Of course....I stand corrected.



When Jim Roger's talks about currency collapse. He is of course talking about a USD collapse. Bitcoin needs to be readily convertible into strong currencies. Without this feature, Bitcoin would be worthless. Bitcoin does not have any inherent value, nor is there is a formidable authority enforcing it's acceptance as money.

Sure, if some mikey mouse currency goes 'puff', but the dollar prevails, then Bitcoin is awesome for people who would otherwise be in mickey mouse bucks, but if USD goes puff, then so does Bitcoin.

and here is the link to the active chart itself:

https://www.tradingview.com/chart/9s7OtbQF/

Just copy link into your own TV account and make chart your own....although not hard to do one yourself tbh.

Meanwhile, the exchange 'hackers' (cough cough, nudge nudge, wink wink, say no more), are in control of a sizeable stack of Bitcoins with which they can surely boss the market around left right and centre. What was it, around 1 million BTC?

A big fkn stack of Bitcoins on side of the table, a big fkn pile of USD on the other. The Bitfinex crooks could be to Bitcoin what JPMorgan is to the silver market. Both it's maker and it's breaker.

I wanted to buy an expensive item the other day, for which I needed to transfer EUR to GBP.

My first thought was to use Bitcoin for the 'fast easy transfer' of wealth. Obviously, I couldn't be bothered with transferring funds to Stamp, where I still haven't submitted to their ridiculous KYC requests, and I shall never transfer funds to Kraken ever again, cos these fuckers robbed me, told me my computer must have spyware and then told me to fuck off. This left LocalBitcoin. By the time all the vendor premiums were factored in, I would have been taking an 8% haircut on my capital. Fuck that! Better just taking a shafting from the banks!

Instead, I used Transferwise and incurred a fee of 0.36%.

In the developed world, Bitcoin really has no viable use beyond speculation and black market transactions and Bitcoin totally relies upon fiat currencies and their associated infrastructure in order to have any purpose whatsoever. I could see Bitcoin really taking a bid during periods of instability in one particular fiat currency should external currencies remain 'strong', (I am thinking CNY v USD here), but in the long run, Bitcoin is of course vapour.

Whilst crypto is here to stay, Bitcoin is to crypto what the Zeppelin 'von Hindenburg' was to trans-Atlantic flight. A monstrous looking contraption that got a hitherto impossible job done, until it all went up in a ball of flames and was replaced by better alterntives.




Still very curious about this sudden change of tune that seemed to totally and 100% coincide with the Bitfinex scam r0ach? Cos you never lost a single penny there, right!?

I of course agree with you that Bitcoin is vapour, but that doesn't mean that there still isn't a good 35% up move left to come in Bitcoin before the fat lady sings? Isn't it your job to take advantage of market swings regardless of any philosophical concerns about the underlying asset?

 

This short term trade setup is an absolute Classic with a Capital C.

Flag formation right beneath the 38.2% retrace line, Harmonic AB=CD lining up with Volume Profile POC and 61.8% retrace. A no brainer (if it fires):

So you will be dumping the few Bitcoins you actually own, in order that you can buy back in at a lower price then?

PBoC told all the Chinese exchanges to stop monkeying around and start charging trade fees for each trade, as a means of putting a halt to high frequency trading, most of which will have been conducted by the house themselves.

Historically, at the end of a primary business cycle, Gold has always hit parity, or 1/2 with the Dow. If that were to happen tomorrow, then gold would be $21K. That would be something like an 1500% rise. Astounding returns. If/when this happens, it will be a once in a lifetime event and so incredible, that no one will be able to quite believe it...apart from those who have looked at financial history that is.

Meanwhile, DASH is up about the same amount this year, and 1000% in the past month, or 500% in the past week. ETH and XMR just made astounding gains also.

