We are witnessing the watershed events in the financial markets these days. Bitcoin has reached the parity with Gold today crossing $1242 before crashing to $1000, now it is back to $1178. We will repeat: congratulations to everybody who bought it cheaper and is able to sell now. Bitcoin exorbitant rise show the future for the real alternative to FIAT currencies. Its spectacular fall will drive attention to the real value: Gold and Silver. With new revelations from Kissinger about the Gold Suppression, rise of Bitcoin demonstrates the unleashed potential for Gold and Silver free of manipulation.
All crypto-currencies are on fire these days with Litecoin crossing $50 before crashing today to $38 and we can see here the danger to this very remarkable idea. Will Bitcoin sustain its rise to $2000 and fall to $50? It is not currency at the moment, but asset Bubble chased by the crowd attracted by "unbelievable returns on investment." System is taking notice and will make all possible moves to discredit Bitcoin. Bitcoin's success will the major problem to overcome here. Now it looks like classic OTC market Pump and Dump: few insiders are controlling the flow, price is pushed up in deals between insiders and crowd is attracted at more and more higher prices with rising volume and distribution by insiders.
All crypto-currencies are on fire these days with Litecoin crossing $50 before crashing today to $38 and we can see here the danger to this very remarkable idea. Will Bitcoin sustain its rise to $2000 and fall to $50? It is not currency at the moment, but asset Bubble chased by the crowd attracted by "unbelievable returns on investment." System is taking notice and will make all possible moves to discredit Bitcoin. Bitcoin's success will the major problem to overcome here. Now it looks like classic OTC market Pump and Dump: few insiders are controlling the flow, price is pushed up in deals between insiders and crowd is attracted at more and more higher prices with rising volume and distribution by insiders.
Expect the "active management of Bitcoin" now: rumours about the NSA cracking the encryption, hackers stealing BTCs and compromised Exchanges. The price going to the sky will trigger insiders selling itself and then it will the question how Bitcoin can withstand it.
In the modern age of Currency Wars and announced Financial War stage with China threatening the US Dollar Reserve Currency of choice status, we will ask very important question: Who is really behind Bitcoin? Even if it is not introduced by countries like China and Russia now - they are taking notice. People are getting out of dollars and other FIAT currencies and even Gold and Silver prices are affected by the BTC rise. The only thing BTC lacks in order to become the real Money is stability and "accepted system guarantees". Now lets imaging that somebody will introduce crypto-currency, but backed by Gold and going into the mainstream. This will be the real game changer and who knows maybe somebody is testing the grounds already.
Next year China is going to announce its official Gold reserves and these number will be very interesting with ongoing record amount Gold accumulation this year and record high leverage in the Western Fractional Reserve System with 69 owners per one ounce of Gold at COMEX.
Gold Manipulation - Kissinger: "Why is it against our interest to have gold in the system?" GLD, MUX, TNR.v, GDX
Bitcoin vs. Gold: The Future of Money - Peter Schiff Debates Stefan Molyneux GLD, MUX, TNR.v, GDX
"We have a great conversation about Bitcoin between Peter Schiff and Stefan Molyneux. You can find a lot of additional information on Bitcoin from Stefan's video. Everybody decides for themselves where is the Intrinsic Value and where is the Bubble. We are siding with China here - who is buying record amounts of Gold this year with Thailand, Turkey and other Asian countries."
"If those nine bitcoin alternatives weren’t enough for you, there are over 60 different altcoin currencies currently being traded at various exchanges like Cryptsy, including AndroidsTokens, AlphaCoin, AmericanCoin, AnonCoin, Argentum, AsicCoin, BBQCoin, BitCar, ByteCoin, BitGem, BottleCaps, CryptoBuck, CryptogenicBullion, CopperLark, Cosmoscoin, CHNCoin, ColossusCoin, CopperBars, CraftCoin, CasinoCoin ..."
ZeroHedge:
Bitcoin Now Worth More Than Gold
UPDATE: ... And then Bitcoin collapses 13% minutes later...
It seems the growing tensions in Asia (Japan-China sabre-rattling and Indian capital controls) have prompted more great rotation out of fiat and into digital currency as China/India markets open. For the first time ever, the price of one unit of Bitcoin exceeds the price of an ounce of gold...
1 oz of Gold = $1241.98 (Bloomberg)
1 unit of Bitcoin = $1242.00 (Bitcoinwisdom.com)
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