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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1806592 times)
proudhon
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June 02, 2012, 01:41:49 AM
 #1861

If your dealing with less then 10k btc, standard client with encryption on a computer deemed "safe"  is probably all right..

The number of peeps who have lost btc to keylogger trojans that stole the encryption key is very small...

I primarily want offline storage in the case of hard drive failure.

Just copy the wallet.dat to a thumbdrive and store it offsite.

Or create a paper wallet, laminate it, and store it offsite in a safe.

or create a paper wallet, memoriz the key and destroy the paper

Store your savings in your head! Cool

Or SHA256 a passphrase to create a private key and don't forget the passphrase.
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cypherdoc
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June 02, 2012, 05:07:38 AM
 #1862

James Turk interviews Robert Prechter:  Inflation vs. Deflation

Prechter clearly explains the deflationary view which is similar to mine.  Being a Goldmoney sponsored event, Prechter goes easy on the anti-gold argument.  He ultimately thinks it goes to $400-500 or so after this deflationary wave completes itself in the next few years.  Only then would it be the time to buy gold/silver as he describes in his newsletters.

https://www.youtube.com/watch?feature=player_detailpage&v=aVm-aVA-kU8
tvbcof
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June 02, 2012, 05:38:20 AM
 #1863

James Turk interviews Robert Prechter:  Inflation vs. Deflation

Prechter clearly explains the deflationary view which is similar to mine.  Being a Goldmoney sponsored event, Prechter goes easy on the anti-gold argument.  He ultimately thinks it goes to $400-500 or so after this deflationary wave completes itself in the next few years.  Only then would it be the time to buy gold/silver as he describes in his newsletters.

https://www.youtube.com/watch?feature=player_detailpage&v=aVm-aVA-kU8

When it comes to gold prognostication, there is not better poster-child for FAIL than Prechter.  It amazes me that he has the balls to utter the word at this time.


miscreanity
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June 02, 2012, 06:36:30 AM
 #1864

Prechter clearly explains the deflationary view which is similar to mine.  Being a Goldmoney sponsored event, Prechter goes easy on the anti-gold argument.  He ultimately thinks it goes to $400-500 or so after this deflationary wave completes itself in the next few years.  Only then would it be the time to buy gold/silver as he describes in his newsletters.
When it comes to gold prognostication, there is not better poster-child for FAIL than Prechter.  It amazes me that he has the balls to utter the word at this time.

Yes, on gold he's laughably wrong; at least he's consistent about it and is also a signal for when to sell 10% of my holdings Smiley  On overwhelming deflation, he'll be right... eventually.

Early on, Prechter states that he thinks it would be a different situation if governments were dictatorships. Cue the NDAA and changes to the EU constitution. Dictatorial powers have effectively been granted to the collective leadership at the highest levels in both the EU and US. I'm not as aware of such legislation in Japan or other western nations, though there has been plenty to be concerned about from the bits I've read.

The Greek debt has effectively been defaulted on, but that hasn't eliminated confidence in the Euro as a currency. Paper is still viewed as legitimate when it is the core of the problem. This debt supporting paper currencies is what thins the entire structure until it's too weak to stand on its own. However, even after the collapse is underway, familiarity with fiat can sustain the illusion while gold continues rising.

Banks, like the cliff climbing analogy I used earlier, will keep going until the system is at a point of complete failure before deploying their golden parachute. Once they do that, it means the status quo is being upended. Human collectives are incredibly resilient and stubborn even under extreme duress - what we've seen so far has been getting close to an enormous breaking point, but it's still a ways off.

There are some good things that he points out:

Quote
"You don't want stocks, you don't want bonds..."

"The great buying opportunities have occurred after debt collapses..."

From 18-20 minutes in, what Prechter says is absolutely correct:

Quote
"It [gold] allows a person to escape a debt-based money system. And even though currency values are going to fluctuate wildly, which will appear to be gold fluctuating wildly, but it won't be... as long as you have a pure money option, you could just opt-out and say 'I'm not going to play, and I don't want to be a speculator and try to figure it all out.'"

Beating HFT is a heart-attack waiting to happen. On your scales, playing the turns is great until the rules are changed overnight. There could be another MF Global on Monday, or worse - a bank holiday. Without gold, Bitcoin, or a select few other assets, capital controls could castrate you. Discarding the phyzzz means you have one less option when there are so few to begin with.

