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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1933191 times)
Melbustus
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August 13, 2014, 09:07:31 PM
 #10541

...
Where was Bitcoin when it was at 2.75 years old?
...


No. You said that further upthread too, and I let you get away with it, but this is the 2nd time, so...no! You cannot compare the time-since-inception independently for each since Bitcoin CREATED the entire crypto-currency ecosystem from scratch and had to fight that nasty battle solo. All cryptos are basically coat-tailing on the interest and groundbreaking that bitcoin has done.

So if Litecoin has any merit at all, it *should* show A LOT more relative interest/market-cap/whatever 2.75yrs into its lifecycle versus bitcoin 2.75yrs in. Litecoin has the benefit of letting something else pioneer the space; and that was the actual hard work.

Using any metric about Litecoin 2.75yrs-in versus Bitcoin 2.75yrs-in in order to supposedly demonstrate some sort of comparative long-run litecoin validity is just broken...

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
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Melbustus
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August 13, 2014, 09:10:16 PM
 #10542

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.


Heh...I often feel that way too. Hence, being early in almost all of my investments. They tend to go the wrong way for a while before going very much the right way. Bitcoin is no different (was down over 90% at one point on my first 2011 purchases).

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
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August 13, 2014, 09:32:14 PM
 #10543

silver continuing to be destroyed by Bitcoin.  gold will follow:

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August 13, 2014, 09:43:20 PM
 #10544

despite the BTC dump today, LTC continues to do even worse. this is good and serves a purpose, imo, as we need a final flush for the alts:

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August 13, 2014, 09:52:59 PM
 #10545

silver continuing to be destroyed by Bitcoin.  gold will follow:



the new silver price fix algo will be implemented on friday. in the past two weeks there have been massive efforts to hold the price below $20. the annual physical silver market, which used to be cutely known as supply and demand is around $22b if I remember correctly. the annual paper market is $1.6T according to the FT. why any commodity needs to be 'fixed' in a free market is yet another reminder of just how pathetic and irrelevant markets are. but I guess they employ a lot of very brainy people who provide useless and irrelevnt charts and stats and who otherwise couldn't find work. if my flight arrives safely in shanghai then I will watch the silver action on Friday with keen interest. I still think silver has one last gasp left in it.
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August 13, 2014, 10:14:02 PM
 #10546

silver continuing to be destroyed by Bitcoin.  gold will follow:



the new silver price fix algo will be implemented on friday. in the past two weeks there have been massive efforts to hold the price below $20. the annual physical silver market, which used to be cutely known as supply and demand is around $22b if I remember correctly. the annual paper market is $1.6T according to the FT. why any commodity needs to be 'fixed' in a free market is yet another reminder of just how pathetic and irrelevant markets are. but I guess they employ a lot of very brainy people who provide useless and irrelevnt charts and stats and who otherwise couldn't find work. if my flight arrives safely in shanghai then I will watch the silver action on Friday with keen interest. I still think silver has one last gasp left in it.

well, i've been quite vocal about not liking the Bitcoin "fix" being planned by Second Market.  maybe routing around NY serves a purpose; avoid that debacle.
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August 13, 2014, 10:23:38 PM
 #10547

https://twitter.com/cypherdoc2/status/499682471131115521
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August 13, 2014, 10:27:17 PM
 #10548

"well, i've been quite vocal about not liking the Bitcoin "fix" being planned by Second Market.  maybe routing around NY serves a purpose; avoid that debacle."

Ha, I'm more concerned about my flight routing around the Ukraine at the moment. Smiley

I wonder if the bitcoin "fix" will actually provide what passes for legitimacy in this effed up world.
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August 13, 2014, 10:28:36 PM
 #10549

and here you've been told Bitcoin was volatile. what'd that take, like 12 min from top to bottom?  and during after hours when MOST traders don't have access to markets.  btw, this shit happens ALL THE TIME:

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August 13, 2014, 10:36:45 PM
 #10550

and here you've been told Bitcoin was volatile. what'd that take, like 12 min from top to bottom?  and during after hours when MOST traders don't have access to markets.  btw, this shit happens ALL THE TIME:



here's a close up.

