Bullshit.  Nobody is going to stand around saying "Who needs a reduction in counterparty risk!  I'll just be at the mercy of whatever the govt does!".  Gold and silver have nowhere to go but up in terms of utility for humans.  We are not going into some Star Trek utopia where nobody uses money like you and Anonymint like to make believe.  And cryptocurrency has no Nash equilibrium and doesn't solve any counter party risk problems.

Civilization also bends down towards it's average or lowest common denominator, and the dumbest people on earth like inner city rappers are reproducing the fastest.  You do not go into a Star Trek "knowledge age" with demographics like that.

Also, listen to Armstrong's new stupid idea:

https://www.youtube.com/watch?v=DcuYmUZrOqo

He thinks the govts of the world should run on a standard of a basket of pegged currencies.  He then says the SDR is bad, but his idea basically is the SDR LOL.  We also already have a basket of pegged currencies with a bunch of trash fiats pegged to the dollar.  This guy is high on whiskey just talking bullshit.

But the most important point and why Armstrong is a lying shill, is he wants to leave control of the currency with malevolent, jewish central bankers issuing a debt based currency to enslave you by usury.  He's a shill for the jew banks.

I posted beforehand actually:



The Comex manipulated charts aren't really worth paying much attention to since it's nothing more than painting the tape.  Their charts have no relation to reality whatsoever, as the price of silver MORE THAN HALVED while demand for silver was skyrocketing to all time highs at the same time.  Here's some metals charts that actually matter:

Armstrong is a shill for TPTB.  The gold to national debt chart, which has a 91% correlation, shows the price of gold should be around $1800-$2000 right now:



While the historical DOW to gold ratios show that gold should be $4000-$7000 an ounce with the DOW this high:



In reality, instead of gold going to $4k-$7k, it's more likely the DOW should collapse in half and gold goes to $2000-$3500.  Silver would likely go to $66-$116 in that scenario with around a 30:1 ratio.  This is just speaking in a normal market without a currency collapse or something happening.  If the bond market or currency blows up, metals would obviously be much higher.  Metals are in a giant inverse bubble right now, and the reason is they attempted to manipulate them down even lower than normal to try and facilitate NIRP/ZIRP.

And whoever thinks metals aren't manipulated (like lying Armstrong), here's a chart showing the price of silver more than halving as demand skyrockets at the same time.  Most (downward) manipulated, inverse bubble market on earth:

We all already knew Finex was backed by fraud and just about any Chinese monetary instrument is fraud^2.  One of the exchange owners is probably naked long by millions of dollars while the other is naked short millions of dollars.

This is not an arb opportunity, it's a get your money the hell outta Finex before they steal it again opportunity.  Absolutely nothing happened to them the first time they stole millions of dollars.  Why not trade against their own customers some more and just steal it all again if they come out on the wrong side of the trade?

In case anyone forgot the first Bitfinex scam:

https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

$41 spread between Finex and Bitstamp now.  While large spreads can happen in bull runs, they do not happen in times like this right now.  There is some major fraud going on at that exchange.

I'm dabbling in Litecorn right now in search of profits because bitcoin doesn't look like a good place to be.  Already made some from the last LTC move, but I think it has another move up left in it.  Gold just hit $1300 and silver $19.21 in Chiner!  Silver going up while having the largest amounts of shorts on record is gonna be interesting.  If it continues running, will be the biggest short squeeze ever.

As for bitcoin:

Your didn't use a good chart to show what's going on.  You made things entirely too complicated when all you need to know is that bitcoin formed a down channel and is currently at the top of that channel and can probably only go down form here:



I would probably just buy some litecoin rather than shorting bitcoin though, as it seems Litecoin will probably make another move.

As for what's going on at Bitfinex:

This market is flat out fraud.  $30 spread between Finex and Bitstamp.  Since we all know Bitfinex is an insolvent exchange that trades against it's own customers and also steals their money, I'm guessing that spread is also propped up by non-existent money just like Gox.  Why are people willing to put up a $2 million buy wall on Bitfinex but no other exchange to try and prop up price?  Because Bitfinex probably isn't even using real money, just imaginary exchange digits.  

I've been saying BitFinex is the new Gox forever and here it is.  There is no valid price of bitcoin as long as Bitfinex is the market maker.

The current chart looks like shit and is forming a down channel and you got fraudsters on Bitfinex trying to manipulate it up with imaginary money that probably doesn't exist:

India tried something similar, it failed miserably.  This attempt will also likely fail.

