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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1807055 times)
cypherdoc
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August 13, 2014, 09:43:20 PM
 #10561

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
 #10562

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
 #10563

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
 #10564

https://twitter.com/cypherdoc2/status/499682471131115521
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August 13, 2014, 10:27:17 PM
 #10565

"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
 #10566

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
 #10567

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:

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August 13, 2014, 10:45:27 PM
 #10568

Overstock starting to look interesting as an investment:

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August 13, 2014, 11:20:56 PM
 #10569

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:

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August 14, 2014, 03:31:35 AM
 #10570

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.

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August 14, 2014, 04:05:11 AM
 #10571

sentiment feels pretty washed out.
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August 14, 2014, 04:42:21 AM
 #10572

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
 #10573

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
 #10574

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
 #10575

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.

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August 14, 2014, 06:04:01 AM
 #10576

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
 #10577

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
cypherdoc
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August 14, 2014, 06:25:54 AM
 #10578

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

everytime i see ppl like you enter this thread and scream buy gold, i laugh.  b/c i think about how i sold out all my silver starting @ 48 and gold @ 1750 to then turn around and start plowing that into BTC starting @ 1.60.

so there.

edit:  it wasn't a linear sequential sell then buy process, so don't go back and line up prices with dates as they won't match up.  it was a conscious decision made to execute a transitional strategy at opportune times starting in March 2011 when i finally wrapped my head around Bitcoin after 2 mo of non-stop research starting in Jan 2011.  i have the advantage of having lived and breathed pretty much the entire life history of this ongoing up and down transition which gives me some perspective.  sure i could start being very wrong, but i don't think so.
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August 14, 2014, 06:42:53 AM
 #10579

these are actually 2 very important graphs.  

back in 2007, i recognized that the ability of the banking elite to encumber the average US citizen with the biggest purchase in their lifetimes was coming to an end.  ever since that time, the Fed has more than quintupled the monetary base to support all sorts of bad debt instruments doled out to just about everyone except these same average US citizens.  it's clear from these graphs the jig is up. the avg person has caught on and are not participating in the necessary Ponzi scheme which is required to keep these Ponzi assets pumped up.  since the banksters can't rely on encumbering the avg citizen anymore, they've turned to gov't/Fed bailouts and free money to keep the game going.  when we start getting sovereign defaults, a fresh crisis will arise.  Argentina may represent that first salvo.  get yourselves into a digital bearer instrument asap.  and i don't mean USD's.


There is only one (1!) economist on this planet who predicted how the endgame will look like:

"Heute ist weltweit Bagehot total: Alle Staaten werden für alle Staaten, alle Notenbanken für alle Notenbanken haften, einschließlich Währungsfonds und Weltbank und vielen anderen internationalen Institutionen. Und alle Staaten werden für alle Banken geradestehen, aber auch alle Notenbanken für alle Staaten und alle Staaten für alle Notenbanken. Alle, alle, alle werden für alle, alle, alle dasein. Und alle wissen, dass keinem von allen etwas passieren darf, weil dann allen etwas zustößt." Paul C. Martin 1987

"Staat nenne ich's, wo alle Gifttrinker sind, Gute und Schlimme: Staat, wo alle sich selber verlieren, Gute und Schlimme:
Staat, wo der langsame Selbstmord aller – »das Leben« heisst."
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August 14, 2014, 07:21:26 AM
 #10580

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