Have to agree with the sneering posts above.
How will you raise a child for 18 years if you can't even pay for the adoption but have to beg for bitcoins to finance it As someone with significant experience in the adoption process I'd just like to add that asking for donations is quite common since adoption can be very expensive (far more so than having a biological child). Many families cannot come up with the large amount of up front cash and rely on friends, family, and financing in order to pay for the adoption services, even if they're quite capable of supporting the child later on. Best of luck in your adoption Threshold! |
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Not an entirely negative piece but he tips his hand here: So, way before the dollar value of Bitcoins stepped off a cliff last weekend, I was telling people who asked me that I didn’t use them and didn’t plan to use them.
Frankly, I can’t see why anyone would, when there’s already an electronic digital currency like Bitcoin but backed with gold: GoldMoney. I should disclose that I’m a small investor in the company. But I have to say that I really do like GoldMoney. It does everything Bitcoin does – or did – but is backed by something of real value: gold. That means it’s not just an abstraction, but an actual store of wealth. The ultimate proof of that is that you can take delivery of your gold if you want to. With Bitcoin, there’s nothing to take delivery of. I don’t understand why anyone would use Bitcoin when they can use GoldMoney, which does all the same things but has real backing. Um . . . nothing against goldmoney but I can think of plenty of reasons to used Bitcoin instead, namely fees and decentralization. Old school goldbugs seem to be really hung up on Bitcoin needing a physical "backing". Like the Schiff interview though this article will reach lots of smart people who will see through the BS and find the value here. |
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While I have a lot of respect for what Peter says most o the time, he clearly has not done his homework here. I don't think he's just talking his gold and silver book as many have suggested -- it seemed to me that he really doesn't (yet) have a full grasp of the bitcoin concept. As I posted on the press hits thread though, no doubt there are a whole lot of knowledgeable, savvy (and possibly quite wealthy) investors doing research right now on bitcoins since hearing this interview today. I'm sure Peter will come around in the long run after he sees bitcoins from a few more angles.
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http://www.schiffradio.com/Today's guest is Donald Norman, co-founder of Bitcoin Consultancy, on why an online digital currency is the monetary system of the future. Peter has a large following of very savvy investors and this could make a big impact. Dang premium content. Does anybody have a link to a free version? It's streaming on a loop for free right now, or you can click on this link: http://www.schiffradio.com/pg/jsp/charts/audioMaster.jsp?dispid=301&pid=52763&f=NTI3NjMtdHJ1ZS0wNi8yMC8yMDExEdit: just listened to the full interview and Peter still doesn't quite get it. I've no doubt this will turn a lot of smart people on to Bitcoins though, and someday Peter will come around. |
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http://www.schiffradio.com/Today's guest is Donald Norman, co-founder of Bitcoin Consultancy, on why an online digital currency is the monetary system of the future. Peter has a large following of very savvy investors and this could make a big impact.
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His point about telling me that oil didn’t crash and then showing a graph where oil crashed is just ripe to be explored further, but unfortunately the bitcoin site has limited discussion of anything bitcoin related to the “old miners” now. Newbies are no longer welcome in the world of buttcoin.
