Bitcoin Just Broke $100 and Topped $1 Billion

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posted on Apr, 2 2013 @ 12:50 AM
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Wat happens if a huge EMP hit (for whatever reason)
And you need to purchase something / anything ?

I know banks would be at risk also.




posted on Apr, 2 2013 @ 01:00 AM
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Originally posted by azureskys
Wat happens if a huge EMP hit (for whatever reason)
And you need to purchase something / anything ?

I know banks would be at risk also.


Then all of society would be completely F'ed, so it wouldn't make any difference.



posted on Apr, 2 2013 @ 01:07 AM
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reply to post by SilentKoala
 


Very funny

I did not necessarily mean the whole planet.
Just a large portion of the grid down.



posted on Apr, 2 2013 @ 01:14 AM
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reply to post by azureskys
 


Bitcoin would continue operating unless the entire internet went down because it's a decentralized network without any single point of failure.



posted on Apr, 2 2013 @ 01:14 AM
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reply to post by azureskys
 


Same difference. It would utterly destroy society's ability to operate in the place where it is down. The problem with an EMP is that smaller microelectronics get permanently destroyed due to the rapidly changing magnetic flux which induces excessive current in the electronic components, so it would not just be like a temporary power-outage. Much of our technological infrastructure would have to be rebuilt from scratch. Society can't operate for very long without the grid, whether it has bitcoin or not. You'll be limited to the physical cash in your pocket and whatever supplies the nearby store has until it runs out.



posted on Apr, 2 2013 @ 01:24 AM
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Originally posted by Mandrakerealmz
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


ok.how does digital currency spent in the real world?

through online only ?? and how has it changed your life, would you be willing to provide us with a snapshot of your life in a before and after effect?



posted on Apr, 2 2013 @ 03:36 AM
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reply to post by Komodo
 


Take a look at the people in Cyprus right now. Central banking ruined most of their lives overnight.

Take a look at how many people were affected by the 2008 US financial crisis. Because of the irresponsible actions of banks, the government took trillions of dollars from the citizens, through taxation, to bail them out - money that could have otherwise gone to public services.

Look at how much confidence in the US dollar has been lost due to Bernanke's irresponsible "quantitative easing" policies. Countries lend to the US and are later repaid simply by the US printing the money they owe, which pays the debt but devalues the currency. Pretty crummy deal for the lender.

Look at how many people have had their lives destroyed by identity theft and bank fraud.

Decentralized currency avoids all that. No central banks = no fractional reserve banking = no bank runs. No irresponsible monetary policies = no devaluation of the currency. State-of-the-art crpytographic algorithms and anonymity = no identity theft.

I honestly cannot think of a single reason not to use a decentralized crypto-currency. Yes, it is true that it is not backed by a precious metal, but neither is the dollar, so that argument is rather moot. We will never ever have a gold standard again, no matter how badly Ron Paul wants one - and I support everything he has fought for - but it just isn't going to happen. Decentralized crypto-currency is the future of money, and it is way better than what we currently have. Embrace change for the better!



posted on Apr, 2 2013 @ 05:17 AM
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reply to post by SilentKoala
 


you mis-understood my questioning..

those were sincer questions because I read up a bit on bitcoin.. but i'm not getting the connection of HOW they are SPENT in the REAL world.. .. as in .. can i buy a hamburger with them or a car or even a house.. ?

THAT to me is currentcy ..

plz explain



posted on Apr, 2 2013 @ 05:32 AM
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Originally posted by SilentKoala
reply to post by azureskys
 


Same difference. It would utterly destroy society's ability to operate in the place where it is down. The problem with an EMP is that smaller microelectronics get permanently destroyed due to the rapidly changing magnetic flux which induces excessive current in the electronic components, so it would not just be like a temporary power-outage. Much of our technological infrastructure would have to be rebuilt from scratch. Society can't operate for very long without the grid, whether it has bitcoin or not. You'll be limited to the physical cash in your pocket and whatever supplies the nearby store has until it runs out.


