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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1804012 times)
manfred
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June 13, 2013, 06:36:18 AM
 #5161

Inb4 salt takes back its rightful place as money and leaves all PMs olders S.O.L.  Grin
Yes in the middle of the crises daily essential like Salt are far more valuable then PM. PM will be almost worthless (you cant eat it) its only after when people dont need to worry about daily essentials and banks haven't got money to let, PMs are extremely valuable. You effectively become the bank. At the very early stages Cash is king, Just look at Greece is a good example the first few days you only got anything when you had the funny paper in the Hand.
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BitcoinAshley
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June 13, 2013, 03:57:06 PM
 #5162

Inb4 salt takes back its rightful place as money and leaves all PMs olders S.O.L.  Grin
Yes in the middle of the crises daily essential like Salt are far more valuable then PM. PM will be almost worthless (you cant eat it) its only after when people dont need to worry about daily essentials and banks haven't got money to let, PMs are extremely valuable. You effectively become the bank. At the very early stages Cash is king, Just look at Greece is a good example the first few days you only got anything when you had the funny paper in the Hand.


I agree that in the very early stages, funny money is king. It takes time for people to get used to paper having no value. For this purpose, Greece is still in the "early stages."

Responding to the bolded part: I disagree. PM's value is barely based on its industrial utility, but on its utility as a medium of exchange - it is scarce, stateless, bankless, no counter-party risk, lasts for a very long time, etc etc. Also social factors such as convention.
So take it to the crisis scenario. Sure, salt is useful becuase you use it to preserve food in northern climates. But PMs still beat salt in terms of utility as an exchange medium. There's no question that tit for tat, as an exchange medium (not as a food preserver) salt is fucked. Barley and baking soda also suck as exchange mediums but they are inherently more useful to the average consumer as food and as a cleaning substance. That doesn't make them good exchange mediums. Direct barter using consumer goods as mediums of exchange isn't inherently better than using something that is a more suitable exchange medium as an intermediary.
If I need some turnips and my neighbor has turnips but needs a new transmission for his tractor, well, i'd need ridiculous quantities of salt but only a tiny weight of gold or silver. And if the dollar fails and people are using alternate currencies/barter systems/etc - the junkyard is going to be happier accepting gold/silver than huge bags of salt or 10 cases of turnips. What the fuck they gonna use 20lb bags of salt for? People selling scrap cars to them are going to want to be paid in PMs or bitcoins, not salt.

We don't go from a superior medium of exchange to an inferior medium of exchange. It doesn't work that way.
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June 13, 2013, 04:58:44 PM
 #5163

I just want to +1 bump this thread.

Also, during a famine dung was almost its weight in silver, but not the other way around.

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June 13, 2013, 05:27:39 PM
 #5164

I just want to +1 bump this thread.

Also, during a famine dung was almost its weight in silver, but not the other way around.

Seige or desert trek gone wrong or famine. Economy and what is normal is gone.

Who wants to carry silver when you know you wont eat for a week.

It was during the seige (and the resulting famine) of Jerusalem about 2500 years ago. (2. Kings 6:25)

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June 13, 2013, 05:53:16 PM
 #5165

I just want to +1 bump this thread.

Also, during a famine dung was almost its weight in silver, but not the other way around.

Seige or desert trek gone wrong or famine. Economy and what is normal is gone.

Who wants to carry silver when you know you wont eat for a week.

It was during the seige (and the resulting famine) of Jerusalem about 2500 years ago. (2. Kings 6:25)

One of about 10000 times this happened.

in the history of mankind.

But then again is Bitcoin a first-time 6 sigma metallic black swan.

manfred
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June 13, 2013, 05:57:53 PM
 #5166

PM's can not be put in the same pot. Silver, you can use to barter in a crises. However it is not a smart move to waste the gold to buy toilet paper, unless of course the wife declares it a national disaster if there is no toilet paper in the house. You can buy the whole toilet paper factory afterwards if you still got the gold when things turn around for the better. Hang on to it as long as possible use everything else to trade first. And yes the gold price will collapse at a crises, don't lose the nerve as it will sky-rocked when the economy picks up again. Mark my word.
miscreanity
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June 13, 2013, 09:06:31 PM
 #5167

Mining sector consolidation imminent.
molecular
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June 13, 2013, 09:13:26 PM
 #5168

But then again is Bitcoin a first-time 6 sigma metallic black swan.

