Gold collapsing. Bitcoin UP.

[uki]

Gold getting smashed. And rightfully so.

 Welcome to the Age of Bitcoin.  

I am afraid gold and Bitcoin are on the same side of barricade. The wrong one. The one against dollar.
Dollar is painted as the king, thus gold must be smashed, this time on the job report. and no matter the results from the previous month were corrected - lowered by 30 thousands. Show must go on, let's kick the can further.
As soon as Bitcoin emerges as a real alternative to the dollar (which is very far from, atm), expect the same. Rinse and repeat.

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[maku]

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

Gold existed since the dawn of the man. I wouldn't worry of its cost in 20, 50 or even 500 years. Bitcoin from the other hand is around only for couple a years, and if something goes really wrong can disappear even faster.

[iCEBREAKER]

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

The immutable value of shiny gold in 20 years will be the same as 1000 or 2000 years ago.

It will get you food, clothing, shelter, and intimate companionship.

Gold is proof of work, being born in a quasar or other extreme cosmic event.

SHA256 and ECC will be broken and forgotten long before we can duplicate the power of a supernova.

[cypherdoc]

on our way to new lows.  that looks glorious:

[uki]

on our way to new lows.  that looks glorious:

-snip-

that is the price of paper gold, which in the end is just worth as much as the paper on which it is written.
Probably twenty other entities have the claim to the same piece of gold, so in the big scheme of the things this price should tend to zero.

[cypherdoc]

on our way to new lows.  that looks glorious:

-snip-

that is the price of paper gold, which in the end is just worth as much as the paper on which it is written.
Probably twenty other entities have the claim to the same piece of gold, so in the big scheme of the things this price should tend to zero.

I agree with you. I think without all that manipulation, gold would be at $30000/oz.

I have a few extra ounces lying around that I'd  like to sell you for 50% off, or $15000/oz. I'm sure you'll agree that's a spectacular deal and would be anxious to take them off my hands. PM me and I'll hand deliver them to you asap.

[uki]

that is the price of paper gold, which in the end is just worth as much as the paper on which it is written.
Probably twenty other entities have the claim to the same piece of gold, so in the big scheme of the things this price should tend to zero.

I agree with you. I think without all that manipulation, gold would be at $30000/oz.

I have a few extra ounces lying around that I'd  like to sell you for 50% off, or $15000/oz. I'm sure you'll agree that's a spectacular deal and would be anxious to take them off my hands. PM me and I'll hand deliver them to you asap.

I do have a nice stash of PMs as part of my portfolio already, and I am adding on the dips. Mainly silver though.
Don't think $30k per oz of gold is realistic, either.
Oh, and one more thing. Have a look at gold vs. € chart, to see that gold is not doing that bad as you think. Do the same for JPY vs. gold and GBP vs. gold. It is the dollar-king game.

[cypherdoc]

that is the price of paper gold, which in the end is just worth as much as the paper on which it is written.
Probably twenty other entities have the claim to the same piece of gold, so in the big scheme of the things this price should tend to zero.

I agree with you. I think without all that manipulation, gold would be at $30000/oz.

I have a few extra ounces lying around that I'd  like to sell you for 50% off, or $15000/oz. I'm sure you'll agree that's a spectacular deal and would be anxious to take them off my hands. PM me and I'll hand deliver them to you asap.

I do have a nice stash of PMs as part of my portfolio already, and I am adding on the dips. Mainly silver though.
Don't think $30k per oz of gold is realistic, either.
Oh, and one more thing. Have a look at gold vs. € chart, to see that gold is not doing that bad as you think. Do the same for JPY vs. gold and GBP vs. gold. It is the dollar-king game.

Shucks. I was sure you were going to go for it.

Actually Bill Bonner agrees with you. He also threw in a plug for Bitcoin. I'm sure that has to do with that sub writer of his that writes for the Daily Reckoning.

I still think the dollar will be sacrificed in the end to preserve the UST market ala Japan. We'll see :

http://moneyweek.com/bill-bonner-interview/

[uki]

Shucks. I was sure you were going to go for it.

Actually Bill Bonner agrees with you. He also threw in a plug for Bitcoin. I'm sure that has to do with that sub writer of his that writes for the Daily Reckoning.

I still think the dollar will be sacrificed in the end to preserve the UST market ala Japan. We'll see :

http://moneyweek.com/bill-bonner-interview/

Well, if you foresee the JPY way for the dollar, then here is the long term chart for gold: http://goldprice.org/gold-price-japan.html
Take 20 year chart, for example. Not looking bad for gold, to be honest.