In the discussion about GoldMoney, the entire notion of being able to manage your physical metal assets easily and efficiently without having to carry it around touched on the very mechanism by which gold is headed toward reintegration with the monetary system. During that process, gold reasserts its function as money and stands with currencies - the only one that can't be directly mismanaged by authorities, and the only currency that rises when all of the others are falling (notable exceptions being Bitcoin, silver, etc).
molecular
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June 02, 2012, 08:57:08 AM
 #1865

Also a very complicated way that requires another computer to be left offline. Is there a real issue with creating a private key and storing it off the computer for a later import in which case the bitcoins can then be sold and the excess bitcoins can be sent to a new private key stored offline? I don't think my computer is vulnerable to any malware and is there even malware that can steal generated keys and send them when the computer is next connected to the internet?

Obviously, offline wallet devices would be nice like the card readers the banks use to protect cardholder data. I know people are working on these.

I need to have the keys on paper as my memory is not reliable.  Wink

Maybe we could program one of these (http://bergcloud.com/littleprinter/) or one of these (http://ekemp.en.alibaba.com/product/565669382-210430359/Programmable_POS_smart_card_reader_with_printer_POS_N8110_.html) or something similar to just generate and print out private key and address (maybe as qr- or other bar-code for easier scanning)



Anyone know of a cheap enough programmable printer device?

Antique ones might also work, but probably harder to code for them (HP-97 as an example here):


PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
MatthewLM
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June 02, 2012, 03:11:21 PM
 #1866

Who follows Peter Schiff? http://www.youtube.com/watch?v=f3HNIagO9a0

Bitcoin Extra Wallet | Peercoin Android Wallet
BTC: 1D5A1q5d192j5gYuWiP3CSE5fcaaZxe6E9  PPC: PH7fVn1Xs7nkUFmdwCX2ZRYfLPCSwGxAq9
tvbcof
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June 02, 2012, 03:29:57 PM
 #1867


I used to, but don't really any more.  I don't think there was any specific thing, but more that he has competition who I find more palatable and interesting.  He also failed significantly IMHO wrt the EURO.  I think he's prone to blinder-like things insofar as his negative feelings about one thing translate to myopic support for another.


proudhon
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June 02, 2012, 03:32:45 PM
 #1868

If your dealing with less then 10k btc, standard client with encryption on a computer deemed "safe"  is probably all right..

The number of peeps who have lost btc to keylogger trojans that stole the encryption key is very small...

I primarily want offline storage in the case of hard drive failure.

Just copy the wallet.dat to a thumbdrive and store it offsite.

Or create a paper wallet, laminate it, and store it offsite in a safe.

or create a paper wallet, memoriz the key and destroy the paper

Store your savings in your head! Cool

Or SHA256 a passphrase to create a private key and don't forget the passphrase.

This is the digital equivalent of just leaving money on the floor, BTW.  Nobody wants to pick it up?
bitcool
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June 02, 2012, 03:48:00 PM
 #1869

I used to, but don't really any more.  I don't think there was any specific thing, but more that he has competition who I find more palatable and interesting.  He also failed significantly IMHO wrt the EURO.  I think he's prone to blinder-like things insofar as his negative feelings about one thing translate to myopic support for another.
He is a perma gold bull and got the macro direction right for the last 10+ years. However, he failed on predicting the relative values between dollars and other fiat currency, and timing US vs emerging market.
proudhon
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June 02, 2012, 06:00:17 PM
 #1870

If your dealing with less then 10k btc, standard client with encryption on a computer deemed "safe"  is probably all right..

The number of peeps who have lost btc to keylogger trojans that stole the encryption key is very small...

I primarily want offline storage in the case of hard drive failure.

Just copy the wallet.dat to a thumbdrive and store it offsite.

Or create a paper wallet, laminate it, and store it offsite in a safe.

or create a paper wallet, memoriz the key and destroy the paper

Store your savings in your head! Cool

Or SHA256 a passphrase to create a private key and don't forget the passphrase.

This is the digital equivalent of just leaving money on the floor, BTW.  Nobody wants to pick it up?

Pffff, fine, I'll pick my money up.
notme
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June 02, 2012, 09:53:12 PM
 #1871

Pffff, fine, I'll pick my money up.