I would like to have an artistic impression of that.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
cypherdoc
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June 16, 2013, 01:01:20 AM
 #5169

confidence in banks?  what confidence?

http://globaleconomicanalysis.blogspot.com/2013/06/do-you-trust-banks-country-by-county.html

everyone needs some Bitcoin.
sidhujag
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June 16, 2013, 01:03:44 AM
 #5170

you want to watch 18 in silver it may be a bottom on first touch.

Btc usually does good when pms rise as of last year.
cypherdoc
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June 18, 2013, 01:25:57 PM
 #5171

Gold down. Bitcoin up.

Update?
BitSmile
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June 18, 2013, 01:35:14 PM
 #5172

you want to watch 18 in silver it may be a bottom on first touch.

Btc usually does good when pms rise as of last year.

Yeah, massive support at 18.

Will be interesting.
Silver is preparing for a major breakout, short-mid term

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June 18, 2013, 02:10:16 PM
 #5173

you want to watch 18 in silver it may be a bottom on first touch.

Btc usually does good when pms rise as of last year.

Yeah, massive support at 18.

Will be interesting.
Silver is preparing for a major breakout, short-mid term

It's killing me. I'm trapped on a boat for another week and dying to go back to civilisation and purchase silver.

BTC: 16whd9eNR8WY9nVhUUevNYMbQB2eS1jtYF
I also accept precious metals, no paper money please.
cypherdoc
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June 18, 2013, 02:12:01 PM
 #5174

you want to watch 18 in silver it may be a bottom on first touch.

Btc usually does good when pms rise as of last year.

Yeah, massive support at 18.

Will be interesting.
Silver is preparing for a major breakout, short-mid term

It's killing me. I'm trapped on a boat for another week and dying to go back to civilisation and purchase silver.

Don't worry.

It'll be cheaper when you get back.
thezerg
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June 18, 2013, 02:20:14 PM
 #5175

Bitcoin breakout!  Grin  Gold...blah. Embarrassed

the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, nasdaq=3055, Bitcoin=5.4):
Bitcoin is 110.00.  Gold is 1366.00.  Nasdaq is 3467.00
Bitcoin: 1937.04%
Gold:    -19.17%
Nasdaq:  13.49%

Gold:  2420% advantage Bitcoin
Nasdaq:  1695% advantage Bitcoin
cypherdoc
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June 18, 2013, 02:22:12 PM
 #5176

Gold dying. Bitcoin birthing!
cypherdoc
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June 18, 2013, 03:23:51 PM
 #5177

Prepare for launch!



rpietila
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June 18, 2013, 04:20:20 PM
 #5178

you want to watch 18 in silver it may be a bottom on first touch.

Btc usually does good when pms rise as of last year.

Yeah, massive support at 18.

Will be interesting.
Silver is preparing for a major breakout, short-mid term

It's killing me. I'm trapped on a boat for another week and dying to go back to civilisation and purchase silver.

Check out Silvervault, there you can buy physical real easy. In 2 months we update funding your acct w/ bitcoin, so then you can switch gold-silver-btc-euro inside one service. The gold, silver and bitcoins are 100% physical in our vault (as an added bonus Wink ).

sidhujag
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June 18, 2013, 07:34:47 PM
 #5179

silver's chart looks like an angry greedy bear... not buying yet.
BitcoinAshley
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June 19, 2013, 03:05:51 AM
 #5180

Yeah that bear still has something left; possibly a bit more than the silver bulls expect. But I don't think the market's quite comfortable with sub-$22 at least for a little while.

I guess if I had paper, not real silver, I would be "comfortable" at any price. But real silver this volatile is crazy! I mean, they could just leverage 10x more and shoot silver down to $5 with paper sales. Methinks they're playing it safe. That recent takedown did a lot to illustrate the "paper vs. physical" issue which a lot of people still don't quite understand.
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