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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1807044 times)
brg444
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Bitcoin replaces central, not commercial, banks


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October 11, 2014, 12:13:29 AM
 #13721

...

But how would Coinbase getting raided be bullish for btc? This would destroy all kinds of businesses acceping btc...

I doubt Coinbase would be shut down as they've gone overboard with their AML. it's just a rumor at this point anyways, probably from an altscam proponent.



I don't think anyone said anything about Coinbase. Here's the original IRC transcript of this rumor:
http://www.reddit.com/r/Bitcoin/comments/2iujgv/secfincen_preparing_action_against_us_bitcoin/

Appears solely relevant to "Bitcoin 2.0" companies.


The tldr quote:
"[6:08:29 PM] taariq lewis: If you are in USA and you run a Bitcoin Business that issues tokens and you are not registered with FinCen, expect these fines to be established guidelines going forward"

BitsharesX seems vulnerable to this, if true.

This is my thinking as well.

All these US dollar pegged cryptos are at risk

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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October 11, 2014, 12:43:12 AM
 #13722

...

But how would Coinbase getting raided be bullish for btc? This would destroy all kinds of businesses acceping btc...

I doubt Coinbase would be shut down as they've gone overboard with their AML. it's just a rumor at this point anyways, probably from an altscam proponent.



I don't think anyone said anything about Coinbase. Here's the original IRC transcript of this rumor:
http://www.reddit.com/r/Bitcoin/comments/2iujgv/secfincen_preparing_action_against_us_bitcoin/

Appears solely relevant to "Bitcoin 2.0" companies.


The tldr quote:
"[6:08:29 PM] taariq lewis: If you are in USA and you run a Bitcoin Business that issues tokens and you are not registered with FinCen, expect these fines to be established guidelines going forward"

BitsharesX seems vulnerable to this, if true.
Even though it's Invictus Innovation (based in Virginia) that has written the code, BitSharesX was purposefully (to avoid this kind of problems) released by a Hong Kong firm.
justusranvier
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October 11, 2014, 12:44:02 AM
 #13723

If FinCEN loses they say "hmm well now we know" and there is absolute no consequence.  Even the cost of the trial was simply paid for by taxpayers (including Mike indirectly). If Mike loses they judicial system could take everything he owns, include his freedom for the next thirty years.  Not really worth it.

Imagine we played a game of poker and if you win I have to say "I was wrong" in public, if I win you get executed.  Now you are 80% sure you can beat me in poker, everyone says you have a very sold game.  Would you play?  How about if you were 99.9% sure?
Everybody thought I was exaggerating. "It's no problem - we'll talk to the regulators and do what it takes to become compliant like a good citizens and everything will be fine," they said.

Future Bitcoin services need to be run as if they are illegal enterprises, like Silk Road, even if what they are doing is apparently legal.

Why:
  • Laws change.
  • Regulations are vague and open-ended, and it's probably impossible to operate a business without accidentally violating one.
  • Even if you do manage to operate without violating any rule law enforcement agencies do not always limit themselves to the letter of the law when deciding to begin an enforcement action.
  • Governments are not the only threats to a successful business. Non-governmental organized crime is almost equally capable of extortion.

The solution is to run all services in the darknet, not tied to any physical location or legal jurisdiction, and without any explicit connection to a real-life identity.
STT
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October 11, 2014, 01:01:04 AM
 #13724

Anybody want to predict the floor on Gold? And when?
I put in a outside range for gold which relates to the 1970's.   Also a time of turmoil and change as dollar first departed from a set standard, price controls were put in and so on.  Might not seem that extreme now but anyhow gold fell 50% during that time from its peak.   It later resumed and gained new highs.
Not my prediction, look up Marc Faber who was trading at that time and is now

Quote
Someone has to prop up the markets  Roll Eyes

I cannot comprehend how confidence has still not been completely lost
Its seen as point of strength, till tested we wont know.   We have 24% of gdp resting with one person and their ideas of what money should be, I guess its still better then a dictatorship but we are a long way from texas now toto Tongue (and capitalism)

cypherdoc
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October 11, 2014, 03:09:21 AM
 #13725

https://twitter.com/cypherdoc2/status/520772642249637889

https://twitter.com/cypherdoc2/status/520772642249637889
Cortex7
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October 11, 2014, 04:01:09 AM
 #13726

Anybody want to predict the floor on Gold? And when?

