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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1805647 times)
cypherdoc
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June 11, 2013, 02:31:08 PM
 #5121

Gold down. Bitcoin steady.

Time to knife catch Chaang.

i bought a very large amount (for me) at $22.

I'm waiting for $18.XX to add some, and then $13 to add a lot more.



and then $8, and then $5.

pretty soon you'll be freakin' rich!

I don't think they dollar will ever be as strong as you think it will to get silver to $5.

its not just the dollar.
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rpietila
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June 11, 2013, 04:23:21 PM
 #5122

When in doubt, and sitting on a huge pile of PM's and cryptocurrencies, do nothing SOMETHING ELSE PRODUCTIVE W/ YOUR LIFE.

tvbcof
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June 11, 2013, 04:33:45 PM
 #5123

When in doubt, and sitting on a huge pile of PM's and cryptocurrencies, do nothing SOMETHING ELSE PRODUCTIVE W/ YOUR LIFE.

No shit!  I've finally got to sawing up a mountain of logs with a sawmill I bought 10 years ago and have not used having got sucked into software engineering.  And a crane I bought late last year.  It's done wonders for my attitude about...well...everything.  And it's starting to have a positive impact on my waistline.  Out the door now to do another days worth of real work.


cypherdoc
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June 11, 2013, 04:36:02 PM
 #5124

It's done wonders for my attitude about...well...everything. 

you mean you have the potential to be even chippier?  Wink
cypherdoc
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June 11, 2013, 07:37:30 PM
 #5125

oops.

we gotta  problem:

thezerg
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June 11, 2013, 07:52:50 PM
 #5126

Is SLV decoupling?  Kitco showing 21.65...

Also its pretty hard to read the graphs you post & I'm on a "traditional" computer.  This may be why nobody's commenting.  Maybe fool with the font sizes or just describe the graph at the top so we don't have to try to read it in the image.

Thx!
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June 11, 2013, 07:54:46 PM
 #5127

Is SLV decoupling?  Kitco showing 21.65...

Also its pretty hard to read the graphs you post & I'm on a "traditional" computer.  This may be why nobody's commenting.  Maybe fool with the font sizes or just describe the graph at the top so we don't have to try to read it in the image.

Thx!

You can right click and open image in new tab so it is clearer

...مكتوب
Escape the plutocrats’ zanpakutō, Flower in the Mirror, Moon on the Water: brave “the ascent which is rough and steep” (Plato).
cypherdoc
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June 11, 2013, 08:22:17 PM
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 This may be why nobody's commenting. 

the reason nobody's commenting is b/c they're in shock.
Odalv
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June 11, 2013, 08:31:42 PM
 #5129


 This may be why nobody's commenting. 

the reason nobody's commenting is b/c they're in shock.

I would appreciate more comments.
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June 11, 2013, 08:43:06 PM
 #5130


Comparison of bitcoin and gold starting on bitcoins birthday "14 December 2009", as it is Satoshis last post here. You could argue that he considered it job done on that day and it can stand on its one from now on.
1/10 Once Gold was 112 Dollar on that day, today its 138. Bitcoins is 109 at screen-grap time. Its Daily closing price chart.
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June 11, 2013, 08:45:47 PM
 #5131


Comparison of bitcoin and gold starting on bitcoins birthday "14 December 2009", as it is Satoshis last post here. You could argue that he considered it job done on that day and it can stand on its one from now on.
1/10 Once Gold was 112 Dollar on that day, today its 138. Bitcoins is 109 at screen-grap time. Its Daily closing price chart.
This graph would be more impressive if the scale was measured in percentage, with both lines normalized to 100% on the starting point at the left side of the screen.
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June 11, 2013, 09:15:20 PM
 #5132

Gold down. Bitcoin steady.

Time to knife catch Chaang.

i bought a very large amount (for me) at $22.

I'm waiting for $18.XX to add some, and then $13 to add a lot more.



You think we'll drop below $15?
I bought at $23, and am lined up to buy the rest around $20, $18, and $15.

Already, the price feels ridiculous, and my largest fear is a split in paper and physical price before I've fully loaded up.

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June 11, 2013, 09:19:42 PM
 #5133

https://www.kitcomm.com/showthread.php?t=119480

Quote
No. Most silver comes out as a byproduct of other mining and costs below $4 bucks to mine. Indeed there are some mines that cost $15 or more to mine an oz but those are few and far in between. Any price above $2 (two bucks) is profitable for mining companies. Lets not forget that in 2002 silver was $4 bucks and it was very profitable to mine it then. Nothing has changed since!

edit: while we're at it, http://www.zerohedge.com/news/2013-05-21/visualizing-cost-mining-gold

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Escape the plutocrats’ zanpakutō, Flower in the Mirror, Moon on the Water: brave “the ascent which is rough and steep” (Plato).
World
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June 12, 2013, 12:37:28 PM
 #5134

What is the cost of mining 1 Bitcoin?
here is gold
http://www.visualcapitalist.com/what-is-the-cost-of-mining-gold

Supporting people with beautiful creative ideas. Bitcoin is because of the developers,exchanges,merchants,miners,investors,users,machines and blockchain technologies work together.
BitcoinAshley
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June 12, 2013, 04:00:40 PM
 #5135

Let's not drift into the zone of monetary theory ignorance where we might start to think that the value of a commodity (or quasi-commodity) that is used for either store of value or a currency "should be" very close to the cost to produce it, or is somehow "destined to" return to the price of production.