Gold isn't really all that great for speculation. It is a safe guard of wealth. I wouldn't be moving a big bunch of capital into gold seeking gains of several orders of magnitude like we see in Crypto and indeed many conventional stocks. I like holding gold, because it is real wealth and in the long long run, it will also win out, no matter what. In the meantime, we have a very probable US equities boom in front of us, and fuck knows what with crypto. For anyone with a proven track record in trading, I doubt that precious metals are the place to be for the time being. They still consolidating and going by the chart, could do so for another year at least......

.......but for your local friendly neighbourhood black marketeer, who has all his capital in bundles of notes wedged in between his floorboards, now would be a very good time to convert a good chunk of that into precious metals.

Yes, because the elites of various ancient civilisations spanning from the Orient to the New World, used to venerate gerbil droppings. They would decorate their palaces with gerbil droppings, make statues of their gods out of the stuff. They would wear gerbil droppings as jewellery. It is a lilttle known fact that the real goals of the Spanish conquistadors in South America, was to secure the copious supply of gerbil droppings to be found in that continent. Indeed, the Rothchild's cemented their financial power not by controlling the gold market, but by owning all the gerbil droppings.

More recently, post the flattening of Libya and ousting of Gaddafi. Along with all Libya's gold, the 'rebels' also handed over Gaddafi's supply of Gerbil droppings, thus bringing an end to Gaddafi's proposal to launch an African Dinar, backed by Libyan Gerbil droppings, which would be required to buy Libyan oil.

Yep. We should have had a massive deflationary crash, but Helicopter Ben staved it off, and shored up the balance sheets of the financial institutions with trillions of fresh new M0 USD, created as a debt on the US taxpayers. Thus far, because the economy has been stagnant, that capital is all been stored up in bonds and has been responsible for pushing equities up. We haven't seen the real effects of inflation on prices, because all the new cash just hasn't been flowing around.....but when it does, i.e. when/if Trump gets his way, then I believe we will see the prices of everything rocket.

Whether this translates into another boom period or not, I think is impossible to predict. We are in unprecedented territory here with near zero or even negative interest rates. How does this even work? How are 'savings' meant to function? Furthermore, much of global consumption/demand in recent decades has been to feed China's export driven economy. As everyone knows, in order to keep themselves competitive, China pegged their CNY to the USD, keeping it artificially low, by printing more and more CNY to buy up all the excess USD being used to buy Chinese goods, thus importing US inflation. If Trump gets his way, and the probable rapid price inflation sets in as a result, then this seriously undermines the value of all the USD bonds held by the Chinese and indeed all other foreign entities, and this is not to mention the notion of Trump imposing tariffs on Chinese imports and/or finding other means of discouraging Chinese and other foreign imports.

So Chinese/global exports down, USD price inflation drastically up, trust in US debt down, which means that interest rates have to either rise a lot, or the Fed will have to keep on printing. Whilst the US economy may experience a brief boom due to Trump's spending spree; the global economy which was being fed by the US's seemingly unlimited consumption based on the power of the USD and the capacity of the financial system to increasingly expand the supply of those dollars, will surely experience a slow down. A real melting pot of contradictory forces, the offshoot of which for me is, that is all surely must lead to a big lapse in the confidence of US debt, if not an outright collapse, and to what, does capital turn to when confidence in the reserve currency subsides?

Bitcoin? (lol). Sure, Bitcoin and other cryptos may well catch a stupendous bid here, but hold on to yer hat and be prepared for the possibility of losing yer entire pot.

Gold! Gold is real wealth, and to where the serious money will always run.



They notice alright, and then they turn around and blame immigrants. This is why 'they' have seen to it that Europe has been flooded with Islamic immigrants as a result of the Zionist wars destabilising the Middle East and removing stable regimes which would otherwise control areas and enforce borders, and why Hillary was chomping at the bit to give America it's dose of Islamic immigration as well. Give the proles a scapegoat. Keep everyone at everyone else's throats.

Last time I read a Goldman Sachs press statement, it was Jan 2016, Oil was $25, and Goldman predicted that oil was going to go to $10, where it would stay for decades. Oil is currently around $50. I wonder which side of the bet Goldman Sachs overwhelmingly took?

