2013-05-30 Is bitcoin bubble finally bursting ?

[bitbitcoins]

http://americablog.com/2013/05/bitcoin-bubble-bursting.html

[GenTarkin]

As far as the use of Bitcoin as an exchange medium is concerned, the nominal price of the coin does not matter except to the extent that the current price of about $125 makes it impossible to use BitCoins to buy a hamburger.

WTF?!?! you would think these guys know that Bitcoin is divisible to .00000001

[01BTC10]

In the last hour (as of this writing) there were ten trades over $50,000, one of which was for $669,999.05. Just what is the economic activity that is driving all these trades? Given the cost and inconvenience of transferring money into and out of the BitCoin system, one might be tempted to presume that much if not most of the economic activity is criminal.

Big transactions == criminal activity

 

Bitcoiners assure me that their system is government proof, but I have heard the same arguments about crypto-anarchy for years, and law enforcement has won every single time the theories have been tested.

 

If DHS does not act soon, Bitcoin might become too widespread to be stoppable. Iran is holding its presidential election on June 14th, and there are several important national days before that. The end for Bitcoin might be coming quite soon.

Too much fail I'm out.

[GenTarkin]

yeah the author is fucking retarded.... just reading the first age of comments makes my eyes bleed.

[worldinacoin]

The author has very good imagination , maybe can ask him to analyze the Mayan calenders for us with regards to Bitcoin demise

[worldinacoin]

This lack of intrinsic value had initially led me to dismiss Bitcoin as broken. But I now understand that it is the real genius of the scheme, as it allows the value of Bitcoin to soar as long as there are more punters eager to throw money into the expanding bubble. In effect Bitcoin replaces both the E-Gold system and the Solid Investment Ponzi scheme in one stroke.

Bitcoin has no intrinsic value?  True, but what is the intrinsic value of a piece of paper known as the US Dollar?  Or maybe some yellow shiny metal known as Gold?  Except for some industrial uses and for jewellery, does the uses confer in Gold the price of $1395.10?

[freedomno1]

Author needs to do better research this was more gloom and doom than research
No offense to some Americans but this is an example of sensationalist journalism
Little or no legitimate well-researched news and instead uses eye-catching headlines to attract more visits
Goes into conspiracy mode
Who's paying them

[solex]

As far as the use of Bitcoin as an exchange medium is concerned, the nominal price of the coin does not matter except to the extent that the current price of about $125 makes it impossible to use BitCoins to buy a hamburger.

WTF?!?! you would think these guys know that Bitcoin is divisible to .00000001

Boo hoo. All worthless, can't buy a hamburger... 

[worldinacoin]

As far as the use of Bitcoin as an exchange medium is concerned, the nominal price of the coin does not matter except to the extent that the current price of about $125 makes it impossible to use BitCoins to buy a hamburger.

WTF?!?! you would think these guys know that Bitcoin is divisible to .00000001

Boo hoo. All worthless, can't buy a hamburger... 

Well why not? He can buy MANY hamburgers if he does not know what is -+*/ .

[Jozzaboy]

http://americablog.com/2013/05/bitcoin-bubble-bursting.html

What a FUD article. Bitcoin was practically designed and innovated to be a robust commodity.

[cdog]

sooooo funny, Im seriously dying laughing here

I cant believe people really publish this shit, its really just amazing

[rebuilder]

Please include the name of the publication in thread titles!

[jag2k2]

Bitcoiners assure me that their system is government proof, but I have heard the same arguments about crypto-anarchy for years, and law enforcement has won every single time the theories have been tested.

So much ignorance.

[xenog]

What a lousy piece. He did not understand anything about Bitcoin divisibility, or the "change". He just didn't get it. He also doesn't understand at all why Bitcoin is resilient to government intervention. He so caught up in his anti-libertarian stance that he didn't take the time to understand enough about how the system works. He just wanted to write his hate article as soon as possible.

I find stupefying that some people would spend so much time and effort protecting their own oppressors, out of fear that someone somewhere doing large transactions that cannot be tracked by the government is "evil" by default.

Someone should tell that moron that legal doesn't mean moral—in fact many times it means the opposite—and that likewise illegal doesn't mean immoral. People should start growing up and making up their own minds about what is moral or not, instead of just blindly letting whoever is in authority decide for them.

[aigeezer]

Interesting. The author is not stupid. He has a law degree, among other qualifications.

http://en.wikipedia.org/wiki/John_Aravosis

Why would he write such a tacky hit piece? That's the question to pursue. What's the game? If/when BTC becomes politicized on any big scale, there will be thousands of such articles. The fact that they are full of untruths, half-truths, misdirection and so forth is part of the package - the challenge is always to find out the sources behind them.

