DITTS -- Does it threaten the System?

One of the ways to look at whether an emerging technology or any other trend is threatening the status quo, is to look at how the market reacts to those most heavily vested in the current order of things. We do it every day, when we talk about the prices of PMs, in the context of how current fiat-paradigm entities like the USDX or T-bills or JPY, GBP and EUR are doing (not to mention the CNY). We look at the miners (in vain), we look at the major international banking conglomerates (with cold derision, in most cases).

Will BitCoin revolutionize the monetary system? Is it likely to supplant the USD as the global transactional currency of choice on any visible timeline? Is it (or can it be) a viable alternative to cash or credit card transactions? Let’s peer into the long-term forecasting ability of our free and fair equity markets and try to find out.

The top cash transport and security companies according to Wikipedia: Brinks, G4S, Loomis, Prosegur together make up 54% of the market.

The top international card payment processing networks: Visa, MasterCard, Discover and AmEx. There are a number of card issuing and related companies, but for brevity’s sake let’s focus on these. Visa takes 63% market share, MasterCard is there for 31%, while the remaining 6% is split between AmEx and Discover:

And of course, our very own TBTF, TBTJ, or just TFB banks, who together wield roughly $4.5T of the total $7.2T in US deposits, using their magic to multiply the money supply and provide monetary lifeblood and financial innovation to the economy: JPM ($1.33T), Bank o’ Amerika ($1.18T), WellsFarceCo ($1.05T) and ShittyBank ($0.97T). Could their dominance in aiding payment transfers, productive small businesses and benevolent corporate giants, industrious savers and EBT recipients be threatened by this alternate paradigm of cryptocurrency?

None of these industries seems mortally wounded, or even particularly winded. The ever-flowing monetary juice provided by the ongoing Q-Injections and the ongoing MBS-aided balance sheet cleanup seems to be doing its job of creating enough back-wind to fill the sails of these companies.

Now, you may say (and would to a large degree be right) that the shares of these corporations (mini-states) are held largely by dumb, managed money funds. They wouldn’t be able to react to a paradigm shift if it walked up and kicked them in the face.

This is certainly not evidence, and is of course but a cursory glance. But to this observer, the global financial impact expected from BitCoin by the all-seeing, ever-wise eyes of the equity market seems to be:

  1. Priced in. The existing structure will absorb/adapt to using BitCoin, and remain on its marvelous current growth trajectory, or
  2. The monetary relevance of BitCoin in the global economy is expected to continue for immediate/foreseeable future at its current level: close to negligible.

USD in circulation: $1.2T (FRNs and coins), as per St. Louis FedRes:

“Currency in circulation includes paper currency and coin held both by the public and in the vaults of depository institutions. The total includes Treasury estimates of coins outstanding and Treasury paper currency outstanding.”

Total current BTC market cap: $0.0119T (variety of BTC charts here).

Paradigms DO sometimes shift suddenly, with a jolt, due to a major shock to the system. The fact that one (or multiple) major shocks are to be expected to the ‘system’ in the medium to longer term (and some even in the short term) is pretty much accepted around here – the questions are only about the exact nature and outcome of said events. When and if any such ‘shift’ to cryptocurrency (BTC or anything else) should be underway, these may very well be lagging indicators. But for the moment, seeing as JPM lost more in the London Whale incident (and makes twice as much profit in a year) than the entire existing supply of BTC, it may be prudent to tamp down expectations of WHEN in the next 3-6 months BTC might be in a position to take the world by storm.

Your next wallet

What is an object that is ubiquitous in today’s world, with billions owned and in use every day? Always, or at least often, connected to the internet? Possesses the ability to store and transmit digital currency (among other things)? Is increasingly able to provide personalized biometric identification as a standard feature?

Phone-based payment systems, particularly those using near-field communication, have not really caught on. Money transfer via SMS-based networks IS, actually, a significant factor is many developing countries, but is not intended or used as a ‘cash-like’ payment for local transactions.

If a company were to provide a streamlined, ‘totally secure’, biometrically verified method of easily transacting a digital currency through a phone (scan  QR code that encodes target account + transaction amount), that might be one to watch.

Oh, wait… There seems to already be a few for Android, Windows Phone and despite the initial reluctance of Apple, it seems even Bloomberg is touting that there’s an iPhone app for that.

