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1  Bitcoin / Bitcoin Discussion / Re: Gavin will visit the Council on Foreign Relations on: February 03, 2014, 09:49:48 PM
When talking about these guys, one word is all you need to check into:

'Ponerology'

Kudos. I never heard this term before, but it's spot-on.
2  Bitcoin / Bitcoin Discussion / Re: Hedge fund boss: Bitcoin over gold? Are you kidding? on: February 03, 2014, 09:31:41 PM
Let's say fiat dies and I have a gold coin that used to be worth a few thousand - how will I ever divide it? Scrape some dust off it every time I want to buy something? Melt it?
You should have got a smaller coin. You can get, for example, 50g gold bars that are scored so they can be broken into 50 1g bars. 1g of gold is currently worth about £25, so it's a reasonably small amount to spend. More generally, one of the reasons gold has been a successful currency in the past is that it is ductile. It can be thinly divided; you can beat it down to gold foil if you want to. It's not as divisible as bitcoin, but it's as close as a durable, physical substance gets. Alternatively, if you are using it as a store of value, you can sell it to a broker in large chunks and get fiat currency - or bitcoin - back. It doesn't have to be spendable at a supermarket to have value.

I like both gold and bitcoin. Gold is especially a hedge against civilisation collapsing. Bitcoin kinda relies on having electricity and a working internet. Personally I still see bitcoin as high risk. I wouldn't put money in it I couldn't afford to lose. I'm more confident about gold.

Brangdon, I agree. This product, for example, seeks to address some people's worries about the divisibility requirement of gold as money:  http://www.youtube.com/watch?v=0cNwaA5sNr8

I just wanted to post a specific link so those who were interested could take a look; quite a cool idea.
3  Bitcoin / Bitcoin Discussion / Re: Hedge fund boss: Bitcoin over gold? Are you kidding? on: February 03, 2014, 09:22:26 PM
The only reason they do this is because gold heavy fund managers like him & Schiff are in DEEP SHIT thanks to Bitcoin. They lost their clients 20%+ last year and all they had to do was have a tiny 1% hedge in Bitcoin and their clients would be smiling.

Right now their clients are leaving them en masse even though the clients are still long gold, they're all realising there's no point having a fund manager specialising in this space if he can't spot the risk/reward ratio of Bitcoin and at least hedge 1% there. 1%!? 1%...

They're about as useful as an ejection seat in a helicopter. Worse they probably even specifically discouraged some clients from Bitcoin last year and they're paying the price.

Are you really implying that Bitcoin is the reason gold-heavy fund managers lost their clients 20%+ (also, what's your source on this number?) last year? I'm as enthusiastic as the next guy about the possibilities of Bitcoin shaking up the establishment, but don't you think the 25%+ drop in gold price (a readily available statistic) is the more plausible reason? I do.

Let's keep our feet on the ground with the reality of where Bitcoin is at here.
4  Bitcoin / Bitcoin Discussion / Re: The Next Generation of Cryptocurrency Discussion (Dan, Dave and Charles) on: February 01, 2014, 11:35:26 PM
Thanks for posting, Charles. This is a great introduction on many key concepts.
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