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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1941009 times)
cypherdoc
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June 06, 2014, 09:35:58 PM
 #8581

bigger and bigger players are getting out of the gold space and into Bitcoin:

http://www.coindesk.com/2-million-bitcoin-yukon-gold-mine/
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cypherdoc
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June 06, 2014, 09:39:11 PM
 #8582

bigger and bigger players are getting out of the gold space and into Bitcoin:

http://www.coindesk.com/2-million-bitcoin-yukon-gold-mine/

and you wonder why:

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June 07, 2014, 12:39:53 AM
 #8583

I've just realized that the guy looks like mish - coincidentally an unrepentant goldbug (and Bitcoin basher).

Lol, all this time I thought that was Mish.  

I disagree that he's a bitcoin basher.  At worst he's agnostic towards it, but his recent writing from 2014 tells me that he is warming up to the idea.  In this March 2014 post, he proclaims that bitcoin is here to stay (i.e., that it's not a passing fad):

http://globaleconomicanalysis.blogspot.ca/2014/03/high-frequency-bitcoin-trading-coming.html

You are right, he has tempered his initial position. But isn't it a little bitchy to say that Wall Street is what will ensure Bitcoin survival?

I smell resentment.

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June 07, 2014, 01:35:15 AM
 #8584

I've just realized that the guy looks like mish - coincidentally an unrepentant goldbug (and Bitcoin basher).

Lol, all this time I thought that was Mish.  

I disagree that he's a bitcoin basher.  At worst he's agnostic towards it, but his recent writing from 2014 tells me that he is warming up to the idea.  In this March 2014 post, he proclaims that bitcoin is here to stay (i.e., that it's not a passing fad):

http://globaleconomicanalysis.blogspot.ca/2014/03/high-frequency-bitcoin-trading-coming.html

You are right, he has tempered his initial position. But isn't it a little bitchy to say that Wall Street is what will ensure Bitcoin survival?


Yes, I think I see what you mean.  It's like saying it will succeed but only due to a technicality. 

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I smell resentment.



Maybe I'm biased because I enjoy Mish's writing and I think he's a smart guy, but my take is that he actually likes bitcoin more than he is letting on.  I think he already owns some.  My theory is that his is walking a fine line because (a) he doesn't want to risk appearing too radical to his readers, and (b) he is downplaying his optimism to hedge against bitcoin's downside risk.  If Mish switches from "agnostic but curious" to "cautious advocate" should we see a bull run beyond the previous all-time high, then I'm going to call my theory correct. 

I think Mish is just one of the many knowledgeable personas who "want" to like bitcoin but can't simply because it might be perceived as too radical.  So I think as more "experts" capitulate, it will give further permission to other experts to capitulate too. 

We are herd animals.

Run Bitcoin Unlimited (www.bitcoinunlimited.info)
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June 07, 2014, 01:38:27 AM
 #8585

Mish rhymes with bish  Angry
cypherdoc
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June 07, 2014, 01:47:55 AM
 #8586

I've just realized that the guy looks like mish - coincidentally an unrepentant goldbug (and Bitcoin basher).

Lol, all this time I thought that was Mish.  

I disagree that he's a bitcoin basher.  At worst he's agnostic towards it, but his recent writing from 2014 tells me that he is warming up to the idea.  In this March 2014 post, he proclaims that bitcoin is here to stay (i.e., that it's not a passing fad):

http://globaleconomicanalysis.blogspot.ca/2014/03/high-frequency-bitcoin-trading-coming.html

You are right, he has tempered his initial position. But isn't it a little bitchy to say that Wall Street is what will ensure Bitcoin survival?


Yes, I think I see what you mean.  It's like saying it will succeed but only due to a technicality. 

Quote

I smell resentment.



Maybe I'm biased because I enjoy Mish's writing and I think he's a smart guy, but my take is that he actually likes bitcoin more than he is letting on.  I think he already owns some.  My theory is that his is walking a fine line because (a) he doesn't want to risk appearing too radical to his readers, and (b) he is downplaying his optimism to hedge against bitcoin's downside risk.  If Mish switches from "agnostic but curious" to "cautious advocate" should we see a bull run beyond the previous all-time high, then I'm going to call my theory correct. 

I think Mish is just one of the many knowledgeable personas who "want" to like bitcoin but can't simply because it might be perceived as too radical.  So I think as more "experts" capitulate, it will give further permission to other experts to capitulate too. 

We are herd animals.

don't forget he gets paid to promote Goldmoney.
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June 07, 2014, 02:09:22 AM
 #8587

negative interest rates coming to the US?

http://www.infowars.com/economist-u-s-banks-preparing-to-charge-customers-for-deposits/
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June 07, 2014, 02:45:58 AM
 #8588

How much gold is that? Does anyone realistically own that much? I was told filling up a 2L bottle with gold dust would make it weigh 40kg.

I could believe that I would hedge 10% of my Bitcoin fortunes to gold in the next 10x upmove. For every BTC10k it'd mean the sale of BTC1k, multiplied by about $5000...

For $5M you get 125 kg of gold.

Certainly there are people who own a tonne of gold (1/180,000 of the gold stock) but they are fewer in number. It is much easier to buy 1/180,000 of all BTC, since that can be done by investing a manageable $44k...

What if you could go to Africa to buy some at a low low price of $989.31/oz? It's an instant steal...

