Topic: What is the main reason for the recent price raises? - page 3. (Read 3119 times)

The announcement signals that the US Treasury Dept., and thereby the US Government, recognizes the use of BTC for barter, and clearly proclaims it legal. While there's some exceptions for other activities—use from which an income is derived, i.e., mining or arbitrage—the announcement legitimates US BTC holders and increases certainty in BTC transacting. Whether or not it wold be easy for the US government to interfere with US BTC use is besides the point; if the FinCen had announced BTC use contravened criminal statutes with stiff penalties, do you think the USD-BTC currency pair would have responded the same way? Generally, receiving recognition and legitimacy from a sovereign increases that asset's value; when that sovereign is home to a significant proportion to the demand of that asset, the announcement of recognition and legitimacy will affect the price for which that asset is traded, provided sufficiently liquid markets.

Factual and technical retort?

(if you engage me in a debate on the technical design of BitCON, you will lose. Be forewarned. I welcome a debate with any BitCON developer. Bring it on!)

Nice FUD.

Another factor is that Avalon sold its machines denominated in BTC, which driven demand -- folks need to buy BTC to pay for them. 600*88 = a decent amount of coin.

The developers of bitCON are so afraid that I have revealed the truth about bitCON's design, that stole 100+ points from my SE bitcoin reputation so that they stop me from stating the facts about the design:

http://bitcoin.stackexchange.com/users/3441/shelby-moore-iii

http://bitcoin.stackexchange.com/users/message/9?sent=1#9

This will all be part of the public record, when the criminal prosecutions begin.

I am the living ghost of the Cherokee tribe. You've never seen how fiercely we fight.

You fools have so many delusions driving your fanatical demand. Ripe for manipulative control of confidence! See below in addition to link above...


BINGO! So who controls confidence in a socialized institution?


Gold is a private hedge against government. BitCON is a public IPO for the supra-national corporation's global digital currency.

Physical gold can't be hyperinflated away by Bitcon's inherent design weakness which insures there will be a 51% attack.


The government controls it, both because of the incorrect design linked above which will force mining to be monopolized by the corporate interests and also because every rose has its thorns.

BitCON has nothing in common with gold. Gold can be traded with no global record of all transactions (in conjunction with the government tracking of every action on the internet so they know very well who is making the transactions in most cases). Perhaps (that fictional story known as) the Bible's reference to throwing gold and silver into the street is because you will be forced to use Bitcon when corporations take over all retail and 51% of the hashing power in Bitcon, couple that with the 99% enforcement against blackmarkets now.

Martin Armstrong wrote in the above linked article:

Correct except they are not smart. And the perception that FinCEN's guidance was a step towards official legalization was another factor driving these expectations of bitcoin's future.

They are not smart because due to Ponzi Satoshi's design, bitcoin only scales to one thing.

1. a "666" monopoly for corporate-fascism

The only other possible outcome is the power elite abandon it because I reveal it is scam (and possibly provide an alternative that becomes more popular), then they dump it and it crashes and burns. I am hoping for the second outcome and working (but maybe not for long) to make it happen. So shoot me?


Supra-national corporations are really in control now (of the socialized institutions, not the private sector such as individual arbitrage within socialized open source programming).


The perception that it was a step towards legalization and success towards the supra-national digital tracking currency.

Would BTC really survive a dollar collapse?

I mean, it would break almost all BTC related payment services.

I've seen a lot of talk lately (even in the mainstream media) that the US dollar will collapse and there is no way around it.

Countries are moving gold like there's no tomorrow and people are also waking up to how the banks operate - my first introduction was in watching Bill Still's Money Master and that was only a few months ago.

I'm in IT and I have various rss feeds like slashdot yet I somehow I never saw mention of bitcoin until about a month ago.

Unfortunately by the time I had investigated it and decided to get on board it was at $47 - by the time I was able to actually purchase bitcoins after waiting for Mt Gox then being screwed around by people via localbitcoins.com, I ended up buying at $87 plus an 8% fee.

I just keep thinking if I had quit work 2 years ago as I had intended, I would have known about bitcoin a whole lot sooner and may already be rich.

I guess a lot of people here are kicking themselves to some degree, at least I didn't buy a $900,000 pizza.

"Bitcoin is just another fiat" - well everything used as money is fiat - Gold only has value because some people want to hold it but in itself it is rather useless and far less practical than BTC.

BTC is probably nearer to Gold in reality than to national fiat currencies in the way it behaves - independent of governments and easily exchanged among individuals.

Back to topic - BTC is increasing rapidly against fiat currencies because people are becoming aware about its existence and the smart ones see it as a real opportunity to get in at a relatively early stage of something big.

Sure the Cyprus fiasco confirms to those who were unaware how incompetent governments are when it comes to money - and many see BTC as a viable alternative.

I'm not sure about the FinCEn stuff - BTC is global rather than US-based.

Having worked with governments I see no danger that many governments will get together against BTC - they find it almost impossible to get together to agree about anything much as a common aim - systemically BTC is safe from their meddling - and that is another reason why BTC has a great future - it is a people's not a government's currency!

I don't understand what the FinCen announcement has to do with it. So it means that someone wants to use it to make a US exchange, and therefore bought a ton of Bitcoins, which drove the prices higher? How does FinCen translate into higher prices?

It's not only the Americans that are using it. Unless all governments act together against Bitcoins, there shouldn't be too much of an effect.

Thus as I said, only the government can give paper money its value, unless they are gold or silver.

Bitcon is just another fiat. I know, I know it isn't debased as much. Irrelevant! The value of money is based on confidence. The government can change the confidence at any time. So the government can cause inflation or deflation in Bitcon at any time that they wish.

So all this BS about NO INFLATION is just utter nonsense.

Very astute. I have had many silver bugs tell me they sold silver to buy Bitcoin after FinCEN legalized Bitcoin.

Honestly i'm not sure whether to speculate and buy more at $100 and wait for the market to reach 120 then sell back at 110 or Just hold and see what happens for now quite a rally

No, I think there are two possibilities:

https://bitcointalksearch.org/topic/bitcon-aka-bitcoin-cant-scale-159908

1. World domination as a 666 system
2. Crash and burn

There is no scaling for a middle ground.

Numerous media stories about Bitcoin.

Greater fools are rushing in.

Got to keep them coming at exponentially increasing rate, else price  will decline.

Actually, it's inept, kleptocratic governments being raped by narcissistic bankers who are in a race to devalue currencies to limit the costs of the mountain of debt we keep adding to.

Tornados

I think Cyprus was just an indicator for the general dislike a lot of people are building towards big banks; the idea of a decentralized currency seems more and more attractive to people when they see what the EU et al are doing with their money.