Bitcoin Just Broke $100 and Topped $1 Billion

www.businessinsider.com...

The total value of all outstanding bitcoins—its market capitalization, if you will—has now topped $1 billion. That’s quite a milestone, considering bitcoin isn’t backed by any real asset or faith in any government. A big reason for its success is the principle of sound money ...something Ron Paul educated the American people about during the last two election cycles... dropping the phrase "Austrian school" on Jay Leno.

Now that bitcoin is being taken seriously, we are seeing a seismic shift in the world of international finance such as the world has never known. Now watch our world radically change as we remove the greed driven middle man who regulated the value of our legal tender from his ivory tower. These money junkies are in a race to rule the world, but the power these “elites” lust for is tied to an old money system and that false authority is house of cards… ready to fall.

One might compare the rise of crypto-currency and it’s effect on banks and insurance companies to the invention of the printing press and its impact of the Catholic Church. In the days of Martin Luther the Chatholic Church ruled the world. Were you to walk into any town or city in 1513 you would see that the spires of the Church towering over every other building. Five hundred years later the tallest buildings in any major city are either banks or insurance companies, thus it should be evident to anyone who is paying attention who rules the world today.

Its the golden rule, those who have the gold make the rules. And there is a clue, it has always been those institution that move money around. The church moved money (promising treasure in heaven as they sold a pardon for sin) and today the bankers, like Goldman Sachs CEO Lloyd Blankfein still claim: "I'm Doing God's Work." Yeah, from my perspective, not a lot has changed in terms of money, corruption, and thinking that one's own greed is part of God's ordained plan for a better world.

Today’s Martin Lurther is Satoshi Nakamoto. Lurther publish his Ninety-Five Theses in 1517 and Satoshi revealed the open-source code for bitcoin in 2009. The German monk strongly disputed the claim that freedom from God’s punishment for sin could be purchased with money. Nakamoto wanted to give people the ability to move money without using a bank, and doing this is like talking to God without a priest.

The real value of Bitcoin is not found in the market, but rather in the code.

Historically, governments inevitably debased their own currencies to finance expensive foreign wars and/or a run away welfare state (in our case both). Naturally, these governments force the people to only use the so-called “money” that they declare to be legal tender (...even if something else would work better). So we find that through out time, legal tender laws are always put in place where ever there is a fiat currency. Before bitcoin it was precious metal that provided the “anchoring” for fiat currencies and held inflation in check. Now the same principle of sound money that used gold and silver to chain down the mischief of governments is the fundamental operating principle employed in the bitcoin code. Simply stated, bitcoin is electronic cash that is not subject to the false authority of government (the anarcho-capitalist inside of me loves that) and therefore, like pure gold or silver, it will NEVER loose it's value due to inflation.

It has been said, “Bitcoin could be the greatest invention in human history.” Why would anyone say this? Because it fulfills the dream of Thomas Jefferson, who said “the issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” Thanks to bitcoin, it has been.

reply to post by wasaka
omg Its so great! Also LTC is shooting for the moon.

Buy BTC and trade for LTC RIGHT NOWWWWWWW.

I have turned $500NZD into $50,000NZD in the span of 2-3 weeks just by day trading between various crypto currencies.

This is surreal!!!!!!!!

Screw Fractional Reserve Lending and its Fiat Money!


Troll Box on BTC-E is where its at

i love how everyone jumps on bitcoin like its any better then the us dollar.. its even worse.. unlike the dollar who you know is controlled by the fed reserve and that they are screwing you and manipulating currency values..

Bitcoin is even worse the value fluctuates so much more then the dollar does its basically useless.. and its backed by absolutely nothing at least with a bank you have fdic and to a point your money is safe.. bitcoin you have nothing, its backed by no one, and when someone steals your bitcoin wallets or all ur coins you are SOL...

It will never, i repeat NEVER be adopted widespread by any normal people, only hackers and people looking to buy things that are illegal and do not want to be tracked.

Its stupid, and anyone who is putting faith in it is even more stupid then stocking up on gold and silver, at least with gold and silver you can make yourself pretty rings and jewelry when its worthless.. What can you do with a bitcoin when its worthless...

It can't be manipulated you say?... says who, the people who made it? yah and the fed says the same thing about the dollar..

I have a red hat...

reply to post by wasaka


Bitcoin reminds me of Beanie Babies.

It may not be a fad, I don't know, but this frenzy sure reminds me of Beanie Babies.

Originally posted by dc4lifeskater
i love how everyone jumps on bitcoin like its any better then the us dollar.. its even worse.. unlike the dollar who you know is controlled by the fed reserve and that they are screwing you and manipulating currency values..

