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Ask the people of Venezuela, Zimbabwe and Cyprus after their banking haircut which is better - fiat in a bank or physical gold held.
Don't get distracted by short term price noise.
Laws are now in place that when you deposit cash in a bank you are classed as an unsecured investor, the money is technically no longer yours. Enjoy the next round of bail ins that will no doubt occur sooner or later.
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Venezuela has "heavy oil" that requires significant additonal treatments to make it useable. Heavy oil usually contains significantly higher contents of asphaltenes
The presence of asphaltenes, chemically altered fragments of organic chemical compounds, in oil can greatly complicate the production process. Subsequently, certain asphaltene elements require that the heavy oil also undergo a special refining process called deasphalting. The chemical composition of asphaltenes can consist of various amounts of sulphur, oxygen, hydrogen, nitrogen, carbon, and the heavy metals nickel and vanadium and are widely recognized as soluble. |
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$1 trillion,
Just enough to cover the US's annual interest payment on their debt soon.
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Is gold expensive right now considering how much aditional fiat has been pumped into the system through QE. Stocks are artifically inflated, property artificially inflated through stupid low interest rates. Huge amount of global uncertainty in Turkey, Venezuela, France, Italy. Trade wars underway, global debt at an all time high, the US in over $21 trillion debt (interest payments alone will reach $1 trillion) Gold thrives on fear and there are a lot of things that go tits up at any time. Why hasn't gold's price gone up? QE should be inflating everything, no? More money in the system + low interest rates should have people buying record amounts of gold, right? Why isn't that happening?
I agree about the stock market. I don't know when this bull market is going to end, but it'll at least be interesting to see what happens to the precious metals market once interest rates start rising.
The QE money has not been used as intended, it has not circulated in the economy. Banks have horded it and used it to pump the stock market, companies are buying back their own stock using cheap money artificially inflating the price. Regarding gold price - monkey hamered at critical moments using fake paper contracts and a strong dollar is holding it back. It will all go tits up sooner rather than later and gold price will go substantially higher but no one has a crystal ball to call when that will happen. I stand by what I said. The goldbugs will NEVER tell you it's time to sell gold. Ever.
How many BTC bugs tell people to dump. HODL and accumulate no matter what is the normal response. The average person does not need gold as an investment or as a hedge against inflation. How well has gold hedged against inflation since 2011? Can the average middle-class person afford to lock up a lot of money in an asset that provides no income; might cost money to keep secure; might get stolen; and might decrease significantly in value? I don't think so. The same can be said for bitcoin although it poses significantly more volatility and risk over gold. How many middle class people could tolerate a $19k to $6k dump on their savings? It does not provide income, far more lose bitcoin to hacking, scams and lost private keys over physical metals theft (check the scam accusation thread on this forum and find me an equivalent on any precious metals forum). Physical metals open you up to local thieves, bitcoin opens you up to a whole world of hackers. If gold is a useless old relic then why are so many countries fighting to repatriate their gold from foreign countries? Why is Russia accumulating so much gold and silver. Why is China accumulating so much gold and silver. Why are central banks increasing their gold reserves. Why are none of the above buying existing crypto but investing in blockchain tech research (spoiler - to release their own state issue crypto in the near future) |
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I'm not so sure that's what would get their attention. Certainly, you have a valid point and I'm not going to say that it's wrong. But goldbugs see things a bit differently than just market cap and price per ounce.
They're stuck in the doom loop of fiat crashing, futures being erased, and the world reverting to a barter system. This sounds all fine and dandy but what really would cause something like this to happen? There's too much institutional money in fiat for it to just dump and destroy itself. They would never let it happen. They've got too many tricks up their sleeves.
And besides, if it were the apocalypse and you had a farm full of goats, would you really want to trade them for gold?
Where you have bitcoin users believe that bitcoin will become the next reserve currency, replace banks, crash the financial system and replace fiat. You also have the HODLers that also like to think you buy a bitcoin, sit on it for a few months and wake up one morning a millionaire also buying bitcoin qualifies you as an investment and financial guru instantly giving you qualifications to advise all newbies to sell the house, car, boat and family and go all in no matter what the price. |
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Well that was a lot of typing just to demonstrate you know fuck all.
I suggest you quit typing and go get a room with Shelby as your obviously super gay for him, your post history reads like a verbal shelby blow job.
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Never underestimate greed and like fiat bitcoin has a new set of elite in control.
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7 Trillion.
Gold is just a shiny metal. Eventually we'll mine it from asteroids and the price will, like the asteroid gold. Crash all the way to the ground.
Bitcoin is truly deflationary. People that go all in on gold and avoid bitcoin are short-sighted.
What will more likely come first, enough computing power available to a powerful organisation or government to render bitcoins encryption useless or asteroid mining space ships with access to a powerful and cheap enough energy source to make it cost effective. |
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People often forget that new gold is being mined everyday. The annual inflation rate of new gold found is only around 1-2 % but we shouldn't pretend that gold is deflationary.
I believe America got off the gold standard when they realized they couldn't manipulate the economy unless they were detached from the gold standard. Now they can type digital numbers into their computers at will and create as much currency as they wish. The current economy runs off debt and without it everything would collapse.
But more gold is traded than physically exists thanks to the comex scam that is leveraged 400:1. 1-2% additonal gold would match world population growth but gold mine production is in decline, 7% reduction by 2021: http://www.mining.com/overall-see-gold-supply-dropping-7-pct-2021-newmont-ceo/ |
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Probably, they are going to sell gold from the reserves at a good price and buy crypto instead? ))
Why would they need to do that when they can print currency? Cant print gold. |
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I won't argue your point about shitcoins, because you're absolutely correct, but as far as the statement about silver's industrial uses goes, that's just more propaganda. All of that silver used in industry is recycled. None of it is really lost. The US Mint alone is producing millions of silver eagles a year in addition to all of their silver commemoratives and proof sets--and there's enough silver around for all of the other mints in the world to basically do the same thing.
