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Now it's just us against the BANKS!
Wow! That's really impressive.
I've always had 10 times the difficulty working forex then I have equities/commodities.
Forex, basically no amount of indicators work consistently for more than 50% of the time. It really forces you to truly learn price action.
But then you bring that back to commodities and things are solid.
You can really jack yourself up really quick though because of the leverage. Money Management is an absolute must. Before I take any trade, I already have figured out where I am closing my orders and taking my profit.
All it takes is one little whisper somewhere in the world and it all freaks out.
You can also 'mine' with your computer processor to get some too.
Not for me. Dailies on everything pointing to the moon, for now.
The Currency That's Up 200,000 Percent
by Jack Hough
Friday, June 3, 2011
Bitcoins are the top-performing money in the world — but what are they?
The best performing currency of the past year isn't Brazil's real, up 15% versus the U.S. dollar, or Australia's dollar, up 27%. It's the Bitcoin. A year ago one was worth half a penny. Thursday morning it hit $10.50. That's a gain of more than 200,000%.
What's a Bitcoin? It's a peer-to-peer system of electronic money that allows payments to be sent directly between two parties without the need for a financial institution. It's related to Bit Torrent, a system for sharing large files like movies, but in this case the "movie" is a file with the currency's entire transaction history. And because users themselves all share that history, "it's more secure than even bank transactions," says Donald Norman, a spokesman for the Bitcoin Consultancy, which is seeking to gain wider acceptance for the currency.
As befitting a virtual currency, no one is quite sure who created the Bitcoin. A white paper and software turned up three years ago listing Satoshi Nakamoto as the author. That's presumed to be a pseudonym. All that's known about Nakamoto, based on his paper and message board comments, is that he's fluent in English and has a deep understanding of Internet security.
Dotcom crash veterans might recall failed currencies like Flooz and Beenz, but those were mere means of online payment. Bitcoin is an entire monetary system. It doesn't require a Treasury Department, because there are no bills or coins to mint. It doesn't need a Federal Reserve to create money. An algorithm does that at a rate that slows by half every four years. There are about six million Bitcoins today. The number will approach 21 million beginning in the 2030s but never exceed it.
The finite supply of Bitcoins might help explain the frantic demand for them. Dollars and euros are created at will by central bankers. Some economists see that as useful for smoothing out wild swings in the economy — making money more plentiful when consumers are hurting and scarcer when they're flush. Skeptics, and there are many, worry that the ability to create money from nothing will be abused by governments that overspend, resulting in gradual debasing of the value of savings. That's why dollar bears cling to gold, and why a few might now be scrambling for Bitcoins.
Users get Bitcoins in one of several ways. "Miners" set their computers to work solving problems in exchange for coins. The more miners there are, the more difficult the problems become, which keeps the rate of supply stable. At recent exchange rates, high-end machines can produce $30 worth of Bitcoins per day, but consume a vast amount of energy in doing so. Some advanced miners have taken to cooling their machines with dry ice to improve their results.
The other ways to get Bitcoins involve trading goods, services or cash. Mt. Gox has emerged as the largest Bitcoin exchange, charging 0.65% per transaction to match up buyers and sellers. More than $500,000 worth of the coins changed hands in a recent 24-hour period. Traders can add funds to their accounts using cash, checks, bank wires or Liberty Reserve, a private online payment service.
Any fiat currency — dollars, euros, Bitcoins — gets its value from trust. Dollars can't be cashed in for anything; rather, we accept them as payment with the belief that others will accept them, too. That's another reason the price of Bitcoins has rocketed over the past year. Two years ago, almost no one accepted them for payment. Over the past year, a handful of early adopters began trading services for them — mostly programmers offering things like website design and hacking consultation. In recent months, a handful of pioneers have begun selling real goods for the start-up money.
Four months ago David Forster, 29, convinced his parents Jim and Nancy, owners of Green Hill Alpacas in Haydenville, Mass., to accept Bitcoins for alpaca socks. Technically, the younger Forster buys the socks for dollars and resells them for Bitcoins. "They said it sounded like a Ponzi scheme but that as long as I wasn't risking their money for Internet coins it was fine," he says.
Sock sales have risen to between 75 and 100 since the experiment began from four dozen during all of last year and orders have come from as far as Finland and Russia. More remarkable is what has happened to pricing. Forster began charging 75 Bitcoins for each pair in February and has since had to lower the price to 5 due to extreme appreciation in the currency's value. "I wish I had kept all of them," says Forster, who traded his Bitcoins on the way up for cash and web services.
More than a dozen sites now sell goods for Bitcoins, including T-shirts, coffee and natural pet food. At least one, The Arms Locker, says it offers firearms. Another, Silk Road, is a forum for people selling recreational drugs. How can that be? Bitcoin transactions leave a record of times and amounts, but not identities, and Silk Road can only be reached through an identity-cloaking computer network called Tor. There's no way to determine the identity of its administrators and since sellers only accept Bitcoins for their wares, they can't be found, either (so long as packages are mailed discretely).
That's one source of discomfort surrounding Bitcoins. Even a libertarian who's comfortable with anonymous gun and drug sales would cringe at the thought that, say, the child pornography trade has a new way to escape detection.
Amir Taaki, a U.K. citizen and project developer for Bitcoin.org, admits that Bitcoins can be used for bad things but says the same is true of cash and that Bitcoins have much potential for good. "Think of all of the people sending money in third-world countries and getting ripped off by outrageous transaction fees," he says. "Bitcoins are here to stay and the world will benefit. The U.S. can ban it but it will still proliferate."