In the name of sustaining perpetual growth over the past 100 years, we have already seen the dollar become 100 times less valuable. Who is to say that the dollar can't devalue itself another 100 times yet? The US, and the world, now has a president Donald Trump. He has filled his cabinet with Alpha Males, from corporate executives to four star generals. He wants to 'Make America Great Again'. That means spending a shit ton on infrastructure. Roads, bridges, 'the Wall', and of course upgrading the military (like the US needs an even more powerful military). Trump is going to get the capital from the financial institutions, at rock bottom interest rates. The Trump government is going to spunk billions, if not trillions into Main Street, with all the big contracts going to select US corporations, who are going to create jobs in the US. As all that base money starts to circulate around the real economy, in and out of the pockets of the man on the street, the opportunity will arise for actors within the economy to take on more and more debt and those trillions of QE M0, will start to be multiplied.

With interest rates hovering around record lows, with negative interest rates already in place across major financial jurisdictions across the globe, I suspect the fiat currency inflation 'bull market', is yet to pop. I suspect the parabolic move up is pending. Whether this results in a hyperinflationary crash, or whether everything is somehow held together and we just get used to the price of a good burger stabliising at around $250, who knows? Travel back 50 years and tell the average Joe how much a burger would cost in 2017, and he would be incredulous, yet here we are. It's all just numbers in a big hookey game.

Also worth noting is that Donald Trump is on record stating that low interest rates are great. Keeps the US economy propped up, and wipes out the value of US debt in the hands of foreign creditors. An example of hims stating as much will be easy to find on YouTube.

When I first made that call, Bitcoin was $550.

Way way too early to be calling an end to the Bull Run just let, as much as you would like it to be the case.

With all that talk about being 'rational'; in light of all the economic uncertainty, negative interest rates, Brexit/EU, grossly overexpanded equities markets, bond bull market exhausted, etc, etc, I would have thought that you would realise that it is in everyone's interests to have a core position in precious metals.

Precious metals may turn out to be a 'meh' investment within anyone's idea of a reasonable time frame, or they may just save your fkn bacon. It is hard to think the unthinkable until the unthinkable happens, then it all just seems obvious. Trump wants to ramp the US economy at Main street level. All the base money that the banks need to hyperinflate the USD into infinity has already been created through years of QE. All that we are waiting on is the collective political will to open the floodgates. It will likely take a bit of a deflationary 'headfake' to kick things off by raising interest rates, thus crashing both the bonds and the equity markets, to provide both the economic opportunity of potential growth, and to incentive the institutions to start lending wholesale style once again.....but when it does....KABOOM!

So that explains the sudden saltiness towards Bitcoin......u converted from Bitcoin to precious metals way too soon. Precious metals are in the same market phase as Bitcoin was in 2015. Break out may take some time yet, and if either ever sees the sort of gains that we have witnessed in some cryptos recently, then we will be in the midst of a hyperinflationary crash (in which case, the ONLY wealth you will want to own will be real wealth. Not USD, not interest bearing bonds, and not stocks, and certainly not fkn worthless vapourous crypto).

So PMs continue to consolidate post a 5 year bear market, whilst BTC and other choice cryptos are going through the roof.......a guy I know, an early BTC adopter at that, reckons he is going to sell half his BTC at $2K and buy gold instead. Whether he gets his target or not, who knows.

I took a big plunge into gold and silver way back in 2010. Literally seen the value of my investment double, and then come right the fuck back down again and then spend a bit of time underwater. Still underwater on silver. This experience greatly coloured my attitude towards Bitcoin, in that I refused to be a retard 'believer' (I swallowed all the Silver Stacker Kool Aid back in the day). Bitcoin has served it's purpose in that it both resulted in me learning how to read markets properly and also learning the hard way about the nature of counter party risk, and on that note, going by the way you  talk about how corrupt the Bitcoin sphere is, I reckon you definitely must have got burned on Finex. Leaves a very bad taste in the mouth doesn't it? A taste so bad, that you just can't bear to play this game any longer?

