following post is by TDV Editor, Gary Gibson.]
Yesterday afternoon Bitcoin broke through the 900 USD mark with so much momentum that it made my ears pop.
I keep a realtime bitcoin price tab open at all times these days. One second the price was bouncing around $880 or so and the next it was over $930. As of this writing the USD price is batting its head against $970, just inches away from $1000. I wonder if by the time this goes to "print" whether $1000 will have been broken...or if those four significant digits will prove to be the barrier off which the Bitcoin price bounces and crashes.
As much of a proponent of Bitcoin I am, I am among those who are strenuously hoping for its price to tumble. But last I checked there were three distinct types of people who are dreaming of a crash: bitter gold bugs, bitter state-worshiping dollar-lovers and bitter free market true believers who wish they'd bought a lot more a long time ago. Your editor is a vocal member of that last group.
Like many of the more digitized liberty-minded, I wish I had just one more chance to get some bitcoins for relatively cheap before it charges to new heights, never to look back. Others calling for Bitcoin's fall are doing so because Bitcoin is making their favorite currency or store of value look bad. The more economically astute Bitcoin detractors keep reminding us that bitcoins aren't gold, have no "intrinsic value", etc. The less economically astute (and more prone to worship centralized violence) keep reminding us that Bitcoin has no central banker or government guns to back it up.
So as Bitcoin pushes into higher highs, you have three different kinds of people calling for a tumble...
a) Those who will always hate it because it's not gold...
b) Those who hate it and say it's a bubbly fad because it's not backed by government guns like a proper currency ought to be...
c) Those who think it's a great free market answer to money and who see a much higher price, but who wish they could buy in at much lower prices.
Today, well before the Bitcoin price shot up to its new milestone, I saw a debate with Peter Schiff representing the "gold rules, Bitcoin drools" camp and then caught the odor of a New York Times article making fun of Bitcoin because there was no tyrannical state force to back it.
Here's the debate between Peter Schiff and Stefan Molyneux: