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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1803908 times)
cypherdoc
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December 07, 2013, 03:31:03 PM
 #7121

Yeah but the interesting thing is it's probably individual officials buying mostly, rather than having some kind of government treasury hold wallet data for the government as a whole or any department. Bitcoin is so good at what it does that it could rip these bureaucracies apart, since for the first time each individual's wealth isn't contingent on the web of trust in the political world. It's a way for even government officials to opt out. And of course not just in China.

Yep,  what I'd give to be a zit on Bobby Lee's forehead.

He can probably see further than almost anyone in the bitcoin community right now.
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oakpacific
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December 07, 2013, 03:42:38 PM
 #7122

Yeah but the interesting thing is it's probably individual officials buying mostly, rather than having some kind of government treasury hold wallet data for the government as a whole or any department. Bitcoin is so good at what it does that it could rip these bureaucracies apart, since for the first time each individual's wealth isn't contingent on the web of trust in the political world. It's a way for even government officials to opt out. And of course not just in China.

I agree with what you said here, but I would also not rule out the possibility of purchases by the government itself, it can even be done with private hands.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
cypherdoc
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December 07, 2013, 03:50:25 PM
 #7123

Yeah but the interesting thing is it's probably individual officials buying mostly, rather than having some kind of government treasury hold wallet data for the government as a whole or any department. Bitcoin is so good at what it does that it could rip these bureaucracies apart, since for the first time each individual's wealth isn't contingent on the web of trust in the political world. It's a way for even government officials to opt out. And of course not just in China.

I agree with what you said here, but I would also not rule out the possibility of purchases by the government itself, it can even be done with private hands.

And let us not forget the individual bankers themselves.

Who seriously thinks they'll let themselves get behind the wave?
oakpacific
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December 07, 2013, 03:59:00 PM
 #7124

Yeah but the interesting thing is it's probably individual officials buying mostly, rather than having some kind of government treasury hold wallet data for the government as a whole or any department. Bitcoin is so good at what it does that it could rip these bureaucracies apart, since for the first time each individual's wealth isn't contingent on the web of trust in the political world. It's a way for even government officials to opt out. And of course not just in China.

I agree with what you said here, but I would also not rule out the possibility of purchases by the government itself, it can even be done with private hands.

And let us not forget the individual bankers themselves.

Who seriously thinks they'll let themselves get behind the wave?

That was my interpretation of PBOC's statement, they are trying to ban something they know banks are trying to get involved, otherwise they need not be so explicit.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
Adrian-x
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December 07, 2013, 06:59:29 PM
 #7125

P.S.: get back to work, Private.
Thanks for the great reply, I turned in as I hit post. (I didn't intended to get anyone out of bed, anyway we're still taking heavy fire here in the trenches)  Grin

 Lot of insight in the comments above, looks like interesting times ahead (and I though growing up through the dismantling of apartate in SA was history)

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
cypherdoc
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December 07, 2013, 08:39:02 PM
 #7126

i even caught evoorhees making a case that mining was irrelevant to the price over on Reddit.

Do you have the link? I remember the statement, but the closest I could find was this.

It's been amusing going through old posts although it seems some of them have become corrupted, maybe due to all the forum breaches.

finally got around to finding it:



[–]evoorhees 20 points 1 month ago

Your first point (regarding mining) is completely irrelevant to the price of bitcoin. The mining industry is a derivative of and subordinate to the Bitcoin industry, not the other way around. Mining follows price, not the opposite.

Your other points are good ones.

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[–]cypherdoc2 5 points 1 month ago

no, i don't agree Erik.

mining goes hand in hand with the merchant economy and investment (speculation). it is a critical part of Bitcoin as it provides the clearing of tx's and security to the system as a whole.

vbenes below is correct in that an investor, who might initially look into getting into Bitcoin via mining currently, will look at the exponentially rising hashrate/difficulty and will conclude that it's too competitive and as a result divert his fiat into buying of BTC instead. he will also conclude that the exponentially rising HR/diff is very good for the security of his investment.

right now, we're seeing HR/diff leading the price; essentially dragging the BTC price higher. at other times, we might see the opposite; price leading HR/diff and dragging it higher.

all that matters is that fiat is entering the Bitcoin economy in one form or another. all of which is a very good thing.
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December 07, 2013, 08:45:07 PM
 #7127

Yeah but the interesting thing is it's probably individual officials buying mostly, rather than having some kind of government treasury hold wallet data for the government as a whole or any department. Bitcoin is so good at what it does that it could rip these bureaucracies apart, since for the first time each individual's wealth isn't contingent on the web of trust in the political world. It's a way for even government officials to opt out. And of course not just in China.
What's interesting is that bitcoin is probably a very good way to bribe government officials.  So it shouldn't surprise anyone if a lot of them end up having lots of BTC.
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December 07, 2013, 08:52:09 PM
 #7128

