Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[RayX12]

http://www.kitco.com/news/2018-07-18/-130-Billion-Worth-Of-Gold-Found-On-Sunken-Russian-Warship.html

«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».

Are you lot still butthurt that the Japs sunk both your navies during your little war?

Whether this wreck turns out fruitful or not, take it as an example of what gold is out there.

Too much gold will sink any boat.   

Buy Bitcoin instead 

[xhomerx10]

http://www.kitco.com/news/2018-07-18/-130-Billion-Worth-Of-Gold-Found-On-Sunken-Russian-Warship.html

«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».

Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

 Yeah that is weird.  One of the figures is wrong...

200 ton [short]  = 5833333.34 ounce [troy] @ $1,243.20/oz ~ $7,252,000,008
200 ton [long]   = 6533333.34 ounce [troy] @ $1,243.20/oz ~ $8,122,240,008
200 ton [metric] = 6430149.32 ounce [troy] @ $1,243.20/oz ~ $7,993,961,634

 OR maybe they were using the price of gold when the ship sank?



 

[fluidjax]

http://www.kitco.com/news/2018-07-18/-130-Billion-Worth-Of-Gold-Found-On-Sunken-Russian-Warship.html

«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».

Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

 Yeah that is weird.  One of the figures is wrong...

200 ton [short]  = 5833333.34 ounce [troy] @ $1,243.20/oz ~ $7,252,000,008
200 ton [long]   = 6533333.34 ounce [troy] @ $1,243.20/oz ~ $8,122,240,008
200 ton [metric] = 6430149.32 ounce [troy] @ $1,243.20/oz ~ $7,993,961,634

 OR maybe they were using the price of gold when the ship sank?

you are missing the boxes

"The cruiser’s crew were believed to have carried 5,500 boxes containing gold bars as well as 200 tons of gold coins" 

[Last of the V8s]

[xhomerx10]

http://www.kitco.com/news/2018-07-18/-130-Billion-Worth-Of-Gold-Found-On-Sunken-Russian-Warship.html

«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».

Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

 Yeah that is weird.  One of the figures is wrong...

200 ton [short]  = 5833333.34 ounce [troy] @ $1,243.20/oz ~ $7,252,000,008
200 ton [long]   = 6533333.34 ounce [troy] @ $1,243.20/oz ~ $8,122,240,008
200 ton [metric] = 6430149.32 ounce [troy] @ $1,243.20/oz ~ $7,993,961,634

 OR maybe they were using the price of gold when the ship sank?

you are missing the boxes

"The cruiser’s crew were believed to have carried 5,500 boxes containing gold bars as well as 200 tons of gold coins" 

 Yeah after reading it again I think it's just a poorly written article.  The boxes are included initially in the 200 ton estimate and then separated later on in the article.  I'm not sure what the standard measure for box is though...

[afbitcoins]

http://www.kitco.com/news/2018-07-18/-130-Billion-Worth-Of-Gold-Found-On-Sunken-Russian-Warship.html

«that is believed to contain 200 tons of gold bullion and coins, equivalent to $130 billion, according to The Daily Telegraph».

Who the hell did the math on this?  Regardless, more gold = less price and you never know when they'll find a treasure ship or asteroid full of the stuff.  Old world problems bitcoiners laugh at.  

I'm not buying it. Asteroid gold mining wont happen. That is the worst argument ever conceived for future abundance of gold.

[Elwar]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

[becoin]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?

[AlcoHoDL]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Imagine an alien watching us humans as we develop ASICs and set up huge computer farms for mining Bitcoin.

"Why do they expend so much time and resources to solve these cryptographic puzzles? Is this vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather the products of these solutions and hide them away in little electronic devices so that other humans don't take them."

PS: becoin beat me to it...

[STT]

I'm not buying it. Asteroid gold mining wont happen. That is the worst argument ever conceived for future abundance of gold.

