bit¢oin$

burning platform?

http://www.scmp.com/business/banking-finance/article/1371767/chinese-renminbi-dominates-global-bitcoin-trade-researchers

Feel bad for my chinese bros, they're gonna get scammed so bad

But we as a people are culturally susceptible to gambling and speculation, it's terrible

― 乒乓, Tuesday, December 3, 2013 8:14 AM Bookmark Flag Post Permalink

China is awash in new money and has a short history with capitalism and speculative investment. Scamming Americans is easy enough, but China seems like a dream for this sort of thing.

Well it's also due to the Chinese government heavily restricting what sorts of things one can invest in + being very tight with letting money leave China

read some thing speculating china is purposely not cracking down on all these ways to get money out of the country, bitcoin investment in hk real estate etc, as a way to ease into liberalizing their currency exchange policies altogether

Those bitcoin QR codes seem like they'd be ideal targets for drone strikes.

rip http://www.coindesk.com/price-crashes-china-outlaws-bitcoin-financial-institutions

I'm actually surprised the price didn't tank harder on that news.

can't the same group of people just keep the price inflated?

i'd figure stories like this would tank it harder (and there seems to be a new one every couple days):
http://techland.time.com/2013/11/12/bitcoin-online-exchange-in-czech-republic-hacked/

http://newsfeed.time.com/2013/12/05/i-bought-everything-on-my-christmas-list-with-bitcoin/

can't the same group of people just keep the price inflated?

I mean, yeah, but only by buying more and bitcoin.

http://dealbook.nytimes.com/2013/12/05/in-the-murky-world-of-bitcoin-fraud-is-quicker-than-the-law/?_r=1&

The call went out on Twitter: “For insane profits come and join the pump.”

It was an invitation to a penny stock-style pump-and-dump scheme — only this one involved Bitcoin, the soaring, slightly scary virtual currency that has beckoned and bewildered people around the world.

While such bid ’em up, sell ’em off scams are shut down in the financial markets all the time, this one and other frauds involving digital money have gone unchecked. The reason, in no small part: Government authorities do not agree on which laws apply to Bitcoin — or even on what Bitcoin is.

The person behind the recent scheme, a trader known on Twitter as Fontas, said in a secure Internet chat that he operated with little fear of a crackdown.

“For now, the lack of regulations allows everything to happen,” Fontas said in the chat, where he verified his control of the Twitter account, which has thousands of followers, but did not give his identity. He added that Bitcoin and its users would benefit when someone steps in to police this financial wild west, and would stop his schemes when they do.

#freemarket #invisiblehand

The price has dropped about 20% in the past hour.

http://bitcoin.clarkmoody.com

Mt. Gox apparently has this glitch where it throws itself into a loop

http://i.imgur.com/pbWzMKG.jpg

What an efficient market looks like imo

it's bouncing a little but people are still dumping

wonder who is long on Bitcoins on 12/6/2013 at 3:30pm EST

bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately. bitcoins have been jingling in some distinguished pockets lately.

https://www.youtube.com/watch?v=xU5lQsV0L6s

was down to ~600 half its original value, it recovered a lil bit but still, lol

bitcoin.txt ‏@bitcoin_txt 3m
confirmed that A.) this is about trust B.) we didn't see a bubble beforehand, we just saw gained trust expressing itself on the pricechart.

http://lamborghininewportbeach.blogspot.com/2013/12/we-just-sold-our-very-first-vehicle.html

Lol, happened 2 days before the crash

lol stupid stupid lamborghininewportbeach

For once in my life I recommend looking at the comments

http://i.imgur.com/VoWIsi3.png

http://i.imgur.com/4elWwD8.png

http://i.imgur.com/zVuql5s.png

This dude got 3+ bitcoins by begging

Remember that story of the tech entrepreneur who tried to teach a homeless man to code in NYC