18.13 to 16.2 in that first red down candle on hardly any volume; within seconds of the announcement.  and despite an earnings beat as indicated in yellow.  translation: impossible to trade with any rationality, let alone impossible to trade in after hours, period.

this is how the pricks on Wall St make money; big players whipsawing small investors according to their whims:

cypherdoc
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August 13, 2014, 10:45:27 PM
 #10551

Overstock starting to look interesting as an investment:

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August 13, 2014, 11:20:56 PM
 #10552

this is interesting.

according to Stockman, the leveraged structured securities markets is alive and well.  and starting to trigger margins calls against hedge funds:

Hidden Financial Bombs: Margin Calls Hit Hedge Funds Speculating in Freddie/Fannie Bonds With High Repo Leverage

http://davidstockmanscontracorner.com/hidden-financial-bombs-margin-calls-hit-hedge-funds-speculating-in-freddiefannie-bonds-with-high-repo-leverage/

that explains the chart below.  technically, i don't see any way that the current bounce can lead to higher highs.  there's been too much damage.  and if i'm right, there's more significant pain to come for junk bond holders on the downside.  any trouble there will be systemic.

get into digital bearer assets for safety:

tabnloz
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August 14, 2014, 03:31:35 AM
 #10553

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

they talk about Bitcoin @ 22:00

it's amazing that Rickards can't see the hypocrisy in his own arguments against Bitcoin.  he's critical that Bitcoin isn't yet a unit of account.  but what about gold?  how does everyone refer to their gold values?  oh yeah, same way, in USD's!  also, he's critical of the capital gains ruling against Bitcoin.  well, what about gold again?  oh, it's tax tx is even worse as a collectible or as personal income depending on your income bracket.  he also criticizes that Bitcoiners may tax dodge, while ignoring that a fundamental property of Bitcoin is that it makes it easier to do so if one wishes compared to gold.  that's not a fault of Bitcoin, it's a fault of the owner.

Schiff still thinks it's a tulip mania destined to crash.  not sure how this squares with what Tucker claims he said.  but why should 1200 or so be a ceiling for Bitcoin when gold went to 1923 at it's peak?  what's a share of Berkshire Hathaway stock priced at?

amazingly shallow analysis.

Definitely agree. As much as I like Rickards books, for both he and Schiff to talk of the reckless actions of the Fed, the impending death of the dollar and the fiat system and then give such ordinary arguments against a protocol that disintermediates the very thing they criticise, well, it seems strange. Its like saying that the govt is manipulating, wrong, crooked etc but dont do anything about it cos they will ban you; they are just hoping everything implodes and gold becomes the fallback by default.

Even if they are gold guys, being on board with something that benefits their clients should be their main priority not to reinforce their existing biases.

Of course they may also steadfastly believe that bitcoin will fail, but their arguments are out of sync with their rhetoric.

cypherdoc
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August 14, 2014, 04:05:11 AM
 #10554

sentiment feels pretty washed out.
damnek
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August 14, 2014, 04:42:21 AM
 #10555

sentiment feels pretty washed out.

It's been weeks and weeks of selling. When will it finally end?

Be a voice, not an echo
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August 14, 2014, 05:07:23 AM
 #10556

sentiment feels pretty washed out.

It's been weeks and weeks of selling. When will it finally end?

It may have ended on April 11th.
It is just that the climb back is a bit slow and rocky. The year started at $730 and it will probably finish above that level.

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August 14, 2014, 05:29:42 AM
 #10557

sentiment feels pretty washed out.

It's been weeks and weeks of selling. When will it finally end?

I think soon.
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August 14, 2014, 05:43:21 AM
 #10558

Finally! Mish is mentioning Bitcoin and not pretending it away. Another long slow conversion in progress:

"Capital Flight From China, One Person at a Time, Via ATM and Bitcoin"

http://globaleconomicanalysis.blogspot.de/2014/08/capital-flight-from-china-one-person-at.html

Also, nice to see some reality behind the theory that Bitcoin's killer app is avoiding currency controls.

cypherdoc
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August 14, 2014, 06:04:01 AM
 #10559

Finally! Mish is mentioning Bitcoin and not pretending it away. Another long slow conversion in progress:

"Capital Flight From China, One Person at a Time, Via ATM and Bitcoin"

http://globaleconomicanalysis.blogspot.de/2014/08/capital-flight-from-china-one-person-at.html

Also, nice to see some reality behind the theory that Bitcoin's killer app is avoiding currency controls.


Darn, that wasn't an endorsement by him.
hardhouseinc
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August 14, 2014, 06:12:45 AM
 #10560

Every time I see this thread and then watch BTC tank 10%+ in 2 or 3 days makes me laugh.
I have over 30oz of gold coins and would buy 30 more before I buy 5 BTC.
I question how many people here own 1/10th of that amount of BTC
Gold has been up $15 the last weeks.  And good ol bitcoin, tanking again, no surprises there.
But oh yah, it will be $1500 again by January.  
Thats a good one.
Maybe more like $150 per BTC there you experts.
LOLZ
People here make me Huh
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