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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1804735 times)
cypherdoc
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August 10, 2012, 09:45:36 PM
 #2761

I wouldn't be too worried, the price of bitcoins will bounce back to silver parity pretty quick. In a couple months a 1/1 trade of bitcoins to silver will look silly because bitcoins will be so much higher.

You know, that is kind of what I thought too. It would seem to make sense that if you had a large position in silver you would want to go ahead and move part of it over to Bitcoin.

i've already done just that with my silver bullion.  i'm actually thinking of selling my gold bullion as well.  risky i know.

this is the pertinent part..

glad to know you care enough about what i say to go back and check.  is there an inconsistency here?  i said i started selling silver in May 2011 at the top @ $49 with a total sell average of about $44.  and yes i sold most of my gold bullion too during August.

Don't feel bad. I sold 60 ounces of silver and bought my first 1.2GH/s miner in early May 2011. It netted me about $5000 worth of bitcoins. Sold more silver and added 3GH/s. Netted me another $10k worth of bitcoins.

Then my worst move was when I sold the rest of my silver and bought bitcoins around $17 per ounce too.

But I made bank with IXC, I0C, SC, GG, and most recently Litecoin by buying a ton of them with my bitcoins.

I'm buying slowly over time...i think silver prices may go lower but the price you will pay for physical silver bullion will not go down much due to supply restrictions.

 Wink

you misunderstand me.  i'm delighted i got out of silver at an avg cost of $44 when i had bought btwn $9-12.  i think it goes down further from here.
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August 10, 2012, 09:48:07 PM
 #2762

I wouldn't be too worried, the price of bitcoins will bounce back to silver parity pretty quick. In a couple months a 1/1 trade of bitcoins to silver will look silly because bitcoins will be so much higher.

You know, that is kind of what I thought too. It would seem to make sense that if you had a large position in silver you would want to go ahead and move part of it over to Bitcoin.

i've already done just that back in May with my silver bullion.  i'm actually thinking of selling my gold bullion as well.  risky i know.

this is the pertinent part..

glad to know you care enough about what i say to go back and check.  is there an inconsistency here?  i said i started selling silver in May 2011 at the top @ $49 with a total sell average of about $44.  and yes i sold most of my gold bullion too during August.

and you used the proceeds of that selling to buy BTC when it was 20-30 per.

Great trade!! Wink  You always forget to mention that you bought BTC at the peak with the silver proceeds when you talk about how you made such a great call to sell silver at the peak.  

I love your selective disclosure of your good trades, but failure to mention your bad ones.

silverbox, you are a troll man, sorry. Wink  i perhaps should have said it as above.  sheesh.  Wink
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August 10, 2012, 09:50:12 PM
 #2763

oh btw, Gold STILL down, Bitcoin exploding!  Cheesy
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August 10, 2012, 09:53:34 PM
 #2764

I wouldn't be too worried, the price of bitcoins will bounce back to silver parity pretty quick. In a couple months a 1/1 trade of bitcoins to silver will look silly because bitcoins will be so much higher.

You know, that is kind of what I thought too. It would seem to make sense that if you had a large position in silver you would want to go ahead and move part of it over to Bitcoin.

i've already done just that with my silver bullion.  i'm actually thinking of selling my gold bullion as well.  risky i know.

this is the pertinent part..

glad to know you care enough about what i say to go back and check.  is there an inconsistency here?  i said i started selling silver in May 2011 at the top @ $49 with a total sell average of about $44.  and yes i sold most of my gold bullion too during August.

Don't feel bad. I sold 60 ounces of silver and bought my first 1.2GH/s miner in early May 2011. It netted me about $5000 worth of bitcoins. Sold more silver and added 3GH/s. Netted me another $10k worth of bitcoins.

Then my worst move was when I sold the rest of my silver and bought bitcoins around $17 per ounce too.

But I made bank with IXC, I0C, SC, GG, and most recently Litecoin by buying a ton of them with my bitcoins.

I'm buying slowly over time...i think silver prices may go lower but the price you will pay for physical silver bullion will not go down much due to supply restrictions.

