Why Bitcoin Hit $850

[JimBowie1958]

fiatleak - watch the world's currencies flow into BTC in realtime

Just watch the map for about ten minutes and see why.

 

[editec]

Interesting that so much BC activity is headed into China.

No idea what it really means.

I think BC might be a useful exchange specie but do not understand the technology that supposedly keeps it from being manipulated beyond market forces.

 

[TakeAStepBack]

Yes, highly controlled capital/currency like China and the USA have a lot of traffic into bitcoin.

China rides rollercoaster love affair with Bitcoin - FT.com

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The absence of controls on the peer-to-peer virtual currency, traded largely anonymously and beyond the supervision of national governments, is what has most worried regulators around the world. In China, a country with strict capital controls, it is a big part of what makes Bitcoin so attractive.

 

[editec]

OH I so totally get WHY people are looking into something like BITcoin.

What I do not get (because frankly I am too ignorant about the technology) is this

IS BITCOIN REALLY SAFE FROM MANIPULATION BY HACKERS OR THE MASTERS OF THAT SYSTEM?

If it was I'd be putting savings into them TODAY.

CAuse one thing I know for sure?

Nobody elses money is safe from the MASTERS of CAPITAL.

 

[strollingbones]

please stop....hubby wanted to invest in bitcoins.....i was not into it....he reminds me daily of their value now....

 

[TakeAStepBack]

OH I so totally get WHY people are looking into something like BITcoin.

What I do not get (because frankly I am too ignorant about the technology) is this

IS BITCOIN REALLY SAFE FROM MANIPULATION BY HACKERS OR THE MASTERS OF THAT SYSTEM?

If it was I'd be putting savings into them TODAY.

CAuse one thing I know for sure?

Nobody elses money is safe from the MASTERS of CAPITAL.

12 questions about Bitcoin you were too embarrassed to ask

12 questions about Bitcoin you were too embarrassed to ask


1. What's Bitcoin?

Bitcoin is an online financial network that people use to send payments from one person to another. In many ways, Bitcoin is similar to conventional payment networks like Visa credit cards or Paypal. But Bitcoin is different from those and other payment networks in two important ways.

First, Bitcoin is decentralized.

 

[TakeAStepBack]

So, yes. It turns out anarchy does in fact, work.

 

[expat_panama]

So, yes. It turns out anarchy does in fact, work.

If it were anarchy then anyone could steal from anyone. This looks more like a newer kind of democracy that we're unfamiliar with. I mean, there are very strict controls that the group is enforcing here...

 

[JimmieD]

Bitcoin is most likely the latest speculative mania. Better be careful if you're playing in the bitcoin casino.

 

[TakeAStepBack]

So, yes. It turns out anarchy does in fact, work.

If it were anarchy then anyone could steal from anyone. This looks more like a newer kind of democracy that we're unfamiliar with. I mean, there are very strict controls that the group is enforcing here...

The group are those utilizing the service. There is no central management, central authority or planning. It is anarchic.

 

[expat_panama]

... no central management, central authority or planning. It is anarchic.

Sounds like we're talking about different things, and we both know these threads always go down hill when some clown invents his own goofy definition of a word or (worse yet) changes his goofy definition with every post. There are lots of definitions of the word 'anarchy', and most of them follow this line...

anarchy [ˈænəkɪ]
n

1. (Government, Politics & Diplomacy) general lawlessness and disorder, esp when thought to result from an absence or failure of government
2. (Government, Politics & Diplomacy) the absence or lack of government
3. the absence of any guiding or uniting principle; disorder; chaos
4. (Government, Politics & Diplomacy) the theory or practice of political anarchism
[from Medieval Latin anarchia, from Greek anarkhia, from anarkhos without a ruler, from an- + arkh- leader, from arkhein to rule]
anarchic [ænˈɑːkɪk], anarchical adj
anarchically adv​

Collins English Dictionary – Complete and Unabridged © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003​

My polisci prof explained on the first day of class that even a random group of pedestrians waiting together at a light will usually form an orderly group with clear and enforced rules for behavioral conduct. Most people consider anarchy to exist when each person contends solely for his own interest in a chaotic disorderly struggle against everyone within reach. This is the ugly condition I watched in Panama during the during operation Just Cause.

Bitcoin has very strict rules that have been adopted and are rigidly enforced by the group as a whole.

 

[TakeAStepBack]

Anarchy in translation is "no crown". That Statist definition is useless. Anarchy is the lack of central management, authority and planning.

In the Statist definition, of chaos, destruction, lawlessness, there is actually no such thing as anarchy. Even chaos springs order. Though, i really have no inclination to argue semantics. There is no ruler, no management and no central planning with bitcoin. It is anarchic in that regard. The "group", maintains the "rules" set forth by the group.

 

[JimBowie1958]

OH I so totally get WHY people are looking into something like BITcoin.

What I do not get (because frankly I am too ignorant about the technology) is this

IS BITCOIN REALLY SAFE FROM MANIPULATION BY HACKERS OR THE MASTERS OF THAT SYSTEM?

If it was I'd be putting savings into them TODAY.

CAuse one thing I know for sure?

Nobody elses money is safe from the MASTERS of CAPITAL.

Good question, sorry I didn't get back quicker.

For the record I do not own any Bitcoins anymore. I am into Litecoins.

basics on bitcoin security
Basic Bitcoin security guide : Bitcoin

More detailed
Bitcoin: The security of transaction block chains | Bitcoin | Khan Academy

An example of someone not understanding bitcoin and making a bad call
So, That's the End of Bitcoin Then - Forbes