You could put your Bitcoin Wallet on a thumb-drive and stick
in an old microwave oven (which functions as a Faraday cage)
and then "wait for our technological infrastructure to rebuilt
from scratch" (AS YOU SAID)... but while civilization rapidly
deteriorates into chaos, the worst is yet to come.

Consider this, there are 440 nuclear power plants in the world
(and about 700 if you count all research reactors) that all need to
be keep from complete meltdown or it would the end of humanity.

truth-out.org...



...the world's nuclear power plants, as they are currently designed, are critically dependent upon maintaining connection to a functioning electrical grid, for all but relatively short periods of electrical blackouts, in order to keep their reactor cores continuously cooled so as to avoid catastrophic reactor core meltdowns and fires in storage ponds for spent fuel rods.


Nuclear reactors while running normally, are in a state of controlled
meltdown as they heat water into steam which turns turbines that
produce electricity. The only thing saving us from disaster is the
constant supply of fresh cool water that keep the rods from melting
down. The flow of water requires electricity and pumps, and working
electronic systems to control them. If these systems are damaged,
or the electricity is OFF, well, remember Fukushima?? Now think
about F-U-Sheema multiplied by a factor of 700.

Get the picture? the lights going out would create almost incalculable
suffering, death and environmental destruction on a scale not seen since
the extinction of the dinosaurs some 65 million years ago.

This would be E.L.E. (Extinction Level Event)

but the that USB drive in your microwave oven will survive the Apocalypse...

humanity will not =(



posted on Apr, 2 2013 @ 05:43 AM
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Originally posted by Komodo
reply to post by SilentKoala
 


you mis-understood my questioning..

those were sincer questions because I read up a bit on bitcoin.. but i'm not getting the connection of HOW they are SPENT in the REAL world.. .. as in .. can i buy a hamburger with them or a car or even a house.. ?

THAT to me is currentcy ..

plz explain


You spend bitcoins by sending them to a bitcoin address that belongs to the person you're buying something from. It is mostly online but more and more regular businesses are starting to accept them.
edit on 2-4-2013 by SilentKoala because: (no reason given)



posted on Apr, 2 2013 @ 05:44 AM
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reply to post by Komodo
 


There are plenty of places where you can spend bitcoin. Wordpress now accept bitcoin as do Reddit. Most of the shops that accept bitcoin are online merchants but there are a few dozen real world shops. The map of real world shops appears to be broken right now though, check it later.



posted on Apr, 2 2013 @ 06:52 AM
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Originally posted by SilentKoala

Originally posted by Komodo
reply to post by SilentKoala
 


you mis-understood my questioning..

those were sincer questions because I read up a bit on bitcoin.. but i'm not getting the connection of HOW they are SPENT in the REAL world.. .. as in .. can i buy a hamburger with them or a car or even a house.. ?

THAT to me is currentcy ..

plz explain


very cool ..

thx you ^^

You spend bitcoins by sending them to a bitcoin address that belongs to the person you're buying something from. It is mostly online but more and more brick and mortar businesses are starting to accept them.



posted on Apr, 2 2013 @ 06:55 AM
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Originally posted by ChaoticOrder
reply to post by Komodo
 


There are plenty of places where you can spend bitcoin. Wordpress now accept bitcoin as do Reddit. Most of the shops that accept bitcoin are online merchants but there are a few dozen real world shops. The map of real world shops appears to be broken right now though, check it later.


very cool..

thx you .. !



posted on Apr, 2 2013 @ 07:48 AM
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You spend bitcoins by sending them to a bitcoin address that belongs to the person you're buying something from. It is mostly online but more and more regular businesses are starting to accept them.


Like what "regular businesses"? There are zero trustworthy "regular" vendors taking bitcoins. LOL



posted on Apr, 2 2013 @ 08:24 AM
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reply to post by Komodo
 
I convert it back to NZD to spend at the moment. I made money and it has helped me pay bills and medical bills I have been putting off ^.^

So now my health is massively improving and i'm not stressing about money. In those ways its changed my life.