It's not clear what regulators think of Bitcoin. The Constitution gives Congress the sole authority over U.S. money. In March, a North Carolina resident was convicted of minting his own Liberty Dollars to reduce reliance on and compete with the greenback. He faces up to 15 years in prison.
Bitcoins aren't U.S. currency, however, and Norman says the Bitcoin Consultancy doesn't operate in the U.S. And as with file-sharing software, Bitcoin operates as a peer-to-peer network, raising the question of how regulators could stop it if they wanted to. The FBI didn't respond to requests for comment. On a message board, one Bitcoin miner wrote that agents visited his home. They weren't interested in currency, though. Huge electricity usage led them to suspect a marijuana growing operation.
http://www.bitcoin.org/
Wow!! Interesting!!
I don't know what their problem is with it all. It was initially done to protect people from losing there money.
This is the purpose of the markets though. To transfer wealth from 1 person to another.
Nicely done. I managed to pick up 150 pips on the Aussie today... Pretty big trade for being done in 3 hours.
I'm balling with 50:1 in forex. lol It use to be 100:1 before the government has most recently decided to get their dirty hands into this market as well. Bastards.
LOLOL!
I have a really hard time finding any words in your post... lol.
::droool::
First he should actually learn how to trade. Not only did he lie several times about how long he has been in this business (from his own posts from a few years back vs what was said on the boards/seminars).
He teaches lame moving average / MACD setups. That is usually one of the first combinations of indicators you use when learning how to trade.
Eventually, those who make it in this business, realize indicators are crap and price is the only true indicator coupled with proper money management.
Looking back, it is now fairly obvious he used the 'family cult' mentality to sucker a bunch of people not only into the FLD's, but the seminars as well.
I think that 7% figure is pretty high as well. I have always heard it quoted as 2% making it over time.
So true.
Well, I did keep one crab. I named him Frank.
... he's my buddy!
Yep. lol.
What it do birddd...
lol I got banned from the Monday's with Monk mailing list when they announced the release of Monk in a Box.
Apparently they didn't take to kindly to me asking them to offer it for free to all the folks they scammed out of their money on the FLD plays.
edit:
(not that I thought it would actually work). Mechanical systems based off of moving averages and the oh so powerful MACD are laughable at best).
I wouldn't mind living out in Arizona for sure, if it wasn't for the scorpions and tarantula's... lol.
+50 on the pool being a must. Maybe the FLD's collapsed a few hundred thousand short of their goal? haha
Eh. It's pinkies. Even if something does come out of this (which may be very unlikely) and they end up in jail, I doubt it will be for a few more years.
Hell, the Mob runs most of the pinky P&D's. They just took crime from the streets to white collar bank accounts.
lol, the store isn't even in lime grove anymore.
I hope someone takes those houses and shoves it up their collective arses!!
Hell, we paid for them. Figure we all should get a little enjoyment out of them too. lol
Same here!!
PSSST, I have some E and some C that I am selling dirt cheap... want some?!?
I hear it is going to reach 10.00$ soon!!! I'll be able to buy my yacht and mansion in no time now!!
Dude, the TRUTH is out in the open.
Aye. Best thing to do is just move on, rebuild your account if you can. Hold them for a nice little tax write off when needed.
It's ok. I'm finished with the picture... for now.
Afraid he is going to stop printing money?
CRUDE < 100$. Descending triangle.
Welcome to 2008 again. :/
I would disagree. He is selling a system based off of rudimentary moving averages and MACD settings.
The skilled traders out their read and trade price, not lagging indicators.
LOL WHAT??
Sold World Peace [Ticker: WP]
Target = Extinction of humanity
Gartley on EU, almost to completion... neat. Been seeing these things all over the place this week.
It reminds me of a bat, which immediately makes me think I should be careful on the streets for tonight, for batman is surely out with the spotlight shining.
Ohhh I love ADD sometimes... lol
Naw, Stock must be a Micro at minimum.
Pinkies are way to expensive to short and way to risky. Some make it work though, especially if you start shorting all of the pumped stocks, I bet you could make a killing.
Do many of these guys even realize shorting is a natural part of the market cycle?
It's certainly something I partake in fairly often.
Hmm.. maybe there not so bad after all. lol
I wonder if Al Qaeda porn involves a guy blowing himself up on one page, then an orgy on the next.
Amazing isn't it.
My favorite part was when eTrade told EIGH that they were illegally naked shorting their stock. lol
Pumped for the 4th time since we have been around it... lol
Oil.... weeeeeeee
Zecco (Pension Financial):
Reports no outstanding short position on EIGH. lol
My favorite was when one of the brokers told EIGH that they had an illegal short position on the stock.
What a bunch of morons... lol, I think a lot of people still involved in this cheer regardless of what information comes out, without thinking about it.
If someone stole from you, and you ask them, i'm pretty sure 99/100 times, you are going to be told they didn't steal anything.
lolol. EIGH is certainly making a great novel here.
Think i'll trademark the movie rights.
They did. It consisted of shareholders telling EIGH how many shares they had.
Nice 'audit'. lol
"Holy crap, i'm getting an audi!"
"Peter, that says 'audit'".
LOL.... fair enough.
I personally am curious if the people of this nation will do what is necessary when the time comes, or if we will just be completely happy watching our stupid ass reality TV shows no matter how badly we are being affected.
Then again... the herd is built off of following... you get the right people to say the right things at the right times and a snowball effect may ensue.