 Wink

you misunderstand me.  i'm delighted i got out of silver at an avg cost of $44 when i had bought btwn $9-12.  i think it goes down further from here.

No I think I do understand you. You are bullish on bitcoins and bearing on PMs.

Nothing wrong with that.

███████████████████████████████████████

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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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August 10, 2012, 09:54:46 PM
 #2765

I wouldn't be too worried, the price of bitcoins will bounce back to silver parity pretty quick. In a couple months a 1/1 trade of bitcoins to silver will look silly because bitcoins will be so much higher.

You know, that is kind of what I thought too. It would seem to make sense that if you had a large position in silver you would want to go ahead and move part of it over to Bitcoin.

i've already done just that with my silver bullion.  i'm actually thinking of selling my gold bullion as well.  risky i know.

this is the pertinent part..

glad to know you care enough about what i say to go back and check.  is there an inconsistency here?  i said i started selling silver in May 2011 at the top @ $49 with a total sell average of about $44.  and yes i sold most of my gold bullion too during August.

Don't feel bad. I sold 60 ounces of silver and bought my first 1.2GH/s miner in early May 2011. It netted me about $5000 worth of bitcoins. Sold more silver and added 3GH/s. Netted me another $10k worth of bitcoins.

Then my worst move was when I sold the rest of my silver and bought bitcoins around $17 per ounce too.

But I made bank with IXC, I0C, SC, GG, and most recently Litecoin by buying a ton of them with my bitcoins.

I'm buying slowly over time...i think silver prices may go lower but the price you will pay for physical silver bullion will not go down much due to supply restrictions.

 Wink

you misunderstand me.  i'm delighted i got out of silver at an avg cost of $44 when i had bought btwn $9-12.  i think it goes down further from here.

No I think I do understand you. You are bullish on bitcoins and bearing on PMs.

Nothing wrong with that.

careful, silverbox will start trolling the hell outta you.
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August 10, 2012, 09:56:09 PM
 #2766

I wouldn't be too worried, the price of bitcoins will bounce back to silver parity pretty quick. In a couple months a 1/1 trade of bitcoins to silver will look silly because bitcoins will be so much higher.

You know, that is kind of what I thought too. It would seem to make sense that if you had a large position in silver you would want to go ahead and move part of it over to Bitcoin.

i've already done just that with my silver bullion.  i'm actually thinking of selling my gold bullion as well.  risky i know.

this is the pertinent part..

glad to know you care enough about what i say to go back and check.  is there an inconsistency here?  i said i started selling silver in May 2011 at the top @ $49 with a total sell average of about $44.  and yes i sold most of my gold bullion too during August.

Don't feel bad. I sold 60 ounces of silver and bought my first 1.2GH/s miner in early May 2011. It netted me about $5000 worth of bitcoins. Sold more silver and added 3GH/s. Netted me another $10k worth of bitcoins.

Then my worst move was when I sold the rest of my silver and bought bitcoins around $17 per ounce too.

But I made bank with IXC, I0C, SC, GG, and most recently Litecoin by buying a ton of them with my bitcoins.

I'm buying slowly over time...i think silver prices may go lower but the price you will pay for physical silver bullion will not go down much due to supply restrictions.

 Wink

you misunderstand me.  i'm delighted i got out of silver at an avg cost of $44 when i had bought btwn $9-12.  i think it goes down further from here.

No I think I do understand you. You are bullish on bitcoins and bearing on PMs.

Nothing wrong with that.

careful, silverbox will start trolling the hell outta you.

 Cheesy I'm a pretty good troll myself. Gonna be hard to troll me. Been there done that all up and down this forum. Seen my ignore ticker to the left? <========================  Grin Grin Grin

███████████████████████████████████████

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███████████████████████████████████████

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silverbox
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August 10, 2012, 09:57:09 PM
 #2767

oh btw, Gold STILL down, Bitcoin exploding!  Cheesy

lol.  I was just about to say:

Gold still hasn't collapsed!!