Wouldn’t it be great if MORE people’s identity, physical location, traveling habits, web browsing, caloric intake and exercise regimen, movie preferences and personal messages, purchases, photos, fingerprints, circadian rhythms, physical gait, social network and banking passwords, AND all of their monetary transactions could just concentrated into a neat, accessible little package, somehow… It would be SO convenient...

For what it’s worth, I attempted to ‘catch the falling knife’/’BTFD this week, by adding a small roll of shiny, metallic discs to the pile of similar tubes lying in the deep, cold waters of my favorite fishing hole. The LCS proprietor smiled sweetly as she advised me that $14 would probably be a more reasonable bottom to expect. In that case, I am sure to be back, was my reply.

I still think I should get a BTC wallet this weekend, try to guess the total lifetime amount I have spent on lottery tickets, and buy that much BTC on the next larger dip…

For anyone interested in a relatively painless way of learning about all this, there is a Khan Academy course on BitCoin that goes over most of its salient components in reasonably short, ca. 10-minute segments.

Hosted by cryptologist Zulfikar Ramzan, below are the introductory episodes (I realize the previews are not showing for some reason, but you're not missing anything and the links work -- just click):

What is BitCoin?

Overview (How BitCoin Works - High-level Explanation)

115 Comments

Pseudozero's picture

first again

awesome

Pseudozero's picture

mytwitterbook

i've always considered facebook to be a large and voluntary data-mining tool. and have kept away, whether or not it's merely for marketing companies or more nefarious ends is open to debate, the fact that people volunteer so much personal information on a daily basis just rubs me the wrong way. i think 'they' should have to work for it. but i'm also the last guy i know without a cellphone (by choice) so perhaps my opinion is less than relevant.
i also made a purchase on the last dip, now my dollar cost average is just over $34!!!! just a few more delivery months to go now...
i like the idea that a new system is being grown underneath the old one, one day the old one will simply have gone too far (long past for many of us) and thankfully there will be an alternative ready to thrive.

nixy's picture

and there's an excellent

and there's an excellent letter written by Mr Harvey Cole......including the comment by Anthony Dunn

To fint it, Google this .......banks should pay for limited liability......should be the first one up.

Discuss?

Basically what he is saying is ...... if they (the banks) want to continue to 'enjoy' their limited liability, they must pay for it...... else the directors must pay for losses.

Instigate this........Then ask the directors to reassess their risk models....:-)

Mudsharkbytes's picture

Fourth

For what it matters.

Hammer's picture

I dunno if bitfart threatens

I dunno if bitfart threatens the system but i KNOW this does.

Focus for many consumers? Just paying bills
By Polyana da Costa • Bankrate.com

Financial Security Index Charts » Focus For Many Consumers? Just Paying Bills

The economy may be recovering, but consumers are still struggling to make ends meet. More than a third of Americans -- 36 percent -- say in a survey commissioned by Bankrate that their top financial priority is simply to stay current or get caught up on paying bills.

Another 1 in 5 say their main concern is to pay down debt such as credit cards and student loans, according to the survey accompanying Bankrate's November Financial Security Index.

"People are struggling amid still-heavy debt loads, stagnant income and high unemployment," says Greg McBride, CFA, senior financial analyst at Bankrate.com. "Many people are feeling a complete lack of financial progress."

The findings show little to no improvement in the financial lives of Americans when compared with a similar survey from one year ago. At that time, 32 percent said staying current on bills was their top financial priority, and 23 percent cited paying down debt.
But isn't the economy improving?

The unemployment rate for October was 7.3 percent, down from 7.9 percent a year ago. The economy added an average of 202,000 jobs per month from August to October of this year. These are signs that the labor market is strengthening, but the average U.S. worker doesn't seem to have benefited much from these recent gains.

"People lose jobs, and when they get back to the workforce they often end up with a job that pays less," explains Terrance Odean, professor of finance at the Haas School of Business at the University of California at Berkeley. "The simple but big answer to why more people are reporting they are struggling to keep afloat is because for most people -- at least to those in the middle -- incomes have dropped."

for more…..https://origin.bankrate.com/finance/consumer-index/focus-for-many-consumers-just-paying-bills.aspx

ivars's picture

Could be a double top in

Could be a double top in bitcoin. BTW, this is how a bubble looks like, it has a typical shape. All of them look the same, with log-periodic wave signatures ( read Sornette please about bubbles and why they occur ( herding) and why they must crash ) .

So if it now goes down, it has reached gold chart in September 2011 ( or silver in April 2011, it also had a double top at around 49).

