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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2032123 times)
Benjig
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June 08, 2014, 10:24:13 PM
 #8601

Gold just topped out his bubble two years ago and the only thing it has been doing is entering a loong bear market.. the same with silver. so boring
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cypherdoc (OP)
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June 08, 2014, 11:06:38 PM
 #8602

Don't underestimate the significance of that for sale gold mine that came up the other day. That should serve as a big sale signal for many years to come.

Just for review for those who haven't read it yet. This is a great paper that everyone needs to understand:

http://m.minneapolisfed.org/article.cfm?id=719&TC=1
Melbustus
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June 09, 2014, 02:50:46 AM
 #8603

...
Just for review for those who haven't read it yet. This is a great paper that everyone needs to understand:

http://m.minneapolisfed.org/article.cfm?id=719&TC=1


And for completeness, the "Bitcoin is Memory" paper, which I'm sure you've read:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2275730





Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
cypherdoc (OP)
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June 09, 2014, 03:43:03 PM
 #8604

...
Just for review for those who haven't read it yet. This is a great paper that everyone needs to understand:

http://m.minneapolisfed.org/article.cfm?id=719&TC=1


And for completeness, the "Bitcoin is Memory" paper, which I'm sure you've read:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2275730






thanks for that.  how could i have forgotten?
cypherdoc (OP)
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June 09, 2014, 04:07:36 PM
 #8605

“I am holding the bitcoin. Because having a very big confidence the price of bitcoin is not the rates of today USD 650, should be higher than this price very soon.”

http://www.coindesk.com/malaysian-online-retailer-accepts-bitcoin-wont-convert-fiat-currency/

iPMart along with OSTK holding back 10% of their BTC payments indicates a new trend which will help create a closed loop effect in the Bitcoin economy.  their timing is impeccable and is helping to establish a long term bottom.
rocks
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June 09, 2014, 05:55:31 PM
 #8606

You do know that your taxes pay for their ability to do that manipulation?
The bullion banks own the Federal Reserve, which has as its charter the manipulation of the value of money.
The fed has socialized it debt burden as a part of the TARP deal, so taxpayers are liable for the loss if it goes against them, but they get the gains if its a win.

So call it good trading, or manipulation or whatever moniker you like, the facts are that the trade is backed by the taxability of the US citizenry, which is backed by the ability to imprison any who don't pay whatever tax they decide to levy.

And all of this is hidden in plain sight. Throughout history this has been the best hiding place.

Just make something a "generally accepted truth" and 99% of the people will assume it is fact and never investigate further.

To me what is shocking about this is any simple study of history shows that what constitutes as "generally accepted truth" changes over time, and often within just a generation or two. Knowing this the amount of complacency and acceptance among most people is something I will never understand.

Bitcoin is one of the first projects in a long time that is rewarding those who question the system, instead of those who blindly follow and support the system.

bitrider
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June 10, 2014, 02:20:00 AM
 #8607

“I am holding the bitcoin. Because having a very big confidence the price of bitcoin is not the rates of today USD 650, should be higher than this price very soon.”

http://www.coindesk.com/malaysian-online-retailer-accepts-bitcoin-wont-convert-fiat-currency/

iPMart along with OSTK holding back 10% of their BTC payments indicates a new trend which will help create a closed loop effect in the Bitcoin economy.  their timing is impeccable and is helping to establish a long term bottom.

Very good. In every way.
Dusty
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June 10, 2014, 06:32:19 AM
 #8608

Bitcoin is one of the first projects in a long time that is rewarding those who question the system, instead of those who blindly follow and support the system.
QFT

Very well said!

Articoli bitcoin: Il portico dipinto
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June 10, 2014, 01:46:00 PM
 #8609

Don't underestimate the significance of that for sale gold mine that came up the other day. That should serve as a big sale signal for many years to come.

Just for review for those who haven't read it yet. This is a great paper that everyone needs to understand:

http://m.minneapolisfed.org/article.cfm?id=719&TC=1

RE: gold mine, something smells in that one.  If you could "make your money back in 2-3 seasons" and the guy has been mining for what was it 20+ years then he should have plenty of cash lying around to buy bitcoin.

wachtwoord
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June 10, 2014, 08:21:15 PM
 #8610

Bitcoin is one of the first projects in a long time that is rewarding those who question the system, instead of those who blindly follow and support the system.
QFT

Very well said!

