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

[phoenix1]

ITT:  Bitcoiners bitch about the evols of fiat.  Don't know what "fiat" means.

Fiat: A form of currency backed exclusively by Italian automobiles.

 

[adamstgBit]

Are we gonna test $316 again?

well see if 340 support holds first...

[Richy_T]

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

Dude, England left the gold standard in 1931. That's 40 years before the USA.

[JorgeStolfi]

The FBI says that they got to [ Ross ] because SilkRoad used a captcha link in a way that exposed its real IP.   After that, I would guess that they followed him for a while, and haced into his computers, until they felt that they had enough evidence.  They got his email, for instance, where he allegedly discusses the murder of some blackmailer.  So, even if he encrypted the wallet, they may have captured the password.

Not encrypting wallet that has around BTC200k is as stupid as you can get. Emailing password to BTC200k wallets is just as stupid. Guy was an idiot

I haven't seen any claim that he emailed his password.

I don't know whether the wallet was encrypted and/or if the FBI hacked into the computer where he kept the wallet; but, if both are true, then the FBI would have easily captured his encryprion password too, as soon as he used it.

[jonoiv]

within days and weeks of Western forces arriving in Kiev to "help" Ukraine, the Ukranian central bank's gold was gone ... the cold gold war has been underway since at least the early 1990's, it is the fulcrum for the leveraged gold loans, i.e. paper gold, (100-1 leverage), for the seemingly miraculous levitation of the fiat ponzi scheme for the last 25-30 years

Western forces arriving in Ukraine?  Must of missed that as I stood on Maidan square.  

Guess you did....   (""advisors"")

not following.

The western forces/special forces/non-lethal military aid/special training facilities/jackles or ""advisors"" as our American cousins like to spell it, have been in Ukraine, for quite some time "helping" and "advis(or)ing" way before the doo-doo started flying away from the fan on Maidan square.

And Russia funded the party of regions, and the systematic re-russifcation of Ukraine, they had planned to invade Ukraine no mater what happened on the madian, if there man was not re-elected, then the little green men were going to Crimea regardless.

The plan was conceived after the orange rev.  And keeping gold reserves in central Ukraine after Russia just nationalised part of your country, and all the assets is hardly a wise move.

Any sane person would have done exactly the same as Yatsenyuk n co.   Russia talks absolute shit over Ukraine,

We won the Crimean war,  after they invaded the Ottomans, took Sevastopol despite the Light Brigade losses, and Tsar Alexander II wrote to the Russian commander Gorchakov after defeat "Sevastopol is not Moscow, Crimea is not Russia".   So when we gave them back Sevastopol, Kerch etc via treaty of Paris in 1856, one of the conditions was "not to establish any naval or military arsenal on the Black Sea coast".

That lasted long didn't it.   The west are infinitely more trustworthy than the Russians.  

[grappa_barricata]

[jonoiv]

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

Dude, England left the gold standard in 1931. That's 40 years before the USA.

The gold standard was the pegging of gold to currency.  Not the backing of currency with assets gold or otherwise.

[grappa_barricata]

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

Dude, England left the gold standard in 1931. That's 40 years before the USA.

The gold standard was the pegging of gold to currency.  Not the backing of currency with assets gold or otherwise.

awwwshit man...

[jonoiv]

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

Dude, England left the gold standard in 1931. That's 40 years before the USA.

The gold standard was the pegging of gold to currency.  Not the backing of currency with assets gold or otherwise.

awwwshit man...

 

[phoenix1]

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

Dude, England left the gold standard in 1931. That's 40 years before the USA.

The gold standard was the pegging of gold to currency.  Not the backing of currency with assets gold or otherwise.

It's all smoke and mirrors jonoiv - the BOE, ECB, and FED's assets are virtually worthless. The whole thing only continues because if the music stops, there are no chairs at all ... so everyone keeps standing and dancing and will do for as long as they can

[jonoiv]

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

Dude, England left the gold standard in 1931. That's 40 years before the USA.

The gold standard was the pegging of gold to currency.  Not the backing of currency with assets gold or otherwise.

It's all smoke and mirrors jonoiv - the BOE, ECB, and FED's assets are virtually worthless. The whole thing only continues because if the music stops, there are no chairs at all ... so everyone keeps standing and dancing and will do for as long as they can

It's all a powder keg of bullshit, I get that bit.   

[NotLambchop]

Hello, we'd like to talk to you about Bitcoin!



May we come in?

[BlindMayorBitcorn]

Hello, we'd like to talk to you about Bitcoin!



May we come in?

How to pray to the Bitcoin??

[N12]

can we have a special moment of silence for MTGOX and my bitcoins that are lost forever



I'm always amazed by how fast we all just turned our heads from that debacle... there is no question in my mind this market HAS HAD TO FEEL THE IMPACT of MTGox, and we are feeling it... this will last a considerable amount of time.. you cant just compare 2009 / 2010 to today without taking a look at that and realising there will be an ongoing intangible impact when comparing today's data to historical data etc...

fucking Mark Karpelese!

We thought we could brush it away, ignore it, sweep it under the rug, laugh it off.

Now we all pay for our sins.

[phoenix1]

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

Dude, England left the gold standard in 1931. That's 40 years before the USA.

The gold standard was the pegging of gold to currency.  Not the backing of currency with assets gold or otherwise.