My point is that there no shortage whatsoever of silver, and it doesn't matter if it's being used in industry. You didn't explicitly make that point that there's a shortage, but I hear that argument a lot in the coinflation articles I mentioned. And it's bullshit.
Actually its the other way around, gold is mostly recycled and silver is usually not. BTC is just electronic digits that are infinitely divisible so there will never be a shortage, it just depends what value you put on a satoshi. Supply is also only limited by a few lines of code that could be changed if the miners + big players decided to do so. Physical metals are finite and industrial processes and real world use requires a set amount and there is only so much you can keep pulling out of the ground (not taking in to account asteroid mining but that is generations away) You cant argue the fact that the elite, governments and central banks all base their wealth on physical gold holdings and continue to accumulate it (except retarded Canada). Not one is hording bitcoin. Central banks run the world with governments their public facing puppets. The minute they consider bitcoin a risk to their power base and control they will do everything in their power to end it. All the signs point to state issued cryptos in the pipeline and that doesnt bode well for "unregulated" crytpos. |
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And silver is the tangible equivalent of a shitcoin as far as I'm concerned.
Except silver is one of the most important industrial metals used in electronics, solar panels, photography etc so nothing like a shitcoin with no real world application. |
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Instead of being realistic and calling a bear market for what it is, they're recommending people get into metals now that they're at 2015 prices!
Is that any different to all the muppets here claiming "now is the time to buy bitcoin", "you'll never see these prices again". There is never bad news in bitcoin, its either "to the moon" or "hell yes its just crashed buy now or you'll regret it", heard it all the way down from $19k to $6k. The way I look at it there is a reason russia and china are buying gold and silver as quickly as possible. They are not accumulating bitcoin, Bitcoin's real world utility is going backwards with many previous retailers accepting it now ditching it. All that is left is a speculative monster used to enrich early adpoters at the expense of greater fools. Money to be made in the short term, doomed in the mid to long term. Also, bitcoin hasn't been in a 7-year bear market. There have been amazing opportunities to buy bitcoin ever since 2009.
Bitcoin has only just exceeded 7 years old so tough to have a that long a bear market, you also have to take in to account currencies as we dont all use the $, the gold price spike after Brexit paid off my current house . I think the trick with bitcoin and gold is not to get greedy, set yourself goals and targets then take profits at the correct times. Never go all in on either and dont overstretch yourself which will force you to sell at a loss. Sticking to this principle has got me financial security for the rest of my life given my daughter a great start (owns her own house at 10 years old with no mortgage  ) |
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I was wondering, what does it take for a hardcore goldbug like Peter Schiff, or our very own r0ach, to admit that they fucked up big time holding gold instead of Bitcoin?
Currently gold is around 7 $trillion marketcap, I haven't paid attention to gold to get the exact value but last year it was around that. Bitcoin is around 100 $billion as of today.
At what point will some traditional goldbugs publicly accept that they should have at least, diversified some of their gold into Bitcoin? I have added a poll with 5 options, the most conservative one is when BTC reaches 1 $trillion, because I don't expect any of them to admit they were wrong any time sooner than that.
The poll never expires.
I dumped all my bitcoin into gold when it was near $19k so who fucked up? Gold always was and always will be the ultimate store of wealth, you just have to ignore short term price noise. I still stick to my prediciton that in the next few years central banks will release their own state issued crypto and bitcoin will be banned in most developed countries as it will be seen as direct competition by those in power. |
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Hm. The Hurrican I was testing out had the doors opening outwards, but checking I see it is merely a V10. No wonder it was such a slug on the track.....
Thanks for the bit of knowledge. Diablo or bust for me I guess.
The huracan does 0-60 between 2.8 to 3.3 seconds depending on model, not exactly slow. The performante is a track monster. Did you have it Corsa mode or did they put it in soft auto Strada mode? Any huracan would kill a diablo around a track, Aventador is the current flagship V12 after the murcielago (not taking into account the specials like the centenario) |
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Nicer doors than mine and must be a V12 lol. V10 lambo doors open outwards, V12 Lambo doors open up. |
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Come on man! It hasn't even moved since that last time you showed us. You're still paying for it, aren't you!
We have actually had the best summer in the UK since 1976, clocked up lots of miles and got some track days in too Really did pay for it in full with BTC profit, A bit of luck with timing and a few select altcoins + BTC and it can be life changing! Dont lose faith with the current price drops. |
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(They should be Ferraris. Much more impressive car than the Lambo)
Unless it is a Huracan Performante or Aventador SVJ that has just taken the nurburgring record, balls of steel: https://www.youtube.com/watch?v=QRsq35Et-EY&t=6sI bought a Lambo and I am not in the Bcash camp   |
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Do we really need to decrease population? Why? Lots of people in the world are dying every second, anyway. What's the point in decreasing population?
But there are more being born than die hence the global population exponential growth. The point of decreasing the population? The Earth has finite resources and can only support a certain number of people before starvation, disease and a lack of fresh water will cull the herd. |
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Precious metals remove all 3rd party risk.
Its funds held outside the system, no electricity, network or computer needed, totally anonymous if purchased privately.
Gold never degrades, spoils and will last for ever, bury a coin and dig it up in 100 years and it will look the same and still hold value.
Dont discount gold that has been a store of wealth for thousands of years just because crypto popped up a few years back.
May be a case of older and wiser over the young being smarter and knowing everything?
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