Hammer's picture

and this is just downright

and this is just downright yukky......no thanks.....

Hammer's picture

lol. had the charts on tcks

lol. had the charts on tcks and saw the dump n jump. Funny to watch :)

Hammer's picture

lol. Yeah

lol. Yeah riiiiiight

WASHINGTON (AP) — A fourth straight month of solid hiring cut the U.S. unemployment rate to a five-year low of 7 percent in November, an encouraging sign for the economy.

The Labor Department says employers added 203,000 jobs, nearly matching October's revised gain of 200,000. The job gains helped lower the unemployment rate from 7.3 percent in October.

The strengthening job market is likely to fuel speculation that the Federal Reserve may start to scale back its bond purchases when it meets later this month.
http://bigstory.ap.org/article/us-unemployment-falls-7-pct-203k-jobs-added

Pining 4 the Fjords's picture

JY, you need a new coin shop!

Can you imagine someone going into, say, a fine art gallery and making a purchase, only to have the proprietor make them feel poorly about thier purchase by saying "Well, I bet the value of that painting is going down- I would guess that later on, you will be able to get that for 25% less than you are paying for it". Unbelievable. Only in PM's.

That is nuts... and when the coin shop lady is calling for another 25% lower, it's time to buy. You done good, my friend!

Hammer's picture

203K number - no way tapering

203K number - no way tapering happens in December imho. The PMs will recover now and then maybe watch out for a sucker drop later ? Someone made a chunk a change just now.

Hammer's picture

Watch the Euro ?

Watch the Euro ?

Patrancus's picture

Sequestration DITTS

House and Senate Democrats and Republican RINO War Hawks are preparing to dump Sequestration. DITTS probably does, though these millionaire maniacs don't give a rats ass, cause they are wealthy far beyond middle class means and when they talk about leveling the incomes by increasing the minimum wage of the working class sheeple on the playing field, they are distracting all from what is really got them bugged, which is Sequestration that provides real budget reductions on entitlements and the gooberment military industrial complex. Call you wealthy congressman and Senator, tell them you know what they are up to and you will not have it. Tell them you would like to see them enact a wealth tax, that will tax their wealth, not their incomes, which in the bigger picture is just a mere bag of shells to them. They will sit back in their comfy chairs thinking how do we fool them sheeple tomorrow.

http://nationalpriorities.org/blog/2013/12/04/budget-deadline-nears-how-will-lawmakers-tackle-sequestration-and-2014-budget/

Mantis's picture

Bitcoin bubble about to deflate

As many know I'm a normally bit of a bitcoin perma bull, but advise caution at the moment, maybe wait a little while if you're planning purchasing bitcoins. Or consider lightening your load if you already hold some. (Maybe time to swap some bitcoins for nice physical silver yes )

As Ivars has mentioned might be a bubble top.

Having a bit of trouble posting my chart from tradingview but looks like a double top trend reversal might be forming.

Heres a slightly out of date chart from a few hours ago.  The bearish fork is looking increasingly valid since this snapshot was taken.

Turd Ferguson's picture

Just a heads up for everyone

MODERATOR

Ole Turd's having a pretty good day..and week.

Check this chart. The action, so far, is almost identical to Wednesday and, on Wednesday, the real squeeze didn't begin until AFTER the London PM fix....Hmmmm....Let's see what happens in the next hour or so.

ancientmoney's picture

Bitcoin not acting like a currency . . .

A currency is steady. It's value does not change quickly, like bitcoin has done.

One could argue that no currencies today are "steady." But to my knowledge, no other currency has been anywhere near as volatile as bitcoin.

Bitcoin is acting like a commodity of which nobody really knows the real supply/demand story. Maybe someday, when it is widely held and truly in a limited supply (growing at the same pace as the economy), it could be a currency.

There are nowhere near enough people using it. I would guess that 90% of the world's population cannot now use it, and at least 50% will never use it in their lifetimes.

That is because many are too old, or cannot afford to use the technology.

Maybe that is a way to "thin the herd" for the elites.

lamare's picture

Re: Could be a double top in

BTW, this is how a bubble looks like, it has a typical shape. All of them look the same, with log-periodic wave signatures ( read Sornette please about bubbles and why they occur ( herding) and why they must crash ) .

Yes, it looks like a bubble, but IMHO it's impossible to judge from the charts that it IS a bubble.