Spaceman_Spiff
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December 07, 2013, 09:32:47 PM
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Well that sure puts things in perspective  Grin
marcus_of_augustus
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December 08, 2013, 02:09:58 PM
 #7130

Banks are chomping at that bit to get involved in bitcoin and cryptocurrencies but keeping getting sternly warned off by the facists in govt ... who see their dreams of totalitarian financial information awareness and control disappearing overnight ... at some point the leash will break and money, real big money, will be set free ... and the facists will be washed away in the flood of capital racing through every nook and cranny they have blocked up with their byzantine attempts to control liquidity to their own selfish, misguided ends.

An old fashioned Jubilee of Jubilees (500 year cycle) is approaching ... pity the idiots who willfully stand in its way full of hubris and ignorance in equal measure.

oakpacific
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December 08, 2013, 03:35:04 PM
 #7131

Banks are chomping at that bit to get involved in bitcoin and cryptocurrencies but keeping getting sternly warned off by the facists in govt ... who see their dreams of totalitarian financial information awareness and control disappearing overnight ... at some point the leash will break and money, real big money, will be set free ... and the facists will be washed away in the flood of capital racing through every nook and cranny they have blocked up with their byzantine attempts to control liquidity to their own selfish, misguided ends.

An old fashioned Jubilee of Jubilees (500 year cycle) is approaching ... pity the idiots who willfully stand in its way full of hubris and ignorance in equal measure.

We may need another jubilee of jubilees to see the full value of Bitcoin.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
KFR
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December 09, 2013, 07:19:35 AM
 #7132

Just thought this would be of interest:

http://www.bbc.co.uk/news/magazine-25255957

They're trying to buy all the coins. 
We must not let them.
btcprice
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December 09, 2013, 07:53:59 AM
 #7133

Just thought this would be of interest:

http://www.bbc.co.uk/news/magazine-25255957

Very interesting. Thanks!
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December 09, 2013, 07:59:26 AM
 #7134

NP.  While we're about it, this isn't entirely unrelated:
http://www.bbc.co.uk/news/magazine-25119865

They're trying to buy all the coins. 
We must not let them.
Zangelbert Bingledack
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December 09, 2013, 08:45:27 AM
 #7135

On China's Bitcoin strategy:

http://www.reddit.com/r/BitcoinSerious/comments/1sbtke/chinas_recent_guidance_great_for_bitcoin_in_china/
oakpacific
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December 09, 2013, 09:02:29 AM
 #7136


Yup, something I forgot to add: Chinese government hardly ever release a statement without adding all kinds of rhetorics and political indoctrination into it, now this statement is surprisingly free of that-had the government wanted to put a stop on Bitcoin trading, they would have painted it in much more negative ways, instead they merely warn of risks, but to the Chinese mindset, "government says it's risky=I can make big money", and "I can make big money"+"government says I am free to do so"="BUY BUY BUY!"

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
rpietila
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December 09, 2013, 03:56:20 PM
 #7137


Yup, something I forgot to add: Chinese government hardly ever release a statement without adding all kinds of rhetorics and political indoctrination into it, now this statement is surprisingly free of that-had the government wanted to put a stop on Bitcoin trading, they would have painted it in much more negative ways, instead they merely warn of risks, but to the Chinese mindset, "government says it's risky=I can make big money", and "I can make big money"+"government says I am free to do so"="BUY BUY BUY!"


This so much.

Btc i guess needed a correction and that china news seemed like a good time for the west to sell out. Sadly luckily these btc are now in stronger hands, hands most likely in china....

So far china has got debt in exchange for goods. Now they get money. Trade balances equalized in both continents.

Zangelbert Bingledack
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December 10, 2013, 02:20:45 PM
 #7138

Yet more smart money understanding that Bitcoin is a store of value more than a currency:

Paypal President David Marcus Owns Bitcoins, Says Bitcoin isn't (Yet) a Currency but a Store of Value
protokol
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December 10, 2013, 02:24:14 PM
 #7139

I started shorting gold on Monday morning - It's up nearly $40 since then, I'm about to get wiped out. Whoops.  Cheesy
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December 10, 2013, 03:56:08 PM
 #7140

I started shorting gold on Monday morning - It's up nearly $40 since then, I'm about to get wiped out. Whoops.  Cheesy

what 20 to 1 leverage? lol

real men trade on high leverage... until they dont.

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