Gold collapsing. Bitcoin UP.

[justusranvier]

It's rare for people to go through a dozen years of public indoctrination camps and not end up with broken ideas regarding economics.

[tvbcof]

It's rare for people to go through a dozen years of public indoctrination camps and not end up with broken ideas regarding economics.

The principle is certainly not limited to economics of course.  A surprising number of those who've caused earthquakes in other areas have bypassed the formal and prescribed indoctrination segment of the step-ladder.  Snowden, Assange, and the OpenBSD guy come to mind.

Of course there is significant room for debate about whether bowing out of formal education and engaging later in unorthodox exploits have a cause/effect relationship or are more both expressions of a deeper mindset.  One way or another, it is almost certainly more safe to avoid these types of people for certain kinds of sensitive work.  They should be targeted for enhanced surveillance and I'm guessing that at this point they tend to be.  Perhaps later they'll hunted down and prophylactically neutralized by specially trained personnel in much the way that Orwell predicted.

[Melbustus]

It's rare for people to go through a dozen years of public indoctrination camps and not end up with broken ideas regarding economics.

Well... Janet Yellen and I had the same macro-economics professor in college, and look how we both came out.

[cypherdoc]

Hey tvbcoc,

General Cypherdoc says:

Bitcoin UP.

Ya, I hope it will happen in 2014 and I think that there is still some chance.  Already half way through the year and Bitcoin is still only at $600-ish.  Half a year is nothing for most investments, but crypto-currencies are so active that if we have to wait another few years for Bitcoin to recover a lot of other things could happen over that time period.

tvbcoc dragged along kicking and screaming.

[tvbcof]

Hey tvbcoc,

General Cypherdoc says:

Bitcoin UP.

Ya, I hope it will happen in 2014 and I think that there is still some chance.  Already half way through the year and Bitcoin is still only at $600-ish.  Half a year is nothing for most investments, but crypto-currencies are so active that if we have to wait another few years for Bitcoin to recover a lot of other things could happen over that time period.

tvbcoc dragged along kicking and screaming.

Pleeeeease don't thrown my in dat der brier patch breh'r cyphercoc.

[cypherdoc]

Hey tvbcoc,

General Cypherdoc says:

Bitcoin UP.

Ya, I hope it will happen in 2014 and I think that there is still some chance.  Already half way through the year and Bitcoin is still only at $600-ish.  Half a year is nothing for most investments, but crypto-currencies are so active that if we have to wait another few years for Bitcoin to recover a lot of other things could happen over that time period.

tvbcoc dragged along kicking and screaming.

Pleeeeease don't thrown my in dat der brier patch breh'r cyphercoc.

 

[Melbustus]

"I've been tracking Bitcoin since its inception, and my confidence has grown to the point where I'm now trading in a portion of my gold holdings for bitcoin, buying it and accepting bitcoin for the Abundance 360 CEO Summit."
- Peter H. Diamandis, https://plus.google.com/+PeterHDiamandis/posts/dWQFcpcws8V


(edit) Background:

https://twitter.com/PeterDiamandis/status/480839678237487104

http://en.wikipedia.org/wiki/Peter_Diamandis

[World]

"I've been tracking Bitcoin since its inception, and my confidence has grown to the point where I'm now trading in a portion of my gold holdings for bitcoin, buying it and accepting bitcoin for the Abundance 360 CEO Summit."
- Peter H. Diamandis, https://plus.google.com/+PeterHDiamandis/posts/dWQFcpcws8V


(edit) Background:

https://twitter.com/PeterDiamandis/status/480839678237487104

http://en.wikipedia.org/wiki/Peter_Diamandis

Big WOW what kind of people are interested on BTC

btw:
Peter,can you help out to Jeff with BitSat project?
http://www.bitcoinx.com/bitcoin-developer-jeff-garzik-talk-about-the-bitsat-orbiting-bitcoin-node/

[Zangelbert Bingledack]

It's rare for people to go through a dozen years of public indoctrination camps and not end up with broken ideas regarding economics.

The principle is certainly not limited to economics of course.

It's true. Economics is among the worst, simply because it directly affects politics so all the incentives are aligned toward pro-state economics. However, I've recently come to the conclusion that there is no field that escapes distortion under the public education model. It shouldn't really be a surprise that education, like everything else government does, is corrupted by money and status games.

Even though Kuhn wrote his book in 1962 about how it takes the old eminent scholars dying to move science forward, the overall lesson - that authority and consensus are worthless concepts in science - still hasn't been assimilated into modern thinking. The average person still parrots everything their textbook/professor says without questioning it. Or even if they question the facts, they never question the underlying frameworks... I'll let this quote from a facebook forum by "modern fyziks" explain it better:

Authority is so deeply ingrained in our psyches that its effects are extremely subtle. People think they are not submitting to authority if they question what the teacher tells them, but the real trick is far more insidious: there's an intellectual attitude the teacher has that the students fails to question, or even notice.

