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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1804443 times)
bitrider
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August 13, 2014, 03:07:48 AM
 #10521

here's one i was going to pass over.  another old dude that gets it.  he actually taught me something:

"Capitalism is deflationary".

https://www.youtube.com/watch?v=V9hb0EKAcro&feature=youtu.be

Don't make me go there.

Too late...
"Time is deflationary." - NL

Wink

Definitely worth the time for me...thanks for the link...
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August 13, 2014, 03:41:36 AM
 #10522

Quote
the only reason silver became a form of money in the first place was b/c of the high amount of friction in pm’s.  gold has a limited form of divisibility despite what you’ve been told.

Last thing you want to do is make an argument that puts you on the same side as Federal reserve, silver has been currency of some kind for thousands of years.   Sterling or uk pounds is a reference to sterling silver, we're going back over a thousand years just on that reference.  We've only just removed silver coins from circulation just after ww2 yet now the lesson taken was it was never needed    So a logic used now is to dismiss a trend formed over millennia to favour exclusively the idea of just paper notes, its just arrogant and dismissive and very likely wrong or self biased in many ways.

For whatever reason two tiers to a currency is not a one off occurrence in history, its easily possible bitcoin does have a minor to its major.     Gold can be split into a leaf that will float on the wind and cost a dollar each, bitcoin is more practicable in that quantity

This debate makes me feel so bullish, ultimately it isn't Bitcoin second to anything, but what's second to Bitcoin.

I do understand there is an historical president for 2 currencies, Historically if a colonial power were to corner the market in say gold, and leverage taxes in that medium, then one would expect the colonies to switch to a more functional currency say silver, and if the situation gets intolerable we'll expect a tea party.  

I imagine a seconds alt, LTC probably isn't it, may appear to challenge Bitcoin should Bitcoins monetary velocity slow to a concerning crawl, while transactions diminish. But without the driving economic conditions, it isn't predictable.  Bitcoin will in my estimation always be the single highest value ledger.

If my thinking is correct, on the next upswing, we should expect the Bitcoin network to expand relatively consistently correlated with Metcalf's law.

I can imagine a scenario where we'll see low velocity (below average days destroyed before the correction) and transaction volume that isn't correlated with the upswing in price. In this scenario I would draw a historic analogy between gold and silver leading up the American Revolution.

The predicted result would be a huge spike in the value of alts relative to the growth in price of Bitcoin. It'll be great if you have alts, but they'll crash much hard after Bitcoin corrects, and that saying by cypherdoc: paraphrasing "most will lose money during this transition to Bitcoin" will ring loud and true.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
molecular
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August 13, 2014, 06:52:15 AM
 #10523

Think about it...

Where was Bitcoin when it was at 2.75 years old?

I think you will find some very particular similarities between the two.

I think the assumption that litecoin would take the same development path as bitcoin is quite a stretch, tbh.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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August 13, 2014, 06:54:56 AM
 #10524



ouch! That's a 20% drop in 2 days.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
bassclef
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August 13, 2014, 07:07:27 AM
 #10525

Think about it...

Where was Bitcoin when it was at 2.75 years old?

I think you will find some very particular similarities between the two.

I think the assumption that litecoin would take the same development path as bitcoin is quite a stretch, tbh.


Retailers are beginning to accept it, for one. Not many but a few. I was browsing a great electronics site yesterday (can't remember the name) that accepted both BTC & LTC. Very well designed, professional site.
smoothie
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August 13, 2014, 07:25:51 AM
 #10526

Think about it...

Where was Bitcoin when it was at 2.75 years old?

I think you will find some very particular similarities between the two.

I think the assumption that litecoin would take the same development path as bitcoin is quite a stretch, tbh.


That wasn't the implication. The honest scale of comparison was what I was addressing, even though the price movements are somewhat similar.

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boumalo
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August 13, 2014, 11:28:10 AM
 #10527

Think about it...

Where was Bitcoin when it was at 2.75 years old?

I think you will find some very particular similarities between the two.

I think the assumption that litecoin would take the same development path as bitcoin is quite a stretch, tbh.


Retailers are beginning to accept it, for one. Not many but a few. I was browsing a great electronics site yesterday (can't remember the name) that accepted both BTC & LTC. Very well designed, professional site.

You don't see businesses stoping to accept bitcoins but you see new businesses starting to accept it; the technology is superior to what exists and safer and the western financial system will be hit hard with most fiat currencies showing their inherent weaknesses for everyone to see so Bitcoin will gain value

marcus_of_augustus
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August 13, 2014, 01:26:59 PM
 #10528

bitcoin down, gold up?

bucktotal
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August 13, 2014, 01:29:19 PM
 #10529

bitcoin down, gold up?

ya i think gold has gone from about 1200 to 1300 this yr... bitcoin from about 1200 to 500

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August 13, 2014, 02:19:44 PM
 #10530

Think about it...

