cypherdoc (OP)
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April 15, 2013, 05:11:11 PM |
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Gold collapsing. Bitcoin up.
geez, what does a guy have to do around here to get an update?
Sorry no internet on top of a snowy mountain! What is this "letter" you are referring to? Bitcoin is 93.40. Gold is 1374.00. Nasdaq is 3237.00 Bitcoin: 1629.63% Gold: -18.70% Nasdaq: 5.96% Gold Diff: 2027% advantage Bitcoin and Growing!Nasdaq Diff: 1532% advantage Bitcoin and Growing![/b][/size] the subscription newsletter. |
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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MatthewLM
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April 15, 2013, 06:48:42 PM |
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I can't imagine this being good at all for miners, as the cost of producing gold continues to rise as well. I was reading that miners needed between about $1,000 and $1,400 per ounce to break-even (net-profit). Gold is falling to the point that mining begins to become unprofitable for many miners.
If people are worried about central banks selling gold (Cyprus is only 14 tonnes), did they think about the production of gold that may reverse as unprofitable mining operations are closed? Gold production was about 2,700 tonnes in 2011.
So if the reason prices are down is due to this irrational fear of central banks selling, the pressure on production should create a floor around $1,000 and $1,400, as the loss in production will surely outweigh any central bank sales. It would depend on how stupid investors are, as well as how miners would precisely cope. At the end of the day, they need a minimum price of gold to make enough gross profit to cover their overheads.
But if the prices are manipulated (Almost certain, but to what extent I don't know), then who knows how far down gold can go.
It makes little sense to me why the possibility troubled countries may sell gold reserves would hit gold so much, and anyone that listens to Goldman Sachs is an idiot.
Can anyone else make much sense from this?
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cypherdoc (OP)
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Activity: 1764
Merit: 1002
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April 15, 2013, 07:04:13 PM |
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I can't imagine this being good at all for miners, as the cost of producing gold continues to rise as well. I was reading that miners needed between about $1,000 and $1,400 per ounce to break-even (net-profit). Gold is falling to the point that mining begins to become unprofitable for many miners.
If people are worried about central banks selling gold (Cyprus is only 14 tonnes), did they think about the production of gold that may reverse as unprofitable mining operations are closed? Gold production was about 2,700 tonnes in 2011.
So if the reason prices are down is due to this irrational fear of central banks selling, the pressure on production should create a floor around $1,000 and $1,400, as the loss in production will surely outweigh any central bank sales. It would depend on how stupid investors are, as well as how miners would precisely cope. At the end of the day, they need a minimum price of gold to make enough gross profit to cover their overheads.
But if the prices are manipulated (Almost certain, but to what extent I don't know), then who knows how far down gold can go.
It makes little sense to me why the possibility troubled countries may sell gold reserves would hit gold so much, and anyone that listens to Goldman Sachs is an idiot.
Can anyone else make much sense from this?
weren't you the idiot who "declared victory" just a few months ago? |
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MatthewLM
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April 15, 2013, 07:07:04 PM |
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Best continue to ignore cypherdoc, methinks.
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miscreanity
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April 15, 2013, 07:28:01 PM |
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Best continue to ignore cypherdoc, methinks.
When it comes to physical gold. Bitcoin is good, although I don't follow his letter. I don't believe he called the current rise in Litecoin, which is a nice place to be in relation to both gold and Bitcoin at the moment. |
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myself
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chaos is fun...…damental :)
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April 15, 2013, 07:36:44 PM |
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http://twitter.yfrog.com/oev1map told you so for quite some time  lets hope we get gold at 500 for xmas and we can relax on Australian beaches wearing shorts 
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Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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lemonginger
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Activity: 210
Merit: 100
firstbits: 121vnq
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April 15, 2013, 07:52:22 PM |
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Bitcoin has ruined me. I'm like what? 10% drop? Oh that happens everyday, nothing to worry about...
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myself
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Activity: 938
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chaos is fun...…damental :)
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April 15, 2013, 11:36:06 PM |
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since i uploaded this for siu here is the link gold data for SC http://cyberlocker.ch/7pvqlyrqvb6o unziped is 1,2 GB |
Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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tvbcof
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April 16, 2013, 12:42:52 AM |
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Bitcoin has ruined me. I'm like what? 10% drop? Oh that happens everyday, nothing to worry about...
What does not kill you only makes you stronger  |
sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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bitcool
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Live and enjoy experiments
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April 17, 2013, 01:25:36 AM |
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Bitcoin has ruined me. I'm like what? 10% drop? Oh that happens everyday, nothing to worry about...
+1, hehe |
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molecular
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April 17, 2013, 05:58:24 AM |
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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thezerg
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Activity: 1246
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April 17, 2013, 07:07:30 AM |
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Well, both gold and bitcoin off their recent lows...
the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, nasdaq=3055, Bitcoin=5.4):
Bitcoin is 75.49. Gold is 1377.00. Nasdaq is 3264.00
Bitcoin: 1297.96%
Gold: -18.52%
Nasdaq: 6.84%
Gold Diff: 1616% advantage Bitcoin
Nasdaq Diff: 1208% advantage Bitcoin
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cypherdoc (OP)
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April 17, 2013, 02:06:46 PM |
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The Daaash for Digital Caaash!
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MatthewLM
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April 17, 2013, 04:42:51 PM |
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What was the basis for this? How does the author know this will happen? |
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MatthewLM
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April 17, 2013, 05:09:41 PM |
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I understand that the price may be manipulated so that short holders can sell these shorts, but the author made some bold claims that the COMEX won't satisfy "delivery" (Yet I remember a lot of the metals are only transferred by ownership, stored in warehouses and not actually delivered) starting next week.
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Frozenlock
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April 17, 2013, 05:11:42 PM |
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At least, with such a statement, we should know if he's right quite soon.
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rpietila
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April 17, 2013, 06:55:29 PM |
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What was the basis for this? How does the author know this will happen? Theoretically, forced settlement at a fixed price is an ideal outcome for any naked short selling campaign. From this point of view the proposed scenario makes perfect sense. Not sure about the timing however. The are very good reasons why true gold bugs only accept physical gold. This is one of those reasons. This is also why Bitcoiners shall control their own bitcoins and do not trust any third parties such as exchanges, pools, online wallets with it for any larger amounts and for any longer than it is absolutely necessary. In 2008 there already was a default in silver. An Indian exchange forcibly paid spot+6% on the contract holders. It was about as blatant as the Cyprus deal (where no effort to pressure the debtors of the bank was taken, instead the creditors were erased). I mean, silver is in no way scarce, and the international shipping is far less than 6%. If there was opportunity to get silver at the fake spot price, surely the exchange would rather have delivered than defaulted, don't you think so??  Bitcoin is the only reason why I am not shortsqueezing the silver market right now.. |
HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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cypherdoc (OP)
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April 17, 2013, 09:15:20 PM |
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misreality, you keep saying "it iz tim". either you're lying to me or you're an idiot. which is it?:   |
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miscreanity
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April 17, 2013, 10:14:36 PM |
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misreality,
you keep saying "it iz tim". either you're lying to me or you're an idiot. which is it?:
A while back, I stated that I would no longer offer time estimates. The "markets" have been destroyed and offer no ability of price discovery now. I also had said that a dollar spike with no correction before consolidation, combined with a commodity collapse (esp. gold), would indicate paper/physical separation; general lack of dollar support in terms of real assets. I do like the ad hominem, though. You'll end up eating your words regarding gold. Maybe you'll donate some of your BTC to a worthwhile organization when it happens. |
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