A great regression to the mean of society is incoming!
Benjig
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June 10, 2014, 08:36:07 PM
 #8611

Don't underestimate the significance of that for sale gold mine that came up the other day. That should serve as a big sale signal for many years to come.

Just for review for those who haven't read it yet. This is a great paper that everyone needs to understand:

http://m.minneapolisfed.org/article.cfm?id=719&TC=1

RE: gold mine, something smells in that one.  If you could "make your money back in 2-3 seasons" and the guy has been mining for what was it 20+ years then he should have plenty of cash lying around to buy bitcoin.



Or he knows gold not perform very good in next months, anyway 1 million for a goldmine seems to be pretty cheap, idk.
cypherdoc (OP)
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June 10, 2014, 10:21:56 PM
 #8612

Now this is what I call growth.  Even bacteria in a petri dish pales in comparison:

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June 10, 2014, 10:23:08 PM
 #8613

One Hundred Million Giga Hash per Second! Holy mother of god!
cypherdoc (OP)
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June 10, 2014, 10:27:31 PM
 #8614

One Hundred Million Giga Hash per Second! Holy mother of god!

what is that year over year?  i can't even see the value from June 10, 2013.
N12
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June 10, 2014, 10:27:47 PM
 #8615

Now this is what I call growth.  Even bacteria in a petri dish pales in comparison:

https://i.imgur.com/fc9KX2F.png



Growth is constantly decreasing, miners are getting squeezed. That petri dish just doesn't have much nutrients left. Cheesy
cypherdoc (OP)
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June 10, 2014, 10:29:38 PM
 #8616

Now this is what I call growth.  Even bacteria in a petri dish pales in comparison:

https://i.imgur.com/fc9KX2F.png



Growth is constantly decreasing, miners are getting squeezed. That petri dish just doesn't have much nutrients left. Cheesy

well then, all that fiat will just have to flow over into the price.
Melbustus
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June 10, 2014, 10:32:22 PM
 #8617

Now this is what I call growth.  Even bacteria in a petri dish pales in comparison:

https://i.imgur.com/fc9KX2F.png



Growth is constantly decreasing, miners are getting squeezed. That petri dish just doesn't have much nutrients left. Cheesy

well then, all that fiat will just have to flow over into the price.


Is that chart available anywhere over longer periods? Should have an obvious leading inverse correlation with price assuming that theory is true.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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June 10, 2014, 10:35:09 PM
 #8618

http://bitcoin.sipa.be/

Not the daily growth rate unfortunately, but logarithmic hashrate development since inception.
Melbustus
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June 10, 2014, 10:39:06 PM
 #8619

One Hundred Million Giga Hash per Second! Holy mother of god!


This is actually a really interesting benchmark. I'd say the network is *approaching* secure. Another 10x-100x and I might be willing to call it.

100 PH is interesting because that's about what the NSA's new 60MW datacenter in Utah could generate if you fill the whole thing with 0.5W/GH ASICs.

Obviously they're going to have to non-public datacenters that are likely a good deal larger, but still...the above observation shows that the network really is achieving a scale that's nearing real security.


Sidenote: the growth-rate this past year has been astonishing. I recall when I first made the above calc, I thought it'd be years before we got here. Bitcoin's growth continues to impress me.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
cypherdoc (OP)
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June 10, 2014, 10:45:00 PM
 #8620

One Hundred Million Giga Hash per Second! Holy mother of god!


This is actually a really interesting benchmark. I'd say the network is *approaching* secure. Another 10x-100x and I might be willing to call it.

100 PH is interesting because that's about what the NSA's new 60MW datacenter in Utah could generate if you fill the whole thing with 0.5W/GH ASICs.

Obviously they're going to have to non-public datacenters that are likely a good deal larger, but still...the above observation shows that the network really is achieving a scale that's nearing real security.


Sidenote: the growth-rate this past year has been astonishing. I recall when I first made the above calc, I thought it'd be years before we got here. Bitcoin's growth continues to impress me.

oakpacific made a really good point once that the real point of network security will be when a single geographic location cannot supply an equivalent amount of electricity to power an attackers needs to match that of the Bitcoin network. 
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