$1192/Oz ... 3rd October 2014 ...  Grin

cypherdoc
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October 11, 2014, 04:35:04 AM
 #13727

i asked before, does a Dow top correspond with a Bitcoin bottom?

i think so.
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October 11, 2014, 05:08:20 AM
 #13728

i asked before, does a Dow top correspond with a Bitcoin bottom?

i think so.

hey cypherdoc,

just eyeballing it... some inverse correlation has happened:

dow(blue) + btc, both log scale:



perhaps we will see some further moves like that again soon.

Bagatell
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October 11, 2014, 06:34:16 AM
 #13729

Dow/Bitcoin
 -0.322
Uncorrelated

According to current trends in our data, this value is unlikely to behave as an indicator for bitcoin price movement

https://www.kimonolabs.com/bitcoin/correlator
dEBRUYNE
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October 11, 2014, 08:30:33 AM
 #13730

...

But how would Coinbase getting raided be bullish for btc? This would destroy all kinds of businesses acceping btc...

I doubt Coinbase would be shut down as they've gone overboard with their AML. it's just a rumor at this point anyways, probably from an altscam proponent.



I don't think anyone said anything about Coinbase. Here's the original IRC transcript of this rumor:
http://www.reddit.com/r/Bitcoin/comments/2iujgv/secfincen_preparing_action_against_us_bitcoin/

Appears solely relevant to "Bitcoin 2.0" companies.


The tldr quote:
"[6:08:29 PM] taariq lewis: If you are in USA and you run a Bitcoin Business that issues tokens and you are not registered with FinCen, expect these fines to be established guidelines going forward"

BitsharesX seems vulnerable to this, if true.
Even though it's Invictus Innovation (based in Virginia) that has written the code, BitSharesX was purposefully (to avoid this kind of problems) released by a Hong Kong firm.

That doesn't matter at all if they still have investors/users from the USA.

Privacy matters, use Monero - A true untraceable cryptocurrency
Why Monero matters? http://weuse.cash/2016/03/05/bitcoiners-hedge-your-position/
BldSwtTrs
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October 11, 2014, 08:39:06 AM
 #13731

...

But how would Coinbase getting raided be bullish for btc? This would destroy all kinds of businesses acceping btc...

I doubt Coinbase would be shut down as they've gone overboard with their AML. it's just a rumor at this point anyways, probably from an altscam proponent.



I don't think anyone said anything about Coinbase. Here's the original IRC transcript of this rumor:
http://www.reddit.com/r/Bitcoin/comments/2iujgv/secfincen_preparing_action_against_us_bitcoin/

Appears solely relevant to "Bitcoin 2.0" companies.


The tldr quote:
"[6:08:29 PM] taariq lewis: If you are in USA and you run a Bitcoin Business that issues tokens and you are not registered with FinCen, expect these fines to be established guidelines going forward"

BitsharesX seems vulnerable to this, if true.
Even though it's Invictus Innovation (based in Virginia) that has written the code, BitSharesX was purposefully (to avoid this kind of problems) released by a Hong Kong firm.

That doesn't matter at all if they still have investors/users from the USA.
To prevent that problem, Invictus didn't get money from investors, they only get money from donators.

And there are probably people who use BitSharesX from USA indeed, but that's like every other coins including Bitcoin.
Conqueror
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October 11, 2014, 12:52:05 PM
 #13732

i asked before, does a Dow top correspond with a Bitcoin bottom?

i think so.
+1
NotLambchop
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October 11, 2014, 01:33:27 PM
 #13733

i asked before, does a Dow top correspond with a Bitcoin bottom?

i think so.
+1

No, but Robert Goddard, considered by some the father of rocketry, was born on that day.
To the moon, gentlemen!
FNG
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October 11, 2014, 01:33:51 PM
 #13734

i asked before, does a Dow top correspond with a Bitcoin bottom?

i think so.
A lot of money will be looking for a place to park their money outside of stocks. The tiniest fraction of that moving towards btc can send us moon bound.

Who doesn't love 24/7 markets as well..Wall street needs to learn there's no time for sleep
Cortex7
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October 11, 2014, 02:20:41 PM
 #13735

Dow/Bitcoin
 -0.322
Uncorrelated

According to current trends in our data, this value is unlikely to behave as an indicator for bitcoin price movement

https://www.kimonolabs.com/bitcoin/correlator


I think the -0.322 correlation is for bticoin versus crude_oil.

That's the default on page load, I click DOW, it updates the raw data window but the chart and main value still relate to crude Huh

Bagatell
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October 11, 2014, 03:05:53 PM
 #13736

Dow/Bitcoin
 -0.322
Uncorrelated

According to current trends in our data, this value is unlikely to behave as an indicator for bitcoin price movement

https://www.kimonolabs.com/bitcoin/correlator


I think the -0.322 correlation is for bticoin versus crude_oil.

