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Author Topic: Stocks down 5%, BitCoin UP 14%  (Read 1155 times)
yoyoceramic
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August 04, 2011, 10:45:55 PM
 #1

Holders of Bitcoin, I think it deserves mention that today...
*US equities lost about 5%(1),
*nearly every world currency traded negative(2),
*bitcoin traded up. (3)

Congratulations on owning the only currency in existence which cannot be destroyed by central banks. 

MEANWHILE, IN THE WORLD OF CENTRAL BANKING...
Global stock markets plunged on Thursday as central bank
interventions in Europe and Japan failed to soothe investors’ concerns over economic
growth and the eurozone debt crisis.  The European Central Bank bought
government bonds for the first time since March
, just hours after the
Bank of Japan intervened in currency markets
to halt the rise of the yen and the
Turkish central bank cut rates to an all-time low.

“We are seeing a widespread crisis of confidence. Central banks have lost their
credibility
,” said Ed Yardeni, founder of Yardeni Research and a former US Federal
Reserve staff member.

The day as it progressed Tokyo Bank of Japan intervenes to force down yen,
sending it sharply lower against the dollar and the euro.
Ankara Turkish central bank cuts policy rate to all-time low
despite strong economic growth and above-target inflation.

[Brussels European Commission president calls for “rapid reassessment” of
€440bn rescue fund
], suggesting it should be raised.
Frankfurt European Central Bank president confirms it is buying sovereign
 bonds
and providing liquidity to the region’s banks.
London FTSE 100 closes down 3.4%. The index has fallen more than 10% since May.

“They are destroying the euro sovereign bond market, except for the Bund
[German debt],” complained an official in Rome.

Source: http://www.ft.com/cms/s/0/a42f1508-bebe-11e0-a36b-00144feabdc0.html#ixzz1U6NZQT9l

(1) http://finance.yahoo.com/q?s=spy&ql=1
(2)  http://finance.yahoo.com/lookup/etfs;_ylt=AvQKM9m4oMyOfjWqBtVp8WLbVax_;_ylu=X3oDMTFiaHRhZWtsBHBvcwMyMgRzZWMDeWZpU3ltYm9sTG9va3VwUmVzdWx0cwRzbGsDZmlyc3Q-?s=currency&t=E&m=ALL&r=&b=0
(3) http://bitcoincharts.com/markets/mtgoxUSD.html
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Jack of Diamonds
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August 05, 2011, 12:08:06 AM
 #2

People tend to buy (long term) deflationary commodities in times of crisis.
Just look at gold, it's as if it's price has no ceiling. The long and short term highs have constantly been broken for ages.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
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August 05, 2011, 12:16:45 AM
 #3

Being up 15% after a 30% drop is still down 20%.

I consider Bitcoin equal in functionality and superior to gold in many ways. The only thing that would bring Bitcoin down is widespread devastation of the telecommunications network. Even still, today gold is the asset that's established. It will take time for Bitcoin to become truly entrenched.

So pop the corks when new highs have been reached. Until then, exercise caution and realism.
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August 05, 2011, 03:46:50 AM
 #4

People tend to buy (long term) deflationary commodities in times of crisis.
Just look at gold, it's as if it's price has no ceiling. The long and short term highs have constantly been broken for ages.

what can't go on forever, won't.
foggyb
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August 05, 2011, 04:08:11 AM
 #5

People tend to buy (long term) deflationary commodities in times of crisis.
Just look at gold, it's as if it's price has no ceiling. The long and short term highs have constantly been broken for ages.

what can't go on forever, won't.

Gold will continue to appreciate versus paper until the presses shut off.

Then it will be restructured (devalued) according to whatever new fiat currency will replace the dollar, probably a world currency.
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August 05, 2011, 06:36:55 AM
 #6

Fair enough.  I believe in BitCoin, but realize the speculative nature of the beast.  I just make 5.2% in the last week by speculating in Swiss Francs via the ETF $FXF.  As a speculator/hedger I realize the potential of BTC.  It could easily be 3 USD or 30 USD in the next 6 months.   BTC has the potential as an exponential investment with both upside and downside risk... including near 0.   This is why I love the potential... near 0 or near $100... similar likelihood.  Shocked Embarrassed Roll Eyes

Ganalon -- Techie and Financial Guy
http://websqurl.com/
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