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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2022644 times)
brg444
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Bitcoin replaces central, not commercial, banks


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February 12, 2015, 07:22:38 PM
 #21201

^
From the article you quoted:
"The decision means that Swedish commercial banks will be able to take out loans from the central bank at a negative interest rate."
Are you a Swedish commercial bank?  If not, you're unlikely to get credit from teh central bank.  So now you know.

but that's the whole point  Cheesy

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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February 12, 2015, 07:26:30 PM
 #21202


The race to the bottom continues.

Sweden cuts it's interest rates to negative 0.1% and starts QE

http://www.nytimes.com/2015/02/13/business/international/sweden-cuts-interest-rate-and-announces-bond-buying-program.html


Quote
The decision means that Swedish commercial banks will be able to take out loans from the central bank at a negative interest rate. When the loans are due, banks will pay back less than they borrowed.

Does that only sound crazy to me or anyone else?  I've already accepted the ECB's negative interest (i. e., fees) when banks park money at it.  But at least a loan is still at positive 0.05%.  So if I'm a Swedish bank, I'll just get a billion in cash, put it in my vault, pay back less and profit?  How's that ever going to work out?
I don't think that is true. I tried to look up the details and from what I understand, the swedish central bank always uses the "steering interest rate" (reporänta), and either subtracts or adds 0,75% to the actual interest rates for loans, depending on which way the loan is going. So the interest rate for lending from the CB is -0.10+0.75 = 0.65%, whereas the interest rate for lending money to the CB is-0.10-0.75 = -0.85%.

I'm still not 100% sure though
NotLambchop
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February 12, 2015, 07:42:30 PM
 #21203

^
From the article you quoted:
"The decision means that Swedish commercial banks will be able to take out loans from the central bank at a negative interest rate."
Are you a Swedish commercial bank?  If not, you're unlikely to get credit from teh central bank.  So now you know.

but that's the whole point  Cheesy

What?  That deflation (and, by extension, deflationary currencies) is a horrible thing, requiring lulzy stuff like negative interest rates?
Point taken.
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February 12, 2015, 07:42:42 PM
 #21204

we need to keep Bitcoin focused on the money function.   that is what distinguishes it from altcoins and Bitcoin 2.0 platforms and potentially SC's:

http://coincenter.org/2015/02/cryptocurrency-investments-different-securities-investments/
no, bitcoin needs to focus on the gold function,

money is worthless it just passes from one hand to the next. its not a store of value


since you're new here, i'll forgive you.  everyone knows that when i talk about Money, i mean Sound Money (fixed supply).

you need inflation to keep up with the growth of the economy. economics 101.

Printing money in any manner is effectively counterfeiting the ledger. There is no difference between creating fake gold coins to create artificial new supply or printing money to create artificial new supply.

There is a reason the constitution specifically mentions counterfeiting as a punishable offence in Article I, Section 8, Clause 6. It's a short document, nothing made it in unless it was a fundamental attribute for a functioning society. Only took ~130 years for the banking oligarchy to re-educate you and convince you that free candy was worth becoming a serf for.
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February 12, 2015, 07:50:07 PM
 #21205


The race to the bottom continues.

Sweden cuts it's interest rates to negative 0.1% and starts QE

http://www.nytimes.com/2015/02/13/business/international/sweden-cuts-interest-rate-and-announces-bond-buying-program.html


Quote
The decision means that Swedish commercial banks will be able to take out loans from the central bank at a negative interest rate. When the loans are due, banks will pay back less than they borrowed.

Does that only sound crazy to me or anyone else?  I've already accepted the ECB's negative interest (i. e., fees) when banks park money at it.  But at least a loan is still at positive 0.05%.  So if I'm a Swedish bank, I'll just get a billion in cash, put it in my vault, pay back less and profit?  How's that ever going to work out?
I don't think that is true. I tried to look up the details and from what I understand, the swedish central bank always uses the "steering interest rate" (reporänta), and either subtracts or adds 0,75% to the actual interest rates for loans, depending on which way the loan is going. So the interest rate for lending from the CB is -0.10+0.75 = 0.65%, whereas the interest rate for lending money to the CB is-0.10-0.75 = -0.85%.

I'm still not 100% sure though

Yes, that makes more sense - so the article probably has it wrong.  This would be similar to the ECB's policy, then, and at least somewhat more sane.

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February 12, 2015, 07:50:45 PM
 #21206

^
From the article you quoted:
"The decision means that Swedish commercial banks will be able to take out loans from the central bank at a negative interest rate."
Are you a Swedish commercial bank?  If not, you're unlikely to get credit from teh central bank.  So now you know.

that is precisely the problem and why Bitcoin is thriving amongst ordinary citizens.  no special privileges here.
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February 12, 2015, 07:53:02 PM
 #21207

^
From the article you quoted:
"The decision means that Swedish commercial banks will be able to take out loans from the central bank at a negative interest rate."
Are you a Swedish commercial bank?  If not, you're unlikely to get credit from teh central bank.  So now you know.

but that's the whole point  Cheesy

What?  That deflation (and, by extension, deflationary currencies) is a horrible thing, requiring lulzy stuff like negative interest rates?
Point taken.

you forget that it was inflation that caused this whole mess pushing into neg interest rates.
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February 12, 2015, 07:59:56 PM
 #21208

we need to keep Bitcoin focused on the money function.   that is what distinguishes it from altcoins and Bitcoin 2.0 platforms and potentially SC's:

http://coincenter.org/2015/02/cryptocurrency-investments-different-securities-investments/
no, bitcoin needs to focus on the gold function,

money is worthless it just passes from one hand to the next. its not a store of value


since you're new here, i'll forgive you.  everyone knows that when i talk about Money, i mean Sound Money (fixed supply).

you need inflation to keep up with the growth of the economy. economics 101.

