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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1934695 times)
justusranvier
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December 19, 2013, 02:42:24 AM
 #7201

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Melbustus
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December 19, 2013, 06:14:38 AM
 #7202


Quote from: Paul Krugman
<snip>Bitcoin illiterate musings</snip>

I think Bitcoin is being driven by the fact that it sounds impressive and people think there must be something there.



lol. I think Paul Krugman is being driven by the fact that he sounds impressive and people think there must be something there...

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
Peter Lambert
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December 19, 2013, 01:54:08 PM
 #7203



Dead cat bounce?

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
cypherdoc
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December 19, 2013, 03:08:24 PM
 #7204

Bitcoin collapsing. God UP.

No,  you're wrong.
wachtwoord
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December 19, 2013, 03:13:35 PM
 #7205

Bitcoin collapsing. God UP.

No,  you're wrong.

GOD!
cypherdoc
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December 19, 2013, 03:31:31 PM
 #7206


Oops, God is always UP.

Gold is another story.
Peter Lambert
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December 19, 2013, 03:34:31 PM
 #7207


Depends on which god you worship. I imagine the Gold God would always be down in the earth making more gold?

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
cypherdoc
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December 19, 2013, 03:41:08 PM
 #7208


Depends on which god you worship. I imagine the Gold God would always be down in the earth making more gold?

Bitcoin is God? or is it Satoshi?  Grin
Peter Lambert
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December 19, 2013, 03:46:09 PM
 #7209

Gold is made in stars....

Aha, so the Gold God lives in the heavens! Therefore, God is up.

Now that that is settled, we can go back to talking about how gold is down vs bitcoins today?

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
miscreanity
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December 19, 2013, 04:18:15 PM
 #7210

Now that that is settled, we can go back to talking about how gold is down vs bitcoins today?

Further down... just for a bit.
cypherdoc
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December 19, 2013, 04:33:04 PM
 #7211

Now that that is settled, we can go back to talking about how gold is down vs bitcoins today?

Further down... just for a bit.

stop being delusional.  you've been instrumental in losing so many ppl so much money.

miscreanity, iz it tim yut?:



cypherdoc
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December 19, 2013, 04:39:10 PM
 #7212

Financial Risk Analytics is much better than Hindsight Capital:

http://www.youtube.com/watch?feature=player_detailpage&v=FwMImAZZkW8#t=266
miscreanity
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December 20, 2013, 12:00:42 AM
 #7213

stop being delusional.

It's called patience. There are possible unintended consequences from remaining in the system (trading), along the lines of paper trails and retroactive taxation. Bitcoin can easily leave trails as well.

Like I've said: I'd rather be a year early with a modest sum than a moment late and potentially left with nothing.
tvbcof
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December 20, 2013, 03:47:32 AM
 #7214

stop being delusional.

It's called patience. There are possible unintended consequences from remaining in the system (trading), along the lines of paper trails and retroactive taxation. Bitcoin can easily leave trails as well.

Like I've said: I'd rather be a year early with a modest sum than a moment late and potentially left with nothing.

If I didn't have a fair degree of patience, I would have never made a dime on Bitcoin.  Also some confidence in my analysis of things.

If all I had to my name were Bitcoin I'd hardly sleep at night.

As for gold, I've been in it pretty heavy since the early 2000's.  Not long after it started on it's ascent.  This means that I'm way ahead in spite of the slump, and also that I've had to sit through other slumps which have all been about the same in terms of people losing confidence/patience and bailing out.  I never once considered selling any of my hoard on any of those slumps, and nothing has changed on this one.  Just the opposite in fact.


Melbustus
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December 20, 2013, 05:51:15 AM
 #7215


If I didn't have a fair degree of patience, I would have never made a dime on Bitcoin.  Also some confidence in my analysis of things.

If all I had to my name were Bitcoin I'd hardly sleep at night.

As for gold, I've been in it pretty heavy since the early 2000's.  Not long after it started on it's ascent.  This means that I'm way ahead in spite of the slump, and also that I've had to sit through other slumps which have all been about the same in terms of people losing confidence/patience and bailing out.  I never once considered selling any of my hoard on any of those slumps, and nothing has changed on this one.  Just the opposite in fact.



Really? Nothing has changed? Granted, it's early in the crypto-game, but it's an enormous change.

The case for gold post-1971 has been dubious and based on historical inertia. Obviously people want a "safe" inflation-hedge as part of their portfolio, and gold was the go-to for a lot of people, but again, mostly based on inertia and lack of alternatives.

At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.

Enter bitcoin. Now we have all the properties of gold, with functionality as effective money for our current times added in. Well, that's a proposition I can get behind without many intellectual leaps of faith. I think there are probably a lot of people who think like this. Instead of grudgingly accepting gold as an inflation-hedge investment, we can enthusiastically accept bitcoin.

That's a huge change.

Granted, bitcoin has only barely (if at all, really) been tested, but the intellectual difference in core justification as to where the ROI should come from is enormous. If and when bitcoin has some stability behind it, the case for gold will be pretty weak. They ARE substitutes, and outside of historical-inertia, bitcoin is superior.

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
Wekkel
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December 20, 2013, 08:17:41 AM
 #7216

The old world will still eye gold in case of panic. It is easy to safeguard $10.000 from paper money collapse. It's not so easy with $10,000,000,000. Gold will have its days again, although it may take years and years.

Like this post? you can tip me (BTC) 18j7UBNfhWWfvwGwrtzWfUrp1v6RDerFkY or (XEM) NBXGH5-MXQPNL-T5TA3R-QCQYUX-3FIEXC-LGIKGT-H7XJ
Erdogan
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December 20, 2013, 08:41:04 AM
 #7217

Now the news starts summing about the new debt ceiling again. I have skimmed about 5 articles, but the current ceiling and the current debt is not mentioned. Conspiracy? Do I really have to dig down to level 2 to find this info?
wachtwoord
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December 20, 2013, 11:37:26 AM
 #7218


At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.


It's fiat not gold that lost the guaranteed convertibility Wink

Anyway, I do agree the emergence of crypto is a huge game changer and will be a huge drag (at least) on gold.
Peter Lambert
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December 20, 2013, 02:10:01 PM
 #7219


At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.


It's fiat not gold that lost the guaranteed convertibility Wink

Anyway, I do agree the emergence of crypto is a huge game changer and will be a huge drag (at least) on gold.

Fiat is easier to convert into food and shelter at this point. If you can't find somebody to convert your gold into fiat, what can you convert it into?

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
wachtwoord
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December 20, 2013, 02:14:04 PM
 #7220


At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.


It's fiat not gold that lost the guaranteed convertibility Wink

Anyway, I do agree the emergence of crypto is a huge game changer and will be a huge drag (at least) on gold.

Fiat is easier to convert into food and shelter at this point. If you can't find somebody to convert your gold into fiat, what can you convert it into?

I was in Austin @ a Bitcoin meeting a few months back and people there said they regularly pay for things in silver coins.

Besides that, gold can always be exchanged to currency, just not at a constant rate. Which is fine because this means the price (expressed in fiat) will go up as fiat money inflates. The explicit convertibility between fiat and gold added value to fiat NOT gold.
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