Gold collapsing. Bitcoin UP.

[labestiol]

Sure, and here I am !
It's just that I think gold also has some room to go up, and being diversified makes me sleep better   (even if PMs are now a tiny portion of my savings)

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[oakpacific]

Sure, and here I am !
It's just that I think gold also has some room to go up, and being diversified makes me sleep better   (even if PMs are now a tiny portion of my savings)

Bitcoin can still affect PM prices even if you are right.

Physical PMs can continue to exist. But the paper ones have no reason to exist in a world with bitcoin.

[cypherdoc]

even if PMs are now a tiny portion of my savings)

see, you're in the "i'm agreeing with you" phase. 

[labestiol]

Always agreed with you about bitcoin, we only differ on PM prices in USD (where we still have a 1BTC bet ongoing)
I still prefer to diversify in PMs rather than USD.
 

[cypherdoc]

Always agreed with you about bitcoin, we only differ on PM prices in USD (where we still have a 1BTC bet ongoing)
I still prefer to diversify in PMs rather than USD.
 

i know.  coming up fast on $1500 

[thezerg]

Hmmm.....how much bigger is gold's market? Can a part of gold price's erosion be attributed to ...Bitcoin?

Absolutely. That has been my contention since day one.

As for proof, you haven't been listening. I'm the proof.  Living proof since, what, April 2011?

I'm a case where $ that would have gone into PMs did not.  I was looking to diversify beyond USD (and USD-coupled instruments) and real estate about a yr+ ago.  I really did not like where gold and silver were at that point; it seemed like buying in near the top.  I was reintroduced to bitcoin (had dismissed it as a bubble during the 2011 media frenzy) via a Scientific American article and so the investment went here.  But due to the risk at that time I invested a whole lot LESS then i should have!   

I guess what I'm trying to say is goldbug conversion is great, but converting new investment is gonna make a big difference and is a lot easier...

[cypherdoc]

Hmmm.....how much bigger is gold's market? Can a part of gold price's erosion be attributed to ...Bitcoin?

Absolutely. That has been my contention since day one.

As for proof, you haven't been listening. I'm the proof.  Living proof since, what, April 2011?

I'm a case where $ that would have gone into PMs did not.  I was looking to diversify beyond USD (and USD-coupled instruments) and real estate about a yr+ ago.  I really did not like where gold and silver were at that point; it seemed like buying in near the top.  I was reintroduced to bitcoin (had dismissed it as a bubble during the 2011 media frenzy) via a Scientific American article and so the investment went here.  But due to the risk at that time I invested a whole lot LESS then i should have!   

I guess what I'm trying to say is goldbug conversion is great, but converting new investment is gonna make a big difference and is a lot easier...

that's b/c you weren't listening to me and one time called me something like a "lunatic"?

[cypherdoc]

silverbox's GPL looking real sick and about to crash.

-45%

[chrsjrcj]

IIRC, $26 is the floor for silver, so if falls below that....teens? Ouch.

[hathmill]

I dont think that gold is collapsing, I think we will see higher prices. In my opinion Bitcoin is still a baby. Gold has been around for ages and I think it will go up even more. Against fiat that is. I am long both btc and gold which makes perfect sense to me. The bitcoins to gold ratio is nothing that I want to trade. Government debt against btc AND gold, that is just diversification.

Edit: it is ok if u hate me for saying so

[chrsjrcj]

At least my Bitcoin gains are hedging my PM loses at the moment.

[thezerg]

Hmmm.....how much bigger is gold's market? Can a part of gold price's erosion be attributed to ...Bitcoin?

Absolutely. That has been my contention since day one.

As for proof, you haven't been listening. I'm the proof.  Living proof since, what, April 2011?

I'm a case where $ that would have gone into PMs did not.  I was looking to diversify beyond USD (and USD-coupled instruments) and real estate about a yr+ ago.  I really did not like where gold and silver were at that point; it seemed like buying in near the top.  I was reintroduced to bitcoin (had dismissed it as a bubble during the 2011 media frenzy) via a Scientific American article and so the investment went here.  But due to the risk at that time I invested a whole lot LESS then i should have!   