These are not Tulips, you know. What we are looking at, is an architecture, a protocol and an open source reference implementation of a decentralized virtual credit-based monetary system, in contrast to current centralized virtual debt-based government fiat monetary systems. I posted quite a lot of comments on a lot of aspects of the BitCoin system in this thread:

http://www.tfmetalsreport.com/blog/5297/bitcoin-black-swan

So, what we are looking at, is something different from all the bubbles we have seen before, because at it's very core it contains a number of ideas and concepts that could revolutionize the complete financial system.

And it is implemented as software and/or new technology, the adoption whereof typically shows an exponential growth curve, too, just as a bubble:

http://dupress.com/articles/from-exponential-technologies-to-exponential-innovation/

EXECUTIVE SUMMARY

Exponential improvement in core digital technologies is fueling exponential innovation. The cost-performance of three core digital technology building blocks—computing power, storage, and bandwidth—has been improving at an exponential rate for many years. As the rate of improvement accelerates, we are experiencing rapid advances in the innovations built on top of these core “exponential” technologies. The current pace of technological advance is unprecedented in history and shows no signs of stabilizing as other historical technological innovations, such as electricity, eventually did.

These rapid advances have the power to disrupt industries. The disruptive potential of exponential technologies is amplified when they interact and combine in innovative ways. The impact is further amplified when technologies coalesce into open platforms and ecosystems. These reduce the investment and lead time required to drive the next wave of innovation into markets by enabling people and technologies to rapidly build on previous waves of innovation.

How do you know that this is a speculative bubble and not an "exponential innovation" growth curve?

The bottomline is that nobody KNOWS for sure. One can make an assesment and make estimates, yes, but one cannot predict how this plays out.

Given the aspects I have considered, I would estimate a bet on BitCoin has about the same chance of winning a game of Russian Roulette. Your assesment may be different, but no matter what, there is a chance BitCoin WILL become the dominant financial system of the future. One can estimate that chance to be it 1%, one can estimate it to be it 99% and everything in between. But no matter what number one might want to come up with, the chance of BitCoin becoming the system of the future is bigger than zero and less than one.

The same thing goes for the chance that this is a bubble and not an exponential growth curve. The situation is that complex with that many unknown aspects that IMHO technical analysis of the charts alone to conclude anything about this is basically useless in order to make an informed decision about whether or not to get a position in BitCoin.

ceperez's picture

Bitcoin will act like a currency when it becomes a currency

In otherwords, when Bitcoin becomes liquid and large enough to provide the stability of a currency, then it will act like a currency.

In short, the bigger it gets, the more likely it will act like a currency.

Bitcoin is at the moment in the process of distributing wealth among its competing participants.

However, it is also a wealth transfer mechanism.

It is transferring wealth from the "brick and mortar" folks to the "point and click" folks.

To make the analogy, Gold may be like Barnes and Noble and Bitcoin would be Amazon.

Something to think seriously about.

agNau's picture

Watching....

rates
crude
dollar

and not concerned about bit coin.

tyberious's picture

Jim Willie – USFed QE Volume

Jim Willie – USFed QE Volume to Triple, not Taper

by Jim Willie, Gold Seek: http://news.goldseek.com/GoldenJackass/1386350553.php

The US Federal Reserve bond monetization support for government finance support, financial markets, banker welfare, economic props, redemption coverage, and liquidity fire hose functions will continue to expand and definitely not diminish. Only the brain-dead, the system wonks, and the deeply deluded believe the QE volume will taper down. They are paid to think that way in the public forum, their minds compromised, their hearts darkened, their paychecks dependent. As preface in order to properly comprehend the national situation, keep in mind that the USEconomy is stuck in a nightmarish quagmire, with growth steadily in decline at between minus 3% and minus 5% annually, when reality is required. The propaganda must be pushed off the road, the price inflation not labeled as growth, and the system perceived for what it is. The USEconomy is in grotesque deterioration with absent critical mass of industry, widespread debt defaults, retail liquidations, idle plant and equipment (including malls), and systemic capital destruction from the monetary hyper inflation and the imminent specter of ObamaCare tax. In queer fashion, the modern day US factories have become shopping malls. They suffer from at least a 25% vacancy rate nationally.

Read More @ GoldSeek.com

woofwoof's picture

I know what I'm taking.

