Good morning Bitcoinland.

Slept in a little later than I'd planned today but I see I didn't miss much.

No big blocks mined yet, minimal price movement... currently $2732USD (Bitcoinaverage).

The day is still young but this could be a big non-event. Then again, let's wait and see what happens when the first >1MB block is mined.

The market cap of above ground silver and bitcoin is similar now.  Bitcoin is no longer some cheap penny stock.  The US gold vs debt chart with 92% correlation shows gold will hit at least $2200 in the next bull run, which would bring the GSR to 30:1 or lower ($73 silver).  Bitcoin would need to hit $12,000 to compete with that almost guaranteed silver upside in the near future.  

But that's a very conservative number for just a stable market situation.  In a real crisis situation and rush to hard assets, gold would be more like $5000 and $166 silver or more.  Or a government metals revaluation of gold to $10k and silver to 1:15 ratio of astronomically high numbers like $600 silver.  Bitcoin would need to be able to hit $100k each to compete with that possible silver upside.  It will never happen.  Big corporations will just create their own scamcoins and try to force people into them and the crypto market cap will be divided up between 50 different coins (also due to poor scalability and high fees), unlike the metals market where you can't just "invent" a new gold or silver and are forced to buy the real thing.

He's not stupid, he knows there's 900+ craptocurrencies and there's more incentive to create your own new pump and dump like Ethereum rather than be forced to buy someone else's already cornered scamcoin.  There will always be a market incentive to create new coins as well rather than people paying $5, $10, $100, or $1000 transaction fees.  The greater fool concept only works if people actually need what you have.  

If Elwar corners all 21 million bitcoins, guess what?  It doesn't mean anything to me.  I can just ignore him and go on with life and use metals or create my own craptocurrency to bypass him.  If I corner all $40 billion or so of above ground silver, you don't get to bypass me since it's actually a non-virtual good that's used in lots of things.  A "virtual commodity" as a concept definitely ranks up there as one of the biggest economic scams of all time.

This month?

As in July?

There is a little risk, but you can lend for 2 or 60 days max. It ussually gaves 0.10% but because of speculation about aug 1st is giving like 4% daily return. there is no way to it to not be payed, because that money is used for margin trading.

I have been lending in poloniex for 2 months, it really works.

The lowest loan offer right now is 3.1%.

The risks to loaning on POLO are listed below.
a) A flash crash happens and the POLO program doesn't call the margin in time for the loan taker to pay you back.
b) Polo's program has an error and you do not get your funds back,
c)Your Polo account gets hacked, and someone manages to steal you coins when they are not on order.
d)Polo becomes insolvent due to coins getting hacked/embezzeled/seized.

I explain the reasons with my current knowledge gladly.

1. Siacoin is a pumped trash. So it's very normal losing its value while the real altcoins save their values.
2. Alts hold their own down and ups, but only the real alts. Not the ones like siacoin.

And the price keeps creeping upward. $2300 before morning (EDT)?

Last week is beginning to look like an aberration. The almost 2-year-old uptrend seems to still be in order.

It's funny how a little panic-inspired dip of less than a week's duration had so many people talking about bursting bubbles, bear markets, and the death of Bitcoin.

It seems a certain honey badger had different ideas.