Not looking good I'm sad to say.
There is somewhat of a head and shoulders on the USD Index, which is one reason metals are beginning to surge now. The dollar looks like it will dump lower and send gold and silver higher. Ironically, instead of the value of bitcoin decreasing as the USD index skyrocketed over the last couple years, the value of bitcoin has actually tracked the value of the dollar and gone up - mostly because bitcoin's main function is for Chinese white collar criminals to arb money out of the yuan and into US dollars. It will be interesting to see what happens in the market if the dollar begins to decline and Chinese no longer want to arb to US dollars. It's unknown how that will all play out since every country on earth right now seems to be in a race to the bottom to see who can devalue their currency to zero the fastest to get rid of excess debt, and if everyone devalues at once, nothing actually happens. They would all need to devalue vs gold and silver at once in order to devalue in unison. The real story is that people think bitcoin actually trades on it's own merits when it doesn't. It's always some type of derivative of something else because it's not the unit of account of anything, nor the base of Exter's pyramid. |
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What good is that utility (e.g. transferring value) if I can't use it because the fees go to $100 per transaction?
Like I said, bitcoin is a currency not money. Once the transaction fees go sky high, it forces bitcoin into a settlement layer role, which is really just a synonym for "store of value" aka the base of Exter's pyramid. But since man-made currencies are not stores of value, and are just meaningless, abstract jibberish, the invisible hand should then put the brakes on and prevent the BTC market cap from increasing since it's trying to fulfill a role it cannot do. The only question is at what transaction fee size does this occur. My guess is around $1-2. It's always possible BTC fills some niche role like real estate closings, car deals, or drug deals, and that market can bear higher fees, though. |
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Ideal money will keep on rolling, gold has been rolled on already.
Theres no better example of a failed IOU attempt than the economies of the past that used precious metals. That ship has sailed, some crypto will be the one to take over, better to have your money here than there imo. Precious metals will fall back to the price representing industrial demand (way below)
LOL, you're flat out lying to yourself. Bitcoin does not solve ANY counter party risk problems - it has FAR WORSE counter party risk than metals do. If you believe the "ship has sailed" on metals, then you should probably dump your bitcoin now since it's fundamentally worse than metals in ALL ASPECTS that metals are valued for from counter party risk, to fungibility, durability, store of value, limited supply (rough consensus attack), etc. All forms of cryptocurrency are nothing but Rube Goldberg machines that attempt to obfuscate their failures by adding mass complexity to smokescreen what's really going on. The only way you're getting a non-fraudulent monetary system on this planet is by using metals in native coin form (not IOUs for metals). Due to severe technical burden shoveled upon users (like old people who will never understand things like RBF), lack of ability to scale, and need to maintain wealth in a 3rd party chain of custody for things like wills, bitcoin is even more likely to end up as banker IOUs than metals are. This is assuming bitcoin even worked and does what it claims in the first place, but it doesn't. |
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Everything associated with the Industrial Age will die, including government, fiat money, socialism, strip malls, precious metals, etc..
The world looks very different on the other side.
Stay in crypto.
Wouldn't be so sure of that!: He's kind of right there. I always thought if bitcoin doesn't scale and fees go too high transactions would bleed into an altcoin like litecoin. Then once litecoin fees go to high they would bleed into something else. At this point cryptocurrency would either be a slow march to the graveyard with continuous fracturing of the ecosystem, or you would end up with regional currencies developing to avoid the overhead of outside ecosystems. It's possible the common link between each regional currency would be bitcoin, but it's also possible it would be some fiat note or gold/silver/oil whatever instead. The common link is what other nations would accept in international trade settlement. They currently accept useless things like tbills, but most people seem to be pushing towards settling international trade in gold. If you were the king of a country and selling oil to someone else, would you rather have gold or bitcoin?... I'd probably want something more than imaginary electrons as payment if I was dumping my country's natural resources on the market. Bitcoin is similar to fiat paper promises in that regard - an IOU to receive goods or services from someone else at a later date. It requires another party to honor that contract, which is not legally binding nor even a gentlemen's agreement - just an assumption some random guy is going to give you stuff for it some day. It takes an actual physical commodity based currency that you can hold in your hand and defend with an AR15 to eleminate that counter party risk. Someone might not agree to be your slave just because you have a bag of gold, but at least you don't end up with a bag of nothing out of the deal. |
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"I'm in a slightly different camp where I believe that since countries like India, China, Russia, and random Arab states all have shit tons of gold, they're not that anxious to force a gold only system because it would benefit people too much who they...don't want to benefit."