It's not so much only that you believe in black holes, but that you view them as something to believe or disbelieve in the first place. Not so much that you believe a geometric line is made of points, but that you let the constant equivocation among different definitions of "point" slide. It's not so much that you accept E=mc^2, but that you go along with the reification of the word "energy" in the theory without batting an eye.

Even the rebel cannot escape. They rebel against the church, but they never lose the religious thinking habits.

To escape authority-mired thinking is like peeling away the layers of an onion. First you stop believing in the facts the authority figure is claiming, and you fancy yourself a rebel. Next you reject their theories or school of thought, believing yourself now truly independent. Then you reject their entire endeavor as fundamentally broken and set out on your own, thinking yourself fully free from authority.

Eventually, if you're lucky, you shake that lingering habit that you learned from the top intellectual charlatans: that of being loose with definitions. Finally you see the authority bound up in how society treats words themselves, realize not to ask what a word means but instead how it could be usefully defined, stop trying to prove definitions, and maybe even embrace visual explanations when possible.

[FNG]

Gold spiking higher

[cypherdoc]

not sure how they calculated this but here's your new talking point:

That is 5,000 times greater than the power of all of the world’s fastest 500 supercomputers combined.

http://www.economist.com/blogs/schumpeter/2014/06/bitcoin

[domob]

not sure how they calculated this but here's your new talking point:

That is 5,000 times greater than the power of all of the world’s fastest 500 supercomputers combined.

http://www.economist.com/blogs/schumpeter/2014/06/bitcoin

Since they mention FLOPS, they presumably compared the mining power to the power if the supercomputers were used directly.  This isn't really a meaningful comparison anymore since we have ASICs, but the amount of hashing power present is still very astonishing in recent times.

[zeetubes]

Gold spiking higher

Has anyone been following the german repatriation (or lack thereof) news? Which probably had a lot to do with the initial spike last thursday. The Fed is beginning to look a lot like Mt Gox. First some shitty excuses and misdirection, and then...

[FNG]

Gold spiking higher

Has anyone been following the german repatriation (or lack thereof) news? Which probably had a lot to do with the initial spike last thursday. The Fed is beginning to look a lot like Mt Gox. First some shitty excuses and misdirection, and then...

Nobody wants to be the one to trigger the collapse of the $USD / Global financial construct

Their is a Western -> Eastern power shift that looks to be coming to a head in the Saudi / Qatari vs Russia / Iran  energy war. The U.S is caught in the middle holding a very shitty hand of cards. The EU needs to decide what they're going to do. Would be wise to take advantage of this opportunity and drive up the price of gold / balance their balance sheets(gold is a floating asset) so the Euro can get in on some petro action before they get trumped by an eastern currency.

Gold as the central bedrock(glue) of the financial system and bitcoin as the efficient payment mechanism to transmit value and have easily movable / verifiable wealth.

The two aren't in competition as this thread would make people believe. They'll create a fairer and more efficient global financial system together.

[sidhujag]

Gold spiking higher

Has anyone been following the german repatriation (or lack thereof) news? Which probably had a lot to do with the initial spike last thursday. The Fed is beginning to look a lot like Mt Gox. First some shitty excuses and misdirection, and then...

Nobody wants to be the one to trigger the collapse of the $USD / Global financial construct

Their is a Western -> Eastern power shift that looks to be coming to a head in the Saudi / Qatari vs Russia / Iran  energy war. The U.S is caught in the middle holding a very shitty hand of cards. The EU needs to decide what they're going to do. Would be wise to take advantage of this opportunity and drive up the price of gold / balance their balance sheets(gold is a floating asset) so the Euro can get in on some petro action before they get trumped by an eastern currency.

Gold as the central bedrock(glue) of the financial system and bitcoin as the efficient payment mechanism to transmit value and have easily movable / verifiable wealth.

The two aren't in competition as this thread would make people believe. They'll create a fairer and more efficient global financial system together.

I doubt you know enough to say us hand is shitty. Maybe thats what they want you to
think. Based on their personality and military if they ever felt that Im sure they would be aggresive in killing off those ties that can doom them. No point in even talking about it.

[NewLiberty]

Gold spiking higher

Has anyone been following the german repatriation (or lack thereof) news? Which probably had a lot to do with the initial spike last thursday. The Fed is beginning to look a lot like Mt Gox. First some shitty excuses and misdirection, and then...