EDIT: I just noticed he’s trying to prove oil didin’t crash in the 80′s by showing me a graph of oil dropping in 2008. What a useless bag of hot air. How about a new graph you sack of sh**. He wasn't trying to prove that oil didn't crash. The point is that ***NEWSFLASH*** volatile markets are volatile! There is a big difference between a bubble and thin-market volatility. People who have little understanding of markets and even less understanding of monetary systems will call bitcoin a "bubble" or a "Ponzi" or any number of mediocre pejoratives they can think of just so they can remain comfortable in their own little worldview free from tyrannical governments and disruptive technologies. And when their arguments grow desperate as reality sets in they will defend their delicate egos by resorting to childish name-calling. The rest of us meanwhile will take advantage of pullbacks when they come, sell when the price gets ahead of itself, and be thankful we can see the value in bitcoins that so many overlook. |
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Whatever you call it I wouldn't say it's a bubble. The entire Bitcoin economy isn't even a blip on the radar yet, and while the price will likely swing wildly for a long time to come, if Bitcoin goes anywhere near mainstream these prices will be left in the dust. That said my suspicion is that this will soon attract (if it hasn't already) some professional traders that will be looking to manipulate the price down in order to accumulate. Look for a sharp dip that cuts the price dramatically, possibly accompanied by some awful rumor or attack on Mt. Gox or something. The weak hands will get shaken out of the market and we'll be primed for a huge rally. Just my 2 (bit)cents.  This could turn out to be a heck of a call if this sell-off continues.  It was a heck of a call, if a little premature. Weak hands being shaken out now. Thank you. We probably just saw the same thing happen this weekend but on a larger scale. Won't be the last time either. The drop from 100 to 50 will turn some stomachs . . . |
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Bump for special. |
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I just don't understand why people who are smart enough to invest in precious metals on average either can't comprehend or flat out hate bitcoin citing the weakest excuses... For the same reason that plenty of bitcoin investors don't see the value in investing in precious metals. People tend to get emotionally invested in the things they are monetarily invested in and resist any perceived threat to their worldview. To me it just makes sense to own both. |
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This is a very subjective question and much of it depends on your personal financial situation and risk tolerance. If you're young and shooting for the stars then 90% bitcoins might be appropriate. If you're retiring next year maybe 90% metals. No "one size fits all" solution here. Disclaimer: This is not financial advice.
@dayfall I may be able to help depending on what you're looking for.
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So far so good -- deposited one btc and sold it for usd. Haven't withdrawn yet though.
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No pain when you own both! Just a different risk/reward profile. Wait . . . you didn't cash out of your 401k to buy bitcoins??? Look at all the profit you gave up! |
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Was this on the radio show or podcast? Anyone have a link? Youtube? Anything?
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The first 15 people to sign up at tradehill.com using the referral code: TH-R1683 I will send you a free "Buy it With Bitcoins" bumper sticker shipped to anywhere in the US after you make your first trade. Please PM me with the address you'd like it sent to. Thanks! Current-C  |
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Anyone have a link to this?
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On a fundamental note: USD is soon going to go into hyperinflation:
Actually, no, it's not. As bad as that is, the hyperinflationary stage of a fiat currency always requires a political driver. Not to say it can't happen in the near future, but there would still need to be some major black birds landing on Swan Lake. Mild inflation favors the banks and those closely connected to them, but they know that massive inflation kills the golden goose. The central bankers would not permit such inflation rates unless they are forced into that position, which for all practical purposes means that political authorities have forced them to do so. In the case of the Wiemar Republic, that political force came from outside the country. In the case of Zimbabwe, it was a misguided series of political decisions by an uneducated dictator with tribal tendencies that none of his yes men had enough balls left to say anything. Not to derail the thread but don't you think there's plenty of political motivation right now? Unsustainable spending and debt levels will certainly encourage the money spigot to continue to flow, even if the political class denies it. There is far more motivation for that then to drastically cut spending. In addition all it takes is one major creditor to decide our bonds aren't safe and it could start a run, with the Fed as the only remaining buyer. Don't get me wrong its looking more and more like another deflationary scare this summer first but that'll just be an excuse to print more. I agree the bankers prefer the slow and steady inflation but I think they're finally losing control of the system. On a bitcoin note who's rooting for 18? A sovereign debt default by the US is not just remote, it would signal to the world's bondholders that there was no safe haven left on Earth. Gold, silver and some classes of commodities would shoot for the moon, but that is not the same as inflation. Inflation, at it's core, is expansion of the monetary base beyond the growth of the underlying economy; which favors those with first access to the new currency. Hyperinflation, therefore, is the panic expansion of monetary base by political