You’ve just been granted a ticket to the future. You will arrive in 2035. You can take with you 10 OZ of gold or 10 BTC. What would you take?

tyberious's picture

Bitcoin, Gold, & Silver Will

Bitcoin, Gold, & Silver Will SURVIVE GLOBAL IMPLOSION – Bix Weir

FinanceAndLiberty, Published on Dec 5, 2013

IN THIS INTERVIEW: http://www.youtube.com/watch?feature=player_embedded&v=YOxIi80eHxc

*Why Bitcoin is NOT in a Bubble (0:49)
*Bitcoin, Gold, & Silver WILL SURVIVE the Derivative Implosion (3:45)
*Cyprus Style Bail-Ins in Detroit? (14:08) —- MarketWatch article:http://on.mktw.net/1bgO1U6
*Will Social Security Be Cut? Former Senate budget staff expert Jim Horney, “Retirement programs are not legal obligations…” (17:20) —- Quote source: http://usat.ly/1kbSidu

tyberious's picture

10 oz Aurum

The Pharaohs owned it and they were Demigods!

ancientmoney's picture

@tyberious re: Willie . . .

Here's another snippet from the article you linked:

"Focus on the true volume of the USFed bond purchases, the real QE volume when all items are added together. The reality is much worse than admitted reported. This is a banking crime syndicate, which should never be accepted for its word. They are the greatest bond fraud kings in modern history, the greatest thieves probably in world history. They steal the wealth of entire nations, if not from central bank gold bullion then from bonds and home equity, with a kicker in near zero interest loans to themselves.

Some hedge fund managers and bank analysts have come forward to share their privileged information from contacts deep within the USFed system, whether regional bank presidents or economists within the USFed marbled offices on Weimar Street. THE REALITY IS THE USFED IS MONETIZING AT LEAST $200 BILLION PER MONTH, MORE THAN DOUBLE THE OFFICIAL VOLUME STATED AND ADMITTED. The USFed is monetizing much more than basic USTreasurys and USAgency bonds to cover the USGovt deficits, their rollover refunding, and the raft of mortgage bonds. The USFed is monetizing a small mountain of Fannie Mae bonds and collateralized debt obligations with a mortgage core, which went bad, turned worthless. The USFed is monetizing a large mountain of interest rate derivatives that went deeply in the red in the last year, especially this past summer during the self-inflicted Taper Talk disaster. The mortgage debt and its leverage toxic vat amounts to a few $trillion yet to be fully monetized. Furthermore, the interest rate derivatives amount to hundreds of $trillion yet to be fully monetized. This hyper inflation output does not hit Main Street, which would result in price inflation for products and services. Worse, this hyper inflation output wrecks the USDollar and its primary vehicle the USTreasury Bond. It burns the King Dollar throne. The United States is Greece times one hundred."

------------------------------------------------------------------------------

If Willie is right, and I think he is, it makes you wonder just how long they can keep propping up the dollar-dog.

SMM's picture

BTC Problems - What It Is Right Now

What we are looking at, is an architecture, a protocol and an open source reference implementation of a decentralized virtual credit-based monetary system, in contrast to current centralized virtual debt-based government fiat monetary systems. 

The problems with widespread BTC adoption at this stage of the game?  

- Too many $10 words are needed to describe it.
- Too much software, hardware and a little too much knowledge necessary to actually use it. 
- Your value can be cut by 1/3 in a matter of minutes, rendering it useless as a currency.

Sure, there are transactions like the publicity driven Tesla purchase, but talk to me when a whole number percentage of autos are purchased with BTC, or when the majority of people can actually figure out how to use it, without putting in hours or days of initial research. 

Right now, BTC is a hobby, a chance for techies to show off how smart they are, an ideological idea.

It could even be something devised by spooks to achieve any number of theoretical or conspiratorial ends.

However, when you look at the chart above, it is most certainly one very specific thing:  

A speculative bubble.

This doesn't mean it can't get to $5,000 or $10,000 and it doesn't mean it can't crash back down to $10 yet retain its future potential. Nor does it mean that as a hobby, geek toy, wonky Internet babbler focus point or ideological rallying point, BTC is invalid.

But it is still a highly speculative bubble, and from a financial perspective, should be treated by those entertaining the idea of dumping some fiat into it as such.

tyberious's picture

@ancientmoney

My completely uneducated guess in this ship holds for no longer than 3 years. A hyperinflation/currency devaluation event.

JY896's picture

@Pining -- LCS lady wasn't so bad...