Gold up 1.1%, silver up 1.7%, bitcoin up 6/10th's of 1% on the "Trump's war on humanity" trade.  

The fact that bitcoin is rising less than metals means either:

1)  The price is mostly peaked out for it's current state in time

or

2)  There is no reason for bitcoin to be going up on war news because it's completely idiotic to be holding bitcoin during a war and there's just some random scheming pumper (bitfinex owners) trying to raise the price on events that should have no effect on the bitcoin market at all.

Because there are various traits required for something to function as money, and the noble metals are the #1 best thing humans have found for the task so far, and of the noble metals, only gold and silver really have use for that purpose.  There are some SERIOUSLY delusional people on this forum.  You do not ask the question "how do gold and silver compete with bitcoin?".  That's a question some type of idiot millenial child would ask.  

Metals are the best standard of money humans have found so far.  The question you ask is "how does bitcoin compete with metals?", and the answer is, it doesn't.  Bitcoin is not even fungible.  Claiming it's better than metals is a joke when it doesn't even have the required traits of money in the first place.  If you own the private key you don't really even own the bitcoin because bitcoin has numerous external dependencies creating vast amounts of counter party risk.  

That and the fact that any non-fungible token is a permissioned ledger by default, which is why the bankers want you to use it and don't attempt to stop it.  I also already explained why bitcoin does not function as a store of value here:

https://bitcointalk.org/index.php?topic=1442399.msg18167916#msg18167916

Worst hypothesis ever.  "Metals to 0 unless economic uncertainty".  If that's the case, bitcoin must be headed below 0 since it's a currency and not money that provides no utility above competing digital currencies like USD or airline miles.  The fed also targets a 2% inflation rate, but real inflation is usually vastly higher, and metals tend to have something like 1% inflation.  We also just hit peak gold and silver recently, but mining was just an excess energy arbitrage game in the first place, and energy return on investment for fossil fuels is now cratering causing all the oil companies to bankrupt.  

So, both raw supply of metals and the energy arb game are now going up in smoke, which is going to put some extreme scarcity on new supply.  Most metals still in the ground are gonna forever stay there in the near future in other words.

Yes, it happened in the face of all fundamentals pointing it upwards with shit jobs report and Trump starting wars.  There's even people on mainstream media now talking about the BIS rigging the market:

http://www.silverdoctors.com/gold/gold-news/chris-powell-reveals-the-primary-actors-in-the-gold-market/

Silver isn't stagnating, there's only 29 million registered ounces of silver for delivery on Comex and over ONE BILLION ounces in open interest with the highest amount of naked shorts ever seen in world history.  The paper price is completely divorced from reality.  This is why I buy it.  For anyone who wants to make money, the second you see someone manipulating the price of an asset downwards, you buy.  Whenever you see an asset artifically inflated (bitcoin), you sell.  It would only take $536 million to wipe out the Comex silver market right now - the price of a single F22.  Even the Winklevoss alone could almost wipe them out by dumping their bitcoin for silver.

The more I see the ESF/BIS attempt to rig the metals market downward - like last Friday with the most obvious manipulation ever seen - while allowing bitcoin to rise, the more it tells me bitcoin is not the place to be.  It tells me that the bankers WANT you to be in bitcoin because it's a rat trap.  They want to force you into a digital only currency.  You're doing them a favor by buying it.  They can easily come in and co-opt it via the legal system and the attack vector of exchanges and mining pools afterwards.

If bitcoin was actually a threat to bankers they would be coming at it with the same force as they do silver like this chart, but they don't try to stop bitcoin at all!  The last fucking thing I'm gonna do is allow international banking jews to herd me around into worthless assets to try and prevent the goyim from having access to real wealth.  Bitcoin is just a currency, not money.  That's why it's called cryptocurrency.  Gold and silver are money.

There is honestly nowhere for bitcoin to go without scalability.  Bitcoin is a currency, not money.  Low scalability is counterintuitive to how a currency functions.  A currency's value is entirely derived from flow not stock.  Bitcoin does not have value as a settlement network because being a store of value is the main required trait of a settlement system and there are FAR SUPERIOR stores of value that exist like gold and silver.  

The only question is at what transaction fee does it become mostly a settlement system and create a huge roadblock.  I think it will hit a hard wall around $1-$2 transaction fees, but it's possible black market actors like drug dealers can bear higher fees, so who knows when the wall will be hit, but for the general public, I'm guessing $1-2.