I guess what I'm trying to say is goldbug conversion is great, but converting new investment is gonna make a big difference and is a lot easier...

that's b/c you weren't listening to me and one time called me something like a "lunatic"?

  I don't remember doing that.  Searching for lunatic and my username comes up blank... you sure you have the right person?  My only question around your thought processes is around USD deflation/biflation -- and by that I mean buying power against a basket of typical consumer goods that are not themselves deflating (so not consumer electronics).  And I think that that boils down to you thinking that the fed has it all under control and aren't going to piss in their own well, whereas I wonder if they are stretching a rubber band too far.  Its gonna snap back and flood the system with liquidity.

[tvbcof]

I guess at the end of the day, Bitcoin focuses on solving a narrow range of problems, government currency inflation and money transfer control.  It does not fix issues with large corporations monopolising markets, trademarking and copywriting everything to infinity..

I dont think Bitcoin should take on a Robin Hood style role, I dont think it should be taking the wealth from the rich and distributing it to the poor, it simply levels the playing field and puts everyone on the same rules for building wealth.

Next P2P project.. KarmaCoin.. A system to promote ethical, non greedy corporations and to prevent them from taking over and ascending to monopolistic positions.

I didn't say that I thought Bitcoin should be the vehicle for wealth re-distribution.  But in fairness I didn't say otherwise either.  For the record, I do not feel it practical for Bitcoin to have a redistributory role.  I had some hope that it would be a 'digital gold' and there is an important place for such a 'reserve currency' solution, but I don't think it will.

In Bitcoin's defense, it will always have the potential to dispense with counter-party risk, and will always be resistant to certain forms of abuse (like naked sorting) and that is huge.  My disillusion stems from my believe that it could be also a lot more and probably will not be.

A word of caution for those who have drunk the kool-aid and think it's going to become the dominant currency solution for the masses:  If it is tied up by a tiny minority of ultra-wealthy and if there is not distributive method (both of which seem inevitable), it very well may be the case that something else will come along which 'sells better' to the actual users.  That is my projection for the future of 'exchange currencies'.  If I am very lucky it may well capture a lasting segment of the 'reserve currency' market share.

[cypherdoc]

Gold down.  Bitcoin UP.

[oakpacific]

Gold down.  Bitcoin UP.

When bitcoin price is boring, I'll switch to the gold chart to watch it plummets, still a lot of fun.

[Zangelbert Bingledack]

Hmmm.....how much bigger is gold's market? Can a part of gold price's erosion be attributed to ...Bitcoin?

Absolutely. That has been my contention since day one.

As for proof, you haven't been listening. I'm the proof.  Living proof since, what, April 2011?

It's well known that many bitcoiners are PM bugs (or former PM bugs), and probably the default thing to do for a new Bitcoin investor who has put as much of their assets as feasible into PMs is to sell some PMs and buy bitcoins.

So it's more a question of relative market caps. It still seems there isn't enough money in Bitcoin to take a significant bite out of gold prices.

[cypherdoc]

Hmmm.....how much bigger is gold's market? Can a part of gold price's erosion be attributed to ...Bitcoin?

Absolutely. That has been my contention since day one.

As for proof, you haven't been listening. I'm the proof.  Living proof since, what, April 2011?

It's well known that many bitcoiners are PM bugs (or former PM bugs), and probably the default thing to do for a new Bitcoin investor who has put as much of their assets as feasible into PMs is to sell some PMs and buy bitcoins.

So it's more a question of relative market caps. It still seems there isn't enough money in Bitcoin to take a significant bite out of gold prices.

as i've said many times, all it takes for Bitcoin to have an effect is for it to put a "pause" into the gold market via an awareness of mind.

[cypherdoc]

The Daaash for Digital Caaash continues...

[cypherdoc]

The Daaash for Digital Caaash continues...

...

 

[oakpacific]

Now at 1/10 the price of an ounce of gold.