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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1938788 times)
impulse
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May 31, 2014, 12:32:08 PM
 #8481

Quote from: Adrian-x link=topic=68655.msg7040757#msg7040757 date=14014716u85
In a public debate setting, Mark Williams actually admitted to Barry Silbert that he owned Bitcoin, so it looks like he is an unsure skeptic, hedging his bets.  And in a coindesk interview he seemed fare more moderate and cautionary than he was in the senate herring, I think he has come around.

I have also noted this softening of his opinion over the course of the last few months. In a year he will be a Bitcoin evangelist and will claim that he always knew Bitcoin would be successful. If confronted he will just revise history and claim that his damning criticisms were misinterpreted and he was actually referring to companies like Mt. Gox, or some other such BS. Ironically, he will probably forge a very successful career in the Bitcoin space, but we will never forget Professor Bitcorn!!

No!

It's up to us to pound his ass forever.

Hey, good news. Looks like Professor Bitcorn is stubbornly sticking to his guns:

http://www.coindesk.com/mark-t-williams-bitcoin-bulls-time-will-vindicate-prediction/

Pound away.
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May 31, 2014, 02:48:11 PM
 #8482

...
Mark Williams has 30 days left to be correct, or get laughed out of existence.  
...


Except that he'll just say "Ok, my prediction was early. It'll still happen." And then happily continue to take his paycheck.





Hey, good news. Looks like Professor Bitcorn is stubbornly sticking to his guns:

http://www.coindesk.com/mark-t-williams-bitcoin-bulls-time-will-vindicate-prediction/

Pound away.





What a weasel...


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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May 31, 2014, 03:13:25 PM
 #8483

...
Mark Williams has 30 days left to be correct, or get laughed out of existence.  
...

Except that he'll just say "Ok, my prediction was early. It'll still happen." And then happily continue to take his paycheck.


Hey, good news. Looks like Professor Bitcorn is stubbornly sticking to his guns:

http://www.coindesk.com/mark-t-williams-bitcoin-bulls-time-will-vindicate-prediction/

Pound away.

What a weasel...


I came here to say just that, what a dweeb. In other news the world will end in the next 6 months - sorry I still believe it will end it may be 6 months or a year but it's going to end. And don't hate me I'm not along in my prediction that life on earth is in a bubble.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
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May 31, 2014, 05:08:36 PM
 #8484

good article by Matonis:

http://www.coindesk.com/dish-overstock-bootstrapping-new-currency/
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May 31, 2014, 05:21:58 PM
 #8485

Any readers of Manuel Castells here?
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May 31, 2014, 05:32:14 PM
 #8486

"Among others, the line-up features Tatiana Moroz, creator of the Bitcoin Jingle, and Zhou Tonged, “the Bitcoin world’s Weird Al Yankovich.” "

http://cointelegraph.com/news/111619/cointelegraph_goes_to_the_radical_bitcoin_in_the_beltway

it annoys me to no end that this guy, making hay off the term i coined, can't get the spelling correct nor use the verb properly:

https://bitcointalk.org/index.php?topic=49445.0

https://bitcointalk.org/index.php?topic=1958.msg840855#msg840855
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June 01, 2014, 02:00:20 AM
 #8487

You have no idea how high we can push this.
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June 01, 2014, 02:18:49 AM
 #8488

You have no idea how high we can push this.
How high?
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June 01, 2014, 07:54:11 AM
 #8489

Just bugs me to no end that there's essentially no career risk for these "experts" to make such harsh predictions and be so thoroughly wrong. If an engineer is ever that wrong, bad things happen, and they don't get work again. When a finance/econ guy is aggressive, harsh, willfully ignorant, and ultimately dead-wrong....his career is usually just fine.
The problem is just where the money comes from: usually engineers works for private firms that demands them results. If their work is not good they get fired.

Economists on the other hand works for institutions that are largely government-funded, and that means that money flows in regardless of the quality of their work (and that's an understatement).

Articoli bitcoin: Il portico dipinto
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June 01, 2014, 09:35:32 AM
 #8490

Just bugs me to no end that there's essentially no career risk for these "experts" to make such harsh predictions and be so thoroughly wrong. If an engineer is ever that wrong, bad things happen, and they don't get work again. When a finance/econ guy is aggressive, harsh, willfully ignorant, and ultimately dead-wrong....his career is usually just fine.
The problem is just where the money comes from: usually engineers works for private firms that demands them results. If their work is not good they get fired.

Economists on the other hand works for institutions that are largely government-funded, and that means that money flows in regardless of the quality of their work (and that's an understatement).


Which is a very good reason to never take these people seriously.
molecular
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June 01, 2014, 03:25:01 PM
 #8491

Gold and BTC have one hell of a relationship..  It's like freaking clock work.. BTC up gold down..  Gold up BTC down.

I wait the time when they will both shoot up to new highs unbelievable now

Sadly a lot of bad news will happen soon for the western financial sectors; the States and some European Countries keep having a public deficit, a commercial deficit and increasing unfunded liabilities

Through most of history there's only been one true form of money, gold. Occasionally, we've had short periods of bi-metallism.

To think it will be any different with Bitcoin and gold, or Bitcoin and altcoins is to defy history.

Bi-metallism refers to a setup where the exchange rate between two metals is fixed (by govt. or king or whatever).

Noone (except Max Keiser, lol) suggest to fix the price of bitcoin to fiat, for example. We full well know what happens then (greshams laws).

