Gold collapsing. Bitcoin UP.

[Melbustus]

<snip>Bitcoin illiterate musings</snip>

I think Bitcoin is being driven by the fact that it sounds impressive and people think there must be something there.

lol. I think Paul Krugman is being driven by the fact that he sounds impressive and people think there must be something there...

[Peter Lambert]

Dead cat bounce?

[cypherdoc]

Bitcoin collapsing. God UP.

No,  you're wrong.

[wachtwoord]

Bitcoin collapsing. God UP.

No,  you're wrong.

GOD!

[cypherdoc]

Bitcoin collapsing. God UP.

No,  you're wrong.

GOD!

Oops, God is always UP.

Gold is another story.

[Peter Lambert]

Bitcoin collapsing. God UP.

No,  you're wrong.

GOD!

Oops, God is always UP.

Gold is another story.

Depends on which god you worship. I imagine the Gold God would always be down in the earth making more gold?

[cypherdoc]

Bitcoin collapsing. God UP.

No,  you're wrong.

GOD!

Oops, God is always UP.

Gold is another story.

Depends on which god you worship. I imagine the Gold God would always be down in the earth making more gold?

Bitcoin is God? or is it Satoshi? 

[Peter Lambert]

Gold is made in stars....

Aha, so the Gold God lives in the heavens! Therefore, God is up.

Now that that is settled, we can go back to talking about how gold is down vs bitcoins today?

[miscreanity]

Now that that is settled, we can go back to talking about how gold is down vs bitcoins today?

Further down... just for a bit.

[cypherdoc]

Now that that is settled, we can go back to talking about how gold is down vs bitcoins today?

Further down... just for a bit.

stop being delusional.  you've been instrumental in losing so many ppl so much money.

miscreanity, iz it tim yut?:

[cypherdoc]

Financial Risk Analytics is much better than Hindsight Capital:

http://www.youtube.com/watch?feature=player_detailpage&v=FwMImAZZkW8#t=266

[miscreanity]

stop being delusional.

It's called patience. There are possible unintended consequences from remaining in the system (trading), along the lines of paper trails and retroactive taxation. Bitcoin can easily leave trails as well.

Like I've said: I'd rather be a year early with a modest sum than a moment late and potentially left with nothing.

[tvbcof]

stop being delusional.

It's called patience. There are possible unintended consequences from remaining in the system (trading), along the lines of paper trails and retroactive taxation. Bitcoin can easily leave trails as well.

Like I've said: I'd rather be a year early with a modest sum than a moment late and potentially left with nothing.

If I didn't have a fair degree of patience, I would have never made a dime on Bitcoin.  Also some confidence in my analysis of things.

If all I had to my name were Bitcoin I'd hardly sleep at night.

As for gold, I've been in it pretty heavy since the early 2000's.  Not long after it started on it's ascent.  This means that I'm way ahead in spite of the slump, and also that I've had to sit through other slumps which have all been about the same in terms of people losing confidence/patience and bailing out.  I never once considered selling any of my hoard on any of those slumps, and nothing has changed on this one.  Just the opposite in fact.

[Melbustus]

If I didn't have a fair degree of patience, I would have never made a dime on Bitcoin.  Also some confidence in my analysis of things.

If all I had to my name were Bitcoin I'd hardly sleep at night.

As for gold, I've been in it pretty heavy since the early 2000's.  Not long after it started on it's ascent.  This means that I'm way ahead in spite of the slump, and also that I've had to sit through other slumps which have all been about the same in terms of people losing confidence/patience and bailing out.  I never once considered selling any of my hoard on any of those slumps, and nothing has changed on this one.  Just the opposite in fact.

Really? Nothing has changed? Granted, it's early in the crypto-game, but it's an enormous change.

The case for gold post-1971 has been dubious and based on historical inertia. Obviously people want a "safe" inflation-hedge as part of their portfolio, and gold was the go-to for a lot of people, but again, mostly based on inertia and lack of alternatives.

At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.

Enter bitcoin. Now we have all the properties of gold, with functionality as effective money for our current times added in. Well, that's a proposition I can get behind without many intellectual leaps of faith. I think there are probably a lot of people who think like this. Instead of grudgingly accepting gold as an inflation-hedge investment, we can enthusiastically accept bitcoin.

That's a huge change.

Granted, bitcoin has only barely (if at all, really) been tested, but the intellectual difference in core justification as to where the ROI should come from is enormous. If and when bitcoin has some stability behind it, the case for gold will be pretty weak. They ARE substitutes, and outside of historical-inertia, bitcoin is superior.

[Wekkel]

The old world will still eye gold in case of panic. It is easy to safeguard $10.000 from paper money collapse. It's not so easy with $10,000,000,000. Gold will have its days again, although it may take years and years.

[Erdogan]

Now the news starts summing about the new debt ceiling again. I have skimmed about 5 articles, but the current ceiling and the current debt is not mentioned. Conspiracy? Do I really have to dig down to level 2 to find this info?

[wachtwoord]

At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.

It's fiat not gold that lost the guaranteed convertibility

Anyway, I do agree the emergence of crypto is a huge game changer and will be a huge drag (at least) on gold.

[Peter Lambert]

At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.

It's fiat not gold that lost the guaranteed convertibility

Anyway, I do agree the emergence of crypto is a huge game changer and will be a huge drag (at least) on gold.

Fiat is easier to convert into food and shelter at this point. If you can't find somebody to convert your gold into fiat, what can you convert it into?

[wachtwoord]

At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.

It's fiat not gold that lost the guaranteed convertibility

Anyway, I do agree the emergence of crypto is a huge game changer and will be a huge drag (at least) on gold.

Fiat is easier to convert into food and shelter at this point. If you can't find somebody to convert your gold into fiat, what can you convert it into?

I was in Austin @ a Bitcoin meeting a few months back and people there said they regularly pay for things in silver coins.

Besides that, gold can always be exchanged to currency, just not at a constant rate. Which is fine because this means the price (expressed in fiat) will go up as fiat money inflates. The explicit convertibility between fiat and gold added value to fiat NOT gold.

[User705]

At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.

It's fiat not gold that lost the guaranteed convertibility

Anyway, I do agree the emergence of crypto is a huge game changer and will be a huge drag (at least) on gold.

Fiat is easier to convert into food and shelter at this point. If you can't find somebody to convert your gold into fiat, what can you convert it into?

It's just different communities.  In urban areas they sometimes don't want cash and just CC.  In rural areas there might be cash only.  In different countries it's official fiat only and that's by force.  Bitcoin is simply a different choice.  It's an unforced choice, which is a pleasant in today's world.