Gold collapsing. Bitcoin UP.

[thezerg]

Bitcoin is ideal money for the smartphone.

http://techpinions.com/man-with-a-smartphone/31466

And now, with Mycelium cold storage, there's really no excuse.

http://time.com/2857448/mozilla-25-smartphone-firefox/
tldr: Mozilla planning a loss-leader $25 smartphone for 2nd & 3rd world countries:

[Melbustus]

""Many hard-currency loyalists who sought refuge to the safety of gold out of protest against central banks' erosion of currency value are now fleeing to bitcoin," Ashraf Laidi wrote in a recent client note."

becoming Top-of-Mind.

http://www.cnbc.com/id/101750703

Other key quotes from that article:

"They're both considered currency alternatives, safe stores of value to protect from wild swings in fiat currencies and money printing from central banks and irresponsible fiscal policy from governments."

"Are people ditching gold for bitcoin?"

""Bitcoin's base of support comes from tech-savvy younger people who trust technology over old school constructs like central banks or physical representations of value such as gold,""

"Still, both are perceived as a store of value—and bitcoin increasingly so, which may explain why some money is coming out of gold and into bitcoin."

...and this is one of the few mainstream positive articles on bitcoin that actually end positively too, instead of with some quip about volatility or drug markets:

"Since then, it's steadily clawed its way back to $643 in Wednesday trading, as gold lost the momentum."

I used to say 1% of gold's market-cap (which works out to $61B) was 10yrs out. That's looking increasingly conservative.

[cypherdoc]

So for the last week I've been cursing my telecom provider  under my breath.

About a month ago I got the new Samsung s5. Great phone btw. When I got it of course the salesperson said they could reduce my monthly charge plan by putting in an 8G limit for the family. I'm always a bit suspicious when they offer these as they surreptitiously took away my unlimited data plan over the years with upgrades.  But I consented to the change. I also changed toa  new program which allows me to pay a fixed monthly fee so that when a new model comes out I can upgrade right away without having to wait for a contract period to run out. I'm kind of obsessive with staying up to date with the new phones. Sure enough, over the last week as I approached the end of month billing, I've had to upgrade the plan from the 8 to 10 to 12G to avoid overcharges. Naturally I'm pissed and blaming the carrier.

However, last night I realized something. I've consciously been telling my wife ever since I got the s5 that I'm getting much closer to not having to use my laptop anymore because the smartphones are getting so much better. I'm consciously trying to make a full conversion. Of course, keyboard necessary activities are a problem but thankfully those are pretty rare for me especially with Swype. Armory is also still a problem but that will eventually be solved. Otherwise, fingerprint recognition security, VPN capabilitiy, pgp email, Mycelium cold wallet storage, password manager, Gyft, Skype, various banking apps, Uber, Google authenticator, Spotify, encrypted texting, and Vudu movies all make the phone preferable.

The only temporary obstacle is this telecom enforced pay for bandwidth 4G model as compared to the unlimited data plan that goes with my home/work cable. It's the price I pay though for the increased mobility. the solution of course is meshnet enabled WiFi or this new plan from Google to float massive WiFi routers in the sky via balloons. I can't wait for that to happen to screw over the telecoms for their years of price gouging.

Smartphones are the wave of the future along with digital money like Bitcoin.

http://www.mv-voice.com/news/2014/01/30/google-plan-would-beam-wifi-from-the-sky

[Wekkel]

Not smartphone but 'mobile computing' is the buzz word. We humans love to move around and now with our computer 'tools'. The possibilities are endless.

[bitcoinsrus]

This is all I see everywhere I go (people on their smartphones). Seems like a good fit to add bitcoin to

[zeetubes]

Forget the phone. That's a seriously nice rack.

[TheBullOfWallStreet]

In the end, the correlation between Gold and Bitcoin will be relaitvely high!

[zeetubes]

Quote from: cnbc link=http://www.cnbc.com/id/101750703
""Bitcoin's base of support comes from tech-savvy younger people who trust technology over old school constructs like central banks or physical representations of value such as gold,""

Right now, the bulk of wealth is old school, older people and they probably favor gold and silver over bitcoins. It may take a generation or so for that to change in bitcoin's favor. I never make any serious predictions but I wouldn't be surprised to see PMs and bitcoins both going up in value in the near term. I was watching the BBC earlier and I couldn't believe that they actually mentioned gold manipulation. Interesting times.

[cypherdoc]

Quote from: cnbc link=http://www.cnbc.com/id/101750703
""Bitcoin's base of support comes from tech-savvy younger people who trust technology over old school constructs like central banks or physical representations of value such as gold,""

Right now, the bulk of wealth is old school, older people and they probably favor gold and silver over bitcoins. It may take a generation or so for that to change in bitcoin's favor. I never make any serious predictions but I wouldn't be surprised to see PMs and bitcoins both going up in value in the near term. I was watching the BBC earlier and I couldn't believe that they actually mentioned gold manipulation. Interesting times.

The gold correction is happening as we speak.

Sharpening the short stick.  

[wachtwoord]

This is all I see everywhere I go (people on their smartphones). Seems like a good fit to add bitcoin to

Caption: "OMG, Mark just totally goxed me!"

[cypherdoc]

This is all I see everywhere I go (people on their smartphones). Seems like a good fit to add bitcoin to

Caption: "OMG, Mark just totally goxed me!"

"Honey, never leave your coins on an exchange."

[sidhujag]

U want gold? U want Bitcoin? How about a goldmine for bit coin?

http://www.reuters.com/article/2014/06/12/us-bitcoin-goldmine-idUSKBN0EN2H520140612

$1m in equities and $5.9m in assets for a price of $2 million in btc... hmm sounds like a good deal to me.

[cypherdoc]

The Feds sale of btc  is  great news for fungibility.

[Melbustus]

The Feds sale of btc  is  great news for fungibility.

Yes and no. I've noted that large potential investors may be specifically interested in this sale since it's gov-approved bitcoin. But if that's true, then these are "special" bitcoins right now...

[cypherdoc]

The Feds sale of btc  is  great news for fungibility.

Yes and no. I've noted that large potential investors may be specifically interested in this sale since it's gov-approved bitcoin. But if that's true, then these are "special" bitcoins right now...

But there's an inherent contradiction in the gov't position if they sell for profit these tainted drug coins which was the premise on which they snatched them in the first place and their argument that the rest of us can't transact in tainted coins.

[Melbustus]

The Feds sale of btc  is  great news for fungibility.

Yes and no. I've noted that large potential investors may be specifically interested in this sale since it's gov-approved bitcoin. But if that's true, then these are "special" bitcoins right now...

But there's an inherent contradiction in the gov't position if they sell for profit these tainted drug coins which was the premise on which they snatched them in the first place and their argument that the rest of us can't transact in tainted coins.

Oh, I hear ya... The irony is not lost on me.

[Bernard Lerring]

But there's an inherent contradiction in the gov't position if they sell for profit these tainted drug coins which was the premise on which they snatched them in the first place and their argument that the rest of us can't transact in tainted coins.

Isn't it against the law to profit from drugs/money seized from criminal activity?

Shouldn't the coins be burned (i.e. private keys wiped forever) or are the proceeds from this sale going to good use, such as an addiction charity?

The cops are legally obliged to incinerate drugs and drug money, aren't they?

I'm not getting on some kind of moral high horse, here. I was a member of Silk Road back in the day but it doesn't seem right that they would gain from this.

[cypherdoc]

Have used Uber twice now while on vacation.

Great service with courteous drivers and reasonable if not cheaper cost. The drivers also understand the economic reality of what's happening.

[Melbustus]

Have used Uber twice now while on vacation.

Great service with courteous drivers and reasonable if not cheaper cost. The drivers also understand the economic reality of what's happening.

Did you pitch bitcoin to them?

Agree that Uber is good. I find the protests in Europe ridiculous. And it's more than a little funny that Uber signups in London were up 850% due to the protests. People will look back in a few years and wonder what all the fuss was about, given how obvious and inevitable services like Uber are.

<back-on-topic>Same with the rotation from gold to bitcoin.

[bitgold]

Have used Uber twice now while on vacation.

Great service with courteous drivers and reasonable if not cheaper cost. The drivers also understand the economic reality of what's happening.

Uber is good, bitcoin is great.