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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1805897 times)
molecular
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January 25, 2015, 08:27:40 PM
 #20601

Central banks are getting more negative press these days.

look what the German Bundesbank is doing:

http://www.bundesbank.de/Redaktion/EN/Downloads/Bundesbank/Research_Centre/Conferences/2015/2015_01_29_frankfurt_programme.pdf



a workshop on p2p financial systems.

Andolfatto is coming and Antonopoulos, too.

Maybe us germans will have a a real eMark soon? ;-)

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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January 25, 2015, 08:30:29 PM
 #20602

That the dip below $200 was the last opportunity for the ordinary person to load up with BTC in serious quantity.
Except for those of us who dollar cost averaged through 2014, and shot our wads too soon.  Sad
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January 25, 2015, 08:33:18 PM
 #20603

This could definitely set off the next deflationary wave/crisis:

http://mobile.bloomberg.com/news/2015-01-25/syriza-defeats-samaras-to-win-greek-election-exit-poll.html

Syriza wants at least half of Greek debt to be written off along with an end to austerity. This is the last thing their European creditors want to see. Remember,  present day crises get set off when there is debt implosion which is what a debt write off is.
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January 25, 2015, 08:38:25 PM
 #20604

Bill Gross part 2

http://www.bloomberg.com/podcasts/masters-in-business/
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January 25, 2015, 09:13:05 PM
 #20605


Quote
As Star Xu explained during his talk, bitcoin could be viewed as a “perfect gold,” offering better portability, divisibility, durability, and fungibility than its precious metal cousin

Fungibility is questionable, given the efforts to utilize Bitcon's taint featurebug to create white/black/red lists.  You better pray CoinShuffle works out!

Of course similar efforts are underway for gold, with the invention of default 'conflict metal' status for all the stuff that doesn't pony up for the certification scammers.

In conclusion, [shameless plug for Monero, which is intrinsically fungible].   Cheesy

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
Fungibility provides privacy as a side effect.  Adam Back 2014
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Wallets - Podcats - Roadmap - Dice - Blackjack - Github - Android }


Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016
Blocks must necessarily be full for the Bitcoin network to be able to pay for its own security.  davout 2015
Blocksize is an intentionally limited resource, like the 21e6 BTC limit.  Changing it degrades the surrounding economics, creating negative incentives.  Jeff Garzik 2013


"I believed @Dashpay instamine was a bug & not a feature but then read: https://bitcointalk.org/index.php?topic=421615.msg13017231#msg13017231
I'm not against people making money, but can't support questionable origins."
https://twitter.com/Tone_LLT/status/717822927908024320


The raison d'être of bitcoin is trustlessness. - Eric Lombrozo 2015
It is an Engineering Requirement that Bitcoin be “Above the Law”  Paul Sztorc 2015
Resiliency, not efficiency, is the paramount goal of decentralized, non-state sanctioned currency -Jon Matonis 2015

Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016

Technology tends to move in the direction of making surveillance easier, and the ability of computers to track us doubles every eighteen months. - Phil Zimmerman 2013

The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

"Hard forks cannot be co
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January 25, 2015, 09:24:02 PM
 #20606

The interesting thing about professional trolls is that they help devs and investors think through every possible weakness and pitfall of the system, from the obvious to the far-fetched. So they too end up contributing.

For everything else there is the ignore button.   

... there's constructive criticism and then there's the barrage of baseless negativity for no other reason than to scare off noobs who come to read the most popular threads.

In the great arc of monetary history the trolls are inconsequential but who likes to live in a neighbourhood covered in graffitti and rubbish?

Also by default they are basically evil people because of the vile fiat debt-slave system that they are upholding. Evil needs nothing else than good men to do nothing ... get rid of these guys.

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January 25, 2015, 09:34:32 PM
 #20607

Excellent interview of Axel Merk of Merk Investment Funds which I owned sometime back in 2006-2009. Axel is a professional currency trader and you'll hear alot of great pearls much of which a  few of us already understand. I don't agree with his position on gold though. Think of how Bitcoin can solve many of the problems he outlines:

http://www.peakprosperity.com/podcast/91582/axel-merk-why-asset-prices-must-return-lower-levels
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January 25, 2015, 10:02:41 PM
 #20608

Let's go lunar, baby!

http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641
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January 25, 2015, 10:17:31 PM
 #20609


Give us your WSJ login so we can read the damn article.  Tongue
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January 25, 2015, 10:17:52 PM
 #20610

Massive Bitcoin liquidity incoming.
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January 25, 2015, 10:23:43 PM
 #20611



First U.S. Bitcoin Exchange Set to Open Coinbase Has Backing From the NYSE, Banks and Venture Capitalists

By GREG BENSINGER

Jan. 25, 2015 4:34 p.m. ET

The virtual currency bitcoin is getting a very real boost on Monday, with the opening of the first licensed U.S. exchange.

Coinbase Inc., a startup backed by $106 million from the New York Stock Exchange, banks and venture-capital firms, said its exchange will offer greater security for individuals and institutions to trade bitcoin and monitor real-time pricing of the cryptocurrency.

The exchange could bring needed legitimacy to the currency, which isn’t backed by a central government and is traded over virtual exchanges, primarily overseas. Coinbase said it has insurance, offering traders some assurance that their money won’t disappear.

Bitcoin enthusiasts have been buffeted by the collapse of Japan-based exchange Mt. Gox last year—taking with it around half a billion dollars of investors’ money—and a security breach earlier this month at Slovenia-based exchange Bitstamp. The value of a bitcoin itself, determined by trading on existing exchanges, has fallen to about $240, from a peak in late 2013 of more than $1,200.

