Bitcoin Plunge

  • Aired:  04/17/13
  •  | Views: 40,132

The online currency Bitcoin joins a rich tradition of made-up currencies like Camel Cash and the euro. (2:42)

MALES.

BUT THERE IS ONE THING I DO

KNOW, FOLKS, IS THAT I AM

HEAVILY INVESTED IN SOMETHING

CALLED BIT COYNE.

NOW IF YOU DON'T KNOW WHAT BIT

COYNE IS, WANT TO BUY SOME BIT

COYNE?

NO?

ARE YOU SURE?

OKAY, JIMMY.

>> TELL THEM WHAT IT IS.

IT IS DIGITAL COINS TREATED

BETWEEN COMPUTERS.

THE WRITER OF THE PROGRAM

CREATED A FINITE AMOUNT.

LIKE GOLD, THE VALUE CHANGES

DAILY.

>> BIT-COIN IS GOLD FOR NERDS,

IF YOU WILL

>> Stephen: YES.

GOLD FOR NERDS.

OR AS WE NERDS CALL IT, MITHRIL.

STRONGER THAN STEEL.

MINED BY THE DWARFS MORIA UNTIL

THEY DUG TOO DEEPLY AND RELEASED

HER IN VEIN.

AND RELEASED DURIN'S BANE.

YOU KNOW.

BIT-COIN.

BIT-COIN JOINS A RICH TRADITION

OF MADE-UP CURRENCIES LIKE CAMEL

CASH AND THE EURO.

BUT INLIKE CURRENCIES RUN BY A

CABAL OF CENTRAL BANKERS,

BIT-COIN IS A PURELY ONLINE

CURRENCY WITH NO INTRINSIC

VALUE.

ITS WORTH IS BASED SOLELY ON THE

WILLINGNESS OF HOLDERS AND

MERCHANTS TO ACCEPT IT IN TRADE.

THAT'S RIGHT.

BIT-COIN HAS WORTH JUST BECAUSE

A BUNCH OF PEOPLE ON THE

INTERNET HAVE AGREED THAT IT IS

WORTH SOMETHING.

LIKE PSY.

>> ESSENTIALLY THE ONLINE WORLD

IS THE CENTRAL BANK HERE.

JUST IMAGINE IF THE FEDERAL

RESERVE WAS TAKEN OVER BY

GAMESTOP.

NOW YOU CAN GET BIT-COIN BY THIS

PROCESS CALLED MINING IT WHICH

IS USING YOUR COMPUTER TO CRUNCH

A BUNCH OF NUMBERS OR SOMETHING

BUT YOU CAN ALSO BUY IT.

SO AS A THREUD INVESTOR, I

WAITED UNTIL JUST THE RIGHTÑi

MOMENT.

>> I REMEMBER WHEN I WAS TRYING

TO ENCOURAGE PEOPLE TO BUY

BIT-COINS, I FIRST PUBLICLY

RECOMMENDED IT AROUND A NICKEL A

COIN.

NOW IT'S $133.

>> LAST THURSDAY BIT-COINS WERE

SELLING FOR ABOUT $130.

EARLIER TODAY THEY HIT AN

ALL-TIME HIGH OF $266.

>> Stephen: BUY, BUY, BUY, BUY.

BIT-COIN PLUNGING MORE THAN

$200 IN VALUE.

IT TOOK AN ABSOLUTE NOSE DIVE.

>> IT CRASHED.

BIT-COIN'S VALUE CRASHED.

>> BIT-COIN IS GOING BANANAS.

I'M READY TO VOMIT AFTER WHAT

HAD HAPPENED TODAY.

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