The Gold Conspiracy, or why breaking 1270 is hard.

[TeeBone]

Can you give us a brief explanation of your theory about how exactly gold holders block bitcoin?
Do they hold massive amounts of bitcoins as well? Doesn't makes sense.

Right, OP makes no sense at all. Goldbugs follow austrian economics, are anti-fiat and anti any "money" created out of thin air. Including bitcoin.

[beetcoin]

it's the weekend and we just hit this price level for 2 or 3 days. i think before throwing out any conspiracies, the price needs to be consolidated for more than a week or 2 at least.

[ElectricMucus]

Some of these big sells may just be people who saw the news and realized they mined some a couple years ago. I wish them luck withdrawing their money. 

If cashout issues are the reason for these prices Bitcoin is doomed.

[smoothie]

When it breaks the gold price it will be like a knife cutting through hot butter.

Or a hot knife through butter. Whichever I guess

Lol.... A cannon ball can easily move through hot butter.

What about a knife made of butter cutting through a block of butter? 

[ElectricMucus]

If cashout issues are the reason for these prices Bitcoin is doomed.

Is there a list of things that could happen that doesn't result in Bitcoin being doomed in your mind?

Sure, but it's hard for me to think of anything which includes double exponential price increases.

[thezerg]

When it breaks the gold price it will be like a knife cutting through hot butter.

Or a hot knife through butter. Whichever I guess

Lol.... A cannon ball can easily move through hot butter.

What about a knife made of butter cutting through a block of butter? 

It WAS "like a knife cutting through hot butter"... when the knife was removed the fluid reformed unchanged.  Oh well... there's always this week.

[keystroke]

If cashout issues are the reason for these prices Bitcoin is doomed.

Is there a list of things that could happen that doesn't result in Bitcoin being doomed in your mind?

Sure, but it's hard for me to think of anything which includes double exponential price increases.

Yea, because a cryptocurrency starting from scratch at $0 can get to billions in valuation any other way?

[Chalkbot]

Can you give us a brief explanation of your theory about how exactly gold holders block bitcoin?
Do they hold massive amounts of bitcoins as well? Doesn't makes sense.

Gold holders will look down upon bitcoin, and say "ni".  Repeat until price retreats.

[ElectricMucus]

If cashout issues are the reason for these prices Bitcoin is doomed.

Is there a list of things that could happen that doesn't result in Bitcoin being doomed in your mind?

Sure, but it's hard for me to think of anything which includes double exponential price increases.

Yea, because a cryptocurrency starting from scratch at $0 can get to billions in valuation any other way?

Billions of dollars isn't the goal. It would be moronic to have 21mil units and have to rely on subunits for anything on purpose.
Besides any unbounded function eventually reaches infinity. Oh and no exponent can rise zero to anything other than zero 0*x^2^2 is still zero.

[keystroke]

Yea, because a cryptocurrency starting from scratch at $0 can get to billions in valuation any other way?

Billions of dollars isn't the goal. It would be moronic to have 21mil units and have to rely on subunits for anything on purpose.
Besides any unbounded function eventually reaches infinity. Oh and no exponent can rise zero to anything other than zero 0*x^2^2 is still zero.

haha, right, it is not going to follow exponential growth forever, and going from $0 to $.01 per 5000 BTC or whatever was a special event in and of itself. But why is it moronic to have 21mil units? We will be transacting in millibits by then.

Regarding your signature, do you really believe making bitcoin illegal would stop it? It would be to be made illegal in dozens of countries at least. How quickly do you think this needs to be done to avoid catastrophe?

[ElectricMucus]

Yea, because a cryptocurrency starting from scratch at $0 can get to billions in valuation any other way?

Billions of dollars isn't the goal. It would be moronic to have 21mil units and have to rely on subunits for anything on purpose.
Besides any unbounded function eventually reaches infinity. Oh and no exponent can rise zero to anything other than zero 0*x^2^2 is still zero.

haha, right, it is not going to follow exponential growth forever, and going from $0 to $.01 per 5000 BTC or whatever was a special event in and of itself. But why is it moronic to have 21mil units? We will be transacting in millibits by then.

Regarding your signature, do you really believe making bitcoin illegal would stop it? It would be to be made illegal in dozens of countries at least. How quickly do you think this needs to be done to avoid catastrophe?

It never was really zero, even with only satoshi and gavin on the network it still was worth a minute amount to them because they kept spending electricity to generate them.
Millibits are fractions, and that is moronic, and only a hardline Bitcoiner can think otherwise, ask anybody else if they want to use milli, micro, nano or femto-somthings. But that's beside the point, the point is if you create a unit of measure you would want it as close to real world applications as possible. And as it turns out that Bitcoin was made to work for a small community of enthusiasts for self-reliance. What actually happened a broad public came to use it and the way they have adopted it it makes them even more dependent.
This is also in tune with the software architecture of the main client.