He asks for donations on his site "so he can get the truth out".  He takes PayPal. Anyone want to ask him if he will accept BTC?

Update: I took one more look for info about him and found his bio. Very relevant highlights, imho. The bolding is mine:

"John Aravosis is a Washington, DC-based writer and political consultant, specializing in using the Internet for politics."

"John’s writing experience includes working as a stringer for both the Economist and RADAR, and having been published in the New Republic and New York Daily News, among others."

"John’s policy experience includes working as a legislative attorney in the United States Senate"

"John launched his own political Internet consulting firm, with clients ranging from governments (US Department of State, HHS, CDC, the city of Barcelona, the Social Democratic Party of Sweden) to non-profits (ACLU, Planned Parenthood, NEA, AFSCME)"

"John is also a frequent TV pundit, and has appeared on The O’Reilly Factor, Hardball with Chris Matthews, ABC News, Nightline, CNN’s Reliable Sources, MSNBC and more. John is also regularly quoted in American and foreign media."

http://americablog.com/about-us#john

It has begun, but who are the clients?

[Gabi]

The fail of the article?

[freedomno1]

Interesting. The author is not stupid. He has a law degree, among other qualifications.

http://en.wikipedia.org/wiki/John_Aravosis

Why would he write such a tacky hit piece? That's the question to pursue. What's the game? If/when BTC becomes politicized on any big scale, there will be thousands of such articles. The fact that they are full of untruths, half-truths, misdirection and so forth is part of the package - the challenge is always to find out the sources behind them.

He asks for donations on his site "so he can get the truth out".  He takes PayPal. Anyone want to ask him if he will accept BTC?

Update: I took one more look for info about him and found his bio. Very relevant highlights, imho. The bolding is mine:

"John Aravosis is a Washington, DC-based writer and political consultant, specializing in using the Internet for politics."

"John’s writing experience includes working as a stringer for both the Economist and RADAR, and having been published in the New Republic and New York Daily News, among others."

"John’s policy experience includes working as a legislative attorney in the United States Senate"

"John launched his own political Internet consulting firm, with clients ranging from governments (US Department of State, HHS, CDC, the city of Barcelona, the Social Democratic Party of Sweden) to non-profits (ACLU, Planned Parenthood, NEA, AFSCME)"

"John is also a frequent TV pundit, and has appeared on The O’Reilly Factor, Hardball with Chris Matthews, ABC News, Nightline, CNN’s Reliable Sources, MSNBC and more. John is also regularly quoted in American and foreign media."

http://americablog.com/about-us#john

It has begun, but who are the clients?

That's the million bit question
Also thanks for that wondering who is paying them is definitely how you can tell when an article has a bias

[xristoskostouros]

It is very easy to reply. Federal Reserve and the big families (Rockfellers, Rothchilds e.t.c)
BitCoin's true value cannot be attain until 2140. They know they cant wait. They need to act.
Thats because BitCoin is more than an economic meassure against their "world domination" plans. It is the weapon to counter those big guys.
I trully believe that satoshi started with this picture in his mind. To me, BitCoin is the means of freedom instead of the disaster the big guys brought to us.
And as always, US medias do their work great.
All Heil Britania.

[freedomno1]

It is very easy to reply. Federal Reserve and the big families (Rockfellers, Rothchilds e.t.c)
BitCoin's true value cannot be attain until 2140. They know they cant wait. They need to act.
Thats because BitCoin is more than an economic meassure against their "world domination" plans. It is the weapon to counter those big guys.
I trully believe that satoshi started with this picture in his mind. To me, BitCoin is the means of freedom instead of the disaster the big guys brought to us.
And as always, US medias do their work great.
All Heil Britania.

What if Satoshi was the Rothchild that was betrayed by the family and so aimed for revenge and his own empire Insert's dramatic music XD

[xristoskostouros]

It is very easy to reply. Federal Reserve and the big families (Rockfellers, Rothchilds e.t.c)
BitCoin's true value cannot be attain until 2140. They know they cant wait. They need to act.
Thats because BitCoin is more than an economic meassure against their "world domination" plans. It is the weapon to counter those big guys.
I trully believe that satoshi started with this picture in his mind. To me, BitCoin is the means of freedom instead of the disaster the big guys brought to us.
And as always, US medias do their work great.
All Heil Britania.

