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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1996016 times)
HeliKopterBen
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December 16, 2014, 08:55:20 PM
 #18801

Good or bad there's been a fair share of Bitcoin talk in the media lately. If you're one to keep track of the "bitcoin" word on Twitter there seems to be an unusual amount of Bitcoin related tweets today.

Even more encouraging is we've reached this stage where people are calling the death of Bitcoin all while the world's fiat economy is in the shitter.

This rally is gonna be glorious.

Google trends looks like it may be turning the corner.  We shall see: http://www.google.com/trends/explore#q=bitcoin&cmpt=q

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
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cypherdoc
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December 16, 2014, 08:56:26 PM
 #18802

escalator up, elevator down.

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December 16, 2014, 09:03:53 PM
 #18803

who's the next Fed idiot to come out and whisper, "QE".
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December 16, 2014, 09:13:08 PM
 #18804

who's the next Fed idiot to come out and whisper, "QE".

They don't need QE anymore, they have the FDIC backstopping Wall Street's derivatives positions. Endless supply of Fed money can be laundered through the FDIC.

cypherdoc
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December 16, 2014, 09:14:26 PM
 #18805

who's the next Fed idiot to come out and whisper, "QE".

have to say this: QE is much better than this 80% lost bitscam scheme

nah.  your dollars are devaluing everyday.
marcus_of_augustus
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December 16, 2014, 09:17:30 PM
 #18806

who's the next Fed idiot to come out and whisper, "QE".

have to say this: QE is much better than this 80% lost bitscam scheme

got in late did ya chump?

cypherdoc
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December 16, 2014, 09:21:09 PM
 #18807

who's the next Fed idiot to come out and whisper, "QE".

have to say this: QE is much better than this 80% lost bitscam scheme

got in late did ya chump?

the key thing here is that w/o question, fiat currencies worldwide are starting to fail.  the Ruble, peso, real, etc.  right now, they're fleeing to USD out of habit and ignorance.  

but with time and education, Bitcoin should skyrocket.
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December 16, 2014, 09:26:49 PM
 #18808

i think this is a new Wences video:

http://www.academybridge.org/?video_listing=bitcoin-risk
cypherdoc
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December 16, 2014, 09:28:51 PM
 #18809

from zerohedge:

this might be getting serious

cypherdoc
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December 16, 2014, 09:30:05 PM
 #18810

who's the next Fed idiot to come out and whisper, "QE".

have to say this: QE is much better than this 80% lost bitscam scheme

nah.  your dollars are devaluing everyday.

nah, not so much as your yearly 80% lost bitcorns

i can tell you're a newb.

most of us in this thread bought well before 2012.  sorry dude.
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December 16, 2014, 09:41:22 PM
 #18811


i can tell you're a newb.

most of us in this thread bought well before 2012.  sorry dude.

Yeah, unfortunately I spent most of my pre-2012 BTC on pizza  Tongue
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December 16, 2014, 09:58:31 PM
 #18812

right now, they're fleeing to USD out of habit and ignorance.
Is there any actual fleeing into the USD going on right now, or are we seeing the debt repayment-induced deflation, that had been previously masked by QE?
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December 16, 2014, 10:05:45 PM
 #18813

right now, they're fleeing to USD out of habit and ignorance.
Is there any actual fleeing into the USD going on right now, or are we seeing the debt repayment-induced deflation, that had been previously masked by QE?

there's been several articles the past few days indicating fleeing.
rocks
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December 16, 2014, 10:05:59 PM
 #18814

Good or bad there's been a fair share of Bitcoin talk in the media lately. If you're one to keep track of the "bitcoin" word on Twitter there seems to be an unusual amount of Bitcoin related tweets today.

Even more encouraging is we've reached this stage where people are calling the death of Bitcoin all while the world's fiat economy is in the shitter.

This rally is gonna be glorious.

Google trends looks like it may be turning the corner.  We shall see: http://www.google.com/trends/explore#q=bitcoin&cmpt=q

Personally I think looking at bitcoin interest during the quiet non-speculative bubble periods is a good representation on how the bitcoin ecosystem is growing.