The markets haven't either!! Wink

I'm glad BTC is exploding!!  Wink
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August 10, 2012, 10:01:41 PM
 #2768

and yes i sold most of my gold bullion too during August.

 Cry

A good rule of thumb I have heard is to keep physical gold bullion equal to monthly passive income.

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August 10, 2012, 10:03:40 PM
 #2769

and yes i sold most of my gold bullion too during August.

 Cry

A good rule of thumb I have heard is to keep physical gold bullion equal to monthly passive income.

No need to cry... he sold most of his bullion, but still has 24 ounces.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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August 10, 2012, 10:04:15 PM
 #2770

and yes i sold most of my gold bullion too during August.

 Cry

A good rule of thumb I have heard is to keep physical gold bullion equal to monthly passive income.

I go with the keep about the same USD of gold/silver physical as my gun/ammo collection is worth..

Its ballast for the bottom of the gun safe.

The boxes of nickels are the real hefty part of it thu..  Wink
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August 10, 2012, 10:17:30 PM
 #2771

and yes i sold most of my gold bullion too during August.

 Cry

A good rule of thumb I have heard is to keep physical gold bullion equal to monthly passive income.

No need to cry... he sold most of his bullion, but still has 24 ounces.

this is true. 

sunnankar was one of my motivations to buy gold back in 2005-07.  i was hoping he had come over to the dark side with me and sold gold. Sad
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August 10, 2012, 10:19:31 PM
 #2772

Cheesy I'm a pretty good troll myself. Gonna be hard to troll me. Been there done that all up and down this forum. Seen my ignore ticker to the left? <========================  Grin Grin Grin

getting ignored is not a sign of good trolling.

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August 10, 2012, 10:24:11 PM
 #2773


I got interested sometime at the end of 2010 or begining of 2011.  Even downloaded the source code (which is a prerequisite for most any software I'm interested in and think I may need to trust.) 

i'll assume you inspected the code.  see, this is why i am so bullish on Bitcoin as an open source project.  as arrogant as i may seem about financial stuff i fully admit i can't read code at all and rely on smarter ppl in this area such as you to protect my investments.  we're all working towards the same goals here.

Actually no.  Doing that job right would require _way_ more time and _way_ more skill than I have.  I simply did some minor porting for the platform I prefer for secure work.  I also rely heavily on smarter people to do the heavy lifting.  And as I've mentioned before, Bitcoin is interesting enough on enough levels that it gets more than it's share of critical analysis.  Or at least did at one time.

The main reason I wanted the source code was so that I could pick and choose when to compile a snapshot and so that I could adopt whatever patches I felt an inclination to adopt.  When I'm in the mood I do follow the commits and peruse the deltas.


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August 10, 2012, 10:29:32 PM
 #2774


I got interested sometime at the end of 2010 or begining of 2011.  Even downloaded the source code (which is a prerequisite for most any software I'm interested in and think I may need to trust.) 

i'll assume you inspected the code.  see, this is why i am so bullish on Bitcoin as an open source project.  as arrogant as i may seem about financial stuff i fully admit i can't read code at all and rely on smarter ppl in this area such as you to protect my investments.  we're all working towards the same goals here.

Actually no.  Doing that job right would require _way_ more time and _way_ more skill than I have.  I simply did some minor porting for the platform I prefer for secure work.  I also rely heavily on smarter people to do the heavy lifting.  And as I've mentioned before, Bitcoin is interesting enough on enough levels that it gets more than it's share of critical analysis.  Or at least did at one time.

The main reason I wanted the source code was so that I could pick and choose when to compile a snapshot and so that I could adopt whatever patches I felt an inclination to adopt.  When I'm in the mood I do follow the commits and peruse the deltas.



i've heard the code is extraordinarily complex from some of the devs.  etotheipi's diagrammatic deconstruct was incredibly intricate not to mention indecipherable. 

offhand, who do you think wrote it?  an individual or organization?  doesn't seem like an individual could have all those talents in math, economics, and coding combined to write such a masterpiece.
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August 10, 2012, 10:30:00 PM
 #2775

Cheesy I'm a pretty good troll myself. Gonna be hard to troll me. Been there done that all up and down this forum. Seen my ignore ticker to the left? <========================  Grin Grin Grin

getting ignored is not a sign of good trolling.


