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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1805824 times)
miscreanity
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May 14, 2012, 06:15:49 PM
 #1181

What you can't see will hurt you.

TF does an excellent job of highlighting what FOFOA, Sinclair, et al. have been saying for years.

The real assets are being snuck out the back while the rest of the world plays in a nominal shell game arena; it's like climbing a skyscraper staircase while the building is falling down.

Guess what the best option is?
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tvbcof
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May 14, 2012, 06:31:50 PM
 #1182

Sound money not being gold?

Gold has a lot of problems. Slow and heavy—vulnerable, expensive...

expensive? do you mean "not divisible enough"?

I mean, gold has a lot of overhead... Costs do go up with divisibility.

Very true.  I obtained some sub-1oz coins a while back for gifts, and more to (set up to) try my idea of using Bitcoin to 'ratchet in' a trade/transfer of bullion across geographic space.  The premium on these is detrimental.

I would take this opportunity to mention that there is an upside to the inconvenience of PM's.  I suggest that allinvain, among others, would still be sitting on his stash if it had been in 'inconvenient' form such as physical gold in his hand rather than a highly mobile form such as Bitcoin.  Same can be said for a lot of MF Global victims.  Spare me the education about how handy Bitcoin is since it would be preaching to the chior.  All I'm saying is that every tool has it's strengths and weaknesses.

---

Unrelatedly, I cannot help but make an observation based on one recent poster's icon thingy:

 

This seems to be what has happened to all of the people predicting the popping of the PM bubble over the last decade.  Will the trend continue?  We'll find out I suppose.


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May 14, 2012, 06:58:59 PM
 #1183


I would take this opportunity to mention that there is an upside to the inconvenience of PM's.  I suggest that allinvain, among others, would still be sitting on his stash if it had been in 'inconvenient' form such as physical gold in his hand rather than a highly mobile form such as Bitcoin.  Same can be said for a lot of MF Global victims.  Spare me the education about how handy Bitcoin is since it would be preaching to the chior.  All I'm saying is that every tool has it's strengths and weaknesses.

ok, i'll avoid the "handy" argument but i will throw out the "dated" argument.

with wallet encryption and backups this point is moot.
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May 14, 2012, 07:11:46 PM
 #1184

lets stay positive:



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May 14, 2012, 07:13:55 PM
 #1185


I would take this opportunity to mention that there is an upside to the inconvenience of PM's.  I suggest that allinvain, among others, would still be sitting on his stash if it had been in 'inconvenient' form such as physical gold in his hand rather than a highly mobile form such as Bitcoin.  Same can be said for a lot of MF Global victims.  Spare me the education about how handy Bitcoin is since it would be preaching to the chior.  All I'm saying is that every tool has it's strengths and weaknesses.

ok, i'll avoid the "handy" argument but i will throw out the "dated" argument.

with wallet encryption and backups this point is moot.

I personally consider the wallet encryption implementation to be of fairly limited usefulness in a fairly limited number of cases.  And 'backups' are, if anything, another attack vector for stealing BTC from a victim.  I don't thing that anyone really thinks of the wallet encryption which is part of the standard client to be a solution for anyone but the more primitive end-users.  Certainly not something which would be used by the likes of Bitcoinica.

I am pretty comfortable with the way I've secured my Bitcoin stash.  But it's as or more difficult to get at than my physical PM's.  Even a rubber hose would prove a cumbersome and time consuming way for an attacker to reach my nest egg...or at least the yolk of it.


