Bitcoin Forum

I feel that they are just digging themselves deeper, print more money and inflation abounds. Things aren't working out and it is only a matter of time before the bottom falls out. (I predict very soon after Obama is out of office-always lay it on the next guy, amiright?) I feel kind of bad for welcoming news that will put millions of people into lives of penury, but I honestly believe this is the next step in galvanizing BTC as a viable alternative to the central banks and fiat  itself.

Thats my cave-man opinion...what do you think???

It may not matter what the FED does... World Bank Whistleblower, Karen Hudes, seems to think that economic collapse is fast-approaching for the USA. In fact, she's telling people to start using Bitcoin.  ;)

http://wp.me/p2FKR4-hv (http://wp.me/p2FKR4-hv)

It seems like that guy wanted to pump gold.
He kept interrupting her when she mentioned bitcoins.

While I do believe the dollar will slowly destabilize, I don't think there will be a large crash soon (1 year?)

The USD need to devalue more, preferably to unity with the Chinese RMB or Hong Kong Dollar, in order to stop outsourcing and have the jobs coming back to the USA.

In regards to the HKD that is simply not possible unless the USD goes to zero as the HKD is *directly* pegged to the USD (i.e. 1 USD has been around 7.75 HKD since 1983 - http://en.wikipedia.org/wiki/Hong_Kong_dollar).

Although the RMB isn't directly pegged to the USD it is used along with various other foreign currencies to determine its value (so also very unlikely to see the USD ever on par with it little own being worth less than it - and the Chinese government would simply change the mix to ensure that the RMB is worth less for export reasons so the US is not likely to ever *win* a currency war against China).

Bitcoin goes up when stupid americans speculate that it will and throw fiat at Gox. There are no other causes.

The dollar won't crash, of course it won't. That's just the kind of shit godlikeproductions or Alex Jones would peddle. It won't crash because it or other national governments will feed more money into itself. But it not crashing doesn't take away from the fact that anyone with money has to come to the logical realization that by being invisible, BTC is the safest store of value out there...

Don't listen to Walsoraj, Jaroslaw has invaded his anal canal catholic church exorcist style and he's panicked and hoping for a minicrash to go back in.

 :D :D :D :D funniest thing i've yet read on this forum!!!!

The dollar may not crash, for a couple of reasons.

One reason is that it is very integrated with the real economy. The reason bitcoin is volatile, is that there is not much of a real economy using it for transactions in trade. Dollar is, which means that when new dollars come into being, they will be traded maybe thousands of times before all the prices in the dollar economy are adjusted. We can only speculate on the lag, but it may be many years.

Another reason is the existence of local fiats, or dollar altcoins. Some are supposedly pegged somehow to the dollar, some are supposedly not pegged, but in reality all are to some degree coupled to the dollar. These dollar altcoins is like a buffer to the inflation, it will happen in the altcoins first, just like a leaf in the autumn fades on the edges first.

Adding to that, the time shifting function of money: On the individual level, you can choose to save money in the mattress ( for no reward, money value raises for others to spend), lend, thereby let others spend or invest in stead of you, deposit in bank (thereby letting others loan, and letting the money supply expand as well), or invest directly.

On a global scale, with money factored out, there is only a question of who can spend or invest directly, it is not possible to generally save, except to invest.

It seems this is obvious for the members of bitcointalk.

The reason it is very integrated becaused it is being forced to. The USD is being backed by the world strongest military.

What many fail to realize is foreign currency exchange is a $5.4 trillion/per day industry.  And the USD is on one side or the other, of 87% of those trades.  It's always fair to say, "nothing lasts forever" but the USD isn't going anywhere anytime soon.  And the masses belief in the longevity of the USD isn't soon to fade either.  So as with any "currency" that aims to be successful, BTC should focus on mass adoption and not betting it's success on currencies and/or countries, failing sometime down the road.  Not only is it morally bankrupt to bet ones success on another's failure, it's just plain stupid and speaks more about its weaknesses, than it does about its strengths.

^^^^ This +1

Agree with this.

You realize that this is the universally accepted "trust me" argument, not?

Half the Gox wall tracker thread seems to be similarly possessed. Panic sellers indulging in wishful thinking.

 :)

One important factor people forget that is in the US dollar's favour: sovereign/currency collapse in other countries around the world. If they are in any significant debt to the World Bank, or amenable to IMF bailout money, what currency do you think the bailout will be denominated in? Helicopter Ben might need to upgrade to concorde.

http://www.forbes.com/sites/halahtouryalai/2013/09/19/london-whale-fail-jpmorgan-chase-smacked-with-920m-fine/

This makes me smile. :)

Why post this? Mtgox / Bitpay is the JPM of Bitcoin.

More money looking for a home.

where do all these fines go...

The "public" - with emphasis on the quotes...

WTF is going on today BTC down, bonds up shouldn't it be to opposite???

Bitcoin is far too tiny and disconnected to be affected by any real world events. There are much greater factors of volatility within its microcosmos. I still see Bitcoin trading purely by itself.

Decorrelated is another way of saying btc is purely speculative, drive by whale manipulators.

you chode.

I just watched that video. The bolded part you said is true. It's hilarious, especially in the end (no more mention of bitcoin), but Hunter keeps pressing her to say people should buy gold and she doesn't, because she believes the world will get their shit together and gold wont be needed.

This Karen Hudes girl really is something. Very insightful watch.

Also absolutely hilarious: "The FED is fired". lol

Like the FED is blowing money out of there printing machines, they system must fail. Better for us all.
They increase there balance in money every month about 85 billion dollars. Stock markets are in euphoria, driven away from fundamentals. companies don´t invest more in the economy because of Ben Bernanke, they only borrow money to pay their debt, so what is the advantage for the whole economy ?
Bad fact: Yellen will continue the policy of Ben Bernanke....

Like the silver and gold standard, fiat standard will fall in this century. Only changes and innovations in economy keeps the system of capitalism, otherwise it will fail effectivly.

I think that Bernanke is just kicking the can so that there is a neat dividing line between his policy and the next chair's. I would expect an extra quick reduction in asset purchases ~20bn USD after the first FOMC meeting with the new chair.