Meltdown: Bitcoin crashes to $576

[Manmaster]

http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12

 

Please see a US finance professor's opinions on bitcoin.

[Unltd]

http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12

 

Please see a US finance professor's opinions on bitcoin.

Yes yes, regurgitate. No wonder everything coming from you is from your own perspective only.

 

When others give you their views, you ask for proof and quotes. When ppl give you proof and quotes you say they regurgitate. Just cause you are proven wrong and others have their opinions and is backed up by solid stuff you can't take it.

 

I love wind up toys, they behave exactly the same way I want them to, I like winding them up slowly and carefully and watch them do their thing. Better not overwind otherwise they break and it's no fun any longer. Oops off topic.

 

Toys just don't realise how silly they look, but they sure are fun to play with!

[Manmaster]

Yes yes, regurgitate. No wonder everything coming from you is from your own perspective only.

 

When others give you their views, you ask for proof and quotes. When ppl give you proof and quotes you say they regurgitate. Just cause you are proven wrong and others have their opinions and is backed up by solid stuff you can't take it.

 

I love wind up toys, they behave exactly the same way I want them to, I like winding them up slowly and carefully and watch them do their thing. Better not overwind otherwise they break and it's no fun any longer. Oops off topic.

 

Toys just don't realise how silly they look, but they sure are fun to play with!

Hello? where on earth did u see me re-copying the article?

 

I merely put a link. I didn't even quote anything out from the article. U r a man standing on shaky ground and yet so trigger happy but u're barking up the wrong tree.

[Unltd]

Hello? where on earth did u see me re-copying the article?

 

I merely put a link. I didn't even quote anything out from the article. U r a man standing on shaky ground and yet so trigger happy but u're barking up the wrong tree.

So emotional and fun! 5 points for you!!!

[A5SB]

 

bitcoin is supposed to be untraceable ?

It has been used to buy drugs and all manners of illegal activities, like pay for a hitman.

http://en.wikipedia.org/wiki/Silk_Road_%28marketplace%29

 

It's like buying shares like bluemont group. One day $2, next day $0

 

I'll stay on the sideline and watched.

 

Someday, most countries may just outright banned bitcoin bcoz it has no intrinsic value like gold, and ti's not controllable.

You do know the US dollars is not backed by gold do you? Likewise just about any other major currencies. In other words they can keep printing till they run out of paper, then print some more.

 

In fact "traditional" currencies are pretty similar to bitcoin except bitcoin is purely digital and has no physical form. Also bitcoin is not controlled by any particular banks or central banks, quite unlike normal currencies. This gives it a lot of advantages especially if you are a money trader, or even a launderer ;-)

 

In my view, slowly but surely these alternative currencies will become yet another form of currencies freely traded in the market like USD GBP EUR CHF JPY and so on.

[Manmaster]

You do know the US dollars is not backed by gold do you? Likewise just about any other major currencies. In other words they can keep printing till they run out of paper, then print some more.

 

In fact "traditional" currencies are pretty similar to bitcoin except bitcoin is purely digital and has no physical form. Also bitcoin is not controlled by any particular banks or central banks, quite unlike normal currencies. This gives it a lot of advantages especially if you are a money trader, or even a launderer ;-)

 

In my view, slowly but surely these alternative currencies will become yet another form of currencies freely traded in the market like USD GBP EUR CHF JPY and so on.

USD is not pegged to gold but is still supported by gold. If not, we don't have to worry about the existence of gold reserves in fort knox. People are questioning about the gold reserves in fort knox. If USD is not supported by the so called gold reserves in fort knox, people won't question the gold existence there.

 

Please don't mislead people here when you don't have the proper concept of money & economics.

 

Any real currency in this world is backed by gold and foreign reserves including SGD. When a currency is not backed by gold and foreign reserves, its value can be destroyed overnight. History had already proven that when your currency was backed by a lot of gold and foreign reserves, your currency would hold on to its value better than weaker countries. The asian financial crisis was a pretty good example to prove that. Nobody dared to attack SGD during that crisis as we had a lot of foreign reserves to back up our currency.

[Vitaminc1231]

Not sure you guys aware of this?

 

O.C. Lamborghini dealership sells car for 91.4 bitcoins
http://www.latimes.com/local/lanow/la-me-ln-lamborghini-bitcoin-20131212,0,847450.story#ixzz2oZOGIBFO

[Unltd]

Not sure you guys aware of this?

 

O.C. Lamborghini dealership sells car for 91.4 bitcoins

http://www.latimes.com/local/lanow/la-me-ln-lamborghini-bitcoin-20131212,0,847450.story#ixzz2oZOGIBFO

Later you will be accused of misleading ppl and regurgitating information. Some just can't accept facts. Especially those with greater than thou mentality.