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May 14, 2012, 07:22:58 PM
 #1186


I personally consider the wallet encryption implementation to be of fairly limited usefulness in a fairly limited number of cases. 

why?
MatthewLM
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May 14, 2012, 07:31:56 PM
 #1187

So gold bugs' worst nightmare is bitcoin?  Cheesy

Bitcoin Extra Wallet | Peercoin Android Wallet
BTC: 1D5A1q5d192j5gYuWiP3CSE5fcaaZxe6E9  PPC: PH7fVn1Xs7nkUFmdwCX2ZRYfLPCSwGxAq9
cypherdoc
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May 14, 2012, 07:34:46 PM
 #1188

So gold bugs' worst nightmare is bitcoin?  Cheesy

hey, you've actually said something useful!  Cheesy

edit:  what's a gold bugs worst nightmare?  BITCOIN! Wink
tvbcof
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May 14, 2012, 07:36:33 PM
 #1189


I personally consider the wallet encryption implementation to be of fairly limited usefulness in a fairly limited number of cases. 

why?

Among the reasons, it requires running the GUI unless I'm mistaken.  That's a non-starter for me.


cypherdoc
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May 14, 2012, 07:39:52 PM
 #1190


I personally consider the wallet encryption implementation to be of fairly limited usefulness in a fairly limited number of cases. 

why?

Among the reasons, it requires running the GUI unless I'm mistaken.  That's a non-starter for me.



huh?

the use case is that a user encrypts the wallet immediately after download BEFORE sending any coins to it.  once encrypted, its impossible to crack open even if stolen.
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May 14, 2012, 07:41:30 PM
 #1191

oh baby, Goldman breaks $100!
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May 14, 2012, 07:50:04 PM
 #1192

it's that time again:

Charge!!!!!!!!!


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May 14, 2012, 07:50:54 PM
 #1193

My forecast based upon my research in precious metals -- keep in mind I've only been learning about precious metals for about 3 months and I did not read through this thread:

1)  Gold short-term outlook = down
2)  Gold mid-term outlook = Huh?
3)  Gold long-term outlook = up

I do not believe the US dollar can sustain itself over time.  Gold will always remain useful for industrial purposes or for jewelry.  It will continue to be a status symbol whether or not it is used to back a currency.  Moreover, if and when the US dollar sees a significant decline in value, I would expect to see a positive correlation between gold and Bitcoin.  

I'm looking to buy a little bit of gold right around $1500, and then more if it hits $1400.

cypherdoc
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May 14, 2012, 08:06:37 PM
 #1194

My forecast based upon my research in precious metals -- keep in mind I've only been learning about precious metals for about 3 months and I did not read through this thread:

1)  Gold short-term outlook = down
2)  Gold mid-term outlook = Huh?
3)  Gold long-term outlook = up

I do not believe the US dollar can sustain itself over time.  Gold will always remain useful for industrial purposes or for jewelry.  It will continue to be a status symbol whether or not it is used to back a currency.  Moreover, if and when the US dollar sees a significant decline in value, I would expect to see a positive correlation between gold and Bitcoin.  

I'm looking to buy a little bit of gold right around $1500, and then more if it hits $1400.

3 mo 'eh?

you see there guys?  now you know you're in trouble.
tvbcof
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May 14, 2012, 08:17:04 PM
 #1195


I personally consider the wallet encryption implementation to be of fairly limited usefulness in a fairly limited number of cases. 
why?
Among the reasons, it requires running the GUI unless I'm mistaken.  That's a non-starter for me.
huh?

the use case is that a user encrypts the wallet immediately after download BEFORE sending any coins to it.  once encrypted, its impossible to crack open even if stolen.

'impossible', heh?  As far as I can tell, all one needs is a passphrase, and there are a number ways to obtain such a thing.  keyloggers, TEMPEST, spys, rubber hoses, etc.

By GUI, I meant bitcoin-QT or whatever.  I run bitcoind exclusively and usually on machines with not graphical environment.  But I could be wrong about the ability to use the built in wallet encryption via RPC.  Don't care; No interest in it anyway.  I have no interest in having a wallet active which controls more coin than I need for a given purpose, and I use more proven codebases on more secure machines to protect the keys (aka wallets) that I don't need at the moment.


cypherdoc
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May 14, 2012, 08:27:06 PM
 #1196


I personally consider the wallet encryption implementation to be of fairly limited usefulness in a fairly limited number of cases.
why?
Among the reasons, it requires running the GUI unless I'm mistaken.  That's a non-starter for me.
huh?

the use case is that a user encrypts the wallet immediately after download BEFORE sending any coins to it.  once encrypted, its impossible to crack open even if stolen.