Printing money in any manner is effectively counterfeiting the ledger. There is no difference between creating fake gold coins to create artificial new supply or printing money to create artificial new supply.

There is a reason the constitution specifically mentions counterfeiting as a punishable offence in Article I, Section 8, Clause 6.

"To provide for the Punishment of counterfeiting the Securities and current coin of the United States"
You know what the word "counterfeiting" means, by any chance?  In case you don't, here:


Quote
"It has been raining a lot recently. Quick thunderstorms and flash floods... lightning at night and fear in the afternoon. People are worried about electricity.
Nobody feels safe. Fires burst out on dry hillsides, raging out of control, while dope fiends dance in the rancid smoke and animals gnaw each other. Foreigners are everywhere, carrying pistols and bags of money. There are rumors about murder and treachery and women with no pulse. Crime is rampant and even children are losing their will to live."

I know what you mean...
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February 12, 2015, 08:02:21 PM
 #21209

...and why Bitcoin is thriving amongst ordinary citizens...

Odalv
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February 12, 2015, 08:26:25 PM
 #21210


there is no need to have the webcam on
NotLambchop
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February 12, 2015, 08:32:11 PM
 #21211

^
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February 12, 2015, 08:37:38 PM
 #21212

Some people will be so embarrassed in 10 years.

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smoothie
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February 12, 2015, 09:01:31 PM
 #21213

we need to keep Bitcoin focused on the money function.   that is what distinguishes it from altcoins and Bitcoin 2.0 platforms and potentially SC's:

http://coincenter.org/2015/02/cryptocurrency-investments-different-securities-investments/
no, bitcoin needs to focus on the gold function,

money is worthless it just passes from one hand to the next. its not a store of value


since you're new here, i'll forgive you.  everyone knows that when i talk about Money, i mean Sound Money (fixed supply).

you need inflation to keep up with the growth of the economy. economics 101.

What economics law states that?

How is it proven that is the only way to keep up with growth?

Ever heard of increase and decrease of the value of money? In other words how much stuff money can buy?

Inflation is just a banker tactic to get something for nothing (i.e. create new money for 0 cost).

It's a bullshit reason to say that inflation is to keep up with the growth of the economy. LOL!
  Cheesy

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NotLambchop
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February 12, 2015, 09:06:42 PM
 #21214

Some people will be so embarrassed in 10 years.

Whelp, some people should be drowning in embarrassment now.
Imagine, "Investing" real money in BTCeanie BTCabies Bitcoin, losing most of it over the past year, and now hoping to rope in gullible n00bs just to unload their BTCeanies  BTCags  Bitcoin.

Are you even ashamed of yourselves, Bitcoiners?  You should be.  Don't even care who you hurt Angry
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February 12, 2015, 09:21:20 PM
 #21215

Some people will be so embarrassed in 10 years.

Whelp, some people should be drowning in embarrassment now.
Imagine, "Investing" real money in BTCeanie BTCabies Bitcoin, losing most of it over the past year, and now hoping to rope in gullible n00bs just to unload their BTCeanies  BTCags  Bitcoin.

Are you even ashamed of yourselves, Bitcoiners?  You should be.  Don't even care who you hurt Angry

some of us aren't unloading anything.  we're accumulating.
HeliKopterBen
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February 12, 2015, 09:35:33 PM
 #21216

Some people will be so embarrassed in 10 years.

Whelp, some people should be drowning in embarrassment now.
Imagine, "Investing" real money in BTCeanie BTCabies Bitcoin, losing most of it over the past year, and now hoping to rope in gullible n00bs just to unload their BTCeanies  BTCags  Bitcoin.

Are you even ashamed of yourselves, Bitcoiners?  You should be.  Don't even care who you hurt Angry

You fiat bagholders should be ashamed of yourselves for trying to unload your fiat onto gullible BTC holders as it is obvious that fiat systems around the world are beginning to crumble.  Shame on you.

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
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February 12, 2015, 10:22:13 PM
 #21217

Some people will be so embarrassed in 10 years.

Whelp, some people should be drowning in embarrassment now.
Imagine, "Investing" real money in BTCeanie BTCabies Bitcoin, losing most of it over the past year, and now hoping to rope in gullible n00bs just to unload their BTCeanies  BTCags  Bitcoin.

Are you even ashamed of yourselves, Bitcoiners?  You should be.  Don't even care who you hurt Angry

You fiat bagholders should be ashamed of yourselves for trying to unload your fiat onto gullible BTC holders as it is obvious that fiat systems around the world are beginning to crumble.  Shame on you.

Point me to a dollartalk forum where innocents are indoctrinated, groomed & eventually savagely raped, like they are here on bitcointalk?
Sure, Bitcoiners are wily, but if enough victims like yourself reach out for help, THEY CAN BE STOPPED!
Admit you were raped, don't let their manipulation & your shame silence you!
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February 12, 2015, 10:24:31 PM
 #21218

The most intriguing tech advancement since decades and all Mr T is whining about is some folks parting with their money.

It's called "freedom".

I question your motives.

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February 12, 2015, 10:37:38 PM
 #21219

Surprise buttsecs is not freedom.  It's called rape, Bitcoin criminal scum!
How about you stop raping people for a change, huh?
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February 12, 2015, 11:10:34 PM
 #21220

The most intriguing tech advancement since decades and all Mr T is whining about is some folks parting with their money.

It's called "freedom".

I question your motives.

Gold has been up then lost its gains and Bitcoin is stable.

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