[A5SB]

USD is not pegged to gold but is still supported by gold. If not, we don't have to worry about the existence of gold reserves in fort knox. People are questioning about the gold reserves in fort knox. If USD is not supported by the so called gold reserves in fort knox, people won't question the gold existence there.

 

Please don't mislead people here when you don't have the proper concept of money & economics.

 

Any real currency in this world is backed by gold and foreign reserves including SGD. When a currency is not backed by gold and foreign reserves, its value can be destroyed overnight. History had already proven that when your currency was backed by a lot of gold and foreign reserves, your currency would hold on to its value better than weaker countries. The asian financial crisis was a pretty good example to prove that. Nobody dared to attack SGD during that crisis as we had a lot of foreign reserves to back up our currency.

 

http://www.federalreserve.gov/faqs/currency_12770.htm

 

Just to clarify - from the Federal Reserves:

 

Is U.S. currency still backed by gold?

Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States….They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank." Federal Reserve notes have not been redeemable in silver since the 1960s.

[A5SB]

USD is not pegged to gold but is still supported by gold. If not, we don't have to worry about the existence of gold reserves in fort knox. People are questioning about the gold reserves in fort knox. If USD is not supported by the so called gold reserves in fort knox, people won't question the gold existence there.

 

Please don't mislead people here when you don't have the proper concept of money & economics.

 

Any real currency in this world is backed by gold and foreign reserves including SGD. When a currency is not backed by gold and foreign reserves, its value can be destroyed overnight. History had already proven that when your currency was backed by a lot of gold and foreign reserves, your currency would hold on to its value better than weaker countries. The asian financial crisis was a pretty good example to prove that. Nobody dared to attack SGD during that crisis as we had a lot of foreign reserves to back up our currency.

 

Just to further back up what I said earlier with some figures.

 

If US's treasury figures are to be believed, there are holding at least 261,498,900 troy ounces of gold, that's about $440 billion in 2012. In the same time, M2 money supply was about $9.8 trillion, which means that US dollars was backed up by less than 5% of gold, the rest in nothing more than goodwill and prmises.

 

Even Singapore, holds a mere 2% of its money supply in gold. So what currency is backed by gold, or at least more gold? Maybe Lebanon, which is about 50%? Other than that, China maybe trying to, and had ben buying up gold quite a bit in the past 2 years I guess.

 

Truth is, your favourite currency - be it US dollars, EUR, JPY... is nothing more than promises and good will, plus a small percentage in gold. As for what is actually held in Fort Knox, it depends on who you ask, I really don't know. They could be holding tonnes of Hello Kitty dolls and no gold inside there, who knows?

[Manmaster]

 

Just to further back up what I said earlier with some figures.

 

If US's treasury figures are to be believed, there are holding at least 261,498,900 troy ounces of gold, that's about $440 billion in 2012. In the same time, M2 money supply was about $9.8 trillion, which means that US dollars was backed up by less than 5% of gold, the rest in nothing more than goodwill and prmises.

 

Even Singapore, holds a mere 2% of its money supply in gold. So what currency is backed by gold, or at least more gold? Maybe Lebanon, which is about 50%? Other than that, China maybe trying to, and had ben buying up gold quite a bit in the past 2 years I guess.

 

Truth is, your favourite currency - be it US dollars, EUR, JPY... is nothing more than promises and good will, plus a small percentage in gold. As for what is actually held in Fort Knox, it depends on who you ask, I really don't know. They could be holding tonnes of Hello Kitty dolls and no gold inside there, who knows?

Look like you really don't know much about money.

 

In the old days, many countries used gold standard as their monetary unit for exchange. When a country used gold standard, it didn't mean the ratio had to be 1:1. The gold standard was ideal in the old days as there was not much international trades. As international trades started to flourish, many countries started to accumulate more foreign reserves and realized that they couldn't be converting all the foreign reserves into gold as this would only push up gold prices and create a huge shortage of gold. Thereafter, many countries started to abandon the gold standard. Today, no country uses gold standard anymore but this doesn't mean a currency is not backed up by gold. Can you imagine china with USD$3.66t of foreign reserves use all the reserves to buy gold? Gold price will shoot through the roof and there will be a huge shortage of gold.

 

When I said a currency was backed by gold & foreign reserves, I didn't mean that it had to be in the ratio of 1:1. For eg, china has a foreign reserves of USD$3.66t but it doesn't mean china can only issue yuan in the same amount. Usually the foreign reserves and gold will only make up a small proportion of the money supply and it is up to every government to decide on that based on its conditions. Why only a small portion? Well, this is because a country will never cease to exist unless it is being invaded and will continue to have future earning capacity. The ability to continuously make future earnings also plays a part as this will give people confidence to own your currency as people will know your foreign and gold reserves will grow. This is why the yuan keeps appreciating over time. There are also many ways to shrink the money supply and I won't delve on it as I'm not here to give you an economic lesson.

