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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1806904 times)
zeetubes
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July 28, 2014, 07:53:06 PM
 #9941

Xapo debit card spotted in the wild:



Cool. What is the xapo identifier on the receipt?
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July 28, 2014, 07:59:06 PM
 #9942

Xapo debit card spotted in the wild:



Cool. What is the xapo identifier on the receipt?

https://www.facebook.com/photo.php?fbid=10204618641850063&set=a.1399040700119
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July 28, 2014, 08:43:23 PM
 #9943

Perfect. Google translate works nicely. Hopefully they'll start shipping to the rest of the world in the near future.
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July 28, 2014, 10:00:59 PM
 #9944

The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin.
Do not doubt for a moment they won't try.

I can see the IRS being used to harass anybody who dares to withdraw actual bitcoins from these off chain trading platforms like Coinbase or Circle. Have you moved the coins since you withdrew them? That's a taxable event unless you can prove otherwise. Audits all around for everybody who asks for their coins.

If they can make it easier to keep your coins in an off chain system that allows for fractional reserve, and harass and punish anyone who tries to leave the system, they can play all the same games as they've successfully played with gold.

Accountability (via proof of liabilities and proof of bitcoin funds) is possible rather easily. No need to withdraw coins in order to force non-fratctional reserves. At least not in theory.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
justusranvier
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July 28, 2014, 10:35:36 PM
 #9945

No need to withdraw coins in order to force non-fratctional reserves. At least not in theory.
I never said they will be successful, only that they will try.

Also, proof of liabilities in a way that is not easily gamed isn't nearly as easy as proof of assets.
rocks
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July 28, 2014, 11:23:56 PM
 #9946

The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin.
Do not doubt for a moment they won't try.

I can see the IRS being used to harass anybody who dares to withdraw actual bitcoins from these off chain trading platforms like Coinbase or Circle. Have you moved the coins since you withdrew them? That's a taxable event unless you can prove otherwise. Audits all around for everybody who asks for their coins.

If they can make it easier to keep your coins in an off chain system that allows for fractional reserve, and harass and punish anyone who tries to leave the system, they can play all the same games as they've successfully played with gold.

Accountability (via proof of liabilities and proof of bitcoin funds) is possible rather easily. No need to withdraw coins in order to force non-fratctional reserves. At least not in theory.


Bingo

To demonstrate your point one simply needs to ask how much of the FED's balance sheet is backed by real physical gold? i.e. How many ounces do they have vs. dollars in existence.

The answer is no one really knows. The amount of physical metal has not been audited in a very long time, and even if they did that it is not clear how much of that has been lent out as collateral to primary dealers (i.e. gold no one else has claims to). In addition to that the number of dollars in existence is difficult to say because the FED and US government is required to back stop so many entities, it is not clear how much "liquidity" they would have to create "on demand", i.e. what forced future money printing has already been promised.

Note: This ratio information was quite clear when the FED was first created and the country was on a gold standard. The ratio of gold-to-dollars fell and fell and fell over time, until it finally broke in the 70s and since then no one has known the ratio with any clarity.

In bitcoin, all of this would be transparent and clear. In addition if a central government went too far past a 1:1 ratio, you can be sure smart people would remove as many coins as possible from the fractional off-chain system, to directly controlled on-chain coins. This would cause the ratio to become worse and worse and crash the system in a final bank run, after which the exit window closes and no one trusts that fiat anymore. Fear of such a run will force central states to remain honest.
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July 28, 2014, 11:24:23 PM
 #9947

Bitcoin adoption set to explode:

http://www.telegraph.co.uk/technology/mobile-phones/10995383/Should-the-26-Indian-smartphone-worry-Apple.html
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July 28, 2014, 11:34:27 PM
 #9948

Oh geezers, 2 new words to fear, "Macroprudential Regulation":

http://www.ftportfolios.com/blogs/EconBlog/2014/7/28/the-feds-massive-power-grab#.U9a1U3KWNBk.twitter
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July 28, 2014, 11:39:49 PM
 #9949

Argentina back in the news again. 3 days and counting:

http://video.foxbusiness.com/v/3700851449001/argentinas-game-of-chicken/#sp=show-clips
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July 28, 2014, 11:42:43 PM
 #9950

“Given that Dodd-Frank is the law, we see little reason to anticipate meaningful change in the mortgage production or housing environment of the past four years,” they said. “We also see the statute's regulatory expansion as a dimension of persistent financial repression, which also includes abnormally low nominal interest rates."

http://www.housingwire.com/articles/30798-bank-of-america-merrill-lynch-concludes-dodd-frank-killed-housing
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July 28, 2014, 11:56:04 PM
 #9951

Proof is existence could solve all these problems:

https://www.sciencenews.org/blog/scicurious/spiny-media-battle-highlights-importance-scientific-credit
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July 29, 2014, 12:54:18 AM
 #9952

i gotta say, this is pretty darn genius:

https://www.coinsafe.com/#play-video-modal
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July 29, 2014, 12:58:39 AM
 #9953

i gotta say, this is pretty darn genius:

https://www.coinsafe.com/#play-video-modal

+1 for a good idea

+2 for a *very* scalable business model
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July 29, 2014, 01:22:50 AM
 #9954

i gotta say, this is pretty darn genius:

https://www.coinsafe.com/#play-video-modal

+1 for a good idea

+2 for a *very* scalable business model
+3 looks like that cave man is moving up in the world  Wink

cypherdoc
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July 29, 2014, 03:18:46 AM
 #9955

