AlexGR
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January 27, 2018, 02:38:00 PM |
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Roach, crypto doesn't need to be "better" than gold or silver. It just needs to be better than fiat.
You people promoting these digital scams always fail at the macro picture (or just omit it because it's detrimental to your interests). Just like the market cap of Paypal can only go so high, there comes a point in which bitcoin cannot be pump and dumped higher and anyone holding it only receives massive risk by doing so since they're just going to get sideways movement at best, or some black swan that takes it to zero. It is at that point that Exter's Pyramid (meaning the assets that remove the most risk) becomes the only factor that's important. Marketcap is measured in fiat. Bitcoins are limited by design, while fiat isn't. It is inflated by design because it is issued as debt which has to be repaid with more fiat - which necessitates the issuance of more fiat. Again, and again, and again. So, over time, you have the fiat emission curve and the bitcoin emission curve, and the fiat curve is ever expanding to cover debts (it is issued as debt, so it can't do otherwise). When fiat is ever inflating, this means that scarce things, whether it's bitcoin, gold, silver, land, etc etc, will be valued more in fiat terms. This is even more pronounced in weaker fiat, like currencies in s. america, africa, asia, etc. For example, the gold chart vs ARS is not similar with the USD one... for an Argentinian the gold price didn't peak in 2011, it goes on and on and on... https://goldprice.org/gold-price-argentina.html(click on 10-year chart) Same for plenty of other countries... So, yes, bitcoin, as well as gold or other scarce things, can keep going up and up and up. Because it's actually the opposite: Fiat is going down and down and down... And as fiat gets devalued, scarcer things need more fiat to be purchased.
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realr0ach
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January 27, 2018, 03:16:24 PM Last edit: January 27, 2018, 03:54:10 PM by realr0ach |
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I reject the premise that bitcoin competes only against fiat. Bitcoin has to compete against silver and gold. When the debt bubble implodes and takes down the whole monetary system with it - whether by inflation or deflationary collapse - it's likely only metals will be money again anyway.
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gentlemand
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Welt Am Draht
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You little shits have near filled an entire page talking to or about it.
Stop it.
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Spaceman_Spiff_Original
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You little shits have near filled an entire page talking to or about it.
Stop it.
I know right? Stop feeding the troll already.
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realr0ach
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January 27, 2018, 03:40:24 PM |
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You little shits have near filled an entire page talking to or about it.
Shitlibs are the minority of the political demographic. You do not get a "safe space" to pretend your delusional cult is normal. The "it" you refer to known as r0ach sounds just like any normal male from 500bc to the 1950's. It's not you that has evolved by being "progressive". You have *devolved* into abnormal shit. And please, spare me the commentary from Jews pretending they aren't Jews. NJ + NYC are where most google searches for bitcoin originate in the US. Bitcoin is practically a Yiddish cult.
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mindrust
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Just put him in your ignore list and get on with it. He doesn't deserve an answer.
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cannycassiopeia
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January 27, 2018, 03:55:06 PM |
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Holy crap! That is a bullish weekly pinbar if it closes like that in 24 hours!
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RejectedBanana
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I am a banana.
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January 27, 2018, 04:00:00 PM |
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Holy crap! That is a bullish weekly pinbar if it closes like that in 24 hours! My sentiments exactly... Nice volume spike... Can't stop staring at the 1 min chart drama playing out. Bull flag coming to a close? Hope it holds! Before Chinese New Year even!
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realr0ach
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January 27, 2018, 04:01:47 PM |
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Holy crap! That is a bullish weekly pinbar if it closes like that in 24 hours!
Do you people really make believe that a cup and handle chart that took over 2 years to make that ended with a blow off top is supposed to immediately just pump to the moon again right after it sells off with no consolidation period? lol. What is with these pump and dump scammers? You think the price is supposed to double every week, then sell off 50%, then double again, and repeat to infinity? If something followed any pattern remotely close to that it would obviously be some type of pump and dump scam or Ponzi (powered by tethers).
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OWZ1337
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BITCOIN===>THE DISRUPTIVE CYBERCURRENCY
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Holy crap! That is a bullish weekly pinbar if it closes like that in 24 hours! My sentiments exactly... Nice volume spike... Can't stop staring at the 1 min chart drama playing out. Bull flag coming to a close? Hope it holds! Before Chinese New Year even! $20,000>>>$30,000>>>$50,000>>>$100,000 WEEEEEEE https://www.youtube.com/watch?v=FkhUn7nh33Q
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realr0ach
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January 27, 2018, 04:12:18 PM |
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$20,000>>>$30,000>>>$50,000>>>$100,000 WEEEEEEE Here's where you learn there's no such thing as easy money because if bitcoin actually was $100,000, probably every single person holding any would immediately sell everything, which is why it's not going to happen. Even Shlomo Nakamoto the NSA would be dumping the premine coins on exchange.
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Samarkand
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January 27, 2018, 04:12:22 PM |
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... There is sound money and unsound money...
Bitcoin is closer to sound money than Silver. Just take a look at the following chart (the URL contains "gold", but the chart is actually about silver): https://www.statista.com/statistics/253293/global-gold-production-since-2005/Silver mining can easily be increased. Imagine what all these mining companies would do if the silver price increases substantially. They would simply ramp up their mining operations and this would increase the available supply, which would drive the prices lower again. On the other hand you have Bitcoin with a hard-cap on total supply (please don´t repeat the terrible fork argument again, because these forks have nothing to do with the real Bitcoin and will have less and less impact in the future) and an issuance rate that is going to go down. Even if the Bitcoin price would double tomorrow nobody can simply decide to ramp up production, because the block reward is fixed. It is not only fixed, it is set to decrease in the future until it eventually asymptotically approaches zero. I agree that your argument from yesterday that Bitcoins are not truly fungible is justified, but there are people that work actively on projects that intend to make Bitcoin more fungible. However, I would argue that this disadvantage compared to Silver, which is easily fungible is compensated by various other advantages like the fact that large amounts of wealth can be transported or transacted easier using BTC or that BTC is not subject to a supply response as I have already explained above.