Where was Bitcoin when it was at 2.75 years old?

I think you will find some very particular similarities between the two.

I think the assumption that litecoin would take the same development path as bitcoin is quite a stretch, tbh.


Retailers are beginning to accept it, for one. Not many but a few. I was browsing a great electronics site yesterday (can't remember the name) that accepted both BTC & LTC. Very well designed, professional site.

You don't see businesses stoping to accept bitcoins but you see new businesses starting to accept it; the technology is superior to what exists and safer and the western financial system will be hit hard with most fiat currencies showing their inherent weaknesses for everyone to see so Bitcoin will gain value

I think we are already passed that.. talking about ltc now.
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August 13, 2014, 03:29:21 PM
 #10531

bitcoin down, gold up?

ya i think gold has gone from about 1200 to 1300 this yr... bitcoin from about 1200 to 500



Yep. I think there are lots of people who put much credence on the bit licenses. Personally. I think they're mouth breathers, but I've been wrong before.

+1 to traderCJ  for now.
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August 13, 2014, 05:37:32 PM
 #10532

It's a good thing I've saved lots of ammunition.

The entire world is filled with ammunition.
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August 13, 2014, 05:51:24 PM
 #10533

It's a good thing I've saved lots of ammunition.

The entire world is filled with ammunition.

I'm right there with ya!  (Got off a couple of shots this morning!)
bucktotal
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August 13, 2014, 06:10:09 PM
 #10534

bitcoin down, gold up?

ya i think gold has gone from about 1200 to 1300 this yr... bitcoin from about 1200 to 500



Yep. I think there are lots of people who put much credence on the bit licenses. Personally. I think they're mouth breathers, but I've been wrong before.

+1 to traderCJ  for now.

well, similar to previous times, we needed some *news/reason (TM) to get some panic selling. As i had predicted/hoped (TM) in a speculative post a month ago, we touched the 365 day MA again... (thanks gaiz!) so i'm all out of fiat as i loaded up yesterday.

(we may continue the growth now imo, Smiley)
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August 13, 2014, 06:15:16 PM
 #10535

bitcoin down, gold up?

ya i think gold has gone from about 1200 to 1300 this yr... bitcoin from about 1200 to 500



Yep. I think there are lots of people who put much credence on the bit licenses. Personally. I think they're mouth breathers, but I've been wrong before.

+1 to traderCJ  for now.

well, similar to previous times, we needed some *news/reason (TM) to get some panic selling. As i had predicted/hoped (TM) in a speculative post a month ago, we touched the 365 day MA again... (thanks gaiz!) so i'm all out of fiat as i loaded up yesterday.

(we may continue the growth now imo, Smiley)

yeah, it's not uncommon to get a throw under support to flush out the last remaining weak hands.  554 was such a tempting target for bears...
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August 13, 2014, 06:26:42 PM
 #10536

just a little reminder.  10y charts:

GDXJ


GDX


Gold


Silver


devastation
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August 13, 2014, 06:39:29 PM
 #10537

my biggest fault is underestimating just how stupid ppl can be.  as long as the protocol is intact, Bitcoin is good.  every day that goes by w/o a hack or major bug strengthens the cause and message.
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August 13, 2014, 06:49:29 PM
 #10538

my biggest fault is underestimating just how stupid ppl can be.  as long as the protocol is intact, Bitcoin is good.  every day that goes by w/o a hack or major bug strengthens the cause and message.
As far as I'm concerned, Bitcoin is fine at this price since I don't rely on trading or speculation for income.

Thanks to Bitcoin, my income is location-independent. My savings are also location-independent and not remotely confiscatable.

Low exchange rates means my income has increased if I use Bitcoin as my unit of account (which I do).
cypherdoc
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August 13, 2014, 06:59:17 PM
 #10539

my biggest fault is underestimating just how stupid ppl can be.  as long as the protocol is intact, Bitcoin is good.  every day that goes by w/o a hack or major bug strengthens the cause and message.
As far as I'm concerned, Bitcoin is fine at this price since I don't rely on trading or speculation for income.

Thanks to Bitcoin, my income is location-independent. My savings are also location-independent and not remotely confiscatable.

Low exchange rates means my income has increased if I use Bitcoin as my unit of account (which I do).

yeah, most of the trolls around here don't realize that they'd have to take the price down to single digits to inflict any losses on to many of us.  if it just stayed where it is today, many of us could retire tomorrow.
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August 13, 2014, 07:01:29 PM
 #10540

looks to me that Schiff and Rickards have entered their own echo chamber out of necessity; they're the only ones left.

https://www.youtube.com/watch?v=ImqxhaPyLEo
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