Bitcoin is even worse the value fluctuates so much more then the dollar does its basically useless.. and its backed by absolutely nothing at least with a bank you have fdic and to a point your money is safe.. bitcoin you have nothing, its backed by no one, and when someone steals your bitcoin wallets or all ur coins you are SOL...

It will never, i repeat NEVER be adopted widespread by any normal people, only hackers and people looking to buy things that are illegal and do not want to be tracked.

Its stupid, and anyone who is putting faith in it is even more stupid then stocking up on gold and silver, at least with gold and silver you can make yourself pretty rings and jewelry when its worthless.. What can you do with a bitcoin when its worthless...

It can't be manipulated you say?... says who, the people who made it? yah and the fed says the same thing about the dollar..

And we will NEVER EVER drive cars, and we will NEVER EVER fly in planes,
and we will NEVER EVER go to the moon, list is long for things that WAS
never ever..

Your lolled Man

reply to post by Miccey


Comparing bitcoins to flying a plane or driving a car makes no sense...

It will never be adopted as a standard currency for many reasons, to put trust in it makes no sense its backed by nothing, at least the dollar is backed by the US gov... not that its saying much but try taking ur bitcoins to the grocery store and see how far that gets you...

Lol people who don't know what they are talking about is funny. Crypto-currencies made me rich in weeks! Literally changed my quality of life.

Haters gonna hate

Originally posted by superman2012
reply to post by wasaka

 

Bitcoin reminds me of Beanie Babies.

It may not be a fad, I don't know, but this frenzy sure reminds me of Beanie Babies.

I tend to agree. I've been known to dabble where specific needs required it or it sure made life a bit easier on the needs of the moment. Anything beyond that? Well... As someone else said? If the "mighty" US dollar and other currencies can crash while we know whole nations rise and fall on their status .... what makes Bitcoin stable enough to tie any real money into is something I've never quite grasped.

It does feel like Beanie Babies and a dozen other things which came and went, eh? Time will tell.

Originally posted by dc4lifeskater
i love how everyone jumps on bitcoin like its any better then the us dollar.. its even worse.. unlike the dollar who you know is controlled by the fed reserve and that they are screwing you and manipulating currency values..

Bitcoin is even worse the value fluctuates so much more then the dollar does its basically useless.. and its backed by absolutely nothing at least with a bank you have fdic and to a point your money is safe.. bitcoin you have nothing, its backed by no one, and when someone steals your bitcoin wallets or all ur coins you are SOL...

It will never, i repeat NEVER be adopted widespread by any normal people, only hackers and people looking to buy things that are illegal and do not want to be tracked.

Its stupid, and anyone who is putting faith in it is even more stupid then stocking up on gold and silver, at least with gold and silver you can make yourself pretty rings and jewelry when its worthless.. What can you do with a bitcoin when its worthless...

It can't be manipulated you say?... says who, the people who made it? yah and the fed says the same thing about the dollar..

It is better than the US dollar. The only characteristic it shares with the Dollar is that they are both fiat currency. In every other respect it is clearly superior. No central bank, no way to devalue it or cause inflation, WAY more secure, anonymous = no identity theft, the list goes on.

Why fear change so much?

reply to post by Mandrakerealmz

And how did you get rich? Did you convert it to dollars or are you bitcoin rich? If you converted it, that just strengthens (in my mind) the thought that it is a collectible fad that will burst eventually.

Originally posted by SilentKoala

Originally posted by dc4lifeskater
i love how everyone jumps on bitcoin like its any better then the us dollar.. its even worse.. unlike the dollar who you know is controlled by the fed reserve and that they are screwing you and manipulating currency values..

Bitcoin is even worse the value fluctuates so much more then the dollar does its basically useless.. and its backed by absolutely nothing at least with a bank you have fdic and to a point your money is safe.. bitcoin you have nothing, its backed by no one, and when someone steals your bitcoin wallets or all ur coins you are SOL...

It will never, i repeat NEVER be adopted widespread by any normal people, only hackers and people looking to buy things that are illegal and do not want to be tracked.

Its stupid, and anyone who is putting faith in it is even more stupid then stocking up on gold and silver, at least with gold and silver you can make yourself pretty rings and jewelry when its worthless.. What can you do with a bitcoin when its worthless...

It can't be manipulated you say?... says who, the people who made it? yah and the fed says the same thing about the dollar..

It is better than the US dollar. The only characteristic it shares with the Dollar is that they are both fiat currency. In every other respect it is clearly superior. No central bank, no way to devalue it or cause inflation, WAY more secure, anonymous = no identity theft, the list goes on.

Why fear change so much?