I would have picked it up if I had been home earlier.  Care to drop it again?  Tongue

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
miscreanity
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June 02, 2012, 11:05:50 PM
 #1872

Another 26% increase in the ICE commercials' USD short position, on top of last week's 71.8% increase - that's more than double the dollar short positioning of the big boys from a scant two weeks ago; sheer madness. The dollar will retest and possibly breach the highly significant 72-73 level soon - later this year if not early 2013.

notme
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June 02, 2012, 11:16:12 PM
 #1873

Another 26% increase in the ICE commercials' USD short position, on top of last week's 71.8% increase - that's more than double the dollar short positioning of the big boys from a scant two weeks ago; sheer madness. The dollar will retest and possibly breach the highly significant 72-73 level soon - later this year if not early 2013.



Or, they will be forced to cut their losses and it will rocket even higher.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
miscreanity
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June 03, 2012, 12:30:30 AM
 #1874

Or, they will be forced to cut their losses and it will rocket even higher.

A possibility, but not if a Euro gold bond is approved. That may be a primary reason for such extreme, rapid movement to the short side of the dollar.
cypherdoc
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June 03, 2012, 01:45:11 AM
 #1875

Or, they will be forced to cut their losses and it will rocket even higher.

A possibility, but not if a Euro gold bond is approved. That may be a primary reason for such extreme, rapid movement to the short side of the dollar.

Denile is a river in Egypt:

miscreanity
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June 04, 2012, 04:44:35 AM
 #1876

In Borrowing from the Rich, Martin Armstrong projected a major economic event to occur on June 6th, 2012. Jim Sinclair has stated that gold is replacing the US dollar by June 28th.

We're about to see whether those prognostications hold true. My money is on gold. Get your phyzzz.

A few possibilities that might trigger Armstrong's major economic event:
  • A bank holiday in Europe
  • EU gold bond issuance to stem capital outflows
  • US Fed announces some form of monetary inflation
  • COMEX declares cash settlement in lieu of delivery
  • Declaration of emergency by a major nation
  • Break out of war in the Middle East
  • Virulent disease outbreak in a major city
  • "Terror" attack in populated area

There are dozens of others that are easily within the realm of possibility; no need for aliens or a new technology that transmutes lead into gold.
miscreanity
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June 04, 2012, 05:03:57 AM
 #1877

He picked a specific day? How long ago? Are we sure he was not just trolling?

Both Armstrong and Sinclair have long track records of making macro claims, sticking by them unwaveringly, and seeing them come to pass with impressive accuracy.

Armstrong has numerous documented claims that were proven accurate, including the failure of LTCM. His analyses are generally based on time scales from multiple months to decades, having studied cycles throughout thousands of years of economic history and patterns.

In 2001, Sinclair had called for $1650 to be reached by gold in January 2011, or a significantly higher level several months after that point. The first number didn't hit in January, but August saw $1650 breached and a 15% greater run to just over $1900.
bitcoinBull
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June 04, 2012, 06:49:33 AM
 #1878


Still under $30.  Wow silver so cheap?!  Roll Eyes

All those dollars have to go somewhere.. bring 'em home boyz! Last one in is a rotten egg  Grin

College of Bucking Bulls Knowledge
tvbcof
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June 04, 2012, 07:01:00 AM
 #1879

He picked a specific day? How long ago? Are we sure he was not just trolling?

Both Armstrong and Sinclair have long track records of making macro claims, sticking by them unwaveringly, and seeing them come to pass with impressive accuracy.

Armstrong has numerous documented claims that were proven accurate, including the failure of LTCM. His analyses are generally based on time scales from multiple months to decades, having studied cycles throughout thousands of years of economic history and patterns.

In 2001, Sinclair had called for $1650 to be reached by gold in January 2011, or a significantly higher level several months after that point. The first number didn't hit in January, but August saw $1650 breached and a 15% greater run to just over $1900.

I'd rate Sinclair as my single most trusted source.  I feel that not only does he get a lot right and understands big picture macro factors well, but also that he is a decent person at heart.  I've been listening to him since around the time he first put up jsmineset.

I do feel that Jim has gotten some timings wrong from time to time.  I am also not terribly impressed with his $1645 or whatever it was due to the 'broken clock' principle.  But he made the call like a decade ago and it seemed absurd to almost everyone at that time.  Furthermore it's not far from where this particular correction seemed to hover in the scheme of things, but that could be mere coincidence.

It sounds like it is no bullshit that he was one of the whales in the last run-up 30 years ago, and also like he stepped off the elevator at the top.  I don't know if he was as free with info at that time.  Doubt it.  The world has changed much since then thanks to the net.  Sinclair himself probably has changed some as well.


SkRRJyTC
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June 04, 2012, 02:49:24 PM
 #1880

Not getting the follow through I was hoping for in AG yet today  Undecided
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