That's the default on page load, I click DOW, it updates the raw data window but the chart and main value still relate to crude Huh

You're right. Seems to have picked up a glitch since I last used the site.
cypherdoc
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October 11, 2014, 03:16:15 PM
 #13737

Dow/Bitcoin
 -0.322
Uncorrelated

According to current trends in our data, this value is unlikely to behave as an indicator for bitcoin price movement

https://www.kimonolabs.com/bitcoin/correlator


I think the -0.322 correlation is for bticoin versus crude_oil.

That's the default on page load, I click DOW, it updates the raw data window but the chart and main value still relate to crude Huh

You're right. Seems to have picked up a glitch since I last used the site.

also, correlations based on 1-2 days of data are trivial.  furthermore, the past may not correlate with the future.

there are some very good theoretical arguments why Bitcoin might begin to thrive in the presence of traditional financial turmoil.
cypherdoc
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October 11, 2014, 03:46:56 PM
 #13738

...

But how would Coinbase getting raided be bullish for btc? This would destroy all kinds of businesses acceping btc...

I doubt Coinbase would be shut down as they've gone overboard with their AML. it's just a rumor at this point anyways, probably from an altscam proponent.



I don't think anyone said anything about Coinbase. Here's the original IRC transcript of this rumor:
http://www.reddit.com/r/Bitcoin/comments/2iujgv/secfincen_preparing_action_against_us_bitcoin/

Appears solely relevant to "Bitcoin 2.0" companies.


The tldr quote:
"[6:08:29 PM] taariq lewis: If you are in USA and you run a Bitcoin Business that issues tokens and you are not registered with FinCen, expect these fines to be established guidelines going forward"

BitsharesX seems vulnerable to this, if true.
Even though it's Invictus Innovation (based in Virginia) that has written the code, BitSharesX was purposefully (to avoid this kind of problems) released by a Hong Kong firm.

That doesn't matter at all if they still have investors/users from the USA.
To prevent that problem, Invictus didn't get money from investors, they only get money from donators.

And there are probably people who use BitSharesX from USA indeed, but that's like every other coins including Bitcoin.

I wouldn't think that would make a differenc.  The mere act of allowing the trading of shares without SEC or Fincen regulation would be a problem no matter where you reside.
wachtwoord
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October 11, 2014, 03:49:35 PM
 #13739

...

But how would Coinbase getting raided be bullish for btc? This would destroy all kinds of businesses acceping btc...

I doubt Coinbase would be shut down as they've gone overboard with their AML. it's just a rumor at this point anyways, probably from an altscam proponent.



I don't think anyone said anything about Coinbase. Here's the original IRC transcript of this rumor:
http://www.reddit.com/r/Bitcoin/comments/2iujgv/secfincen_preparing_action_against_us_bitcoin/

Appears solely relevant to "Bitcoin 2.0" companies.


The tldr quote:
"[6:08:29 PM] taariq lewis: If you are in USA and you run a Bitcoin Business that issues tokens and you are not registered with FinCen, expect these fines to be established guidelines going forward"

BitsharesX seems vulnerable to this, if true.
Even though it's Invictus Innovation (based in Virginia) that has written the code, BitSharesX was purposefully (to avoid this kind of problems) released by a Hong Kong firm.

That doesn't matter at all if they still have investors/users from the USA.
To prevent that problem, Invictus didn't get money from investors, they only get money from donators.

And there are probably people who use BitSharesX from USA indeed, but that's like every other coins including Bitcoin.

I wouldn't think that would make a differenc.  The mere act of allowing the trading of shares without SEC or Fincen regulation would be a problem no matter where you reside.

Well good luck SEC enforcing that. I'm sure it's a lot harder to bribe the Hongkong (read: Chinese) government than it was the Australian or Sweden ones (with Kim DotCom, Assange and Piratebay).

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October 11, 2014, 09:44:19 PM
 #13740

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. Most people do not see life concerning money as a monopoly game. Literally it is paper and in most cases just electronic entries created with no effort. I've seen family, friends, and acquaintances go ape shit over fiat paper and fiat digits in the recent past. It blows my mind how attached people are to their monopoly money.

A list of events that mark bitcoin's success through failure of bitcoin businesses/scams:

First it was MyBitcoin

Then it was Bitcoinica

Then it was PirateAt40

Then it was Silk Road

Then it was MT GOX

Then it was Butterfly Labs

...when people are willing to scam, cheat, and steal bitcoin...that is a bullish indicator for Bitcoin.

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