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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1921755 times)
iCEBREAKER
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https://monero.stackexchange.com/a/1203


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March 06, 2015, 09:44:48 PM
 #21741

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

The immutable value of shiny gold in 20 years will be the same as 1000 or 2000 years ago.

It will get you food, clothing, shelter, and intimate companionship.

Gold is proof of work, being born in a quasar or other extreme cosmic event.

SHA256 and ECC will be broken and forgotten long before we can duplicate the power of a supernova.

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
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Fungibility provides privacy as a side effect.  Adam Back 2014

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


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
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cypherdoc
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March 06, 2015, 09:48:49 PM
 #21742

on our way to new lows.  that looks glorious:

uki
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March 06, 2015, 09:53:57 PM
 #21743

on our way to new lows.  that looks glorious:

-snip-
that is the price of paper gold, which in the end is just worth as much as the paper on which it is written.
Probably twenty other entities have the claim to the same piece of gold, so in the big scheme of the things this price should tend to zero.

cypherdoc
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March 06, 2015, 10:41:05 PM
 #21744

on our way to new lows.  that looks glorious:

-snip-
that is the price of paper gold, which in the end is just worth as much as the paper on which it is written.
Probably twenty other entities have the claim to the same piece of gold, so in the big scheme of the things this price should tend to zero.

I agree with you. I think without all that manipulation, gold would be at $30000/oz.

I have a few extra ounces lying around that I'd  like to sell you for 50% off, or $15000/oz. I'm sure you'll agree that's a spectacular deal and would be anxious to take them off my hands. PM me and I'll hand deliver them to you asap.
uki
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March 06, 2015, 10:56:17 PM
 #21745

that is the price of paper gold, which in the end is just worth as much as the paper on which it is written.
Probably twenty other entities have the claim to the same piece of gold, so in the big scheme of the things this price should tend to zero.

I agree with you. I think without all that manipulation, gold would be at $30000/oz.

I have a few extra ounces lying around that I'd  like to sell you for 50% off, or $15000/oz. I'm sure you'll agree that's a spectacular deal and would be anxious to take them off my hands. PM me and I'll hand deliver them to you asap.
I do have a nice stash of PMs as part of my portfolio already, and I am adding on the dips. Mainly silver though.
Don't think $30k per oz of gold is realistic, either.
Oh, and one more thing. Have a look at gold vs. € chart, to see that gold is not doing that bad as you think. Do the same for JPY vs. gold and GBP vs. gold. It is the dollar-king game.

cypherdoc
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March 06, 2015, 11:13:58 PM
 #21746

that is the price of paper gold, which in the end is just worth as much as the paper on which it is written.
Probably twenty other entities have the claim to the same piece of gold, so in the big scheme of the things this price should tend to zero.

I agree with you. I think without all that manipulation, gold would be at $30000/oz.

I have a few extra ounces lying around that I'd  like to sell you for 50% off, or $15000/oz. I'm sure you'll agree that's a spectacular deal and would be anxious to take them off my hands. PM me and I'll hand deliver them to you asap.
I do have a nice stash of PMs as part of my portfolio already, and I am adding on the dips. Mainly silver though.
Don't think $30k per oz of gold is realistic, either.
Oh, and one more thing. Have a look at gold vs. € chart, to see that gold is not doing that bad as you think. Do the same for JPY vs. gold and GBP vs. gold. It is the dollar-king game.

Shucks. I was sure you were going to go for it.

Actually Bill Bonner agrees with you. He also threw in a plug for Bitcoin. I'm sure that has to do with that sub writer of his that writes for the Daily Reckoning.

I still think the dollar will be sacrificed in the end to preserve the UST market ala Japan. We'll see :

http://moneyweek.com/bill-bonner-interview/
uki
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March 07, 2015, 12:07:00 AM
 #21747

Shucks. I was sure you were going to go for it.

Actually Bill Bonner agrees with you. He also threw in a plug for Bitcoin. I'm sure that has to do with that sub writer of his that writes for the Daily Reckoning.

I still think the dollar will be sacrificed in the end to preserve the UST market ala Japan. We'll see :

http://moneyweek.com/bill-bonner-interview/
Well, if you foresee the JPY way for the dollar, then here is the long term chart for gold: http://goldprice.org/gold-price-japan.html
Take 20 year chart, for example. Not looking bad for gold, to be honest.

As for the Bitcoin, I repeat what I wrote earlier, too little market cap to be of any significance for the dollar. As soon as it becomes big enough, watch the gold story to repeat. Rinse and repeat.

Melbustus
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March 07, 2015, 05:49:05 AM
 #21748

...
I still think the dollar will be sacrificed in the end to preserve the UST market ala Japan.
...


Buy *all* the bonds!

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
cypherdoc
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March 07, 2015, 04:48:41 PM
 #21749

yeah, it's funny.

i've had an order sitting @269 for almost 24h & the d*mn market just won't come down & grab it...
Micky25
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March 07, 2015, 05:18:10 PM
 #21750

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?
Gold existed since the dawn of the man. I wouldn't worry of its cost in 20, 50 or even 500 years. Bitcoin from the other hand is around only for couple a years, and if something goes really wrong can disappear even faster.

