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do not get trapped into buying pm's on today's bounce. stocks are continuing their downturn which is the beginning of a new primary downtrend which will take them way lower than anyone expects.
pm bounce today was expected and could continue very short term but then will turn down viciously again. deflation is here.
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eto, did u see my post above about having an old Powerbook if u want it?
Cypherdoc, Yeah I saw it. I'll take you up on the offer if I can't get a VM working. I have some time before I get around to that, though. Unless you're trying to get rid of it now, I'll wait. On the other hand, if the system is free, I don't mind paying for shipping. In the long run, it is probly better for me to just take it. Can you tell me OSX version and explain how it relates to other systems likely to be used by others? yes, consider it another donation. Powerbook G4, OS 10.3.9. other specs i don't recall offhand. let me know. |
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actually i was thinking 30% is way better than when it used to be in the 40's and is a clear example of how the market is automatically spreading out the pool concentration. i think p2pool had a lot to do with this. leave Deepbit alone. what's so bad about 30% anyway?
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eto, did u see my post above about having an old Powerbook if u want it?
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do you hear that hissing sound? its called Apple.
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You didn't answer the question. I just want to know if you think in 10 years I will pay less USD for a gallon of gas and a loaf of bread then I do today  yes i do. i think we have entered the Age of Deleveraging and with new currencies like Bitcoin there is going to be shift toward real value and not speculation. we've been seeing price devaluations in the tech space for over a decade now b/c the information arbitrage is much less in this area as opposed to other sectors of the economy. with the advent of the Internet, we see this deflation spreading. the curtain is being pulled back. |
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So your saying 10 years ago I paid the same or more for a gallon of gas and a loaf of bread then I do today..  And your saying 10 years from now I'm going to pay less for a gallon of gas and a loaf of bread? If you really believe that, I have this bridge I want to sell you.. you're absolutely right. but they've been pumped up by the same debt as everything else. that debt is CONTRACTING as we speak. remember; the money supply is money plus debt. last time you only threw up the chart of M2. thats dwarfed by the amount of debt in the system. Greece was just round one of the upcoming sovereign debt destruction PLUS the CDS implosion that will accompany it. |
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here's 4 yr food ETF DBA:  here 4yr oil futures price /QM:  i really don't see the inflation. Apple breaks $600. |
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The fed didn't stop printing . The National Debt isn't shrinking. The Deficit spending isn't receeding.. Gold and Silver are pulling back atm, but they can only go higher in the Long term given the above things. This has happened before. When gold hit 1000, significant correction.. 1225 significant correction. now its 1900 significant correction. The bull market isn't over. When the fed stops printing, the Nat debt starts shrinking, and there is no deficit spending, I'll sell all my gold and silver . so, in other words, you can't lose be it inflation OR deflation! you've solved it; the perfect investment! |
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do you guys realize just how inane the gold/silver argument has become? one year ago:
1. of course the miners are up; they represent leveraged plays on the gold price and why wouldn't you want to own ounces in the ground. its free money.
2. of course GLD/SLV are up. even though its paper gold, they allow the avg investor to own gold with just a click of the button.
3. the official price is up. of course it is dummy, the price is rising and just reflects the devaluing USD.
now:
1. of course the miners are down; all they represent is paper gold. they don't provide any value since you are subject to poor management and expense costs due to energy expenses.
2. of course GLD/SLV are down; they're just paper gold in baskets. they really don't have any gold in their vaults.
3. of course the official price is down. in fact, who cares if it crashes? what REALLY matters is the street price plus the huge premium that will overall add up to over $2400 in value and much higher.
that last one is really insane. when i cashed out my pm's last yr the coin dealer checked his computer screen on Kitco and offered me the official price minus 4%. i then received a 1099 last month on the cash i received on which i will have to pay ordinary income taxes on, not capital gains. truly sucks. the illiquidity of pm's is a big problem as well.
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Actually financial disasters do destroy wealth, since the people who are normally the ones creating it get shafted by bankrupt governments and banking cartels. People need money to do business, when the money goes bad so does the business. When the business goes bad the wealth goes out the window. There's not even a way to measure how much wealth was really lost since it simply never happened at all.
And that's before they lose their life savings when the too broke to fail banks implode and make their accounts disappear. Also, I'm pretty sure the last number I heard from ZH was a 70% haircut for lenders, not 50%. The chances of lenders getting one euro back from greece are laughable, and the likelihood of more violence is about 100%.
So yeah, PM short train, or even BTC. PMs are probably a bit safer right now (although it varies), although if more/smarter entrepreneurs start surfacing BTC could really take off.
the point about wealth destruction is spot on. its possible that Bitcoin could go down with the next deflationary wave but i think it will surprise ppl. its too good of an idea to drop much more from here. |
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this thread was started 3/13 Bitcoin 5.40 Gold 1690. today 3/22 Bitcoin 4.77 (down ~12%) Gold 1640 (down ~3%) Which one is "Collapsing"  silver down 8%. my predictions apply to the intermediate/long term. |
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I think that I will take a leap and drop to 32 anyway, despite being the condition I laid out for raising $8k. Screw it, I want to do it. I live below my means for a reason, and this seems like a rare (and justifiable) opportunity. It's something I really want to do, and happens to be something lots of other people want me to do Even though I didn't raise the full amount, I'm still committed to keeping the core, Armory desktop application free. It will be my primary focus for the rest of year, or until it's "done." The word, "done", is a way of saying: "everyone can use it, with all the security features, offline wallets, multi-sig interfaces, translations, web-server accessibilities, and can be considered a direct replacement for the Satoshi client". It's not until that time that I will look for other ways to make money: perhaps through licensing to other developers, creating add-ons to integrate services directly into the client, or just renting myself out as a consultant. Until that time, I'm sure the Satoshi client and other clients will work to integrate many of the same features as Armory. This is fine with me: if Armory had any part in spurring competition in the client marketplace and bringing good ideas to the other clients, then I'll consider it another metric of success. After all, part of my goal is seeing Bitcoin succeed, not just Armory. -Alan this is the kinda attitude that we all appreciate and what is so great about open source and Bitcoin. i'm sure i speak for the community when i say thank you for all the great features and quick fixes you're applying to Armory. with people like you how can Bitcoin fail? |
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By the way, Bitcoin is cheap so there is no excuse for not getting some for yourself. Don't say I never told you so.
but the early adopter skeptics argue they should be able to get their's at $0.01? |
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i love Taibbi. one of the few journalists who's willing to tell it like it is.
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ok, it was the Chinese PMI:
Chinese PMI as tracked by HSBC/Market (not to be confused with the other PMI, tracked by China itself, which will likely show expansion, like last month), came and printed at 48.1, down from 49.6, and representing a 5th consecutive monthly contraction for the Chinese economy.
normally the mkt wouldn't react to negative news like this. however, if we've topped, as i think we might have, all rips on negative or positive news should be met with selling/shorting.
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