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Bitcoin trading/mining
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Bitcoin trading/mining

  #81 (permalink)
Market Wizard
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ratfink View Post
good old/bad old London will always do whatever it can to preserve any old thin-air paper, whether it's Dollars, Euros, Sterling or Renminbi

Even good ol' BigBen can not halt US debtclock...
GFIs1

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  #82 (permalink)
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Bitcoin takes a beating. Check out the price $191: https://www.mtgox.com/

Perhaps something to do with the FBI seizing all the bitcoins they can.....

http://pandodaily.com/2013/10/25/bitcoin-down-10-as-fbi-announces-seizure-of-another-28-5m-from-silk-roads-founder/


Personally, I think the US have bigger issues:

http://www.usdebtclocks.com/


Bitcoin is still a massive short IMO. How can I do that though if the exchanges only allow long positions?


Last edited by TheDude; October 26th, 2013 at 02:50 PM.
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  #83 (permalink)
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The world's first Bitcoin ATM is coming to Canada next week | The Verge

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  #84 (permalink)
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TheDude View Post
Bitcoin takes a beating. Check out the price $191: https://www.mtgox.com/

Perhaps something to do with the FBI seizing all the bitcoins they can.....

Bitcoin down 10% as FBI announces seizure of another $28.5M from Silk Road?s founder | PandoDaily


Personally, I think the US have bigger issues:

U.S. National Debt Clock : Real Time | USDebtClocks.com


Bitcoin is still a massive short IMO. How can I do that though if the exchanges only allow long positions?

@TheDude the PandoDaily | the site of record for silicon valley is a pretty cool site. Thanks for mentioning it!

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  #85 (permalink)
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TheDude View Post
I agree re the USA. Remember there are other governments though. The Chinese Govt for example. Do you think they will accept bitcoin to pay their taxes?

What if Bitcoin or some other mickey mouse currency became the global reserve currency of choice, and the head programmer decides to manufacture 10x causing massive inflation the world over?

The USA can and do print as much money as they can get away with. What's to stop some nutter doing the same with Bitcoin? They say bitcoin is unhackable. I remember the CIA saying similar things a few years back about their systems; Gary McKinnon decided otherwise while he was 'searching for information on UFO's!'

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It does not need to be a reserve currency. It does not need to be an official currency and most likely never wiil be. It can be an independant storage of wealth nobody can inflate or manipulate. No programmers can manufacture more currency or hack it as it is open source and distributed network controls it. Its not because it is encrypted and if break the code you can do anything. All goverment could do is to dedicate huge resourced to mine up as much of remaining currency as possible and attempt to manipulate supply and demand on exhanges. But it is incredibly much harder that to keep selling paper gold gold on comex. If half of bitcoin is already mined all the can sell is what they can very expensively mine themselves i.e. other half. This is too little to do much damage. It is not like futures created out of thin air or othet derivatived that bear no resemblance of real assets they are based on.

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  #86 (permalink)
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ratfink View Post
Slighly off-topic but following the general comment stream I wouldn't be quite so quick to write off the USA yet - the massive reversal in the bulk energy story (moving towards 5X-8X cheaper than Europe or Asia) is blindsiding many observers at present. Private corporations, fast moving start-ups and heavy industry consumers of energy will just get on with business, often physically moving back to the USA regardless of government collapses, totalitarian depressions or full-on monetary resets. To say nothing of the fact that China's still to come deleveraging might make even the US look half decent again - and good old/bad old London will always do whatever it can to preserve any old thin-air paper, whether it's Dollars, Euros, Sterling or Renminbi.

That is fine. It will just normalize the situation and they will have to start living within their means like everybody else. But it means usa role will be greatly diminished. Not to irrelevant statud but to one resembling reality. Once tgey have to start paying for their carriers, drones and subs instead of having the world to pay for it, see it shrink in size vastly to the level they can actually support. Look at USSR for a great example. Those who don't know history are destined to repeat it. USA has never been good with history imo.

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  #87 (permalink)
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TheDude View Post
Bitcoin takes a beating. Check out the price $191: https://www.mtgox.com/

Perhaps something to do with the FBI seizing all the bitcoins they can.....

http://pandodaily.com/2013/10/25/bitcoin-down-10-as-fbi-announces-seizure-of-another-28-5m-from-silk-roads-founder/


Personally, I think the US have bigger issues:

http://www.usdebtclocks.com/


Bitcoin is still a massive short IMO. How can I do that though if the exchanges only allow long positions?

Some brokers are starting to offers CFD. Good for you and I but poor Americans are prohibited from using CFD. CFTC knows better!

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  #88 (permalink)
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Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k | Technology | theguardian.com


Quoting 
Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k

Mike

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  #89 (permalink)
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Methods of Mining Bitcoins

Hey @bigmike

I thought you may find this interesting (if you are not already aware or have seen this piece). It is a interesting read and also explains the evolution of the methods of mining. Looks like ASIC's is really the way to go but the cost/benefit (considering the current state of the market and a host of other variables as you well know) would of course need to be considered wisely.

https://www.weusecoins.com/en/mining-guide

I am sure there are plenty of other opinions too...

ASIC's


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  #90 (permalink)
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this is what I call volatility... madness

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