Bitcoin Forum
February 17, 2025, 12:21:07 AM *
News: Community Awards voting is open
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Economy / Speculation / Jim Kunstler's 2014 Forecast - A year made for Bitcoin? on: January 08, 2014, 01:03:42 AM
http://www.zerohedge.com/news/2014-01-06/jim-kunstlers-2014-forecast-burning-down-house

Wow.

I just read Jim Kunstler's take on the year ahead, and it made me realize what possibilities lie ahead. Sure, he is a big bear, but I can't disagree with much of what he says.

Like:

The worldwide rise in interest rates holds every possibility for igniting a shitstorm in interest rate swaps and upsetting the whole apple-cart of shadow banking and derivatives. That would be a bullet in the head to the TBTF banks, and would therefore lead to a worldwide crisis. In that event, the eventual winners would be the largest holders of gold, who could claim to offer the world a trustworthy gold-backed currency, especially for transactions in vital resources like oil. That would, of course, be China. The process would be awfully disorderly and fraught with political animus. Given the fact that China’s own balance sheet is hopelessly non-transparent and part-and-parcel of a dishonest crony banking system, China would have to use some powerful smoke-and-mirrors to assume that kind of dominant authority. But in the end, it comes down to who has the real goods, and who screwed up (the USA, Europe, Japan) and China, for all its faults and perversities, has the gold.


And:

I think we’re near the end of these reindeer games with gold, largely because so many vaults in the West have been emptied. That places constraints on further shenanigans in the paper gold (and silver) markets. In an environment where both the destructive forces of deflation and inflation can be unleashed in sequence, uncertainty is the greatest motivator, trumping the usual greed and fear seen in markets that can be fairly measured against stable currencies. In 2014, the public has become aware of the bank “bail-in” phenomenon which, along with rehypothication schemes, just amounts to the seizure of customer and client accounts — a really new wrinkle in contemporary banking relations. Nobody knows if it’s safe to park cash money anywhere except inside the mattress. The precedent set in Cyprus, and the MF Global affair, and other confiscation events, would tend to support an interest in precious metals held outside the institutional framework. Uncertainty rules.

Some new currency will need to replace the dollar, and I doubt it will be just a change to a new fiat. Exciting times ahead for sure!

Kunstler is not a believer in Bitcoin by the way. Mentions it in the article.

Edit: Here is what he says about Bitcoin:

I get a lot of email on the subject of Bitcoin. Here’s how I feel about it.
It’s an even more abstract form of “money” than fiat currencies or securities based on fiat currencies. Do we need more abstraction in our economic lives? I don’t think so. I believe the trend will be toward what is real. For the moment, Bitcoin seems to be enjoying some success as it beats back successive crashes. I’m not very comfortable with the idea of investing in an algorithm. I don’t see how it is impervious to government hacking. In fact, I’d bet that somewhere in the DOD or the NSA or the CIA right now some nerd is working on that. Bitcoin is provoking imitators, other new computer “currencies.” Why would Bitcoin necessarily enjoy dominance? And how many competing algorithmic currencies can the world stand? Wouldn’t that defeat the whole purpose of an alternative “go to” currency? All I can say is that I’m not buying Bitcoins.

2  Economy / Speculation / China still huge - 3 biggest exchanges in volume last 24 hours are Chinese on: December 23, 2013, 04:17:33 PM
http://btckan.com/price shows that current ranking of Bitcoin exchanges by volume is:

1. huobi.com
2. chbtc.com
3. fxbtc.com
4. btc-e.com
5. Stamp
6. Gox
7. Btctrade.com
8. btcchina.com

So, top 3 is Chinese, and 5 of 8 are Chinese. From what I understand, they are bypassing the deposit problem by using non-corporate account to receive funds.

I hadn't even heard of any of the Chinese exchanges apart from BTCChina. Is this news to more people than me?
3  Local / Skandinavisk / Gavekort og Bitcoins i Norge on: December 15, 2013, 01:04:07 AM
Har lest mye om bruken av Gyft gavekort som en måte å kjøpe varer og tjenester med Bitcoins, men det er såvidt jeg har skjønt en tjeneste som bare fungerer i USA. Så oppdager jeg siden http://www.gavekorttorget.no/Overview.aspx hvor man kan kjøpe gavekort til alt mulig, mat, elektronikk, sportsutstyr, jernvarer osv osv. Sendte dem en mail og spurte om de hadde tenkt på muligheten for å akseptere Bitcoins. Finnes det noen lover og regler som vil gjøre dette vanskelig i Norge? Hvis ikke må vel dette kunne gjøre det mulig for folk å flytte deler av økonomien sin over i Bitcoins? Spennende, og håper de eller en lignende tjeneste vil omfavne Bitcoins i nær fremtid!
4  Local / Skandinavisk / Supermat og Superurter - ny norsk nettside som aksepterer Bitcoins on: December 11, 2013, 02:48:11 PM
nyta.no

Foreløpig er bare en liten del av sortimentet tilgjengelig på nettsiden, men blir nok utvidet etter hvert. Mye bra greier for å heve funksjonsnivået etter lange dager med wall observation Wink
5  Other / Beginners & Help / Bitcoin and NWO on: December 04, 2013, 07:01:47 PM
I have followed Bitcoin and cryptocurrencies for about a year, and own a few of them. Unfortunately not as many as I wish. Only one thing rubs me the wrong way atm, and that is the lack of resistance from the powers that be. BTC is a giant threat to the existing power structure, so the senate hearing in the US just seemed like a big act. Any thoughts?
Pages: [1]
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!