...مكتوب
Escape the plutocrats’ zanpakutō, Flower in the Mirror, Moon on the Water: brave “the ascent which is rough and steep” (Plato).
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June 07, 2014, 11:16:59 AM
 #8589

Yeah but what if someone swaps out your bitcoins for fake ones  Shocked Shocked
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June 07, 2014, 03:26:46 PM
 #8590

what happened to the piddly wall @655?
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June 07, 2014, 04:15:10 PM
 #8591

Yeah but what if someone swaps out your bitcoins for fake ones  Shocked Shocked

That is going to be the ultimate sting. maybe it will happen one day. I've often heard the less technically savvy gold bugs asking what will happen to bitcoins if the internet/power grid goes down. But if we lose the internet and power grid, how the hell will you be able to test if the gold someone is offering you isn't really tungsten? I like the old westerns where someone bites into a gold coin but I'm not sure if it's a good way to test.
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June 07, 2014, 04:47:00 PM
 #8592

From Data Mining Reveals the Factors Driving the Price of Bitcoins :
[...]
But to dig more deeply, he also used a technique called wavelet coherence analysis to look for correlations between the price of bitcoins and other currencies such as the U.S. dollar and the Chinese renminbi as well as with the price of gold, a traditional safe haven for investors in times of trouble.
[...]
His analysis also found no evidence that investors use Bitcoin as a safe haven like gold.
[...]


If that's true, that means that when Bitcoin will be used as a safe haven, his price will be 1000x Smiley

Articoli bitcoin: Il portico dipinto
cypherdoc
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June 07, 2014, 04:52:01 PM
 #8593

From Data Mining Reveals the Factors Driving the Price of Bitcoins :
[...]
But to dig more deeply, he also used a technique called wavelet coherence analysis to look for correlations between the price of bitcoins and other currencies such as the U.S. dollar and the Chinese renminbi as well as with the price of gold, a traditional safe haven for investors in times of trouble.
[...]
His analysis also found no evidence that investors use Bitcoin as a safe haven like gold.
[...]


If that's true, that means that when Bitcoin will be used as a safe haven, his price will be 1000x Smiley

the overwhelming evidence based on several commentators in this thread prove that his conclusion is incorrect.
cypherdoc
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June 07, 2014, 05:12:48 PM
 #8594

Governments do not own “their” citizens or the territory of their country.

http://www.compasscayman.com/cfr/2013/07/12/Why-financial-privacy-/#.U5MB-i6VVUA.twitter
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June 07, 2014, 05:28:59 PM
 #8595

Governments do not own “their” citizens or the territory of their country.

http://www.compasscayman.com/cfr/2013/07/12/Why-financial-privacy-/#.U5MB-i6VVUA.twitter

there's quite a bit of alternative opinion that claims that your SSN is a claim by the US on its citizens.

http://www.mind-trek.com/practicl/tl17b.htm
Quote
The Social Security number is an important weapon in the hands of the territorial gangsters (people who use deception, fraud, coercion, and terror to claim "jurisdiction" (so-called) over people who happen to be in a certain geographic territory). Territorial gangsters (TGs) love to create systems that enable them to dominate and control their victims so they can live off the fruit of their labor like parasites or cannibals. They use the Social Security number to keep track of their victims. Other agencies, such as Credit Bureaus and Banks, also use the Social Security number (SS#) to identify people.

The 14th Amendment to the U.S. Constitution created a creature called a "U.S. citizen" - euphemism for victim or slave. U.S. citizens are subject to federal and other statutory jurisdiction. The TGs took many other steps to turn individuals into victims or slaves. One of these steps was the introduction of the Social Security system. Practically all these steps have been flagrantly fraudulent. The TGs like to operate on the basis that because you've applied for their SS# (and stated on the application that you're a "U.S. Citizen"), you are their slave and they own you and can tell you what to do or what not to do. They won't put it this way, but this is the basis on which they operate.

...مكتوب
Escape the plutocrats’ zanpakutō, Flower in the Mirror, Moon on the Water: brave “the ascent which is rough and steep” (Plato).
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June 07, 2014, 06:08:50 PM
 #8596

How much gold is that? Does anyone realistically own that much? I was told filling up a 2L bottle with gold dust would make it weigh 40kg.

I could believe that I would hedge 10% of my Bitcoin fortunes to gold in the next 10x upmove. For every BTC10k it'd mean the sale of BTC1k, multiplied by about $5000...

For $5M you get 125 kg of gold.

Certainly there are people who own a tonne of gold (1/180,000 of the gold stock) but they are fewer in number. It is much easier to buy 1/180,000 of all BTC, since that can be done by investing a manageable $44k...

What if you could go to Africa to buy some at a low low price of $989.31/oz? It's an instant steal...

I think you meant steel,

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
majamalu
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June 07, 2014, 10:12:00 PM
 #8597


I think Mish is just one of the many knowledgeable personas who "want" to like bitcoin but can't simply because it might be perceived as too radical.  So I think as more "experts" capitulate, it will give further permission to other experts to capitulate too. 

We are herd animals.

May be James Turk's capitulation have already had an effect on Mish & Co.

http://elbitcoin.org - Bitcoin en español
http://mercadobitcoin.com - MercadoBitcoin
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June 07, 2014, 10:15:22 PM
 #8598

Gold will make a comeback soon. It won't loose a chunk of it's value in a matter of days.
cypherdoc
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June 07, 2014, 10:44:57 PM
 #8599

Gold will make a comeback soon. It won't loose a chunk of it's value in a matter of days.

as i said, i covered my short just in time. but this is a short term dead cat bounce from a daily cyclical bottom which should fail once again.  the long term cyclical top was back in Sept 2011.
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June 07, 2014, 11:12:16 PM
 #8600

the long term cyclical top was back in Sept 2011.

I am still not ready to believe this. I tend to think that we are now in the bear trap phase on the infamous "anatomy of a bubble" chart and the final run-up in gold is still to come.

After that happens I think gold will ultimately deflate as it will lose most of its monetary premium to crypto.

It's all bullshit. But bullshit makes the flowers grow and that's beautiful.
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