[ExI] Bitcoin

[spike]

-----Original Message-----
>... On Behalf Of Eugen Leitl

>...The reason why BTC is doing such an apparently good job is because the
managed currencies are doing such a lousy job everybody is fleeing into
naturally or artificially scarce items...  Eugen

_______________________________________________

Perfect example of that: right when the Cyprus euros got in trouble there
was a huge surge in prices of California real estate.  The local paper
yesterday was filled with commentary by astonished realtors who are seeing a
flood of foreign money snapping up houses.  The bidding process has turned
every residential sale into an auction, with most of the bids being
no-contingency, all cash up front, regardless of appraised value.  I saw my
own home appraisal on Zillow go up 10 percent in the past month, which is a
pile of money considering the already wacky over-priced real estate here.  I
think it is because California has been highly effective in making housing
artificially scarce by steadily importing illegal immigrants and preventing
new housing.

I must wonder about it however: Cyprus took 10% of their biggest depositor's
money, apparently under direct orders from Germany, who is understandably
tired of footing the bill for Cypriot profligacy.  A casual observer can see
if that can happen in Cyprus, Greece is next, then Ireland, Portugal, and
eventually Italy.  So the money wants out of there.  Flee to bitcoin and
California tract shacks?

spike