That's an interesting comment there r0ach, I had not seen that idea before. Yea, I'm just not seeing anyone who currently has power on this planet set out with the explicit goal of sending gold to $50,000 an ounce which would then create millions of slumdog millionaires and have India as the new superpower of the world. I think long before doing something like that they would attempt to dilute Indian + Arab + Russian + China gold holdings by setting gold to "only" $10k and then silver to a 1:10, 1:15, 1:30, or 1:50 ratio. The current GSR ratio printed on the currencies themselves in the US is already 50:1...so technically it's probably pointless to buy gold over silver anytime the GSR is over 50:1 ratio. |
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He's kind of right there. I always thought if bitcoin doesn't scale and fees go too high transactions would bleed into an altcoin like litecoin. Then once litecoin fees go to high they would bleed into something else. At this point cryptocurrency would either be a slow march to the graveyard with continuous fracturing of the ecosystem, or you would end up with regional currencies developing to avoid the overhead of outside ecosystems. It's possible the common link between each regional currency would be bitcoin, but it's also possible it would be some fiat note or gold/silver/oil whatever instead. The common link is what other nations would accept in international trade settlement. They currently accept useless things like tbills, but most people seem to be pushing towards settling international trade in gold. If you were the king of a country and selling oil to someone else, would you rather have gold or bitcoin?... I'd probably want something more than imaginary electrons as payment if I was dumping my country's natural resources on the market. Bitcoin is similar to fiat paper promises in that regard - an IOU to receive goods or services from someone else at a later date. It requires another party to honor that contract, which is not legally binding nor even a gentlemen's agreement - just an assumption some random guy is going to give you stuff for it some day. It takes an actual physical commodity based currency that you can hold in your hand and defend with an AR15 to eleminate that counter party risk. Someone might not agree to be your slave just because you have a bag of gold, but at least you don't end up with a bag of nothing out of the deal. |
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Whenever bitcoin makes a return, it seems like it has become more powerful than before.
Lol, more powerful or more manipulated? As we've witnessed with Darkcoin, Ethereum, and now Bitcoin in the last week, something with no intrinsic value that doesn't even really exist except in a metaphysical sense, the price can be literally anything. Zero? two bazillion dollars? all the same difference. We even have some random lunatic on BTCE who thinks it's a good idea to try and prop up a $50 spread over every other exchange and then market buys up to $1050 when the price is $900. Who the hell are these people setting money on fire on purpose? Looks like the ASIC mafia stepped in desperate to not let the price break below $900 to ruin their multi-million dollar ASIC fields. |
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Or gold going to $5000 by 2015 predicted back in 2009
Yea, this one is rather amusing because before he went to jail he gave the same numbers as everyone else if gold was to be re-integrated into the monetary system, which would be something like $20,000 an ounce if not higher. Then after getting out of jail he claims it won't go higher than $5000. I'm in a slightly different camp where I believe that since countries like India, China, Russia, and random Arab states all have shit tons of gold, they're not that anxious to force a gold only system because it would benefit people too much who they...don't want to benefit. I don't really see any reason for them to try and stop or suppress silver at this point while elevating only gold. The FOA/FOFOA numbers of gold hitting something like $50,000 seem ridiculous in that regard. I think we're more likely to see $10k-$20k gold + astronomically high silver rather than $50k gold in any type of debt collapse remonetization scheme. Both China and Mexico also seem to be giving the green flag to silver as well. |
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this is the titanic nothing can sink this ship
FULL SPEED AHEAD!
Adam the space jew  |
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^ Rather than "proving" altcoins work, one could just as easily derive that no cryptocurrency actually functions as a store of value, hence it being called a currency and not money.
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Agreed, although I wouldn't say that we need leadership but rather a more clear mechanism of decision making.
1 BTC = 1 VOTE Congratulations on inventing proof of stake, a closed entropy, non-decentralized system. |
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Please look at Dash and Ethereum
Hey, don't forget:  |
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Grow the F up Lauda. This is the real world. LOL, no kidding. Marcus usually holds the top position as #1 bitcoin shill, but Lauda is trying awfully hard to topple him and take his place. Even to the point of claiming gold and silver have no value and bitcoin is the only thing in the universe that is valuable (which Marcus also agrees on lol). Fucking Lauda on an airplane:   |
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Manipulators are trying to suppress the price
Lol, what do you expect it to do? Shoot straight up right after collapsing from $1200? Is bitcoin the only market where people believe it's not possible to go sideways? It went sideways for over an entire year before. |
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I just wonder how many of those who were screaming "I'm going to by at 900, just please make it happen" actually bought and are not screaming now "I'm going to by at 780".
Typically you have some whale scammer come in and try to pump the price right after it dumped to hell and back, but right now the charts are kind of damaged to the point where nobody is gonna fall for that scam, so there's not exactly a big rush for anyone to buy. Those type of illogical scam moves were more common back when the price was like $400, though. It would dump and then go higher than where it dumped from sheer manipulation. The worst case I've ever seen of that is Syscoin on Bologniex. The price dumped 50% from scammy manipulation then immediately went up like 400% right after. I was watching it and was just like...wow...fuck these markets. |
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-snip-
This is why I say I hope you people bought some physical, tangible items with your moon priced bitcoins, because everything about digital currency trading and price is so heinously fraudulent (as can be seen by 0.1 btc priced darkcoins), that it's all going to come collapsing down in a big way someday. It's obviously not a store of value when nobody is even putting anything of value on the line in a lot of cases in the first place...leveraging illiquid assets...