Nobody wants to be the one to trigger the collapse of the $USD / Global financial construct

Their is a Western -> Eastern power shift that looks to be coming to a head in the Saudi / Qatari vs Russia / Iran  energy war. The U.S is caught in the middle holding a very shitty hand of cards. The EU needs to decide what they're going to do. Would be wise to take advantage of this opportunity and drive up the price of gold / balance their balance sheets(gold is a floating asset) so the Euro can get in on some petro action before they get trumped by an eastern currency.

Gold as the central bedrock(glue) of the financial system and bitcoin as the efficient payment mechanism to transmit value and have easily movable / verifiable wealth.

The two aren't in competition as this thread would make people believe. They'll create a fairer and more efficient global financial system together.

The amount of gold to be sent to Germany could probably be loaded onto 2 Boeing 747s.  
Seven years is a long time on layover waiting for the next flight.

[cypherdoc]

Gold spiking higher

Has anyone been following the german repatriation (or lack thereof) news? Which probably had a lot to do with the initial spike last thursday. The Fed is beginning to look a lot like Mt Gox. First some shitty excuses and misdirection, and then...

Nobody wants to be the one to trigger the collapse of the $USD / Global financial construct

Their is a Western -> Eastern power shift that looks to be coming to a head in the Saudi / Qatari vs Russia / Iran  energy war. The U.S is caught in the middle holding a very shitty hand of cards. The EU needs to decide what they're going to do. Would be wise to take advantage of this opportunity and drive up the price of gold / balance their balance sheets(gold is a floating asset) so the Euro can get in on some petro action before they get trumped by an eastern currency.

Gold as the central bedrock(glue) of the financial system and bitcoin as the efficient payment mechanism to transmit value and have easily movable / verifiable wealth.

The two aren't in competition as this thread would make people believe. They'll create a fairer and more efficient global financial system together.

i still disagree with this.  Bitcoin has too many advantages.  and it's more than just a payment mechanism; it's functioning as an increasing store of value.

[justusranvier]

i still disagree with this.  Bitcoin has too many advantages.  and it's more than just a payment mechanism; it's functioning as an increasing store of value.

Also gold as a monetary instrument is pointless now that cryptography has been invented.

Gold sucks as a medium of exchange because it's heavy and takes up space. It sucks so bad as a medium of exchange that entire industries had to be invented to create and manage representations of gold because it simply wasn't practical to use the gold directly.

The one thing gold had going for it was that it was hard to counterfeit, and the relative difficulty of obtaining it kept the supply from increasing too quickly.

Now we can get those properties with math, so there's as much need for gold in the monetary system as there is need for horses as means of transportation.

[conspirosphere.tk]

there's as much need for gold in the monetary system as there is need for horses as means of transportation.

cool, but for storing value I still will shop for some gold and silver when btc will boom again. Even some land and residency in Latin America sound like a good idea.

[FNG]

Gold spiking higher

Has anyone been following the german repatriation (or lack thereof) news? Which probably had a lot to do with the initial spike last thursday. The Fed is beginning to look a lot like Mt Gox. First some shitty excuses and misdirection, and then...

Nobody wants to be the one to trigger the collapse of the $USD / Global financial construct

Their is a Western -> Eastern power shift that looks to be coming to a head in the Saudi / Qatari vs Russia / Iran  energy war. The U.S is caught in the middle holding a very shitty hand of cards. The EU needs to decide what they're going to do. Would be wise to take advantage of this opportunity and drive up the price of gold / balance their balance sheets(gold is a floating asset) so the Euro can get in on some petro action before they get trumped by an eastern currency.

Gold as the central bedrock(glue) of the financial system and bitcoin as the efficient payment mechanism to transmit value and have easily movable / verifiable wealth.

The two aren't in competition as this thread would make people believe. They'll create a fairer and more efficient global financial system together.

i still disagree with this.  Bitcoin has too many advantages.  and it's more than just a payment mechanism; it's functioning as an increasing store of value.

You can, and that's fine. You probably made the trade of the century..if I recall right you sold gold for bitcoin near the peak? So you took the stance at the appropriate time. I don't ignore vested interest. It doesn't really matter what should be. The Eurozone, among others, can clear their balance sheets by eating up gold on the open market and placing a high bid. I don't think the Euro will collapse and the way to un-fuck the eurozone is by making an effort to increase their asset column. It's pretty simple..drown in debt or set the market price for gold at a much higher level. No point in suffering when you have the option to clear debt.

Crypto central bank holdings may be the future but for now I see them making a concerted effort, once the $ is known to be fucked..ala no support from Saudi Oil..to wipe clean their debts via an increased price in gold. Will it outpace bitcoin? probably not. But timing is a factor. Gold to $45-60k an ounce, bitcoin +$100k per in today's $'s.

Hold both for insurance in case of time delays or a miscalculation.

I'm tempted to drop my silver holdings but it's a back-up to my back-up insurance policy. I don't believe it will witness the astronomical rise of the 2 previously mentioned but I've been wrong before.