As for the Bitcoin, I repeat what I wrote earlier, too little market cap to be of any significance for the dollar. As soon as it becomes big enough, watch the gold story to repeat. Rinse and repeat.

[Melbustus]

...
I still think the dollar will be sacrificed in the end to preserve the UST market ala Japan.
...

Buy *all* the bonds!

[cypherdoc]

yeah, it's funny.

i've had an order sitting @269 for almost 24h & the d*mn market just won't come down & grab it...

[Micky25]

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

Gold existed since the dawn of the man. I wouldn't worry of its cost in 20, 50 or even 500 years. Bitcoin from the other hand is around only for couple a years, and if something goes really wrong can disappear even faster.

I'm waiting for this http://en.wikipedia.org/wiki/Geomagnetic_reversal to happen anytime, it's overdue and should erase all electronic data on Earth. Time to take a BTC backup to a paperwallet. But.. wait..

[brg444]

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

[conspirosphere.tk]

Now with BTC this is impossible, because no paper BTC exist, cannot exist due to limited amount and deflationary behaviour

you say? what about 20X-leveraged exchanges (which btw being unregulated may be fractional reserving, inside trading, front running, and god knows what else, being backed just by pixels on their users' screens), 100X leveraged CFDs, and wait for the incoming btc ETFs.

But I agree that stacking on the cheap some phyzz that one can hold sounds like a good idea.

[Hfleer]

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

The problem is that the current hashing power might not even be enough to support the current network. This is not an issue of a too little hashing power, but a flawed way of securing the network.

Seperation of maintainance and usage is not the best idea tbh.

[Melbustus]

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

Is there a link to this somewhere?

[brg444]

Antonopoulos is out of his mind suggesting the current hashing power of the network is enough to secure a $1T Bitcoin market cap

Is there a link to this somewhere?

It was from this stream https://www.youtube.com/watch?v=lIgjogLipvk of the MIT Bitcoin Expo but looks like you can't rewind back to his presentation.

A video should be upped soon.

It was downright troubling to hear.

[billyjoeallen]

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

The immutable value of shiny gold in 20 years will be the same as 1000 or 2000 years ago.

It will get you food, clothing, shelter, and intimate companionship.

Gold is proof of work, being born in a quasar or other extreme cosmic event.

SHA256 and ECC will be broken and forgotten long before we can duplicate the power of a supernova.

If you really think SHA256 will be broken, then you should be buying lead (bullets) and not gold. The entire financial network of the world is built on that encryption, ATMs, SWIFT, ACH, everything.  If SHA256 gets hacked, it's the Mad max scenario and we will all have much bigger problems than bitcoin. Besides, we can migrate the blockchain over to SHA512 with a hard fork a heluva lot easier that the bank's 40 YO computer networks can upgrade. Perhaps you remember what a clusterfuck it was to fix the Y2K bug in 1999.

[gargantuar]

Gold will exist in 20 years, BTC not sure

But what will the value of gold be in 20 years?

The immutable value of shiny gold in 20 years will be the same as 1000 or 2000 years ago.

It will get you food, clothing, shelter, and intimate companionship.

Gold is proof of work, being born in a quasar or other extreme cosmic event.

SHA256 and ECC will be broken and forgotten long before we can duplicate the power of a supernova.

If you really think SHA256 will be broken, then you should be buying lead (bullets) and not gold. The entire financial network of the world is built on that encryption, ATMs, SWIFT, ACH, everything.  If SHA256 gets hacked, it's the Mad max scenario and we will all have much bigger problems than bitcoin. Besides, we can migrate the blockchain over to SHA512 with a hard fork a heluva lot easier that the bank's 40 YO computer networks can upgrade. Perhaps you remember what a clusterfuck it was to fix the Y2K bug in 1999.

Wanted to report to moderator but found out that "I like this post" was not an option.  Really like your posts, bro.

[NotLambchop]

...Besides, we can migrate the blockchain over to SHA512 with a hard fork a heluva lot easier that the bank's 40 YO computer networks can upgrade. ...

Caveat:  SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible.  You can hardfork the ashes all you want, your money's gone.  Poof!  Fini.  

With "legacy" banking?  Lol, not much happens.  A few delayed/reversed transactions, a bit more boring old paper money, a few hax0ring scumbags lined up against a wall & shot for their faggotry

BTW, what happened in Y2K?   Did I miss something?  I mean, other than all those ICBMs accidentally Atlantis into smoking molten glass?