My signature is just my way of making fun of the ridiculous notion that bitcoin would ever be a threat to the status quo.

[pand70]

But that's beside the point, the point is if you create a unit of measure you would want it as close to real world applications as possible. And as it turns out that Bitcoin was made to work for a small community of enthusiasts for self-reliance.

I think Satoshi was such a visionary that was constantly thinking about how bitcoin will scale. From what i read at least it doesn't look like bitcoin was meant for a small group even in the early stages.

[ElectricMucus]

I explained my reasoning, and if you want a serious response I expect you to do the same, I don't care what you think and what you have read as long as you don't underline your opinion with concice arguments you won't get anything but ridicule from me.

[traderCJ]

If cashout issues are the reason for these prices Bitcoin is doomed.

Is there a list of things that could happen that doesn't result in Bitcoin being doomed in your mind?

Sure, but it's hard for me to think of anything which includes double exponential price increases.

Anything that is driven from an exponential process.  I believe the reason for the exponential growth in this case is the way information travels through networks of people.  Five poeple tell five people who tell five people and so on.

[antimattercrusader]

If you are a huuuge holder of gold, you should be afraid of Gold 2.0, and you would not want bitcoin to succeed.
The price behavior around the psychologically important level of the ounce price of gold is starting to look increasingly suspicious.

See the H4 view here:
http://bitcoinwisdom.com/markets/mtgox/btcusd

It is instant sales that are halting the upward trend. Who is trying to block Bitcoin? Which gold holders are making this futile effort? Questions, questions.

Assuming they'll fail, they will have to reverse their short position at some point. They are just building up for a great price rise the minute we pass gold and they give up!

Who agrees?

Ancient aliens.

 

[keystroke]

It never was really zero, even with only satoshi and gavin on the network it still was worth a minute amount to them because they kept spending electricity to generate them.
Millibits are fractions, and that is moronic, and only a hardline Bitcoiner can think otherwise, ask anybody else if they want to use milli, micro, nano or femto-somthings. But that's beside the point, the point is if you create a unit of measure you would want it as close to real world applications as possible. And as it turns out that Bitcoin was made to work for a small community of enthusiasts for self-reliance. What actually happened a broad public came to use it and the way they have adopted it it makes them even more dependent.
This is also in tune with the software architecture of the main client.

My signature is just my way of making fun of the ridiculous notion that bitcoin would ever be a threat to the status quo.

I think those who ran the client in 2009 did not even consider the cost of running it. If anything the cost was measured in a slightly slower computer, a warmer room, or more likely a louder fan. So it was running at a loss. I don't think you can really say it was never zero or less than zero. Nobody would have bought those coins. Many transactions were sent around the network just for fun to test the client. Back then there was a send to IP feature (now removed due to MITM attacks) and it was cool to just experiment with it.

Have you read Konrad Graf's work "On the origins of Bitcoin"?

We don't know the final price range so it is not going to be easy to determine what unit of measure to use right now. But many countries operated in the million denomination range for small purchases (e.g. Turkey ~10 years back, then they dropped a bunch of zeros). Doesn't that also seem silly? But people can use it and adjust. Why be so concerned about the introduction of a decimal point? "Ask anybody else if they want to use hundreds, thousands, millions, billions, trillions." What's the difference between that and milli, micro, nano... sure the problem is that they have not been used before in money denominations so it seems strange to people. But people will just call them millies or whatever and not even think about the fact that the name is a derivative specifying a fraction of a bitcoin. We are deflationary so we are moving in the opposite direction.

Even with gold an ounce is a lot. So people sometimes talk about grams to specify tiny amounts. It is strange because they are using two different measurement systems when jumping from one to the other. But it is useful so they do it.

[ElectricMucus]

Satoshi did value generating his Bitcoins, he spend significant expenses beyond a simple desktop PC on it. Analysis on the timestamps of the blocks extranonce numeration and the timestamps at difficulty 1 strongly indicate that.

Oh and of course people can get used to almost anything, but only to literally everything if you force them to or if they want to.

[pand70]

sure the problem is that they have not been used before in money denominations so it seems strange to people. But people will just call them millies or whatever and not even think about the fact that the name is a derivative specifying a fraction of a bitcoin. We are deflationary so we are moving in the opposite direction.

The fact that people are not used to that before it's big deal before bitcoin has so many aspects already that people find strange. We don't want to constantly add more

[ElectricMucus]

My guess is the same Chinese obsessed with Bitcoin are obsessed with Gold.

Many people "world rather have" one oz coin than a Bitcoin.

[pand70]

My guess is the same Chinese obsessed with Bitcoin are obsessed with Gold.

Many people "world rather have" one oz coin than a Bitcoin.

My guess is the same Chinese obsessed with Bitcoin are obsessed with Gold.

Many people "world rather have" one oz coin than a Bitcoin.

You mean the same guys that love to hoard everything. That's why i think the bad news about bitcoins now being banned for commercial reasons will not affect the price that much.