Ya I can understand being skeptical, but its seems most people don't understand how bitcoins work,, here is a great link so people can at least no what and why to hate before they go a head and hate,, this guy ex-planes it good,,, peter Schiff interviews real good about all the questions about bitcoins,, www.zerohedge.com...

reply to post by wasaka

Its a bubble.

Dont say I didnt warn you.

reply to post by superman2012


People are flowing into multiple Crypto currencies. Im trading between various types on Bitcoin exchanges. I use BTC as my reserve currency and cash out BTC to NZD to buy stuff in town (for now )

It seems quite surreal Litecoin is taking off. And I have heard lots of Russian money is pooring into Novacoin or Namecoin cant remember which one. So the spike isnt a bubble. I'm just making money multiple ways as the price truly rises of Crypto currencies in general. Plus NZ is in a unique position with no capitol gains tax so millionaire Bitcoin users have inflated the NZD value of Bitcoins in various places.

Waves upon waves of ways to make money ^.^

reply to post by gladtobehere

Bubble type events are indeed playing out. But that and trading is being dwarfed by true incoming money flow into cryptocurrencies. Many types.

Let me post something I posted in another thread where people were having trouble understanding why bitcoin is superior to Government fiat:

Government fiat: no intrinsic backing, easy and cheap to create, no limit to how much can be created
Bitcoin: no intrinsic backing, difficult and expensive to create, finite limit to how much can be created

Government fiat: centralized monopoly where only banks can create new money out of thin air
Bitcoin: completely decentralized network where anyone has the ability to mine new coins

Government fiat: requires banks and other such entities to secure money and make transactions
Bitcoin: local wallet storage and peer-to-peer transactions which don't go through any banks

Government fiat: extremely expensive and very slow to send international transactions across borders
Bitcoin: little to no fees for any size transaction to anywhere in the world with very quick speeds

Government fiat: can be stolen by the Government or banks if they decide to freeze your accounts
Bitcoin: impossible to access your encrypted wallets or freeze your money for any reason at all

How foolish are people?

Not only is a digital currency a shoe in plan of every NWO playbook that has ever been believed or conspired by conspiracy theorists everywhere, but it, just like every other modern currency is backed by:

NOTHING!

There is no physical existential value to this currency. It can be taken from you by hackers. It can be deleted at a moments notice. If the sun decided to flare up - all of it would be gone and $1 billion dollars would disappear from bank accounts overnight.

Fulfilling Thomas Jefferson's dream? Jefferson's dream was fulfilled when the Revolution was fought and the colonist's moved away from the central bank of England and the Treasury and Congress took over monetary rights and thus THE PEOPLE took over the monetary rights of the nation. Hamilton installed the first Central Bank, and it dissolved in 1811. Madison created the Second Central Bank which laster until Jackson destroyed that. From 1837-1913 the United States had its freedom from a Central Bank. Jefferson had his dream and the Federal Reserve has crushed it ever since.

He didn't dream of a digital worldwide currency run anonymously and backed by nothing. At least with Federal Reserve Notes I have crap paper and fuel for my fire if SHTF with bitcoins, what do people have? Nothing.

The only way a currency will ever be worth anything is if it is physically backed by something.

reply to post by ChaoticOrder

Bitcoin: impossible to access your encrypted wallets or freeze your money for any reason at all

Hahaha. That is a good one. A flat out bolt exaggeration, but a good one.

Here is a nice list of the latest Bitcoin hacks and heists. But I'm sure robbing a bank is a lot easier for the technological know hows.

bitcointalk.org...

reply to post by TheNewRevolution

Not only is a digital currency a shoe in plan of every NWO playbook that has ever been believed or conspired by conspiracy theorists everywhere

Yeah but all those theories rely on a highly centralized digital currency which is easy to track. Bitcoin can provide high levels of anonymity, and that's exactly why it's used on the dark net to buy and sell illegal items.

but it, just like every other modern currency is backed by:

NOTHING!

Yeah and unlike all other modern fiat currencies it's not easy or cheap to create and there is a limit to how much can be created.

reply to post by TheNewRevolution


If your wallet is encrypted with a sufficiently secure password then it will be virtually impossible to hack unless the hacker has thousands of years on his hands. At one point wallet encryption was not built into the default bitcoin client and it was much easier for hackers to steal wallets, but that isn't the case any more. Further more, one can make multiple backups of their wallet in case they lose the original. Can you encrypt or back up cash? Didn't think so...

EDIT: and it should be mentioned that the link you provided lists exchanges which have been hacked... as has already been said 1 million times, the security of any particular exchange has nothing to do with the security of the actual bitcoin network. The bitcoin network has never been compromised.