I started out by musing whether this was a 'bottom' or just another stair down, nd I explicitly asked her opinion on where she thought the bottom might be... Then told her to go read TFMR. It was an amicable exchange.

I did note that I bought the last Maple in the store, and they had recently hired a bevy of well-manicured, attractive and tall shop-girls (a decent number over the last 6-8 months). The same increase in staff could be observed at my other regular LCS (sans the attactive young women part).

Next time will try to report on their relative sales volumes, but it sure seems to me like it ain't going down.

tyberious's picture

Rand

Dear Tyberious

My colleagues need to hear from you right away.

If they don’t, I’m afraid even the token spending “cuts” in the rate of government growth brought on by the sequester will be wiped off the books.

Never mind the fact our country is over $17 TRILLION in debt. The big spenders want more.

So now news reports are that members of BOTH parties are conspiring to hike spending and taxes yet again.

It’s up to you and me to stop them.

That’s why it’s vital you sign your No Spending or Tax Hikes Emergency Fax petition right away.

Click to sign

There’s no time to waste.

You see, one of the key provisions of the deal that ended the recent government shutdown was the creation of a bipartisan House and Senate Super Committee chaired by Congressman Paul Ryan (R-WI) and Senator Patty Murray (D-WA).

Their mission was supposedly to craft a budget framework designed to put our nation back on sound fiscal footing.

Like most things in Washington, D.C., I’m afraid their supposed solution will only make things worse.

In fact, according to a recent Politico article, even the small cuts in the rate of government growth we saw under sequester are being negotiated away.

Spending will be raised. New “revenue” will also be part of the deal in the form of higher “fees.”

And outright tax hikes are being considered as well.

Maybe, just maybe, you and I will get a promise in return. A promise to one day rein in out-of-control entitlement spending.

But that’s only if we’re “lucky.”
I wasn’t born yesterday. Promises in Washington, D.C. aren’t worth the paper they’re printed on.

The truth is, despite what big spenders in BOTH parties claim, we don't have a revenue problem in Washington.

We have a spending problem.

Hundreds of millions of dollars are flat-out wasted on boondoggles like ObamaCare, which only work to make the lives of average Americans worse!

Government isn’t the solution to our problems.

When it comes to our healthcare, our economic problems and a host of other issues, the government is far too often the root of the problem.

That’s why it’s so critical you act at once.

You see, I’ve been in Washington, D.C. long enough to know that as soon as a deal is struck, the ink will hardly have time to dry before it’s rammed through Congress.

That’s why my colleagues need to hear from you right away.

So won’t you please sign your No Spending or Tax Hikes Emergency Fax petition right away?

And if you can, please agree to your most generous contribution of $500, $250 or $100 immediately to help me turn up the heat on Congress.

I’m doing all I can in Washington, D.C. to restore fiscal responsibility.

I need you to stand with me.

But if that’s just too much, won’t you please agree to a generous contribution of $50, $25 or even $10 right away?

I’m afraid this fight could come to a head as early as next week.

So I need to mobilize as many Americans as possible to say “NO!” to tax and spending hikes.

Please act right away.

Thank you, in advance, for your support.

In Liberty,

Senator Rand Paul

P.S. I’m afraid members of BOTH parties are conspiring to hike spending and taxes yet again.

It’s up to you and me to stop them.

That’s why it’s vital you sign your No Spending or Tax Hikes Emergency Fax petition right away.

As soon as a deal is struck, they’ll be a mad rush to ram it through Congress.

So please, in addition to signing your Emergency Fax petition, please agree to your most generous contribution of $500, $250, $100, $50, $25 or even $10 right away!

Click to sign

Like Rand Paul On Facebook

Paid for by Rand Paul for Senate 2016.

www.RandPaul2016.com

Urban Roman's picture

Thanks, Mantis

Thanks for the TA. You may well be correct, that this is the top we have been expecting for so long. For the last year or so, this thing has looked silly even on a logarithmic chart.

And, good keypost, JY. DITTS? I think the answer is a clear 'yes', based on the writings of the current bright lights of Keynsian economic such as Krugman. If it were to really catch on beyond a few computer nerds and currency/FX/PM geeks, it would really TTS, because it has the potential to sweep away a huge swath of the 'financial industry' that parasitises the economy.

As it is, it's mostly just a plaything now. Very few, I would guess even a minority of folks who play with it, think of it as money, despite the purchase of a luxury car the other day. It is but a microscopic speck of dust in the eye of the greater economy.

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