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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1808485 times)
cypherdoc
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December 19, 2013, 03:31:31 PM
 #7221


Oops, God is always UP.

Gold is another story.
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Peter Lambert
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December 19, 2013, 03:34:31 PM
 #7222


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
 #7223


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
 #7224

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
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December 19, 2013, 04:18:15 PM
 #7225

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.
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December 19, 2013, 04:33:04 PM
 #7226

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
 #7227

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
 #7228

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.
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December 20, 2013, 03:47:32 AM
 #7229

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.


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December 20, 2013, 05:51:15 AM
 #7230


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
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December 20, 2013, 08:17:41 AM
 #7231

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) 1LGi2DMhectdFSkBid5srrnHk8WHgD3V1d or very WoW (Doge) D9p6FZQb1sKkq9hApy4tnjSduYfdnc74bb
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December 20, 2013, 08:41:04 AM
 #7232

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?
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December 20, 2013, 11:37:26 AM
 #7233


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
 #7234


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
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December 20, 2013, 02:14:04 PM
 #7235


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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December 20, 2013, 10:32:29 PM
 #7236


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?
It's just different communities.  In urban areas they sometimes don't want cash and just CC.  In rural areas there might be cash only.  In different countries it's official fiat only and that's by force.  Bitcoin is simply a different choice.  It's an unforced choice, which is a pleasant in today's world.
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December 21, 2013, 12:14:26 AM
 #7237

Not gold related but a renewed angle from a silicon valley position pushing fiat.

An interesting rant from Alex Payne a key engineer of Simple the new banking product.

 
Bitcoin, Magical Thinking, and Political Ideology

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
jojo69
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December 21, 2013, 12:40:23 AM
 #7238

Not gold related but a renewed angle from a silicon valley position pushing fiat.

An interesting rant from Alex Payne a key engineer of Simple the new banking product.

 
Bitcoin, Magical Thinking, and Political Ideology


yup, I am "lacking a fundamental understanding of the role and function of central banking."

quite sure of it

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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December 21, 2013, 12:53:47 AM
 #7239

Not gold related but a renewed angle from a silicon valley position pushing fiat.

An interesting rant from Alex Payne a key engineer of Simple the new banking product.

 
Bitcoin, Magical Thinking, and Political Ideology


I've heard a saying about when someone starts believing his company's marketing.  "Smoking your own exhaust"
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December 21, 2013, 03:15:35 AM
 #7240

Not gold related but a renewed angle from a silicon valley position pushing fiat.

An interesting rant from Alex Payne a key engineer of Simple the new banking product.

 
Bitcoin, Magical Thinking, and Political Ideology


I've heard a saying about when someone starts believing his company's marketing.  "Smoking your own exhaust"

I'd set up a an account with Simple because I heard they are bitcoin friendly.

I've had accounts mysteriously close at very large bank just because I linked them to Coinbase via ACH.  Banks are allowed to close an account for any reason and don't need to tell you why, just like you don't have to tell them why you close your account.
I have accounts at a number of banks, but I won't use them with Coinbase anymore.  I will use Simple for that.

When your money is in a bank, it isn't your money.  It's the banks.  So when they decide to arbitrarily close your account, you can expect to wait quite a while for them to mail you a check.
And if the word gets out, you may not be able to deposit that check elsewhere...  Banks can boycott you, and they don't need a reason.
Of course if you take them to court, you might win, but in the mean time it can make things difficult.

I'm looking forward to a more broad acceptance of bitcoin.  Spend it with those that accept it, and keep this project going.

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