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OWZ1337
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BITCOIN===>THE DISRUPTIVE CYBERCURRENCY
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January 27, 2018, 04:13:25 PM |
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no one cares ...= bitcoin is a distributed peer-to-peer decentralized innovation they can't do that lol
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realr0ach
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January 27, 2018, 04:27:56 PM |
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Bitcoin is closer to sound money than Silver.
Silver mining can easily be increased.
This deserves the biggest facepalm in history. Earth is for all intents and purposes a closed ecosystem. The main difference in BTC and silver/gold mining is that BTC is almost entirely FLASH MINED by some random idiots in China over the span of a couple years. How is THAT better? LOL. You people need to stop showing your true colors in that all you're looking for is the best pump and dump scam you can find and you don't actually give a shit about anything else. Just go create one of those PoW coins where the supply is mined entirely in 3 days. Also, the real question you need to ask yourself is: Right now, the cost of production for metals is almost entirely determined by the price of oil denominated in dollars. But what happens to the cost of production of metals when the price of oil is denominated entirely in gold and silver and dollars are refused as payment? Hint: It makes the price a shit ton higher when you're required to spend gold and silver to mine gold and silver instead of printing money for free to steal other countries' resources.
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Torque
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January 27, 2018, 04:40:40 PM |
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Silver going back to $4, r0ach. Prepare your anus. Meanwhile Bitcoin will makes its way into the SDR basket. The U.S. will adopt the Bitcoin Standard to back the dollar.
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realr0ach
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January 27, 2018, 04:42:46 PM |
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Nice, he points out Zhao Dong as the possible identity of the single entity that has controlled the bitcoin price all the way from $200 to now by rigging the market on Bitfinex, painting the tape, spoofing walls, etc. You people better hope it's the US govt rigging the price upwards instead as some type of cashless society slave system, because in Chinese culture, it's 100% acceptable to scam anyone who is not an immediate family member. Hence the Zerohedge article claiming there are 30,000 Bernie Madoffs roaming around in China LOL.
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Samarkand
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January 27, 2018, 04:44:56 PM Merited by JayJuanGee (1) |
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...
Also, the real question you need to ask yourself is: Right now, the cost of production for metals is almost entirely determined by the price of oil denominated in dollars. But what happens to the cost of production of metals when the price of oil is denominated entirely in gold and silver and dollars are refused as payment? ...
Then you will appreciate the following two facts: 1. Venezuela (the country with the largest proven oil reserves) will issue a cryptocurrency called the PETRO in a few weeks 2. Russia (the country with the 8th-biggest oil reserves) will issue a cryptocurrency called the CryptoRuble in a year Both countries are responsible for a big part of global oil exports. To me it looks more likely that they will demand PETRO/CryptoRuble as a payment for oil than Gold/Silver payments. Gold/Silver payments for mineral reserves are not happening anytime soon while cryptocurrency payments for mineral reserves are just around the corner. Both countries obviously are incentivized to do this, because it potentially enables them to circumvent international sanctions. It is already known that you will be able to exchange the PETRO for other cryptocurrencies. This will allow everyone of us to buy a few PETRO backed by real barrels of Venezuelan oil. ...
Meanwhile Bitcoin will makes its way into the SDR basket.
The U.S. will adopt the Bitcoin Standard to back the dollar.
It will eventually happen! The author of this book posits exactly the same prediction as Torque. https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861
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afbitcoins
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January 27, 2018, 04:51:25 PM Last edit: January 27, 2018, 05:02:16 PM by afbitcoins |
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R0ach. One of your recent comments was quite disingenuous, there was one in which you stated properties of money, such as fungibility and one or two others and showed how silver and gold are superior. But it leaped out to me you missed, probably on purpose, portability and divisibility from your bullet points. Two important ones that crypto is superior on conveniently swept under the carpet. But anyway Crypto is new. It is not like fiat it is not like gold and silver, it is not like money. You are sounding more and more like someone bitter who jumped ship too early. I can remember when you were onboard the crypto bandwagon and singing a very different tune. The genie is out the bottle. People have cottoned on to the fact that value doesn't have to be issued by the government or the bank, or even in a bit of shiny metal. That genie can't be put back in now. Don't get me wrong, I love precious metal. What it represents and everything. I own precious metal. I might stack more on occasion. None of that is a reason to try and fight the tide. By the way, I don't think calling the races of dark skinned people monkies will win many friends either. Knock that on the head my friend. Humanity is more than that and your race doesn't define who 'you' are.
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realr0ach
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January 27, 2018, 04:51:59 PM |
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Then you will appreciate the following two facts: 1. Venezuela (the country with the largest proven oil reserves) will issue a cryptocurrency called the PETRO in a few weeks
There is virtually nobody on the planet that considers this move changing ANYTHING about the currency of Venezuela. If it's "backed" by some sort of commodity, people will just demand delivery of the actual commodity in international trade. So what has changed? Absolutely nothing. Anyway, the main purpose of nations being forced to go back to metals (besides the debt bubble collapsing all fiats) is to fix international trade so nobody can cheat and play currency wars.
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