Funny how a lot of people project their own self loathing out into the world and onto strawmen, and then completely reveal everything that they hate about themselves, via a series of accusations aimed at the strawman, isn't it?


Fact is, for the sharp trader, there are far greater profits to be made in crypto and never mind Bitcoin, what about DASH!? Holy phuck! But 99.9% of all crypto, will one day go to zero, and any rational person will understand that.

One thing about watching Bitcoin so closely, is that it has been a great lesson in how powerful hands can totally boss a market around, this way or that. Regardless to say, the same sort of thing will be going on in the precious metal's markets. I suspect that the price of gold *should* be way way higher than $2000. The Dow is currently around $21K, with stock markets around the world all at ATHs, despite the real economy having ground to a halt and all of these stocks in fundemental P/E terms being way overvalued.

They say that keeping gold price suppressed is vital to protecting the Petrodollar as the global reserve, but the major enemies of the Petrodollar hegemony, Russia and China are stock piling gold and are reckoned to be lying about how much they have (i.e. pretending they have less than they actually do, as the geo-political war games are played out.

I suspect under the Trump presidency, things are going to come to a head. If he gets his way, then the USA, and by default, the entire world, is headed for Big Inflation. Trump is going to build up the military, push for wars, old fashioned Republican style (as opposed to using/creating proxies such as ISIS to achieve geo-political goals as we seen under the Obama admin), and crucially, Trump wants to do a shit ton of infrastructure spending, which means all those QE created USD, will finally start to hit Main Street and we will finally see the BIG inflation that everyone predicted QE would lead to, but which we have yet to witness.

Trump has been quite open about low/negative interest rates being a great way to ramp the US economy and have the US creditors pay for it. The Chinese are well aware of this which is one reason why they are rapidly building up their reserves. China is in a bind. Due to their pegging the CNY to the USD in order to protect their export competitiveness, they are biggest holder of US debt in the world. Debt whose value implodes just as soon as Big Inflation hits. What they gonna do? They can't dump US bonds; that would be the same as all the Chinese miners dumping all their BTC all at once, suicide for both them and Bitcoin. But at the same time, they cannot tolerate the US wiping out the values of their US government bonds through Big Inflation. The fact they are rapidly amassing gold is very telling, as the on asset that will do very well through Big Inflation and/or a collapse in confidence in the USD, is gold.

The writing is on the wall, although it will likely take a while, with a deflationary 'head fake' also being highly likely in the rum up to golds pre-ordained big break out.......Bitcoin, if it still exists when all this shit happens, will likely catch a bid through any Big Inflation event, but the thing with Bitcoin, is that it can be turned off........But the PBOC would never order the Chinese miners to just shut down if they thought that Bitcoin was getting out of hand and undermining thier efforts to control their own currency, would they!?

No.

If I take Schadenfruede at another's misfortune, then I have good reason.

If for example, I come on here in 2014, and say that Bitcoin is going to tank, and I get absolutely pilloried by people such as yourself, then of course it is sweet when I watch you all take a kicking from the market.

What was your average buy in cost through 2015 when Bitcoin was down in $200 range? $800!? And you think you are 'smart'? You think you are good at 'making money in Bitcoin?'

You are anything but smart Ibian. You are the very definition of a retard holder, and yes, I shall gloat at you when the day comes when it all goes up in smoke and enjoy every minute of it, providing that you are actually on here and not dangling from a rope somewhere that is. YOU, will deserve it.

No.

The very core of my problem, is that I have been trying to do something that I am not 'meant' to be doing.

Every organism, every person, is born with a certain blueprint that the organism is designed to follow. If the person/organism follows the blueprint, they will generally be rewarded in life and if they go against that blueprint, then fortune will also go against them.