Enough of your nonsense metals propaganda. The market of metals is one of the corruptest and overpriced markets out there. Neither gold nor silver are worth anywhere near what they're priced at right now (don't make me go into diamonds and other crap). Wrong. The only way you're getting any non-fraudulent economic system on this planet is by using metals in native coin form just like the old days (not backed currency or banker receipts for metals). If digital currency was actually a good thing for humanity, dirtbag jewish financiers like Ben Bernanke and Larry Summers wouldn't be cheering for you to use it. There is no possible positive endgame for it. A non-fungible token is useless and will always turn into an enslavement grid, and an anonymous coin would likely collapse all 1st world governments into anarchy. No such thing as anarchy actually exists though. There is no defeating "the state". Anarchy is just a temporary power vacuum to be filled by a strongman and then you have a new state. Since you're a woman and do not understand things like this. This is the point in which a man (not a woman, women do not run anything) comes in and just smashes to pieces whatever nonsense anarchy delusional system you think you have and tells you what to do. You think metals are overpriced yet bitcoin (and every other cryptocurrency) solve absolutely NONE of the decentralization problems they claim to solve? It's likely an unsolvable problem in the first place. Bitcoin isn't decentralized, Eth isn't decentralized, none of this shit is decentralized. The group that created bitcoin most likely already knew this, so you then need to direct your attention as to why someone would try to spread this system if it's an unsolvable problem. Easy, because this is an OLD STRATEGY, to try and spread liberalism and anarchy into foreign civilizations to destabilize them so that you can then come in and take them over: "14. In any State in which there is a bad organization of authority, an impersonality of laws and of the rulers who have lost their personality amid the flood of rights ever multiplying out of liberalism, I find a new right - to attack by the right of the strong, and to scatter to the winds all existing forces of order and regulation, to reconstruct all institutions and to become the sovereign lord of those who have left to us the rights of their power by laying them down voluntarily in their liberalism."
"6. Political freedom is an idea but not a fact. This idea one must know how to apply whenever it appears necessary with this bait of an idea to attract the masses of the people to one's party for the purpose of crushing another who is in authority. This task is rendered easier if the opponent has himself been infected with the idea of freedom, SO-CALLED LIBERALISM, and, for the sake of an idea, is willing to yield some of his power. It is precisely here that the triumph of our theory appears; the slackened reins of government are immediately, by the law of life, caught up and gathered together by a new hand, because the blind might of the nation cannot for one single day exist without guidance, and the new authority merely fits into the place of the old already weakened by liberalism."
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tulips....
Also, after watching Ethereum, where some R3 banker dirtbags and people like Digital Currency Group control the entire premine, I generally think any market where you can leverage non-existent, make believe assets is just a complete fraud by default. They can't sell because...they are the entire market...so it's an illiquid asset. So what do they do? Just use their giant premine as collateral to leverage the price higher to try and attract momentum traders to buy their toxic asset. It's an even bigger scam than selling subprime mortgage backed securities. This is why I say I hope you people bought some physical, tangible items with your moon priced bitcoins, because everything about digital currency trading and price is so heinously fraudulent (as can be seen by 0.1 btc priced darkcoins), that it's all going to come collapsing down in a big way someday. It's obviously not a store of value when nobody is even putting anything of value on the line in a lot of cases in the first place...leveraging illiquid assets... |
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Well, on the bright side, if anyone wants to convert their digital rat poison currency to money, both JMBullion and Provident metals accept bitcoin as a payment method for gold and silver now (although the GSR highly favors silver atm): https://www.jmbullion.com/https://www.providentmetals.com/silvergoldbull also takes bitcoin All these metal merchants stick huge premiums over spot and then offer piddly discounts for using ANY form of payment. scalp much? The story of silver premiums is a complicated subject. Generally silver eagles have the highest premiums, but they're also the most liquid and easiest to resell (in the US). When you resell a 100 oz, kilo, or 10 oz bar, you get spot back, but a lot of local places will not be interested in such large bars like 100 oz ones, or they will offer you less than spot because $2000 bars are harder to move. When you resell eagles, you get more than spot back. I saw a store owner post the other day that he pays $1.50 over spot for BU eagles. Current spot is $17.77, so that would be $19.27. Current price for eagles is $20.50, so you would get 94% back if you immediately resell. Immediately reselling gold usually gets you back something like 96%, but silver has much higher upside potential. Bullion dealers have equipment to test bullion, but a lot of local places don't, so a lot of places only want to deal in stuff like govt minted coins that are easier to spot counterfeits such as eagles or maple leafs. There is also legislation going through the US right now to try and make it so you don't have to pay capital gains on govt minted silver or gold coins. That's possibly a large advantage eagles will have over normal bullion, an advantage bitcoin does not have. |
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