Trading in Bitcoin has been halted for 12 hours to allow the market to “cool down” per Mtgox after crashing to $79 this morning.
That should help instill confidence in the virtual currency after yesterday’s trip to $265, crash to $105, bounce to $200, dip to $140, etc.

bitcoin halted

bit halted 2

 

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  1. Apparently max keiser and some others are working on a new bitcoin exchange in london? Max always had money, but in light of the doubtless millions he recently made selling bitcoins to impoverished europeans – who post crash were further woiped out, I’m sure he has financial backing for it. We know he has the technical expertise from his old days.
     
    Hold on to your bitcoins, cypriots, spaniards, greeks, they should be worth more later, that way you can at least get some of your money back before you either starve to death or are prompted to commit suicide.

    • Back in the day? Actor wasn’t he? Then he started up the “Hollywood Exchange”…yeah the mans a financial whizz kid, need to pay close attention to him, him and his wife Stacy, I watch the Kaiser report, its like watching a woman with a really massive head idolizing Krusty the Clown.

    • I prefer to give Max the benefit of the doubt. I think he really believes in bit coin. Sure feel sorry for those who bought them for 266 FPS though. I also feel sorry for those of us who bought Ag @ 45 FPS per ounce 2 years ago! Man, has it been that long? I guess it has.

    • Where is Das Furher when you need him?
      Absent any link to realworld commodity, what else can anyone expect?
      I love the mathematical certainty of limited quantity, the strength of cyber security and definitely separated from Gov. Fiats.
      BUT…
      These sort of speculative spikes are virtual reality gone mad  and guaranteed when there is no link to real tangible assets.
      Likewise when gold and  silver ETF’s trade in LaLa land numbers, totally detatched from physical reality.
      Hey guys… maybe those Virtual Cyber Space games are having an adverse effect, virtual is not reality…sorry!
       

  2. Max Keiser claims over and over that TPTB cannot manipulate Bitcoin, but this action smells like manipulation of the highest order.  I wonder if Max sold on the high.  If not, he’s probably shitting bricks.

  3. With unlimited funds. how hard is it to accumulate a million of these and sell them all at once? It’s a very cheap market to manipulate. You don’t need too much volume to affect the price greatly. As it’s a long-term store of value, or regular money at best, most will not have sell order ready to be triggered by slight fluctuations in value.

  4. A thought just occurer to me.
    The only entities that can so violently manipulate a market to see 50% increases and decreases would be the TBTF banks and the ESF.  There were ony 21,000,000 BCs ‘minted’   At $200 per BC that’s $4.200,000,000.   If you look at a 150 MOZ silver short paper trade used to kick the pins out of the silver price, that 150 MOZ is about $4,500,000,000
    Is it possible that BC has evolved in barely 3-6 months to a completely manipulated form of currency?
    If gold and silver are smashed downwards to send the fear of GOD (GS Blankfein’s  stated mission) into the physical phyzz holders in an attempt to chase them out of their holdings while whipping up some obtuse bond mash up that is guaranteed to take a big stinky crap when things get dicey.

    • I’ve said before, and I’m sure you’ll agree, the idea, that some shadowy group DOESN’T already own a bunch of bitcoins, is naive. Furthermore, there is no reason they can’t print money, buy bitcoins, and dump them at the most illiquid time, en masse.
       

      https://www.fbi.gov/charlotte/press-releases/2011/defendant-convicted-of-minting-his-own-currency

       
      This is the only thing a bitcoin gangtser need read:
       
      Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,”
       

    • “…while whipping up some obtuse bond mash up that is guaranteed to take a big stinky crap when things get dicey.
       
      Not to worry, AG… it is a foregone conclusion that GS WILL be short those bonds as they go down in flames, just as they were betting against sub-prime mortgages, while selling the hell out of them to their Muppet clients.  That they still have any clients is an incredible monument to human stupidity.

  5. on a side note, in the last 3 months GLD has seen a drain of over 12% of its physical holdings.  That is 167 TONS!!!
    This total is more than the individual gold holdings of nearly 85% of all the countries in this world except the bigs.

    • so reading between the lines, we likely have big well connected players taking physical redemption of their metal, while the broader narrative is that people are totally uninterested in gold.
       
      lol..

    • There was a story out a few weeks ago wherein LARGE gold shipments were made from Switzerland to London and LARGE silver shipments were made from the US to London, ostensibly because massive Chinese phyzz buying was emptying out the vaults.  Had to support the LBMA boyz-n-goils to keep the paper silver and gold game running.  Not sure what the US and Switzerland got out of this goat-f*** but there MUST have been a quid pro quo of some sort in all that.
       

  6. Just maybe Max had them buy into it only to chop them up like Gordon Gekko. I said it before and will say it again Bitcoin is wreck able. To funny. Whew! Wave your hands in the air and shake your like you don’t care. Your asses in your underware say yeah ohhhh ohhhh somebody scream! Hence the term you got financially took!

  7. Bitcoin is a GREAT concept and worthy of support.
    Particularly since is thwarts the actions by Government Fiat currency to steal prviate property.
    But Bitcoin needs a better network of exchanges for liquidty and perhaps a link to a basket of real world commodities.
    Bitcoin has become a victim of its own success and popular demand forces are TOO elastic, creating a rubber band snap back effect.
    Hyper demand has artificially pushed the BTC beyond the exchanges ability to supply.
    Man what a great study in Supply-Demand econ… I love it!

  8. Somebody made some money.  Somebody’s dream came true.  It’s nomenclature shouldn’t be the bitcoin exchange however.  It should be the bitcoin casino.  It sounds like it could be some fun if they reopen again.   

  9. I can’t help but like the pure math of BTC…. Something the Banksters & Government can’t manipulate directly.
    BTC is the “perfect” fiat currency, noting tangible but a 27 digit alpa-numeric registered encryption
    So why not LINK it to commodities and build a better exchange system.
    That presents a problem, any physical presence besides your personal “wallet” will be subject to
    Government tyranny, corruption and confiscation.
    BTC is a direct threat to Government’s property confiscation plans, oh well!
     
     

  10. I can only answer this question for myself. When the Event happens riots, mayhem, end of the world as we have known it? What does one want in their hand to offer as payment for those basic necessities for life like tomatos from a farmer? What will they want as payment? A precious metal like silver or a Bit coin? Maybe there is someplace on earth where time forgot. Someplace disconnected from the modern fanancial system where one could retreat to. Bit coin might do well there, lol. As the old monk said to Kwai Chang Caine. Can you choose wisely grasshopper?

    • “Maybe there is someplace on earth where time forgot. Someplace disconnected from the modern fanancial system where one could retreat to. Bit coin might do well there, lol.”
       
      It is likely that there is just such a place.  It is unlikely, however, that they also have electricity.  ;-)
       

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