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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1804353 times)
cypherdoc
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September 06, 2014, 03:10:36 PM
 #11721

Look at the text I just received from a good friend.  He's a young dentist in Vancouver.



Now the question is "how do I answer him?"  [This is always a problem for me].  If I recommend cavirtex, then he must persevere through the time-consuming KYC/AML procedure, link his bank account, and then still wait a week for the first transfer to clear  ....  Telling him about 2FA on top of this will be too much [I wish cavirtex disabled bitcoin withdrawals by default unless 2FA was enabled and verified].  

I could send him over to the bitcoin ATM which is fast and easy [although unsuitable for large purchases], but then I would feel personally responsible to set him up properly with a wallet on his phone, a back-up of the seed, and a cold-storage system.  

I wish we had an exchange-tradeable product like GLD but with bitcoin as the underlying… Smiley

My standard operating procedure:

1. Have them download a simple smart phone wallet. For iPhone I suggest BitWallet or BreadWallet. For Android it is Mycelium.
2. I send them a dollar's worth of bitcoin - now they are owners.
3. I walk them through the backup process (pretty easy)
4. At that point they can buy from me, LocalTrader or LocalBitcoins (screw buying from AML/KYC nodes)
5. I tell them to get my paper wallet product (http://CoinPro.me) to store anything larger than pocket change. It has the tutorials and a BitAddress clone on a Ubuntu Live DVD.

Or, if I don't want to spend much time with them, I direct them to http://BitcoinMerchant.com and have them click on "How to Bitcoin."



Yeah, this really is the simplest way, an SPV client on a phone. With a cold storage BIP38  private /public QR code pair on a laminated card with a backup in a safe, not only is he safe, but liquid. Mycelium is now testing their HD wallets as well. All this combined with their local trading app makes them the leader for android.
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cypherdoc
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September 06, 2014, 03:33:08 PM
 #11722

fallling, please get to work.

I'm not done yet accumulating  more bitcoin in the low 470's.

thank you.
cypherdoc
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September 06, 2014, 08:04:26 PM
 #11723

fallling, can you hear me?
blaaaaacksuit
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Who cares?


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September 06, 2014, 09:16:47 PM
 #11724

fallling, can you hear me?

I think he's too busy accumulating.
cypherdoc
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September 06, 2014, 11:20:15 PM
 #11725

fallling is faiiling.

I said low 470's or even lower.
cypherdoc
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September 07, 2014, 02:19:51 AM
 #11726

complex series of higher lows after 9 mo bear mkt. good enough for me:

cypherdoc
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September 07, 2014, 02:33:07 AM
 #11727

lookin' real good:

zeetubes
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September 07, 2014, 03:22:39 AM
 #11728

Interesting ZH article about the permanently high plateau that is the S&P. The site is down for maintenance so I can't link it but one quote got me thinking: "one glance at a chart of the S&P 500 tells us that stock prices have reached what looks like a permanently high plateau. How can we identify a permanently high plateau? One sign is price never touches the 50-week moving average (MA), much less the 200-week MA: prices just keep marching higher in a volatility-free permanently rising plateau."

The VIX, consumer confidence, unemployment, exchange rates, interest rates et al are all massaged into something their own mothers wouldn't recognize. So if you want to gauge the economy in meaningful terms, you have to look at raw numbers for power consumption, container traffic through the suez or panama canal etc. In the world of BTC, what is an equivalent? What should we be looking at to see if sentiment is positive or negative that is still relatively un-manipulated? I'm not sure if I'm asking the right question but once analytics takes over any market, it seems the stats are distorted such that getting a clear picture is very difficult.
cypherdoc
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September 07, 2014, 04:58:03 AM
 #11729

more evidence that the UST mkt is a black hole sucking in more and more wealth and productive capital.  we're doing a Japan:

“Bank regulators are now forcing financial institutions to hold more Treasury securities in an effort to ensure cash solvency in the event of another financial crisis

Rule after rule is increasing concentration by investors, banks and others in what are called high-quality liquid assets,” said Wayne Abernathy, vice president at the American Bankers Association."


http://dailycaller.com/2014/09/05/to-avoid-another-crash-banks-forced-to-buy-treasury-securities/#ixzz3CbQazJgW
cypherdoc
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September 07, 2014, 03:48:15 PM
 #11730

coiling. we're gonna get another pop off.