Its not working unless they can avoid the problems of gravity and/or have acquired infinite energy.   IF they solve the energy cost problem then the whole world economy is going to be reordered in some way anyhow.
They'd need to bring the meteor down to earth, I dont think its impossible but improbable and yea gold utility is not high.  Its not a growth industry just an inverse of other factors, probably mostly relating to volatility, instability.   Every currency type is a store of wealth or excess profit, its not especially negative to call gold out in that way.

Dollar notes rot go mouldy when buried, Escobar had this problem when trying to store wealth, gold wins on most comparisons and the price comes after but its no failure of a product.  His greatest legacy is a set of hippos left in his country estate.  

[jbreher]

Funny thing about profit? It can only be garnered by providing something the masses want at a price for which they are willing to pay.

Truth is, the cold indifference of profit-seeking enterprise is the mechanism by which the lowliest among us live better longer lives in more comfort than the aristocracy of merely a century ago.

In general, but it is certainly not a universal mechanism. The victims of the Bhopal disaster hardly lived or are living better, longer lives.

Your point is well taken. I could point out that 'on balance' is the only meaningful way to make such assessments. And please do not misunderstand my next point -- as I would be quick to agree that the loss of inanimate business entities  pales in the face of human life. But you may have noticed that Union Carbide is no longer a viable company. IOW, this organization is demonstrably proven to be very poor at profit-seeking.

[Elwar]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?

Aliens would understand bitcoin. Because that's how their money works.

#alientech
#satoshiwasanalien

[Ibian]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Humans are weird. To get an idea of just how weird, look up The Deathworlders. Ongoing monthly sci-fi with aliens that are in some ways more human than human.

[Ibian]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?

Yeah except bitcoin actually has value and practical utility.

[V1lpu]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

They would understand the point of accumulating gold as payment instrument. What you would say about Rai Stones?

https://en.wikipedia.org/wiki/Rai_stones

[mymenace]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?

Yeah except bitcoin actually has value and practical utility.

Originally we collected gold for the god kings (or whatever they were)

[Torque]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Warren Buffett made this exact argument about gold.

The thing is though, any civilization of beings sufficiently advanced above a barter system would need *something* (physical or digital) to store work value as money. It doesn't matter what the thing is, it just has to exhibit all the essential properties (e.g., rare/scarcity, fungibility, durability, divisibility, secure, proof of work, etc., etc.) for that race's encapsulated existence. Shared belief among the beings does the rest. It's all about shared belief that something has value, because the thing in and of itself really doesn't.

It becomes more of a problem on a galactic scale, of course, unless you control the whole galaxy. Then you can dictate the universally accepted monetary system.

[bitserve]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?

Yeah except bitcoin actually has value and practical utility.

Originally we collected gold for the gods (or whatever they were)

Yeah... that made them realise we were stupid beyond any hope and be gone leaving us with our useless metals. Some day they will be back and take all our precious Bitcoin. THAT will hurt.

[mymenace]

I was thinking about that the other day. Imagine an alien watching us humans as we travel through space gathering gold.

"Why do they expend so much time and resources to gather that metal? Is it vital to their survival? Do they need it for food or to reproduce?"

"No, they just gather it and hide it away in metal boxes so that other humans don't take it."

Isn't it the same with bitcoin?

Yeah except bitcoin actually has value and practical utility.

Originally we collected gold for the gods (or whatever they were)

Yeah... that made them realise we were stupid beyond any hope and be gone leaving us with our useless metals. Some day they will be back and take all our precious Bitcoin. THAT will hurt.

You sure they want the bitcoin

The ancient gods used our female women to create the nephelim

If you believe in such Bibles


This became a commodity of very significant galactic consequences



as with human trafficking today this would be a galactic problem among any race

[fabiorem]

Gold in asteroids might have other properties, due to it being in space. Maybe cosmic rays can change its characteristics. But then it will not be gold anymore, but another metal.