Looking at the Google trend link above you can see the bubbles from June 2011, April 2013 and December 2013. Between these peaks you can see bitcoin interest during the "steady state" when the price was relatively stable and bitcoin is used more as a currency than as a speculative asset. Here is Google's bitcoin interest during these 3 steady state periods (relative to the peak during Dec 2013 as 100)
- August 2012 -> 4
- August 2013 -> 16
- August 2014 -> 23

We had huge growth from 2012 to 2013 in bitcoin interest (4x), but over the past year bitcoin interest less than doubled. Still up, but not the exponential growth you'd expect. Of course there could be other factors at work such as more bitcoin news aggregation sites that people go to by default instead of searching google (i.e. going to redit /r/bitcoin instead Google search)

Not sure what to make of this, but thought it was interesting regardless. Google is only one data point, # of transactions and # of companies offering products are others.

It's quite likely growth will not be steady, but come in spurts.
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December 16, 2014, 10:14:06 PM
 #18815

who's the next Fed idiot to come out and whisper, "QE".

have to say this: QE is much better than this 80% lost bitscam scheme

got in late did ya chump?

I did my first purchase up in the $16-ish range on it's way down to $2.  I had to wait a fair bit of time before I even got into the black.  I'm not saying that the current crop of 'suckers' will ever see black.  I simply don't know.  I'd say there is a much better chance that they will see black than there was when I was in the situation, but that's actually not saying much.

I do have high confidence in two things:

1)  anyone who put in more than they can walk away from at any point in Bitcoin's lifetime would probably have been separated from their wealth by some means or another anyway, and

2)  liquidating at a loss turns the potential for a loss into the certainty of a loss.


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December 16, 2014, 10:21:27 PM
 #18816

This supports the idea that fractional reserve banking, and money substitutes, and even storing money for safety reasons, will not be demanded as much as it was with gold:


"... customers, most of whom aren't interested in having third parties manage their bitcoin holdings."



http://www.coindesk.com/falcon-global-fund-closure-sign-declining-bitcoin-demand/

marcus_of_augustus
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December 16, 2014, 10:33:15 PM
 #18817

This supports the idea that fractional reserve banking, and money substitutes, and even storing money for safety reasons, will not be demanded as much as it was with gold:

"... customers, most of whom aren't interested in having third parties manage their bitcoin holdings."

http://www.coindesk.com/falcon-global-fund-closure-sign-declining-bitcoin-demand/

yes, or else bitcoin would just be PayPal2.0.

So much VC money is going into the wrong paradigms because they misunderstand the fundamental technological advantages of Bitcoin when applied to the social science of money .... the intersection of understandings in these two critical areas is still tiny, imho.

cypherdoc
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December 16, 2014, 10:37:33 PM
 #18818

http://www.bloomberg.com/video/microsoft-partners-with-bitpay-to-accept-bitcoin-payments-Co2fBb3_REu6ZYOYzLfo5A.html
molecular
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December 16, 2014, 10:46:33 PM
 #18819




This is gonna be fun... When you buy one of his books on his site, you can get a "custom inscription" which it sounds like Jim personally hand-writes on the book. So I'll be buying one with a personal inscription regarding bitcoin that'll be utterly painful for Jim to write.

I'm taking suggestions. It can be up to 150 words.

lol, I'll get one with "Bitcoin to the moon!" if they ship to Europe affordably.



I'm going to make him write something about how bitcoin is the future of money since it solves gold's tangibility bug. It'll be a fun 150 words.


So I bought Rickards' book with bitcoin. I specified the following as the "personal inscription":

"This book was purchased online with bitcoin - the future of money. Modern money needs the properties of gold, but with native electronic portability. May the death of fiat money give rise to an ideal money system for modern times: Bitcoin."


Got the book today. Here's the actual inscription:



"This book was purchased with Bitcoin - a new kind of money. "Money" can be anything that gains confidence as a store of value, possibly including Bitcoin. May the best form of money win!"



Thanks for letting us see this.

I can agree with Rickards: May the best form of money win!

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
cypherdoc
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December 16, 2014, 10:50:28 PM
 #18820

Currency Dangers

While unwilling to draw up a blacklist for now, he says exchange rates reveal emerging-market dangers. Russia’s ruble, Brazil’s real, Mexico’s peso, Turkey’s lira, the South African rand and Indonesian rupiah have all hit the skids.


http://www.bloomberg.com/news/2014-12-16/this-hedge-fund-manager-who-remembers-1998-says-prepare-for-pain.html
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