 

The reason that SGD didn't suffer much compared to other currencies during the asian financial crisis was because our currency was backed up by our strong foreign reserves. No private institution will have this much money to fight against our foreign reserves.

 

I've given you a brief explanation on money and I hope you have understood more about money.

Edited December 27, 2013 by Manmaster

[Bystander50]

Look like you really don't know much about money.

 

In the old days, many countries used gold standard as their monetary unit for exchange. When a country used gold standard, it didn't mean the ratio had to be 1:1. The gold standard was ideal in the old days as there was not much international trades. As international trades started to flourish, many countries started to accumulate more foreign reserves and realized that they couldn't be converting all the foreign reserves into gold as this would only push up gold prices and create a huge shortage of gold. Thereafter, many countries started to abandon the gold standard. Today, no country uses gold standard anymore but this doesn't mean a currency is not backed up by gold. Can you imagine china with USD$3.66t of foreign reserves use all the reserves to buy gold? Gold price will shoot through the roof and there will be a huge shortage of gold.

 

When I said a currency was backed by gold & foreign reserves, I didn't mean that it had to be in the ratio of 1:1. For eg, china has a foreign reserves of USD$3.66t but it doesn't mean china can only issue yuan in the same amount. Usually the foreign reserves and gold will only make up a small proportion of the money supply and it is up to every government to decide on that based on its conditions. Why only a small portion? Well, this is because a country will never cease to exist unless it is being invaded and will continue to have future earning capacity. The ability to continuously make future earnings also plays a part as this will give people confidence to own your currency as people will know your foreign and gold reserves will grow. This is why the yuan keeps appreciating over time. There are also many ways to shrink the money supply and I won't delve on it as I'm not here to give you an economic lesson.

 

The reason that SGD didn't suffer much compared to other currencies during the asian financial crisis was because our currency was backed up by our strong foreign reserves. No private institution will have this much money to fight against our foreign reserves.

 

I've given you a brief explanation on money and I hope you have understood more about money.

 

I don't understand why you keep talking about economics and how the dollar works.

 

We never know, there may be a dual currency system with one that works in the virual or online world. Do you play online games? People are also using real hard cash to buy virtual items in games that they can't physically own and also written in codes. The game servers similiarly can also be shutdown anything without warning as happened before.

 

Coming back to crypto-currency. Why can't you open yourself to the ideas and new concepts out there? Between a willing seller and willing buyer, both are willing to trade using crypto-currency, anything wrong with that? If I'm buying diamonds, but I don't want to trade in cash, I can offer xx kg of gold in exchange for it right?

 

Bitcoin prices are driven up by speculators. Isn't this the same for gold and other previous metals? I ask you, how do you quantify the value of gold to justify it's current price? It is the same piece of metal, it's speculators who are pushing the prices up.

Edited December 28, 2013 by Bystander50

[Manmaster]

 

I don't understand why you keep talking about economics and how the dollar works.

 

We never know, there may be a dual currency system with one that works in the virual or online world. Do you play online games? People are also using real hard cash to buy virtual items in games that they can't physically own and also written in codes. The game servers similiarly can also be shutdown anything without warning as happened before.

 

Coming back to crypto-currency. Why can't you open yourself to the ideas and new concepts out there? Between a willing seller and willing buyer, both are willing to trade using crypto-currency, anything wrong with that? If I'm buying diamonds, but I don't want to trade in cash, I can offer xx kg of gold in exchange for it right?

 

Bitcoin prices are driven up by speculators. Isn't this the same for gold and other previous metals? I ask you, how do you quantify the value of gold to justify it's current price? It is the same piece of metal, it's speculators who are pushing the prices up.

There can never be a dual currency system as digital currency will affect real currency. No country in this world will allow that to happen.

 

http://sg.news.yahoo.com/top-india-bitcoin-operator-halts-trade-bank-warning-002454556--finance.html

 

Why did the bitcoin operator in india stop trading if there was really nothing wrong with digital currency? when you are the head of monetary authority, you won't let anything to affect your currency. Economists and finance professor will sing the same tune to the government.

 

You can't compare bitcoins with gold as governments keep gold reserves but not bitcoins. Gold has intrinsic value which you can't comprehend. I won't tell you what it is but you will know what I'm talking about if you are smart enough. Ok, let me give you a hint....SGD has intrinsic value as it is legal tender. If gold was nothing (no value), countries won't use gold standards in the old days and governments won't keep gold reserves.