Says the person who gets trolled and then hits the ignore button because they have nothing else to say.  Cheesy

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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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August 10, 2012, 11:03:46 PM
 #2776

offhand, who do you think wrote it?  an individual or organization?  doesn't seem like an individual could have all those talents in math, economics, and coding combined to write such a masterpiece.
Wasn't the identify of Mr. Bitcoin revealed already?  Cheesy
http://bitcoinmedia.com/good-wife-episode-review/
Are they busy programming for the next rover heading to Mars? Oh no, that's sooo boring.

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August 10, 2012, 11:22:42 PM
 #2777

oh btw, Gold STILL down, Bitcoin exploding!  Cheesy

That would be a more accurate description compared to "Gold collapsing, bitcoin up". IMO the best description would be "Gold correcting, bitcoin exploding". But yeah i know, you disagree (and anyway it's too early to really know)
At least we both agree and enjoy seeing bitcoin slowly approaching fair value Smiley

btw what would be your bet on US election ? and what would it do to markets ?

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August 10, 2012, 11:36:55 PM
 #2778

oh btw, Gold STILL down, Bitcoin exploding!  Cheesy

That would be a more accurate description compared to "Gold collapsing, bitcoin up". IMO the best description would be "Gold correcting, bitcoin exploding". But yeah i know, you disagree (and anyway it's too early to really know)
At least we both agree and enjoy seeing bitcoin slowly approaching fair value Smiley

btw what would be your bet on US election ? and what would it do to markets ?

Prediction ----> next 5 months = VOLATILITY

███████████████████████████████████████

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August 11, 2012, 02:09:14 AM
 #2779


i've heard the code is extraordinarily complex from some of the devs.  etotheipi's diagrammatic deconstruct was incredibly intricate not to mention indecipherable. 

offhand, who do you think wrote it?  an individual or organization?  doesn't seem like an individual could have all those talents in math, economics, and coding combined to write such a masterpiece.

I suspect that the scripting engine is one of the more complex bits by it's nature, but such an idea is nothing new in computer science.  From what I understand the whole system is neither terribly complex by many measures nor especially well written originally, and the author(s) leveraged much of the more challenging cryptographic implementations from the open source community (as they should.)  Furthermore, much of the basic ideas of Bitcoin originated a decade and a half or more out of (or describe within) the cypherpunks community which someone pointed out on some thread here some months ago.

Of course I don't know who wrote it.  My guesstimate is that it was one person who was multi-talented and quite bright, but I see nothing so special that it would take a team of people or anything like that.  I don't mean to belittle his (or her or their) work in my above statements since at the end of the day he/she/they actually _did_ it and got it out there and here we are today.


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August 11, 2012, 02:10:50 AM
 #2780


i've heard the code is extraordinarily complex from some of the devs.  etotheipi's diagrammatic deconstruct was incredibly intricate not to mention indecipherable. 

offhand, who do you think wrote it?  an individual or organization?  doesn't seem like an individual could have all those talents in math, economics, and coding combined to write such a masterpiece.

I suspect that the scripting engine is one of the more complex bits by it's nature, but such an idea is nothing new in computer science.  From what I understand the whole system is neither terribly complex by many measures nor especially well written originally, and the author(s) leveraged much of the more challenging cryptographic implementations from the open source community (as they should.)  Furthermore, much of the basic ideas of Bitcoin originated a decade and a half or more out of (or describe within) the cypherpunks community which someone pointed out on some thread here some months ago.

Of course I don't know who wrote it.  My guesstimate is that it was one person who was multi-talented and quite bright, but I see nothing so special that it would take a team of people or anything like that.  I don't mean to belittle his (or her or their) work in my above statements since at the end of the day he/she/they actually _did_ it and got it out there and here we are today.



+1 I read through the source. Not Microsoft level coding....but it is very innovative.

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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
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