If some guy whose blueprint in life is to settle down with some woman and have a family, but whose social circumstances push him towards trying to be a 10 women a week Lothario type, then he is going to fail spectacularly, no matter how good looking he is, or how 'charming he can be or how much he knows how to manipulate the female psychology. Likewise, if some guys blueprint is to be a womanising Casanova, yet social circumstances dictate that he should settle down with just one woman, start a family, attend church every Sunday, then same thing. Good fortune will go against him and he will suffer so long as he continues to betray his blueprint.

My infatuation with trading, was an addiction, and thus detrimental to my overall character and an impediment towards me growing into what my blueprint states that I should be.

With that said, I don't think it harms much to have a handle on how markets work and it is certainly reassuring to me when predictions based on intuition come to fruition. My Bitcoin @ $1500 call wasn't based on graphs or charts, but based on intuition, whilst Bitcoin was still at $560 back in Sept 2016. Not that I haven't repeated this often enough in this thread, but the insight came to me on a very strong Mescaline hit. Same Mescaline hit where I realised that gold was the ultimate representation of wealth in the physical world which we inhabit. Always was and always will be, regardless of what the temporary smoke n mirrors of price action may attempt to depict, and any temporary mis-evaluation that may occur as a result of it.

Gold will stand the test of time. Bitcoin will be revealed as the vapour that it is and probably sooner rather than later, and everyone will wake up scratching their heads wondering whatever the fuck had gotten into them to have gotten so 'reingelegt' to begin with.

She isn't talking about Bitcoin price you fucking numbskull.

She is talking about the performance of the protocol itself, which quite frankly, is fucking shit. No way would I use Bitcoin to buy anything other than drugs, cos experience has taught me that there is a strong chance of headaches paying for legit stuff with Bitcoin, compared to paying for it with paypal, debit card, etc.

I didn't miss that Bitcoin demographic out you know.....

.......that was the "99% traders who are looking for a fast buck" category.

Bitcoin is a commodity. Bitcoin's utility, is fast wealth transfer. Unlike oil, wheat, copper, silver, or fucking Broiler chickens, only a tiny fraction of Bitcoin bought n sold is intended for 'consumption'. Vast vast majority is bought on speculative basis. Bitcoin is a castle built on stilts m8.

I am cheering Bitcoin on, at least up until the $1500 range, not cos I have anything to gain nor to lose, but cos I like being proven right which is the same reason why I shall be cheering on it's brutal collapse that will come in the wake of this totally manipulated ramp.......nothing to win nor to lose, but I like being proven right.

BITCOIN IS GOING TO $1500 (and probs popping a good bit higher), COS THAT IS WHERE THE CHINKIE BITCOIN COWBOYS WANT TO TAKE IT!

When/if the ramp starts to become self sustaining from Joe Public stampeding in, is when our Chinese friends will start letting the market have all the fucking Bitcoin that it can take, and when they will stop supporting the rise, and just let the whole house of cards come crashing right back down to the cost of production, and possibly below the cost of production to really shake out the weak hands....wash rinse repeat, until the whole mis conceived project blows up in everyones faces.



I don't quite understand all that side of things. I believe that right now, cost of production even for the most 'efficient' of Chinese miners is around $500 per coin. Cost of production got so high, so quick, because Bitcoin got over saturated with speculative capital, and exoribitantly manipulated to the upside during 2013. Bitcoin currently requires a massive amount of processing power to function. The only way that the processing power can come down, is if lots of miners go offline, and the difficulty lowers itself, and the only way that miners will go offline is if the price crashes and it is no longer worthwhile keeping their mining farms running, a bit like what the big Chinese miners done to all the small time Western miners through 2014-2015. But if the price crashes, and miners start to go offline, then the shortfall in processing power will lead to huge congestion in the system for a period of time, whilst the difficulty adjusts, which lead to transactions getting stuck in the system, which will lead to a collapse of faith in the Bitcoin network?

Traders.

Small time capital control evaders

Drug dealers

Some gamblers.

The odd online hooker.....


But 99% traders/investors looking for a fast buck. Doesn't take a genius to look at Bitcoin chart and see that this asset is driven by almost purely speculation.