I'm sure there have been periods where gold and silver were used as money alongside each other (without any price fixing). There was also a period in england where copper miners (for lack of silver coinage), minted their own copper coins to pay workers. This copper money existed happily alongside the "official" silver and gold coins. (Albeit the exchange rate was fixed afaik by the copper coin issuers by promise of exchange at certain rate).

I'm not sure what will happen, but a world in which many forms of money coexist is not out of the question in my mind.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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June 01, 2014, 04:13:52 PM
 #8492

Push!
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June 01, 2014, 04:31:16 PM
 #8493

TeeBone, you in trouble boy:

http://www.panture.com/are-investors-moving-money-from-gold-to-bitcoin/
El Cabron
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June 01, 2014, 04:49:38 PM
 #8494

Tatiana Moroz

Been in my Lambo. Nice artist.

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
Trolling
https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
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June 01, 2014, 05:45:43 PM
 #8495

Economists on the other hand works for institutions that are largely government-funded, and that means that money flows in regardless of the quality of their work (and that's an understatement).
It's not a matter of quality as it is a matter of not understanding the actual job of economists.

The job of economist is to produce convincing ex post facto justifications for government policies. This is what they get paid for, and that's what they do.

The public's incorrect assumption that their job has anything to do with objective truth makes their job easier, so it's not a mistake they are interested in correcting.
El Cabron
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June 01, 2014, 05:47:13 PM
 #8496

Economists on the other hand works for institutions that are largely government-funded, and that means that money flows in regardless of the quality of their work (and that's an understatement).
It's not a matter of quality as it is a matter of not understanding the actual job of economists.

The job of economist is to produce convincing ex post facto justifications for government policies. This is what they get paid for, and that's what they do.

The public's incorrect assumption that their job has anything to do with objective truth makes their job easier, so it's not a mistake they are interested in correcting.

I have to agree. I almost went with undergrad in Econ. Meet the guys teaching and was like WTF.

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
Trolling
https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
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June 01, 2014, 06:22:56 PM
 #8497

Push!
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June 01, 2014, 07:10:26 PM
 #8498

Economists on the other hand works for institutions that are largely government-funded, and that means that money flows in regardless of the quality of their work (and that's an understatement).
It's not a matter of quality as it is a matter of not understanding the actual job of economists.

The job of economist is to produce convincing ex post facto justifications for government policies. This is what they get paid for, and that's what they do.

The public's incorrect assumption that their job has anything to do with objective truth makes their job easier, so it's not a mistake they are interested in correcting.

Once upon a time there was a strain of thinking in economics which thought of the job of an economist to be just an observer of the complex social phenomenon we call "economy" while trying to figure out if there are any regularities. That line of thinking is all but dead today, killed by Keynesians insisting that economists need to centrally plan and control the economy.

It's all bullshit. But bullshit makes the flowers grow and that's beautiful.
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June 01, 2014, 07:49:22 PM
 #8499

Economists on the other hand works for institutions that are largely government-funded, and that means that money flows in regardless of the quality of their work (and that's an understatement).
It's not a matter of quality as it is a matter of not understanding the actual job of economists.

The job of economist is to produce convincing ex post facto justifications for government policies. This is what they get paid for, and that's what they do.

The public's incorrect assumption that their job has anything to do with objective truth makes their job easier, so it's not a mistake they are interested in correcting.
While I tend to agree, not all economists are the same.

I can cite for example Bastiat, Menger, Mises, Hayek, Rothbard, and probably many others: most of them did a great job.

They are mostly unknown to the bigger public though, since they are not functional to elite plans.

Articoli bitcoin: Il portico dipinto
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June 01, 2014, 08:15:53 PM
 #8500

Economists on the other hand works for institutions that are largely government-funded, and that means that money flows in regardless of the quality of their work (and that's an understatement).
It's not a matter of quality as it is a matter of not understanding the actual job of economists.

The job of economist is to produce convincing ex post facto justifications for government policies. This is what they get paid for, and that's what they do.

The public's incorrect assumption that their job has anything to do with objective truth makes their job easier, so it's not a mistake they are interested in correcting.

Once upon a time there was a strain of thinking in economics which thought of the job of an economist to be just an observer of the complex social phenomenon we call "economy" while trying to figure out if there are any regularities. That line of thinking is all but dead today, killed by Keynesians insisting that economists need to centrally plan and control the economy.


I think these conclusions are a bit unfair. I have an econ degree from a top school, so I'm one counterexample at the very least. Further, I'd argue that many of my peers were mainly attracted to the elegance of the math and really believe that monetary and fiscal policy can optimally tune an economy for the betterment of all.

And to the extent that their assumptions and inputs are right, their conclusions are indeed right. What I think they miss is two-fold:
1) The models cannot possibly incorporate all variables. Economics tries to model the sum of human interaction. That's literally a chaotic system. Such modeling work great until all of a sudden it doesn't work at all.
2) The human element. Political incentives, individuals' career and legacy incentives, etc, are extremely dangerous motivators if you've allowed a system to exist whereby a small number of people have tremendous control over key variables. Unfortunately that's what we have, and it's proving to be a problem. A fairly obvious problem if you take a high-level long-term view and have some appreciation for the muddiness of it all, but that doesn't fit elegantly with the pretty equations economists love.


tl;dr: Most of them really do mean well. But what's that saying about a certain road and good intentions?

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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