The cost to mine an ozt of gold or a bitcoin is only part of the equation. There is then utility, faith, familiarity, convention, popularity, and oh yeah, supply and demand,what else - distributor premium, dealer premium, etc. ;-)

Watermelons cost $6.99 a piece here. That doesn't meant they cost $6.50 to grow.  Roll Eyes Is the price of a watermelon "destined" to return to $2? I sure hope so.

tvbcof
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June 12, 2013, 04:04:53 PM
 #5136

...
I highly doubt it will get to 5 like some here think.  I think there is a better chance of btc going to 30 than silver to 5.

I'd say that the odds of BTC reaching 30 cents are about a 1000x greater than silver hitting $5.  Assuming a constant $ value of course...and physical silver rather than paper.  All of these scenarios represent system failures of some sort, though in a very healthy economy with a good outlook, many investment opportunities and a lot of confidence in fiscal leadership, I could see PM's drop down to their 90's values.  I don't see this rosy scenario our horizon.  There are a lot of questions about the future of Bitcoin and very likely some new bugs to be discovered (and indeed, introduced) which is why I rank the risk as so much higher.

Btw im very much love crypto just trying to make smart trades.

I think that when one is to emotionally attached to an idea or solution, it is very hard to make sound 'trades' around it.  Of course that can and does work to one's advantage on occasion, but one is no better off than going to a casino in that situation.


Adrian-x
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June 12, 2013, 04:21:55 PM
 #5137

Based on my electricity costs alone a Bitcoin costs $17.26.
Mainly GPU and 2 USB ASIC's

Capital costs for most GPU miners were absorbed before halving.
And many miners don't actually pay there own electricity.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
notme
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June 12, 2013, 04:33:04 PM
 #5138


I was trying to be polite to the OP. I turned 15k USD play money into well over a million in less than 2 years. I know my shit.


Don't get cocky or your million dollars will vanish as quickly as it arrived.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
tvbcof
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June 12, 2013, 04:46:16 PM
 #5139

Let's not drift into the zone of monetary theory ignorance where we might start to think that the value of a commodity (or quasi-commodity) that is used for either store of value or a currency "should be" very close to the cost to produce it, or is somehow "destined to" return to the price of production.

The cost to mine an ozt of gold or a bitcoin is only part of the equation. There is then utility, faith, familiarity, convention, popularity, and oh yeah, supply and demand,what else - distributor premium, dealer premium, etc. ;-)

Watermelons cost $6.99 a piece here. That doesn't meant they cost $6.50 to grow.  Roll Eyes Is the price of a watermelon "destined" to return to $2? I sure hope so.


I heard the calculation of $12 per Bitcoin transaction has been computed under the current system, but I only saw a post with that number rather than one with the math.

If so, or if the cost is anywhere near this number, then there is significant subsidization.  To change the equation:

 - Bitcoin coin scale up immensely.  But even at today's load, full nodes are dropping out and not coming on line.  So it is pretty inevitable that this means significant centralization and deprecation of a peer2peer function and it will be pretty difficult to be a 'peer' without a decent footprint and level of capitalization in infrastructure.

 - Mining effort could drop and/or become much more efficient creating a less costly system to operate.

One way or another, people are attached to the system of having their transactions heavily subsidized.  Some are emotionally attached and some are financially attached.

It is ironic indeed that on this forum, I am the guy who wishes to let market forces work and let Bitcoin users shoulder the cost of operation through fees.  No more freeloading!  I'd gladly pay $20 per transaction for a truly distributed 'source-of-truth' with the confidence and resiliency that true 'peer2peer' instills in the solution.  As fraud/theft resistant off-chain solutions develop, I'd use mostly them for day-to-day transactions.


wachtwoord
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June 12, 2013, 05:31:45 PM
 #5140

When in doubt, and sitting on a huge pile of PM's and cryptocurrencies, do nothing SOMETHING ELSE PRODUCTIVE W/ YOUR LIFE.

pile of PMs, crypto and cash.

Cash might be king if this crazy deflation hits.

Honestly I hold more cash then phyz PM.


But yeah, what else to do in life?   I'm going to do some traveling but after that :/


I assume you mean fiat? Really? I'm trying to have the least amount of cash possible without taking any unnecessary short term liquidity risks. Have you seen how much they are printing?

I own no PMs btw, because of the difficulties with storing physical PMs (owning paper doesn't appeal to me at all) and I think owning Bitcoin sufficiently fills this portion of my portfolio.

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