Edit: to clarify. I made money off day trading between the various currencies. Not by just buying BTC and holding. (although that too would have made money)
as the perceived value has risen.

But I made my money by Day Trading.
edit on 2-4-2013 by Mandrakerealmz because: (no reason given)



posted on Apr, 2 2013 @ 09:13 AM
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reply to post by dc4lifeskater
 


Not sure about Bitcoin being safe but I do KNOW that $/£/€ are now for losers only - proof:

www.bankofengland.co.uk...

Europe is Bail-In (Unsecured Creditors) next time the banks take a whoopsie. US is ALL-in. Might as well hedge a bet elsewhere.

And, just to be sure, read and save that document, pass it on and tell everyone you know with any savings to GET ... IT... OUT!

And, if you're not happy with the BoE link here it is on the FDIC's website: www.fdic.gov...



posted on Apr, 2 2013 @ 09:42 AM
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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.


Good god, did Amazon ever let you pay in Beanie Babies, did the US Government ever have to issue regulatory guidelines for dealing in BB?
Did BB ever make people invest over 1 MIllion $ in one go?
Did the US Government ever got so worried about BB that it tried to stop the sales of the little buggers?

We bought into Bitcoins when they were $30 a piece and we are already laughing. Even if they crash, they'll be back up before anyone can point at the fact and we will not sell, the amount we put in is purely investment and the amount is low enough not to care if we lost it, but when it all shoots up, we will seriously laugh even louder and point at the doom mongerers whilst telling them they should have listened.
People can't buy in easily any longer as it would cost them too much, so they start slagging BC off to vent their jealousy.

This is Wild West territory, the first buyers were Pioneers. "Buy the fear, sell the greed!"

The doom mongerers are always ill informed [or not informed at all actually, they see bit coins as a colourful blob on the screen but haven't got the faintest idea as to where BC come from, why they have value and why they are safer than banks at the moment].

The above poster sums it all up. Comparing BC to Beanie Babies is seriously embarrassing. It's like comparing the first US settlers to people who grow carrots in their back garden: "It's only a bit of land, they'll soon get bored..." HAHAHAHAHAHAHAHA



posted on Apr, 2 2013 @ 10:09 AM
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Originally posted by dc4lifeskater


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.




 


on a TV report yesterday ... 1 April. '13

the news report stated that almost 100% of bit coin web based exchange took place at these kind of sites :

1...Specialty &-/or Novelty clothing
2...Gaming & Gamers
3...Porn


hardly any 'Liquidity' or money circulation

i sispect that the huge increases in bitcoin value is the result of the speculators with sideline monies to fritter away in long term 'bets' if they were not engaged in a form of HFT (high frequency trading)of bitcoin already...

it is a suckers bet, but one which may make 5 or 6 gamblers rich at the expense of the more common unenlightened



posted on Apr, 2 2013 @ 10:31 AM
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Originally posted by SilentKoala

I honestly cannot think of a single reason not to use a decentralized crypto-currency. Yes, it is true that it is not backed by a precious metal, but neither is the dollar, so that argument is rather moot. We will never ever have a gold standard again, no matter how badly Ron Paul wants one -


Decentralized crypto-currency is the future of money,



 

instead of just countering your money outlook.....

i felt the need for everyone to read this link...

www.news.goldseek.com...

news.goldseek.com...




the article is a very profound one by Jim Willie and deals with the soon-2-be gold standard BRICS bank money & currency thru trade & such that will put the USA petro dollar, the world bank & the IMF on the road to extinction.... yes a real gold standard money system not a crypto based one you see as the future
edit on 2-4-2013 by St Udio because: (no reason given)



posted on Apr, 2 2013 @ 11:02 AM
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OOOOH MY GOD!!!




I'm crying. Is this real? I'm losing my mind right now guys....

Edit: Im watching this sh*t soo vigilantly! any sign of trouble im diversifying out. But for now. Signs look good.
edit on 2-4-2013 by Mandrakerealmz because: (no reason given)





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