Dear Editor,
Gold trades at $1240. Bitcoin is trading at $1214.
Now that it has reached the price of gold, Bitcoinity.org compares the micro Bitcoin, mBTC, to the dollar. 1 mBTC is worth $1.21 today.
Bitcoin is popular because it can’t be inflated, it can’t be taxed, it allows users to be anonymous, and it has a fraction of the transfer fees of a Visa card.
Some who bought and held Bitcoin early are millionaires today. Ben Bernanke addressed Bitcoin in a recent meeting with Congress. Everyday people are developing ways to shop, fly, even pay rent with Bitcoin.
If it weren’t for Edward Snowden and the NSA, wouldn’t Bitcoin be the story of the year?
-Britton Sprouse
SIC SEZ
Yup … Go Bitcoin! Screw the federal money printers.
19 comments
No danger there.. nope… lead pipe cinch! Let’s just buy until momma squeals for mercy!
Yahoo sold at 1,000 dollars a share in Japan at one point… a sure thing.
I can’t WAIT to get my hands on some of those magnetic… I mean.. wait. Isn’t that what dollars are anyway?
And.. if you’re a “millionaire” – isn’t that uh.. measured in… dollar.. wait.. it’s right on the tip of… I can see … gold? bitcoin? Dollars.. nope, lost it.
Lesse now.. dollars are adrift on a sea of faith, depending solely on the confidence of… it’s a philosophy without an accounting… uh.. “borrowed into existence”…
You know, we should mint currency, and DEFINE its value… I mean it’s OUR money!
Bitcoin=Ponzi Scheme
Thing is, since nobody knows who owns the bitcoins, the creators can basically cash out now, crash the bitcoin market, and then repurchase the bitcoins once the price bottoms out.
Yeah, if they want to land in prison. (Granted, they could just go to some foreign country that would offer them asylum.)
These guys are probably already in a foreign country. Good luck figuring out who they are.
Bitcoin llega al mundo real y promete reemplazar al sistema bancario tradicional
Infobae.com, Maria Belen Chapur.
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=6&cad=rja&ved=0CDAQqQIoADAF&url=http%3A%2F%2Fopinion.infobae.com%2Fmaria-belen-chapur%2F2013%2F11%2F29%2Fbitcoin-llega-al-mundo-real-y-promete-reemplazar-al-sistema-bancario-tradicional%2F&ei=0-2gUsrCEobvkQeVrIEQ&usg=AFQjCNF_95OvwI-Nr4GdnMFPXAuAl2hLGg&bvm=bv.57155469,d.eW0
The soul-mate is on it!
Ha! Fantastic link. I always need to brush up on my Spanish(thankfully it’s another thing the wife is more competent than me in).
Es una fantasía. Pero, la mujer es bonita suficientemente.
I kin let you haff ziss TULIP fur only 2-Million guilderss! Unt, I vill trow in ziss Urban VIII bobble-het fur frei!
Ha! Nice reference.
You are too kind..
I have to admit, I would love to have a minted Bitcoin, even if it was only worth a buck.
Just make sure you back up your Bitcoin files.
Google search terms: bitcoin garbage dump
Bitcoin worth $9M buried in garbage dump
http://money.cnn.com/2013/11/29/news/bitcoin-haul-landfill/
Black Friday for owner after $8m in Bitcoin lost to landfill
http://www.zdnet.com/black-friday-for-owner-after-8m-in-bitcoin-lost-to-landfill-7000023766/
$7.5M Bitcoin fortune buried in landfill
http://www.usatoday.com/story/news/world/2013/11/28/newser-bitcoin-landfill/3775271/
The Six MIllion Dollar Bitcoin Garbage Dump
http://blogs.redorbit.com/the-six-million-dollar-bitcoin-garbage-dump/
“Bitcoin is popular because it can’t be inflated…”
um… what?
I have a leaf.
I say the leaf is worth five pushups.
Ogg wants my leaf and buys it for five pushups (ice cream & sherbert on a stick).
Jim wants Ogg’s leaf.
Ogg, never passes up a chance to recoup his pushup expenditure and make a profit.
Ogg sells the leaf to Jim for 10 pushups.
Three things can now happen:
1. The temperature rises and the pushups melt.
2. I find another leaf, crashing the leaf’s singular value.
3. People decide to buy toe fungus, instead of the leaf.
Bitcoin is the leaf.. or toe fungus.. depending on how soon you get into the market.
A currency based on the imagination. Sort of like the US dollar.
“Bitcoin is popular because ……..it can’t be taxed……”
Don’t think so.
Google search terms: bitcoin taxes
Chief asks to be paid in Bitcoin, city approves
State, federal taxes will still be taken out before salary is converted into electronic currency
http://www.policeone.com/police-administration/articles/6643566-Chief-asks-to-be-paid-in-Bitcoin-city-approves/
Bitcoin’s $13.50 To $1,200 Eleven Month Climb–Now Taxes
http://www.forbes.com/sites/robertwood/2013/12/02/bitcoins-13-50-to-1200-eleven-month-climb-now-taxes/
[Excerpt]
Still, the peer-to-peer nature of Bitcoin doesn’t obviate taxes. If you swap one product or service for another, tax is due, as the IRS explains at its Bartering Tax Center. If you provide services or sell goods for Bitcoin, you have income. If you exchange Bitcoins for cash, whether you have gain may depend on whether Bitcoin is currency or commodity.
Are you saying that if you acquire wealth using bitcoins (income), no one can tell? Wow! Someone tell Romney – he can sell his houses and cars, put all his personal bank accounts and offshore cash into bitcoins, and no one will know he’s rich!
He won’t pay any taxes for the NEXT 10 YEARS!!!
Government(s) are going to crack down so hard on Bitcoin that it will make your head spin.
It’s going to then crash so hard that a lot of people that aren’t early adopters(those investing now for example) are going to get their clocks cleaned of their “investment”.
The anonymity claim is bogus(a giant ledger to start!). It has no backing, like the dollar, but the dollar didn’t start that way as it has been backed by gold several times in its history.
China banned Bitcoin from bank transactions yesterday which was a major source of demand. Today, as I type this, one of its core developers is on record as saying he is coding to help the government gain control of it and one of its major initial investors, the Winklevoss twins, is also on record as saying they want government regulation.
It’s just a matter of time before the bubble bursts. Once government gets their hands on the dollar exchange points its done.
Now, all that being said, would I like to see a competing currency that helps to destroy dollar hegemony? Yes. Bitcoin is simply not that currency no matter how badly a small percentage of the population want it to be.
No body likes being trapped into using constantly depreciated dollars, but it shouldn’t drive you to do something stupid.