'impossible', heh?  As far as I can tell, all one needs is a passphrase, and there are a number ways to obtain such a thing.  keyloggers, TEMPEST, spys, rubber hoses, etc.

By GUI, I meant bitcoin-QT or whatever.  I run bitcoind exclusively and usually on machines with not graphical environment.  But I could be wrong about the ability to use the built in wallet encryption via RPC.  Don't care; No interest in it anyway.  I have no interest in having a wallet active which controls more coin than I need for a given purpose, and I use more proven codebases on more secure machines to protect the keys (aka wallets) that I don't need at the moment.



you know what i'm talking about...if Allinvains wallet had been encrypted, as virtually all wallets are now, its highly unlikely you'd be using it as an example.
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May 14, 2012, 08:35:07 PM
 #1197

My forecast based upon my research in precious metals -- keep in mind I've only been learning about precious metals for about 3 months and I did not read through this thread:

1)  Gold short-term outlook = down
2)  Gold mid-term outlook = Huh?
3)  Gold long-term outlook = up

I do not believe the US dollar can sustain itself over time.  Gold will always remain useful for industrial purposes or for jewelry.  It will continue to be a status symbol whether or not it is used to back a currency.  Moreover, if and when the US dollar sees a significant decline in value, I would expect to see a positive correlation between gold and Bitcoin.  

I'm looking to buy a little bit of gold right around $1500, and then more if it hits $1400.

3 mo 'eh?

you see there guys?  now you know you're in trouble.

I'm truly not sure what to make of your response.  I'm genuinely trying to learn about the precious metals market, so if you could elaborate a bit upon what you mean, it'd be helpful Smiley

cypherdoc
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May 14, 2012, 08:42:25 PM
 #1198

as the USD shoots up to $80.70
cypherdoc
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May 14, 2012, 08:48:44 PM
 #1199

My forecast based upon my research in precious metals -- keep in mind I've only been learning about precious metals for about 3 months and I did not read through this thread:

1)  Gold short-term outlook = down
2)  Gold mid-term outlook = Huh?
3)  Gold long-term outlook = up

I do not believe the US dollar can sustain itself over time.  Gold will always remain useful for industrial purposes or for jewelry.  It will continue to be a status symbol whether or not it is used to back a currency.  Moreover, if and when the US dollar sees a significant decline in value, I would expect to see a positive correlation between gold and Bitcoin.  

I'm looking to buy a little bit of gold right around $1500, and then more if it hits $1400.

3 mo 'eh?

you see there guys?  now you know you're in trouble.

I'm truly not sure what to make of your response.  I'm genuinely trying to learn about the precious metals market, so if you could elaborate a bit upon what you mean, it'd be helpful Smiley

Son; read the thread.
silverbox
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May 14, 2012, 08:53:53 PM
 #1200

My forecast based upon my research in precious metals -- keep in mind I've only been learning about precious metals for about 3 months and I did not read through this thread:

1)  Gold short-term outlook = down
2)  Gold mid-term outlook = Huh?
3)  Gold long-term outlook = up

I do not believe the US dollar can sustain itself over time.  Gold will always remain useful for industrial purposes or for jewelry.  It will continue to be a status symbol whether or not it is used to back a currency.  Moreover, if and when the US dollar sees a significant decline in value, I would expect to see a positive correlation between gold and Bitcoin.  

I'm looking to buy a little bit of gold right around $1500, and then more if it hits $1400.

3 mo 'eh?

you see there guys?  now you know you're in trouble.

He probably doesn't own any..  Now if he buys in with say 10% of his IRA.. We have a problem houston Wink
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