We are so close to the next level of a tech entrepreneur giving homeless people bitcoin wallets to request donations online

wow this cool new currency is sure to be a huge sucess

Rent &
Insurance &
Obamacare &
Car

holy http://www.coinion.com

Cringing so hard right now

lol

bitcoin.txt ‏@bitcoin_txt 1m
the true value of Bitcoin without interference of the exchanges…Therefore ALL bitcoins equal the total value of all the earths raw materials

AnonymousDecember 4, 2013 at 2:11 PM
Buy me a lambo! 1HL6YgkkGv7bKRhRe6UtxPHHxot5Ep6yKz

Anonymous
December 5, 2013 at 2:29 AM
lol at the ponzi scheme comments. Dinasaurs!

Anonymous
December 5, 2013 at 7:09 PM
Dinosaurs old enough to remember Pets.com. Yes sir son, I've seen this movie before. It does not end well.

Last night I talked to my friend's bro who's very much ~in~ the tech industry

He told me he bought 10 bitcoins when the price was at $200 and sold at $1000

Good man

Also told me about his plans for a [REDACTED UNDER NON-DISCLOSURE AGREEMENT] which I thought was really interesting

ChaseBankCoin

c+p for those of us without financial times subs?

whoops my bad

JPMorgan Chase has filed a US patent application for a computerised payment system that resembles some aspects of Bitcoin, the controversial virtual currency. Like Bitcoin, JPMorgan’s proposed system would allow people to make anonymous, electronic payments over the internet, without having to reveal their name or account numbers or pay a fee, according to the patent application. [...] JPMorgan’s proposed system involves creating “virtual cash” that would sit in an online wallet reminiscent of the computer files that hold Bitcoins on behalf of their users.The JPMorgan system would also create a public record of transactions made using the technology – a feature that would appear to mirror Bitcoin’s use of “blockchain”, a massive block of code stored across a peer-to-peer network of computers that acts as a public ledger of all Bitcoin transactions.

100% never happens

if it does though, fucking lol

"bitcoin will set us free until a giant financial institution patents everything about it that we like"

hard to see what would be in that for JPM -- maybe they just want the patent as a potential block to other companies?

companies just patent shit constantly 99% add up to nothing

unless of course they're planning on co-opting/charging all of the bitcoin exchanges based on the strength of their patent

Also looks like Chase is just developing their own proprietary bitcoin

yeah i mean they had a meeting and a guy was like maybe one day we want to build our own bitcoin or sue bitcoin or something and another guy was like sure ok send it over to legal

u never bitcoin

Bitcoin back up to $1000, dump and pump in full effect.

that chase thing makes me thing of labels fucking about with bittorrent distribution and not doing anything with it

https://www.youtube.com/watch?v=0zgP4DdicGc

lord help

I hope this turns out like early-mid-stage internet, where every company will suddenly have consultants telling them they need "bitcoin presence" and they'll come up with all these pointless uses of bitcoin-like technologies. Like Kellogs will come out with FrostedCoins where you get like .25-cent value secure virtual coupons for more frosted flakes that you have to go through an arduous process to redeem.

(Vague uniformed speculation:)

Well Facebook just killed their own currency (Credits), which was basically that idea, trying to trap more cash within the platform (equivalent of gift cards, most of which are never redeemed, hence they keep the money).

Afaik the JPM/Chase scheme is intended as a payment system to compete with Visa et al, applicable to the real world and not just discounts within a closed trade loop. Duplicate a currently open-source thing, build out an infrastructure for it, take ownership of it (a la Microsoft or any number of tech giants), presto - they are the new Visa/Paypal/Western Union. Could see savings accounts at Chase offering higher rates in that currency, etc as an initial incentive to get people in door (like offering $500 for opening an account today). They might even push it as an investment/speculation vehicle in itself. Unlike Bitcoin Chase exists in the material world and has offices, advertising, etc, so can push it hard if need be. Big challenge with Bitcoin as it stands is converting back into $ - not as much of a problem given a vast chain of brick and mortar banks