What if Satoshi was the Rothchild that was betrayed by the family and so aimed for revenge and his own empire Insert's dramatic music XD

Either way, the eagle has landed.
BitCoin is more a political war than an economic one.
You know, if BitCoin was a bubble, they would benefit from the Bubble and then break the Big Bubble. (poet? lol )
But that cant be happen.
They have to do with people like you, that are very well experienced. People that know "how things work on the web" and people that cant be fooled.
I bet that Rothchild and those gipsies friends of him dont even know even how bandwidth works and even if they "buy" the best network engineer, to explain them that simple thing, they wouldnt understand again to make a plan to destroy BitCoin (Because if you cant understand the game, you cant play it!)

So, B for Bitcoin!

[freedomno1]

It is very easy to reply. Federal Reserve and the big families (Rockfellers, Rothchilds e.t.c)
BitCoin's true value cannot be attain until 2140. They know they cant wait. They need to act.
Thats because BitCoin is more than an economic meassure against their "world domination" plans. It is the weapon to counter those big guys.
I trully believe that satoshi started with this picture in his mind. To me, BitCoin is the means of freedom instead of the disaster the big guys brought to us.
And as always, US medias do their work great.
All Heil Britania.

What if Satoshi was the Rothchild that was betrayed by the family and so aimed for revenge and his own empire Insert's dramatic music XD

Either way, the eagle has landed.
BitCoin is more a political war than an economic one.
You know, if BitCoin was a bubble, they would benefit from the Bubble and then break the Big Bubble. (poet? lol )
But that cant be happen.
They have to do with people like you, that are very well experienced. People that know "how things work on the web" and people that cant be fooled.
I bet that Rothchild and those gipsies friends of him dont even know even how bandwidth works and even if they "buy" the best network engineer, to explain them that simple thing, they wouldnt understand again to make a plan to destroy BitCoin (Because if you cant understand the game, you cant play it!)

So, B for Bitcoin!

Never thought of it that way good point
Bitcoin is becoming a political dialogue and an economic one
Depending on the country it might be a war against it and a war for it in others
Countries that have less to lose and more to gain will accept it
Third World Countrys / Global South fraught by civil war European Countries that are scared of their own Euros and bank rushes
Bitcoin is volatile but when a government says your money is mine to pay the nations debt BY DECREE
https://bitcointalk.org/index.php?topic=160292.0;topicseen
There will be people who will switch their capital elsewhere
https://www.laiki.com/EN/TheBank/Documents/Decree13EN.pdf

That said the bubble has popped a few times only to grow stronger XD
2009 still to small for articles the end of bitcoin 2011
http://www.forbes.com/sites/timworstall/2011/06/20/so-thats-the-end-of-bitcoin-then/
http://www.forbes.com/sites/timworstall/2011/10/18/the-end-of-bitcoin-part-ii/
And of course 2013 and the whole negative wall of articles
http://www.motherjones.com/mojo/2013/05/and-it-begins-feds-target-bitcoin
http://money.cnn.com/2013/05/14/investing/bremmer-bitcoin/index.html

That said the end has been called time and time again and I will not believe it is dead till it hits a penny
Replaced by another protocol perhaps but not dead without reason

As you said the Eagle has landed and its here to stay in one form or another that we have yet to see
Hail Bit
B for Bit coin

[kjlimo]

What a lousy piece. He did not understand anything about Bitcoin divisibility, or the "change". He just didn't get it. He also doesn't understand at all why Bitcoin is resilient to government intervention. He so caught up in his anti-libertarian stance that he didn't take the time to understand enough about how the system works. He just wanted to write his hate article as soon as possible.

I find stupefying that some people would spend so much time and effort protecting their own oppressors, out of fear that someone somewhere doing large transactions that cannot be tracked by the government is "evil" by default.

Someone should tell that moron that legal doesn't mean moral—in fact many times it means the opposite—and that likewise illegal doesn't mean immoral. People should start growing up and making up their own minds about what is moral or not, instead of just blindly letting whoever is in authority decide for them.

Good point.  However, people have both responsibilities to be aware of local laws and to decide what is moral.

Most people only have time or only choose to do the minimum, and thus most will only look at what the local laws are...

Also, it's easy to just follow rules.  It's a lot harder to deciide what you believe is moral.

I'm still working on my morals every day.  I'll admit I don't know every local law either though, haha.

[No 1]

This post put my daughter to sleep 

[freedomno1]

This post put my daughter to sleep 

Just missing the Freedom in front it's like seeing my mini me 

[worldinacoin]

Well 1 Jun 2013, it is still at $128, burst $1 I guess, from yesterday.