Royal Mint Gold is another wild card. They are attempting to put physical gold trading onto a blockchain.
That's a new one on me, I'll have to look into it. There was a massive rush into RMG domain names a year ago, and they have been dropping recently. I managed to pick up RMGblockchain.com for a dollar recently, and that was just after they had laid the genesis block ( is that the correct term  ). It's a PoS "coin" with one RMG equal to a kilo of gold that is stored in their warehouse. As I understand it, it is pre-mined, and only certain approved traders can update the blockchain, but I believe the chain can be viewed publicly. Time to develop that site I think. |
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I think China is already having an impact. They have been buying physcal gold to back the Renminbi, and they are making a bid to link oil prices to it, especially for trade with Russia. I slipped up because I thought that as the Petro-dollar went into decline, it would be replaced by the Ruble, as Russia is a major oil supplier. It looks as if the Renminbi is going to be the one though. I registered PetroRuble.com, but that may not be the winning name. Venezuela's crypto - the Petro - is a bit of a wild card, but it is difficult to see how that can succeed. Royal Mint Gold is another wild card. They are attempting to put physical gold trading onto a blockchain. |
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Just because a futures contract is deliverable does not mean it must be delivered. The vast majority of positions are closed out before expiry and even in markets where delivery is available, it is almost unheard of for that option to be used.
I agree with that, but I understand that China is starting to demand physical delivery of gold. |
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Kitco's report today gives some insight into the way that banks are attempting to reduce the impact of Bitcoin. Hypothetically, bitcoin could succeed as real money, but in practice it will be an uphill battle due to countless obstacles standing in cryptocurrency’s way, said Goldman Sachs in a report. and Bitcoin’s extreme price volatility also works against it when it comes to wider usage and acceptance, said Pandl. http://www.kitco.com/news/2018-01-11/Could-Bitcoin-Succeed-As-A-Form-Of-Money-Goldman-Weighs-In.htmlI believe that the futures markets and assciated derivatives are designed to reduce the general acceptance of Bitcoin. |
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That's the problem - you push the price down with paper gold, and then buy physical gold at a discount. It's because of this that China has introduced a new gold price fixing exchange based on physical sales.
That's got nothing to do with whether a contract is physically or cash settled. There is an unlimited supply of free cash for bankers, but physical gold and delivery of Bitcoins are limited by market avalability. If more of a commodity has to be delivered than is available in the market, then it starts a "bear squeeze" if buyers demand delivery. If the contract specifies cash settlement, then this is not possible. |
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So the market with the highest volume leads price.
That's the problem - you push the price down with paper gold, and then buy physical gold at a discount. It's because of this that China has introduced a new gold price fixing exchange based on physical sales. |
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Signatures are quite important to me - they give me a chance to offer doman names for sale. However, I'm aware of my lack of knowledge, and the replies to my WiFi thread have brought this home to me. I'm grateful to Theymos for creating an advertising free board where informed discussion can take place without the need to filter a load of flotsam, jetsam and lagan. |
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Thanks for the reply, and for further clarification of the risks. I have an inherent dislike of using "banking" services related to Bitcoin, so I would like to stay with a core wallet if I can. I like the idea of using a VPN, and I think I'll buy an Asus tinkerbox to see if I can filter the WiFi traffic. I've got an associated problem in that I manage a portfolio of over 600 .com domain names, and I do this over public WiFi. Hopefully a VPN would improve my security there as well. I haven't ever set up a VPN, so maybe I should blog the stages, and post that for Bitcoin Talk members. |
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I started this thread because the creation of Bitcoin futures trading sites, and the consequent derivatives market, is going to affect Bitcoin's future. It may also leave the way open to price manipulation via contracts where physical delivery is not an option.
The futures are cash settled at prices derived from crypto exchanges. How does the lack of physical delivery make any difference? If physical delivery isn't a requirement, then it's easier to push the price down . This allows you to buy the commodity in the physical market at a reduced price. It's what the bankers have been doing with gold and silver. I believe there is something like 100 times as much gold sold on paper as exists in the whole world in physical form. |
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I think Microsoft is the last company we want using it as a service. We want these huge companies to stay away
we do? why would we want that? Because the Globalists don't like Bitcoin. They can't stop it, but they can absorb all of the coins to make the system unworkable. They have already introduced a futures exchange so that they can manipulate the market. |
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I can't see why shitposters would bother. There might be the occasional one who lingers in there but the Ivory tower board contributes to neither activity nor post-count so I can't see why anyone who is here just to earn or rank up would waste their time and energy with that board.
In fact there aren't many people posting there at all. If I start one more thread, I'll ask if it can be renamed "The Jet Cash board". I must be one of the least competent of the eligible members, and I support the board, but I would love it if some of the more knowledgeable and interesting members would pitch in. |
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I earned a small amount of BTC for a referral on an exchange that I have let sit for a few months. It is under $10US. I wanted to send it to another exchange to buy an inexpensive altcoin just for fun. I didn't even have enough to cover the network fee to send a miniscule amount to the other exchange. I'm not going to buy more, so what do I do with this? It seems like waste, and it makes me think that using BTC for day-to-day living will never work. Thoughts?
If you can use a .com domain name registration, then you can send it to me with a 50 cent fee, and I'll register a name for you and push it into a Name Silo account. It might take a month for the payment to confirm, but I gather it is still possible to send coins with low fees. I'm assuming it will result in a payment of around $9. |
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Hopefully good moderation will help to build those boards into useful reference resources. It all depends on the posts and support that the quality members give to those boards. |
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I don't think that the intention was to create an elite Bitcoin class. If that were so, then I don't think that I would be included. I understood it to be an attempt to escape threads with topics like "Will Bitcoin cause Theresa May to wear longer skirts?" Would it be more popular if it was called " The frog pond", or just simply the lounge?
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There is a simple solution - use the two new discussion boards for your sensible discussions. |
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The Cambridge dictionary defines the meaning of the phase "to live in an ivory tower" as To live or be in an ivory tower is not to know about or to want to avoid the ordinary and unpleasant things that happen in people's lives: Obviously this applies to the current UK politicians, but how does it apply to Bitcoin Talk users? My understanding is that it distances members from the boring and repetitive sig spam posting on the discussion and other boards. I hope it will take us back to the old cafe society era where intelligent and erudite discussions could take place in a pleasant environment. This is a great alternative to the modern fast food "restaurants" with all the loud music, swearing and rubbish conversations based on photo exchanges via cell phones. Bitcoin is maturing and taking a unique place in the world economy, and it will be nice to have a board to discuss this development. Comparing Bitcoin with cowry shells, gold or fiat currencies for the hundredth time, just obscures the more interesting issues. Bitcoin talk has a large number of very knowledgeable members - please visit the board and help people like me who may have been around for a while, but who have fairly focused knowledge. We need to expand to use the emerging Bitcoin economy. |
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Isn't Maduro trying to bypass sanctions on oil exports. One Petro equals one barrel of oil, but it doesn't seem clear that you can take physical delivery. He has to do something, as he doesn't have enough paper to print any moreBolivars. |
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OK - I did a bit ofreading, and I like the idea of using an Asus tinkerboard for the VPN, and some other useful things.
It looks as if that could be a useful project.
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