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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2022644 times)
solex
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October 12, 2014, 12:10:49 AM
 #13721

I'm waiting for the next world financial crisis first before I even think of selling my coins.

When people run from fiat it will be epic...

We don't have to wait. I've got the popcorn out for Venezuela already, and Argentina is next on the timetable.

Don't forget Ecuador in that region.  They are outlawing Bitcoin altogether and releasing a state sponsored cryptocurrency.  Their state currency today is at about 55% inflation per annum.
>50% per month is consider hyperinflation, so the clock is running for them.  With their weakening currency, and the strengthening dollar, they are on the path of currency failure, so this will be interesting.

Either way if their state crypto works or fails it will be bullish for bitcoin.  Bitcoin will be in Ecuador, it just won't be legal, which will allow the state to seize any they find as contraband.  (much easier said than done)

Just seen this, trialing it in November. Wonder how they wrote all the software so fast..  Wink
https://www.cryptocoinsnews.com/worlds-first-national-digital-currency-trials-ecuador/

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cypherdoc
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October 12, 2014, 12:55:23 AM
 #13722

Nice bid walls
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October 12, 2014, 01:00:39 AM
 #13723

I'm waiting for the next world financial crisis first before I even think of selling my coins.

When people run from fiat it will be epic...

We don't have to wait. I've got the popcorn out for Venezuela already, and Argentina is next on the timetable.

Don't forget Ecuador in that region.  They are outlawing Bitcoin altogether and releasing a state sponsored cryptocurrency.  Their state currency today is at about 55% inflation per annum.
>50% per month is consider hyperinflation, so the clock is running for them.  With their weakening currency, and the strengthening dollar, they are on the path of currency failure, so this will be interesting.

Either way if their state crypto works or fails it will be bullish for bitcoin.  Bitcoin will be in Ecuador, it just won't be legal, which will allow the state to seize any they find as contraband.  (much easier said than done)

Just seen this, trialing it in November. Wonder how they wrote all the software so fast..  Wink
https://www.cryptocoinsnews.com/worlds-first-national-digital-currency-trials-ecuador/

You already know Cheesy ... Just forked satoshis code, probably swapped out SHA256 for whirlpool or something and just run the whole thing on one cluster.

centralized == fail, I suppose it's cheaper than printing notes though.
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October 12, 2014, 08:12:45 AM
 #13724

For some perspective on how small bitcoin currently is

"The world’s 400 richest people lost $70.2 billion from their collective net worth this week amid a global selloff that sent the Standard & Poor’s 500 Index to its biggest weekly drop in two years."

"John Paulson, founder of New York-based Paulson & Co., dropped $1.5 billion after his funds declined as much as 11 percent last month. "

"Global equities have lost $3.5 trillion in value since reaching a record last month."

"Elon Musk lost $755 million after his Tesla Motors Inc. fell the most in three weeks yesterday after unveiling an all-wheel drive Model S and driver-assisting tools"

"Bill Gates remains the world’s richest person with a net worth of $81.8 billion. The 58-year-old Microsoft Corp. co-founder dropped $2.8 billion this week as the Redmond, Washington-based software maker tumbled 4.5 percent."

http://www.bloomberg.com/news/2014-10-10/world-s-richest-people-lose-70-billion-as-musk-falters.html?cmpid=yhoo
cypherdoc
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October 12, 2014, 04:22:33 PM
 #13725

The Selfish Mining Attack:

https://twitter.com/cypherdoc2/status/521321978037555200

Until Emin releases his code hack and it is found to be valid in practice, I think he should stop making public appearances with talks that essentially scare Bitcoin miners.  This is what occurred this weekend at Hashers United. 
Wekkel
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October 12, 2014, 06:48:24 PM
 #13726

For some perspective on how small bitcoin currently is

A real hype hasn't even occurred yet  Roll Eyes

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Melbustus
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October 12, 2014, 06:53:41 PM
 #13727

The Selfish Mining Attack:

https://twitter.com/cypherdoc2/status/521321978037555200

Until Emin releases his code hack and it is found to be valid in practice, I think he should stop making public appearances with talks that essentially scare Bitcoin miners.  This is what occurred this weekend at Hashers United. 


Yeah, the problem is the degree to which he's beat the "doom" drum about this. Academics are often prone to the "it's not perfect, therefore it's crap" attitude, which is annoying (and naive). That said, the sooner academically-verified issues, including SM, are addressed, the better.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
Cryptoasset rankings and metrics for investors: http://onchainfx.com
cypherdoc
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October 12, 2014, 07:45:42 PM
 #13728

The Selfish Mining Attack:

https://twitter.com/cypherdoc2/status/521321978037555200

Until Emin releases his code hack and it is found to be valid in practice, I think he should stop making public appearances with talks that essentially scare Bitcoin miners.  This is what occurred this weekend at Hashers United.  