$370M to settle Libor probes

http://www.usatoday.com/story/money/business/2014/07/28/lloyds-libor-settlement/13262057/

F*cking criminals. I'll tell you who else lost as a result of this criminality; me. Me on shorts that should have won were or not for the manipulation.
twiifm
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July 29, 2014, 03:28:04 AM
 #9956

$370M to settle Libor probes

http://www.usatoday.com/story/money/business/2014/07/28/lloyds-libor-settlement/13262057/

F*cking criminals. I'll tell you who else lost as a result of this criminality; me. Me on shorts that should have won were or not for the manipulation.

How did you money from LIBOR manipulation?  Are you a bank?
cypherdoc
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July 29, 2014, 03:43:15 AM
 #9957

$370M to settle Libor probes

http://www.usatoday.com/story/money/business/2014/07/28/lloyds-libor-settlement/13262057/

F*cking criminals. I'll tell you who else lost as a result of this criminality; me. Me on shorts that should have won were or not for the manipulation.

How did you money from LIBOR manipulation?  Are you a bank?

no, indirect losses via stocks and bond shorts.  you have to realize that in a manipulated market like this dependent on Fed liquidity, ALL assets begin to correlate as 1.  everything gets pumped up into bubble territory.  as one who USED to believe in free markets (naively) i, and many others, got lured into the short side expecting bubbles to correct.  however, the Fed and it's manipulative banks, don't tell the world that they are going to step in and provide free cash to the reckless to save all their speculative investments. until you understand this, you're just fresh meat for them to chew up in short squeezes.  now i, and most, have caught on and one day they will be left to crash their own system.

Bitcoin is essentially my new short on the USD system.
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July 29, 2014, 03:49:11 AM
 #9958

$370M to settle Libor probes

http://www.usatoday.com/story/money/business/2014/07/28/lloyds-libor-settlement/13262057/

F*cking criminals. I'll tell you who else lost as a result of this criminality; me. Me on shorts that should have won were or not for the manipulation.

How did you money from LIBOR manipulation?  Are you a bank?

no, indirect losses via stocks and bond shorts.  you have to realize that in a manipulated market like this dependent on Fed liquidity, ALL assets begin to correlate as 1.  everything gets pumped up into bubble territory.  as one who USED to believe in free markets (naively) i, and many others, got lured into the short side expecting bubbles to correct.  however, the Fed and it's manipulative banks, don't tell the world that they are going to step in and provide free cash to the reckless to save all their speculative investments. until you understand this, you're just fresh meat for them to chew up in short squeezes.  now i, and most, have caught on and one day they will be left to crash their own system.

Bitcoin is essentially my new short on the USD system.

If you knew this why didn't you ride the bubble?   Also LIBOR is only interbank.   It shouldn't affect you
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July 29, 2014, 03:54:59 AM
 #9959

$370M to settle Libor probes

http://www.usatoday.com/story/money/business/2014/07/28/lloyds-libor-settlement/13262057/

F*cking criminals. I'll tell you who else lost as a result of this criminality; me. Me on shorts that should have won were or not for the manipulation.

How did you money from LIBOR manipulation?  Are you a bank?

no, indirect losses via stocks and bond shorts.  you have to realize that in a manipulated market like this dependent on Fed liquidity, ALL assets begin to correlate as 1.  everything gets pumped up into bubble territory.  as one who USED to believe in free markets (naively) i, and many others, got lured into the short side expecting bubbles to correct.  however, the Fed and it's manipulative banks, don't tell the world that they are going to step in and provide free cash to the reckless to save all their speculative investments. until you understand this, you're just fresh meat for them to chew up in short squeezes.  now i, and most, have caught on and one day they will be left to crash their own system.

Bitcoin is essentially my new short on the USD system.

If you knew this why didn't you ride the bubble?   Also LIBOR is only interbank.   It shouldn't affect you

what i failed to do is distinguish btwn pre 2008 and post 2008.  knowledge is gained thru experience; lots of honest traders and in fact the entire world, were flabbergasted by the extent of the moral hazard inflicted on our money supply to bail out the criminals in 2008. there's no way that could've been predicted, let alone know that it would work.

Libor effects everything; it is the cost of money.  mind you, it wasn't the only thing being manipulated. but it was one of the key metrics whose manipulation prevented a total meltdown of the banks.  a great example of the direct fleecing was the interest rate hedges sold to municipalities pre 2008.  several of them went bankrupt as interest rates have continued to go down instead of up as they were advised to bet by their Wall St advisors.  many had to cough up billions to cover interest rate swap losses.  they are still trying to recover.
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July 29, 2014, 04:07:56 AM
 #9960

"what i failed to do is distinguish btwn pre 2008 and post 2008.  knowledge is gained thru experience"

I'm not sure who coined the following expression but it seems accurate:

"Good judgment comes from experience. Experience comes from bad judgment."
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