“To have an organized exchange that has the backing of thoughtful venture capitalists and investors addresses one of the main problems with bitcoin: its extreme volatility,” said Campbell R. Harvey, a Duke University finance professor who has studied cryptocurrencies. “Bitcoin has been sorely in need of something like this.”

Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California. For now, Coinbase can do business with account holders only in states where it has approval.

Coinbase will take a small percentage—likely less than 1%—of most transactions, said Fred Ehrsam, 26 years old, a co-founder. The exchange will initially be limited to users in the U.S., but Chief Executive Brian Armstrong, 32, said he plans to expand overseas.

Mr. Armstrong said he expected to attract both individuals and businesses looking to trade bitcoin. “Our goal is to become the world’s largest exchange,” he said.

Others are looking to open U.S.-based bitcoin exchanges, including Tyler and Cameron Winklevoss, the twin brothers known for their early feuds with Facebook Inc. founder Mark Zuckerberg .

Financial regulators, including the U.S. Federal Reserve, have been scrutinizing bitcoin recently. Benjamin Lawsky , the superintendent of the New York State Department of Financial Services, is working on a so-called BitLicense for firms looking to offer digital-currency services in the state; Coinbase is operating under earlier regulations. Mr. Lawsky’s plan is seen as a template for legislation in other jurisdictions, and it may give outsiders more confidence in the currency.

Bitcoins are created using high-powered computers that “mine” for the currency by solving complex mathematical equations. They are exchanged digitally either for currency, or goods and services. Ownership and transactions are recorded, anonymously, in a so-called blockchain, which backers say reduces the risk of fraud.

Bitcoin grew to prominence in recent years in part because of the ease with which it can be transferred.

Coindesk, which tracks the price of bitcoins, says 82,000 businesses accept the currency, double that of a year earlier, including e-commerce site Overstock.com Inc. and Expedia Inc., as well as many small retailers. The value of all bitcoin is $3.2 billion, according to Coindesk’s price index.

The NYSE invested in Coinbase during a $75 million round of fundraising that closed this month. Other investors include USAA Bank, the venture arm of Spain’s Banco Bilbao Vizcaya Argentaria SA, former Citigroup Inc. CEO Vikram Pandit and former Thomson Reuters Corp. CEO Tom Glocer. Venture backers include Draper Fisher Jurvetson, Andreessen Horowitz and Union Square Ventures.

The NYSE’s investment was intended in part to “keep an eye on bitcoin as it matures as a legitimate currency,” President Tom Farley said. “Any currency relies on its acceptance.” The Coinbase exchange “is an important step for the currency to become socially acceptable.”

Coinbase counts about 2.2 million consumer wallets and nearly 40,000 merchants that use its services. The company has about 75 employees and plans to operate in 30 countries by year-end, up from 19 today.

BTC: 14oTcy1DNEXbcYjzPBpRWV11ZafWxNP8EU
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January 25, 2015, 10:27:20 PM
 #20612

Let's go Lunar!

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January 25, 2015, 10:30:11 PM
 #20613


Thanks buddy

edit: Wow, this could be big for BTC.
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January 25, 2015, 11:10:15 PM
 #20614


Thanks buddy

edit: Wow, this could be big for BTC.

Coinbase agrees:
https://www.coinbase.com/lunar



BTC: 14oTcy1DNEXbcYjzPBpRWV11ZafWxNP8EU
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January 25, 2015, 11:41:17 PM
 #20615

Also watch EURUSD.
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January 25, 2015, 11:58:49 PM
 #20616

just like i warned; i don't think markets like Syriza. nice gap down:

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January 26, 2015, 12:01:31 AM
 #20617

Think markets got some tanking before it recovers to a nice price again and continue to go up. $170s last week and in $240s now could go anyway up or down. Coinbase thing tho is interesting. Will find out what happens with that in 15 hours or less to see if anything will really happen with the new exchange that is coming out and seeing how prices will go.

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January 26, 2015, 12:03:13 AM
 #20618

This could definitely set off the next deflationary wave/crisis:

http://mobile.bloomberg.com/news/2015-01-25/syriza-defeats-samaras-to-win-greek-election-exit-poll.html

Syriza wants at least half of Greek debt to be written off along with an end to austerity. This is the last thing their European creditors want to see. Remember,  present day crises get set off when there is debt implosion which is what a debt write off is.

this guy may actually be right:

https://twitter.com/AsselbergsSimon/status/559410262433079296
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January 26, 2015, 12:05:06 AM
 #20619

Think markets got some tanking before it recovers to a nice price again and continue to go up. $170s last week and in $240s now could go anyway up or down. Coinbase thing tho is interesting. Will find out what happens with that in 15 hours or less to see if anything will really happen with the new exchange that is coming out and seeing how prices will go.

no, i think the bottom is in.

the CB exchange is a long term thing, not a one off.  it changes the liquidity dynamic significantly and should boost prices and narrow spreads.
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January 26, 2015, 12:07:53 AM
 #20620

Think markets got some tanking before it recovers to a nice price again and continue to go up. $170s last week and in $240s now could go anyway up or down. Coinbase thing tho is interesting. Will find out what happens with that in 15 hours or less to see if anything will really happen with the new exchange that is coming out and seeing how prices will go.

no, i think the bottom is in.

the CB exchange is a long term thing, not a one off.  it changes the liquidity dynamic significantly and should boost prices and narrow spreads.

I concur. Feels like a proper hard bottom - high volume capitulation. The best thing is we are still carrying nearly 20,000 shorts. A move up could be epic from here.
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