 

When more and more economists and finance professors warn the their own governments about digital currency, the governments will take more measures and actions against digital currency. Like I said many times, a government would put its national interest first.

[Solar]

Last night out of curiosity I installed the software on my old laptop and mined some dogecoins. It's changeable to bitcoins and then to usd

interesting..

Btw.. This is my dogecoin wallet. Anyone feeling generous can up me with a few coins here ;-) DBtmtrysSXPZR5cbQLb6C2ArZP6i83qjfx

[LiuDeHua]

Buffett says bitcoin 'not a currency'

 

 

[NEW YORK] The Oracle of Omaha is not a believer in bitcoin.

 

Warren Buffett, chief executive of investment conglomerate Berkshire Hathaway and one of the world's most respected investors, told CNBC television Monday that bitcoin "does not meet the test of a currency." "I wouldn't be surprised if it's not around in 10 or 20 years," said the 83-year-old billionaire, whose nickname stems from his investment savvy and his home city of Omaha, in the US state of Nebraska.

 

Mr Buffett called the virtual currency, which has no central bank backing and is generated by an automated computer programme, "very speculative, a Buck Rogers kind of thing" like the Dutch tulip mania in 1637.

 

His criticism came on the heels of the collapse of what was once the leading exchange for bitcoin, Mt Gox, in Japan. Mt Gox said it is investigating the disappearance and apparent theft of nearly US$500 million worth of bitcoin. - AFP

 

[Wyfitms]

 

Just to further back up what I said earlier with some figures.

 

If US's treasury figures are to be believed, there are holding at least 261,498,900 troy ounces of gold, that's about $440 billion in 2012. In the same time, M2 money supply was about $9.8 trillion, which means that US dollars was backed up by less than 5% of gold, the rest in nothing more than goodwill and prmises.

 

Even Singapore, holds a mere 2% of its money supply in gold. So what currency is backed by gold, or at least more gold? Maybe Lebanon, which is about 50%? Other than that, China maybe trying to, and had ben buying up gold quite a bit in the past 2 years I guess.

 

Truth is, your favourite currency - be it US dollars, EUR, JPY... is nothing more than promises and good will, plus a small percentage in gold. As for what is actually held in Fort Knox, it depends on who you ask, I really don't know. They could be holding tonnes of Hello Kitty dolls and no gold inside there, who knows?

 

tungsten rods in gold?

 

[Manmaster]

 

Buffett says bitcoin 'not a currency'

 

 

[NEW YORK] The Oracle of Omaha is not a believer in bitcoin.

 

Warren Buffett, chief executive of investment conglomerate Berkshire Hathaway and one of the world's most respected investors, told CNBC television Monday that bitcoin "does not meet the test of a currency." "I wouldn't be surprised if it's not around in 10 or 20 years," said the 83-year-old billionaire, whose nickname stems from his investment savvy and his home city of Omaha, in the US state of Nebraska.

 

Mr Buffett called the virtual currency, which has no central bank backing and is generated by an automated computer programme, "very speculative, a Buck Rogers kind of thing" like the Dutch tulip mania in 1637.

 

His criticism came on the heels of the collapse of what was once the leading exchange for bitcoin, Mt Gox, in Japan. Mt Gox said it is investigating the disappearance and apparent theft of nearly US$500 million worth of bitcoin. - AFP

 

 

 

I shared the same view too. Russia, Thailand, China & Vietnam had all banned bitcoins. More will follow when they learn that their monetary policies will become less effective if they allow virtual/digital currency to flourish.

[Wyfitms]

American CEO of Singapore Startup First Meta Dies

ByNewley Purnell

Autumn Radtke, the American chief executive of Singapore-based virtual currency company First Meta, has died according to Douglas Abrams, the company’s director and non-executive chairman.

“I was informed by the Singapore police about her death,” Abrams told The Wall Street Journal Thursday. “The cause of death is still under investigation.”

Abrams said police yesterday told him that Radke, who was 28 years old, had died but he was unable to provide additional information about the circumstances of her death.

The company “is shocked and saddened by the tragic loss of our friend and CEO Autumn Radtke,” said a brief statement Abrams provided later, which was also posted on First Meta’s website.

An official in the Singapore Police Force’s public affairs department did not immediately respond to a phone call or email requesting comment.

According to First Meta’s website, Radke moved to Singapore in January 2012. Earlier, she worked in business development for Los Angeles-based mobile platform company Geodelic Systems and Internet gaming community Xfire, according to her LinkedIn profile.

First Meta provides an exchange where users can buy and sell virtual currencies. Forbes reported in 2012 that the company received $466,000 in funding from Sunnyvale, California-based business accelerator Plug and Play Tech Center and Singapore’s National Research Foundation.