Yeah, the problem is the degree to which he's beat the "doom" drum about this. Academics are often prone to the "it's not perfect, therefore it's crap" attitude, which is annoying (and naive). That said, the sooner academically-verified issues, including SM, are addressed, the better.


he's using a very lame excuse that he doesn't want to be overly criticized on bitcointalk if he releases his code that supposedly leads to Bitcoiner's losing money. Roll Eyes

yet he doesn't realize he's costing Bitcoiner's money by talking in public about what he's sure is a fundamental flaw in mining.  yet, the only reason he has confidence to talk in public is b/c his hack has not been thoroughly vetted. he doesn't want to have his code hack vetted by the world community at large like the hackers of the Heartbleed and Bash bug were willing to do.  his hack has been buried for almost a year.  we need to get this out and once and for all bury this festering doubt.

the other way he causes Bitcoiner's to lose money is to the degree that altscam investors believe him.  i saw this firsthand this weekend.  "oh see, Bitcoin has this major flaw therefore i will invest in this altcoin".  he claims his hack has been vetted by a few core devs.  that may or many not be.  that's still not equivalent to releasing it into the wild for vetting according to open source principles.
justusranvier
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October 12, 2014, 08:09:13 PM
 #13729

he's using a very lame excuse that he doesn't want to be overly criticized on bitcointalk if he releases his code that supposedly leads to Bitcoiner's losing money. Roll Eyes
This is the same douchebag who announced his finding by saying "OMG Bitcoin is going to zero sell all your coins!!!" (paraphrased) on Twitter, right?
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October 12, 2014, 08:10:57 PM
 #13730

Found it: http://nakamotoinstitute.org/the-skeptics/

cypherdoc
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October 12, 2014, 08:16:08 PM
 #13731


I wasn't aware of any of that.
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October 12, 2014, 08:22:35 PM
 #13732

moving UP.
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October 12, 2014, 08:36:00 PM
 #13733

Do you have any target on gold/silver cypherdoc ?
I have to admit that i didn't believe you back in July, even if a correction clearly made sense.
Now the real question is where the bottom will be... We're not there yet, i do think PM will go down with stocks, and the correction in stocks should happen (soon ?).





Gaud, the last thing i want to do is create another massive thread like the "Gold-I smell a trap" one over in Economics that went on for 5 months.  it was just too much work.  most ppl here into gold/silver won't like what i have to say so don't bother reading further.

my views haven't changed.  i think gold/silver is a relic of the past and Bitcoin will assume its place as a new standard.  i think gold drops to $400.  i think that we are about to embark on a massive debt deleveraging phase which will be deflationary and take stocks down with it to test the March 09 lows at least.  we may drift a few more days higher in the Dow before it rolls over.  i see divergences everywhere but especially with the Transports, Russell, and ALL commodities like oil, natural gas, wheat, corn, rice, soybeans, copper and gold/silver.  the silver chart especially is busted.  the general mining stocks are telegraphing hard times ahead like FCX, TCK, BHP.  the junior miners have been devastated as in GDXJ.  GDX is following it down.

there's a good chance Wall St and the Fed are desperately trying to manipulate the Dow higher to get retail investors back in but don't buy it.  once we roll they will sell/short you into oblivion.  the Vix did an underthrow today once again to try and create complacency.

i'm going to try and not say much more as i could be wrong and i know the gold bugs are going to start swarming with the hate.


Bitcoin will replace gold in the next 10 years. Right now we are seeing a slow rise to 400. We should hit that by 10/20/14 and from there the price will slowly increase back to its ATH and possibly surpass it before the year ends. Hop on while you can everyone.

lebing
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October 12, 2014, 08:40:21 PM
 #13734

Cypher you still see gold going down medium term? My cover finger is getting itchy.

Bro, do you even blockchain?
-E Voorhees
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October 12, 2014, 08:43:26 PM
 #13735



Bitcoin price the day he said that: $205.
Bitcoin price 30 days after he said that: $1100.

^ What timing!

Bitcoin price change between then and right now, nearly a year later: +81%.
S&P change over same period: +7.5%.
Gold change over same period: -7.8%


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cypherdoc
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October 12, 2014, 09:33:16 PM
 #13736

Cypher you still see gold going down medium term? My cover finger is getting itchy.

you should've covered when i did  Tongue:

just sold off my DZZ & ZSL.  flat now, as i'm expecting a short term bounce.

there's some question as to when the daily short term bottom occurred; 9/22 or 10/6.  i'm leaning to the latter which would be confirmed if we get over the 9/23 high:



nevertheless, we're into the time interval where a weekly/interm bottom should occur.  mind you, we could get another punchdown more into the middle of the band.  but on balance, if the weekly bottom is indeed in, we could go significantly higher.  which is why i covered on 9/30:



i'm going to be looking to reinstitute my shorts, but not now.
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October 12, 2014, 09:38:39 PM
 #13737

When you say, ‘I have nothing to hide,’ you’re saying, ‘I don’t care about this right.’ You’re saying, ‘I don’t have this right, because I’ve got to the point where I have to justify it.’ The way rights work is, the government has to justify its intrusion into your rights.

http://techcrunch.com/2014/10/11/edward-snowden-new-yorker-festival/?ncid=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29
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October 12, 2014, 10:04:07 PM
 #13738

shorts starting to capitulate:

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October 12, 2014, 10:37:01 PM
 #13739

so, to keep the bear mkt in gold going, price shouldn't rise any higher than 1346.8:

cypherdoc
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October 13, 2014, 01:11:46 AM
 #13740

this doesn't look so good.  3y daily Rut.  note how we've slid down the mountain into no man's land with no real support until all the way down thar to the 2nd red line:

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