the Bitstamp Bears are gonna get hurt.
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September 08, 2014, 01:09:03 AM
 #11731

https://ip.bitcointalk.org/?u=http%3A%2F%2Fi.imgur.com%2FuWiRcOR.png&t=544&c=F19hzAOM0iF-fw

BTC volume is rising or is this just showing local bitcoins is becoming a more popular site despite the decline.   I read in a newspaper, which is ironic as its national publication but anyway they said BTC is a declining medium ever seen December price peaked. 
  This would match up with the clampdown in China on business use of BTC.  Previously China private industry had tried to use tons of copper as proxy currency and were also blocked from this practise, some say leading to a serious decline in world copper prices as so much building and construction is done in China especially

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September 08, 2014, 09:16:51 AM
 #11732

When money is printed in the form of debt - and that debt goes sour and is parked in a "bad bank", it does not represent a larger money supply and therefore price increases. Supply being only the money that is in fact offered on the market.

So to the degree this is happening, we have no inflation, but what we do have, is the distortion of the market and resulting of waste of investments, and the loss of the continuous correction of the production structure that we like in laissez faire capitalism.

Even without money supply expansion as presumed above, the investment waste will in the end reduce productivity and consequently lead to higher goods prices.

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September 08, 2014, 09:43:12 AM
 #11733

http://www.zerohedge.com/news/2014-09-07/europe-goes-all-will-sanction-rosneft-gazprom-neft-and-transneft

Oh shit.
hdbuck
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September 08, 2014, 12:27:08 PM
 #11734


Seriously what are they thinking? Is it just incompetence or do they just dont hide from not caring about the people they govern anymore?
zeetubes
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September 08, 2014, 12:55:58 PM
 #11735


Seriously what are they thinking? Is it just incompetence or do they just dont hide from not caring about the people they govern anymore?

Their plans are going perfectly. The US, EU and Nato want a new cold war with Russia and they will probably get it at this rate. Or even a hot war. While I was on ZH I also read about the Scottish independence vote and how everyone was worried that scotland would secede. But I still can't work out exactly why anyone really cares.

http://www.zerohedge.com/news/2014-09-07/uk-full-panic-mode-rains-fire-and-brimstone-bribes-scotland-yes-independence-poll-cr
_mr_e
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September 08, 2014, 12:57:13 PM
 #11736

coiling. we're gonna get another pop off.

the Bitstamp Bears are gonna get hurt.

Maybe If you keep calling it you'll be right one day!
kehtolo
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September 08, 2014, 01:28:44 PM
 #11737


Seriously what are they thinking? Is it just incompetence or do they just dont hide from not caring about the people they govern anymore?

Their plans are going perfectly. The US, EU and Nato want a new cold war with Russia and they will probably get it at this rate. Or even a hot war. While I was on ZH I also read about the Scottish independence vote and how everyone was worried that scotland would secede. But I still can't work out exactly why anyone really cares.

http://www.zerohedge.com/news/2014-09-07/uk-full-panic-mode-rains-fire-and-brimstone-bribes-scotland-yes-independence-poll-cr


They care in the UK because they want Scotland to remain part of the union, mostly for their oil. Scotland has huge oil fields, which were opened up by BP and pipelines built to bring it ashore. The revenues went to London. If Scotland does secede, then they will be regaining control of their oil resources. That is 1 reason.
I remember hearing years ago that if Scotland were an independent country, it would be one of the richest in the world. There is another reason why they want independence.
I guess it is not important at all unless you live in England or Scotland.
If they vote for independence, then independence they shall have. It is also interesting to observe the vested interests and serious money throwing their weight behind the No campaign (no to independence).
If i was Scottish, I'd take one look at who was behind the No campaign and run to the Yes side.. but that's just me.

The last 24 hours were critical but the next 24 hours are criticaller!
devphp
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September 08, 2014, 01:31:18 PM
 #11738

I wonder if Scotland votes to secede, would they start bombing it to make it return to UK like they do in Ukraine.
cypherdoc
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September 08, 2014, 01:41:56 PM
 #11739

coiling. we're gonna get another pop off.

the Bitstamp Bears are gonna get hurt.

Maybe If you keep calling it you'll be right one day!

Remind me not to help you anymore despite you being a former sub.

No worries about this dip. yep,  cheap coins along with the bigger purpose:  kill off Bitcoin competitors.
cypherdoc
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September 08, 2014, 01:54:11 PM
 #11740

Dollar up, everything else down including bitcoin.

Somethings gotta give and eventually start acting as a safe haven.
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