It's all smoke and mirrors jonoiv - the BOE, ECB, and FED's assets are virtually worthless. The whole thing only continues because if the music stops, there are no chairs at all ... so everyone keeps standing and dancing and will do for as long as they can

It's all a powder keg of bullshit, I get that bit.  

Well, read my wall of text and try to get some more of it. PM me if you like  
Western CB's have been colluding for years to suppress the price of gold to give the false impression that there is much less inflation than there really is and that we are not being robbed blind. Meanwhile China is amassing as much physical gold as it can, and giving misleading details of its true holdings.

Meanwhile, back to BTC, the obvious bear pennant on the chinese exchanges is obviously breaking down ...

[adamstgBit]

nice little buy a few seconds ago on finex

stamps reacting well to this little drop

 price is low, sentiment is down, NotLambchop is really good at trolling, ladies it might be time to face reality...

[N12]

This is ladies. Red, bloody period.

[adamstgBit]

Yes, I get that to a point, they can print a currency at will, and produce as much as they want.  But, I strongly disagree, that fiat is not backed by anything, the value will be reached by the market based on the creditworthiness of the country.  I'm not suggesting barclays bank has xxx pounds sterling, and can back it with xxx pounds of gold. However, the assets of the bank or the country for that matter should balance.  QE don't create more money, it's like having a large pizza and cutting it into 10 slices instead of 8 slices.  There may have been billions of extra £'s made out of thin air, but each pound almost overnight lost value.

Im not suggesting gold moves in tankers between states.  I am saying that the value of a currency is backed by the bank or country ability to produce assets in the form of gold if required.  

The fiat that is being issued by QE is being used to buy the worst of the worst junk from the banks that hold them to give them the appearance of financial health. All the dog-shit assets are being moved to the balance sheet of the CB's, and yes, it balances because they do not mark them to market and instead assume they will hold to maturity and be repaid or else sell at a later date to contract their balance sheets. The chances of either of those events happening are slim to none. Nobody is calling anyone on it because they are all playing the same game. The FED is now the biggest hedge fund in the world, leveraged about 80:1 (Lehmans was 40:1 when it went bust), and the assets that are leveraged are probably worthless (the Japanese may take this title soon if they have not done so already)

Nobody calls anybody on it because they are all playing the same game and if one domino falls, all the rest will follow. The emperor has no clothes and everyone in the know knows it. It's now just a confidence trick on Joe Public, who, like you (no offense) does not understand the dynamics at play.
The Euro is now largely backed by Greek, Spanish, Portuguese etc govt debt ... good luck with that. Bail out after bailout, they issue Euros and buy the distressed debt, kicking the can further and further down the road under the false assumption that it can go on forever. It won't. But then the music stops its going to get very ugly very fast. How long that will take, nobody knows. All it takes is one systemic shock. The alternative of course is a false flag event, or just plain war.

Gold has virtually nothing to do with it, except that CB's hold an increasingly small portion of their reserves in gold, and there is the an alternative to complete collapse - a complete revaluation of gold such that its value is so high that the balance sheets look respectable again. Not impossible, but unfortunately most western CB's have been flogging their gold to India and China for the last decade. Most of this takes the form of leasing, whereby ownership is transferred notionally and they never hand over the gold, the assumption being that they will if asked. That  assumption may be proven to be very wrong, and it is largely suspected that the same gold has been leased many times over. There are more 'calls' on gold than gold in the vaults. Again, nobody wants to play that card yet, because one failure to deliver gold will lead to a collapse of the pyramid. Why do you think Germany has been so quiet about the non-repatriation of the small portion of their gold they requested from the US? The US has said it will take 5 years to transfer what could be loaded onto a few cargo planes and transferred with ease. But they have not and will not. They have given them a pitiful amount so far.
So the game continues ... for now.

But the players are starting to hear the BTC mantra .. if you don't hold you PK's, you don't have Bitcoin, you have paper Bitcoin. Same goes for gold as confidence wanes and nerves get strained. So countries are becoming increasingly nervous about the gold that is declared on their balance sheets but held in vaults in other countries. As are some of their citizens. It's going to get messy. It's not if, it's when. This is already unfolding in several European countries.

And for what its worth the UK sold most of its Gold years ago (thanks Gordon, nice one  )  to bail out banks that were caught short and could not deliver on futures contracts. Part of the agreement was that they removed themselves from the gold market afterwards. I believe Rothschilds was one of the banks involved.

There is a lot of very interesting stuff out there and it all fits together far too neatly to be just dismissed as a 'conspiracy theory', though naturally that will be the first reaction of the sheeple.

Holding fiat does not give you any call on your CB's reserves whatsoever. In a free market currencies would adjust to reflect the quality of reserves and their ability to borrow in the bond markets but thats as far as it goes. And we don't have free markets ...

EDIT: So I guess you are right in a sense that people are starting to realise that about the only tangible asset on Gov's balance sheets is the negligible amount of gold left since moving form the gold standard. But to say that this is what determines a countries credit-worthiness is stretching it waaaay too far. It probably ought to, but right now it does not. See the problem ??

Sorry for dopplepost .. don't know what happened there !!

good read.
+1

[jonoiv]

nice little buy a few seconds ago on finex

stamps reacting well to this little drop

 price is low, sentiment is down, NotLambchop is really good at trolling, ladies it might be time to face reality...

Reality of what ? 

[LFC_Bitcoin]

Price is going to shit.