Bitcoin Forum

I guess a lot of people, even in here, even those who are in general pro Bitcoin, don't fully understand just exactly how fucking bullish this is. No, not "We're going to rally to $2000 next week" bullish. Not even "We will never go below $300 again" bullish. But "We've made it. Bitcoin is here to stay" bullish. The important kind of bullish.


https://i.imgur.com/erCmmPH.png


A hint: It's not about the semantic content (the identity statement). It's about the pragmatic effect (the order of terms): he's saying gold is like Bitcoin, not the other way around.


(edit) Here's the full report:
https://drive.google.com/file/d/0B_GhvGyl1tuQN3N5WUpJOTJCSXM/view?pli=1
You will note he calls gold (and, by implication, Bitcoin) a "bubble". You will also note he points out it might be a "bubble" lasting another 6000 years.

Will start to believe after such statements become common, not only one citation somewhere in internet.

If people don't believe that some good is good, it won't help the price

Sure. But by the time the sentiment is wide spread enough that it's not considered an an open question anymore, all/most speculative profit will be gone.

It's a fine line: the earlier you enter, the more potential profit, the more risk. The later, the safer and less rewarding. A report released under the name of a global bank equating gold with Bitcoin just shifts the perception slightly, from "beany baby" to "might have a chance to stick around a bit longer".

He still has no clue of what he is talking about regarding gold.
How much this guy is paid? 300-500k$/yr? All of that for bullshiting his clients. It's pretty sad.

Taleb has recently tweeted that traders were forbiden to listen to strategists when he was working in banks as a trader, I start to think he was serious.

No banker believes what he wrote. The report is not for the banking elite. It is a form of distraction to the masses. (They cannot start buying gold or gold 2.0!)

Spot on. It's not important if what he writes is true or not. It's that he treats gold and btc as equivalent. That's something I didn't expect a bank's analyst to write or say  for at least another few years. Price will do its thing, like in any other asset. But going away, like a fad? Not likely anymore.

boys and girls will become ladies & gentlemen.

we just need to wait and watch. thx oda, needed this.

This is GENTLEMEN!

As stated by Montell Jordan "This is how we do it"  8)

 :o Wow I didn't think I'd see something like this for at least another few years. Amazing that one of the big player fiat banks understands Bitcoin.

I think it is fair to say they all understand bitcoin very well indeed. They are likely either deciding to accumulate or begin mining operations or working on a plan to shut it down.

Cool story bro

Hm. Read the report maybe. He is nothing like pro Bitcoin, and arguably doesn't understand it all that well, or perhaps: has a very different interpretation of many aspects of it than most do in here (eg on mining).

I'll say it again: it's not the content of what he writes that I call bullish, it's the casual comparison between gold (6000+ years of market history) and crypto (4 years of market history) that I found surprising. Can't really remember a similar case where that happened with beanie babies or liberty dollar.

Eat a lot of acid back in the day did you, inca?

Bankers will buy and subvert, if they even care that much at this particular point in time imo. If we talk about the conspiratorial 'big banks' I don't think they are too bothered by another commodity they can manipulate.

I prefer thinking of bitcoin like digital gold. Let it be used by large banks and corporations for billion dollar transfers. This idea that we should be spending it on socks from overstock is thinking way too small IMHO.

Well well well!!! We grew up quite fast, didn't we!!!!  ;)

My thoughts on this report were that he was trying to make gold sound risky for bank balance sheets (not unlike bitcoin) to sway opinion ahead of this Swiss gold backing vote. 

I do not think it is more like 'bitcoin is like gold' (good) rather 'gold is like bitcoin' (bad).  I think his motivations for this report need to be ascertained better before more assumptions are made.

my 2 satoshis

you may be right, but the fact that "bitcoin=gold" comes from an active big shot of a global bank is in itself amazing, no matter what his intentions are. he knows that he can be quoted for it. this is a tectonic shift imho.

I said as much two posts above, and mentioned he called gold (and btc by proxy) a bubble. His analysis of crypto is not what I consider bullish: it's the fact that we apparently reached the point where the head researcher of a global bank can safely equate gold and crypto.

Is the comparison intended to discredit gold? It sure is. Does doing so lend btc at least the legitimacy of the asset it is compared to? It sure does as well.

Agreed.  Though I would rather not have that insinuation at all for BTC.  :)

Yeah, the obvious pathway for bitcoin to become very valuable in the medium-term is for people who own gold as an investment to realize that bitcoin is really idealized gold (with various other upsides gold does not have), and therefore, that they probably want to transition some of their gold allocation over to bitcoin.

Incidentally, that value-boost to bitcoin would enable more of the other international trade, remittance, forex liquidity, etc, that bitcoin can theoretically excel at.