I'm waiting for this http://en.wikipedia.org/wiki/Geomagnetic_reversal to happen anytime, it's overdue and should erase all electronic data on Earth. Time to take a BTC backup to a paperwallet. But.. wait..
brg444
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Bitcoin replaces central, not commercial, banks


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March 07, 2015, 06:45:38 PM
 #21751

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

"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
conspirosphere.tk
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Revolution will be decentralized


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March 07, 2015, 08:01:39 PM
 #21752

Now with BTC this is impossible, because no paper BTC exist, cannot exist due to limited amount and deflationary behaviour

you say? what about 20X-leveraged exchanges (which btw being unregulated may be fractional reserving, inside trading, front running, and god knows what else, being backed just by pixels on their users' screens), 100X leveraged CFDs, and wait for the incoming btc ETFs.

But I agree that stacking on the cheap some phyzz that one can hold sounds like a good idea.

Hfleer
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March 07, 2015, 08:05:35 PM
 #21753

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

The problem is that the current hashing power might not even be enough to support the current network. This is not an issue of a too little hashing power, but a flawed way of securing the network.

Seperation of maintainance and usage is not the best idea tbh.

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Melbustus
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March 07, 2015, 11:20:59 PM
 #21754

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

Is there a link to this somewhere?

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
But Bitcointalk & /r/bitcoin are heavily censored. bitco.in/forum, forum.bitcoin.com, and /r/btc are open.
Best info on Casascius coins: http://spotcoins.com/casascius
brg444
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Bitcoin replaces central, not commercial, banks


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March 07, 2015, 11:31:02 PM
 #21755

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

Is there a link to this somewhere?

It was from this stream https://www.youtube.com/watch?v=lIgjogLipvk of the MIT Bitcoin Expo but looks like you can't rewind back to his presentation.

A video should be upped soon.

It was downright troubling to hear.

"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
billyjoeallen
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March 07, 2015, 11:37:45 PM
 #21756

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

The immutable value of shiny gold in 20 years will be the same as 1000 or 2000 years ago.

It will get you food, clothing, shelter, and intimate companionship.

Gold is proof of work, being born in a quasar or other extreme cosmic event.

SHA256 and ECC will be broken and forgotten long before we can duplicate the power of a supernova.

If you really think SHA256 will be broken, then you should be buying lead (bullets) and not gold. The entire financial network of the world is built on that encryption, ATMs, SWIFT, ACH, everything.  If SHA256 gets hacked, it's the Mad max scenario and we will all have much bigger problems than bitcoin. Besides, we can migrate the blockchain over to SHA512 with a hard fork a heluva lot easier that the bank's 40 YO computer networks can upgrade. Perhaps you remember what a clusterfuck it was to fix the Y2K bug in 1999.

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

Open an exchange account at CampBX: options, lowest commissions, and best security
https://campbx.com/register.php?r=0Y7YxohTV0B
gargantuar
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March 08, 2015, 12:21:14 AM
 #21757

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

The immutable value of shiny gold in 20 years will be the same as 1000 or 2000 years ago.

It will get you food, clothing, shelter, and intimate companionship.

Gold is proof of work, being born in a quasar or other extreme cosmic event.

SHA256 and ECC will be broken and forgotten long before we can duplicate the power of a supernova.

If you really think SHA256 will be broken, then you should be buying lead (bullets) and not gold. The entire financial network of the world is built on that encryption, ATMs, SWIFT, ACH, everything.  If SHA256 gets hacked, it's the Mad max scenario and we will all have much bigger problems than bitcoin. Besides, we can migrate the blockchain over to SHA512 with a hard fork a heluva lot easier that the bank's 40 YO computer networks can upgrade. Perhaps you remember what a clusterfuck it was to fix the Y2K bug in 1999.

Wanted to report to moderator but found out that "I like this post" was not an option.  Really like your posts, bro.
NotLambchop
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March 08, 2015, 12:28:04 AM
 #21758

...Besides, we can migrate the blockchain over to SHA512 with a hard fork a heluva lot easier that the bank's 40 YO computer networks can upgrade. ...

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.  

With "legacy" banking?  Lol, not much happens.  A few delayed/reversed transactions, a bit more boring old paper money, a few hax0ring scumbags lined up against a wall & shot for their faggotry Undecided

BTW, what happened in Y2K?   Did I miss something?  I mean, other than all those ICBMs accidentally Atlantis into smoking molten glass?
thezerg
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March 08, 2015, 01:08:11 AM
 #21759

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

I didn't watch but I agree with him in principle.  You can't steal coins with 51% only block service.  So the only entity who would waste the kind of $ to 51pct is governments.  But governments would simply legislate the problem away not waste 100 millions to build up hash.
justusranvier
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March 08, 2015, 01:57:21 AM
 #21760

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.
You need to work in your FUD.

Your scenario is less incorrect for ECDSA than it's incorrect for SHA256.
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