Bitcoin on the ropes.

[neilgin1]

here's a zerohedge article about the latest gummit moves to take down bitcoin:

http://www.zerohedge.com/news/2013-05-1 ... -crackdown

the article's good, concise...lets you know what the hap is....but the really funny part is, start scrolling down and reading comments!!

oh man, these kidz over at zerohedge are WILD!!!!....here's one quote that me in stitches..ready?

The way things are going, there is gonna be a hell of a lot of dead people in this country, and not too long, either.

This [shucks] starts snowballing downhill. With Bath House an unstable, mentally ill freak surrounded by incompetent revolutionaries, things r gonna head south.

Find a cave, pull the brush back over the entrance

that's from "lakecity55......., from "Mcmolotov", actually speaking some dire truth:

Folks, they're in the process of closing all the exits. That's what this is all about. This country is going to hell, and if the events of the past few months don't scream that to you, you must be deaf. And don't think for a minute they won't find a way to go after PMs, too. They will. You might keep your metal, but they'll make it a nightmare to transact with it.

In their vain attempt to save the dollar, they'll end up driving the entire economy underground and making us all criminals. I suppose in some ways that could give us a "free market," but I seriously doubt it'll be much fun for anybody.

More and more, it seems the government is flailing about in desperation, something which is always dangerous.

oh boy.

[barrytrot]

Meanwhile Bitcoins still over $100 USD. Silver meanwhile nearing $22.

[InfleXion]

Part of the reason metals are desirable is because they can function as money in and of themselves. If the tyranny becomes too great they are the escape hatch. I'm not really concerned about whether it will be difficult to transact in metals or not since I will either be sitting on them for a few years or using them off the grid anyway.

BitCoin is impossible to shutdown as a protocol, but yes they can go after the online exchanges. I was never willing to take the plunge with BitCoin because it has no intrinsic value, and requires Internet architecture and electricity to function. I would rather have something with value in any situation. Additionally there are already competing online currencies to BitCoin, and as more of them come about it could diffuse the BitCoin demand, especially if any of the new ones have superior algorithms. It's a gamble, and I prefer the sure thing.

[neilgin1]

Part of the reason metals are desirable is because they can function as money in and of themselves. If the tyranny becomes too great they are the escape hatch. I'm not really concerned about whether it will be difficult to transact in metals or not since I will either be sitting on them for a few years or using them off the grid anyway.

BitCoin is impossible to shutdown as a protocol, but yes they can go after the online exchanges. I was never willing to take the plunge with BitCoin because it has no intrinsic value, and requires Internet architecture and electricity to function. I would rather have something with value in any situation. Additionally there are already competing online currencies to BitCoin, and as more of them come about it could diffuse the BitCoin demand, especially if any of the new ones have superior algorithms. It's a gamble, and I prefer the sure thing.

yep....no instrinsic value.......yes Barry, i know $100 last trade, but didnt the article say the dot guv's are gunning for Mt Gox?

i posted the article, coz i thought the comments were rather funny, but i still have yet to figure out the whole private key/public key ...thing, and the algo that goes with it, etc.

this is just me, but a LOT of things, divurgent things are spooking me out BIG TIME these days....i'm REALLY concerned these days, and my normal default setting is "condition red, expecting rain". so...if i DO have a stack, i'm sure glad i got it...like the Israeli's, i neither confirm nor deny........(to Barry, sweet call on the equities...nice, i HOPE you're exploiting that situation to the nth degree chaverim.
n.

[jmaii]

I was considering creating an account and joining a mining pool, just to see how things work. No plans to wire money to/from -- don't want to expose my bank account. Could always “buy" junk silver with the proceeds if I earn enough, one mercury dime at a time. :p

[Jonflyfish]

Glad I sold out into the peak.

Cheers!

[NotABigDeal]

What was the peak if I might ask?

Deal

[natsb88]

What was the peak if I might ask?

Deal

$250 - $260 range I think.

[NotABigDeal]

Thank you.

Deal

[coppernicus]

JFF...at what point did you get into and out of bitcoins? It seems like like it is a lot less volatile now and that it is slowly but steadily increasing.

[rexmerdinus]

And don't think for a minute they won't find a way to go after PMs, too. They will. You might keep your metal, but they'll make it a nightmare to transact with it.

That I can definitely see as plausible.

[Jonflyfish]

JFF...at what point did you get into and out of bitcoins? It seems like like it is a lot less volatile now and that it is slowly but steadily increasing.

Had bit coins from quite some time ago and posted here somewhere the day before the intraday peak that I was starting to sell out. Not sure if that or any other post is still in the archives somewhere or would refer to it. Was an interesting parabolic blowoff top in price.

Cheers!

[coppernicus]

I realized you posted that you had sold them. I bought a couple dozen a couple of months ago and have more then doubled my money. I was wondering at what price you got in because initially I was looking at getting in when they were pennies and felt I had missed the boat when they went to 75 cents. I ended up not buying any until then were 40+ dollars. They seem to be steadily rising lately with less dramatic swings. $132 currently.

I think many people have gotten offended by some of your posts because you always posted what you have done after the fact and they seem like great trades.

[Jonflyfish]

I realized you posted that you had sold them. I bought a couple dozen a couple of months ago and have more then doubled my money. I was wondering at what price you got in because initially I was looking at getting in when they were pennies and felt I had missed the boat when they went to 75 cents. I ended up not buying any until then were 40+ dollars. They seem to be steadily rising lately with less dramatic swings. $132 currently.

I think many people have gotten offended by some of your posts because you always posted what you have done after the fact and they seem like great trades.

Thanks friend. Mined early when the complexity was much less during early days. Cost basis was zero. Weighted average mark to market when acquired was ave less than $7.(maybe I'm one of the winklevai, maybe not)

Not one to post trades after the fact really. Pretty sure those posts have always been very close (usually within minutes) or forward looking. Bitcoin exit began same day as posted. On some forums it is common to say things after the fact in order to build a phoney performance record. Not my way of doing it though and have nothing to prove here- not to mention that it would be prohibited due to being restricted by regulatory friends.

Cheers!

[coppernicus]

.(maybe I'm one of the winklevai, maybe not)


Why did you add this comment to your resonse?

Do you still own any Bitcoins?