will. No bankers would voluntarily do this, they would rather have massive deflation because with deflation at least their con game could potentially resume after the crunch. Once hyperinflation begins, there is no historical evidence that it can be stopped prior to the total destruction of the currency itself; if for no other reason than the public has already lost trust (in the government, in the currency itself) and will actively avoid transacting in the currency at all, and when they must will actively avoid holding that currency. This results in a massive increase in velocity, as every buyer is trying to spend what they have before the value goes down further. If this were to happen to the US (not impossible) where then would the wealthy find haven? I'll take the Austrian definition of inflation as an increase of the money supply, period. Even inflation that only keeps pace with economic growth still robs the people of the increased purchasing power they would have had if the inflation had not taken place. Rising prices in gold and silver are not inflation per say, however they are the "canary in the coal mine" that to a certain degree indicates inflation expectations. I agree that hyperinflation is not in the interest of bankers or politicians, as hyperinflation represents a loss of control over the system for them. My argument would be that we are actually in the early stages of this happening, and Bernanke and his political buddies are trying to orchestrate just enough inflation to make the debt level manageable while retaining confidence in the dollar as a safe haven of value. I cannot imagine at this point that there are many sophisticated investors or major governments left that actually believe in the strong dollar policy. I wouldn't be surprised if many of them are actively trying to dump US bonds without tipping off the market that that is their intention. A true debt default by the US (meaning an acknowledgement that they will not honor payments) is extremely unlikely, which is why they will go the inflation route instead, and blame rising prices on anything but their policy of printing money. At this point they are between a rock and a hard place: Default and declare bankruptcy, or print and risk loss of confidence in the dollar. I just can't imagine a politician standing up and telling the people "sorry, we can't pay you your social security this month because we owe China their interest payment". Maybe the wealthy will buy bitcoins? Seriously the truly wealthy will do just fine as they know enough to hold their wealth in inflation proof assets. Rally to 15 then shallow pullback before we test 20? I can't believe we're talking 20 already . . . |
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Which is the better speculative and which is the better investment? Silver vs BTC? Silver and Bitcoins have their own advantages and disadvantages. Bitcoins probably have more upside potential but certainly more risk, while silver has less (though still significant) upside with thousands of years of monetary history. The true value of either is in their ability to retain purchasing power that is not subject to the whims of politicians and central bankers. In my humble opinion it is wise to have both in your portfolio, as they compliment each other nicely. |
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On a fundamental note: USD is soon going to go into hyperinflation:
Actually, no, it's not. As bad as that is, the hyperinflationary stage of a fiat currency always requires a political driver. Not to say it can't happen in the near future, but there would still need to be some major black birds landing on Swan Lake. Mild inflation favors the banks and those closely connected to them, but they know that massive inflation kills the golden goose. The central bankers would not permit such inflation rates unless they are forced into that position, which for all practical purposes means that political authorities have forced them to do so. In the case of the Wiemar Republic, that political force came from outside the country. In the case of Zimbabwe, it was a misguided series of political decisions by an uneducated dictator with tribal tendencies that none of his yes men had enough balls left to say anything. Not to derail the thread but don't you think there's plenty of political motivation right now? Unsustainable spending and debt levels will certainly encourage the money spigot to continue to flow, even if the political class denies it. There is far more motivation for that then to drastically cut spending. In addition all it takes is one major creditor to decide our bonds aren't safe and it could start a run, with the Fed as the only remaining buyer. Don't get me wrong its looking more and more like another deflationary scare this summer first but that'll just be an excuse to print more. I agree the bankers prefer the slow and steady inflation but I think they're finally losing control of the system. On a bitcoin note who's rooting for 18? |
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I suspect fake sales are driving down BTC. Examine large spikes that hardly move the price that also use ‘Dark pool and normal’. Co-conspirators or one person with fictitious accounts…. Wish I’d thought of it.
Good argument against dark pools... If you have enough capital on both sides, you can control the price for only the cost of fees. The market may not follow your lead, but this market has a lot of inexperienced players. This is why I made the call awhile back that when the pro's enter the market we'll see a sharp price decline. People that have the money and know-how to move markets are not going to buy at the top. Could be that right now or just profit taking by some early entrants. How are new entrants going to push the price down? Won't they need to sell coins to do that? Won't they need to buy them first? Won't that push up the price? By early entrants I meant the people who got into bitcoin early and have likely already amassed a large amount of coins at little cost. $6-7 probably looks pretty attractive if you're sitting on a couple thousand percent gain. |
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