Gold collapsing. Bitcoin UP.

[cypherdoc]

[sidhujag]

http://www.zerohedge.com/news/2014-06-27/america-deluded-us-slams-angry-iraq-pm-will-buy-russian-jets-instead-fight-against-i

U.S influence waning, Wonder whats on Saudi's mind at the moment.

Power shift over the flow of oil / world dominance continues. Another point for Russia.

How long before they step up economic warfare?

Us is already one step ahead they are gettint out of oil and probably have enough reserves (then technology will help) for them to continue to be on top while china middle east russia fight for the chairs at the kiddies table.

be careful. 

major indicators weakening with an ascending wedge:

its 50/50 likely tending towards a bull since its already a bullish wedge. I'd bet it goes up. Usually busts happen after 2 or 3 years of earnings that are overrated. We had too many earning cycles that were underrated.

[cypherdoc]

Boom. Big B.

[molecular]

Boom. Big B.

You're exaggerating, as you do often. But it's a good sign, yes

[Zangelbert Bingledack]

hey FNG,

you oughta listen to this talk by Wences.  he compares and contrasts Bitcoin with gold extensively.

https://www.youtube.com/watch?v=NERAN-89j8M&feature=youtu.be

it's a great take on how money is simply memory as outlined in this paper by the Fed's Kocherlakota:

http://www.minneapolisfed.org/research/sr/sr218.pdf

Wences makes one small mistake in the talk, however, when he said that he'd rather take a bitcoin that hadn't touched Silk Road.  well, after tomorrow, that is a non-issue.

Great find, starting at 2:45 in the video: the theory that money didn't evolve from barter but rather from that extremely familiar local practice of remembering who owes who a favor, showing that Money (analogous to capital-b "Bitcoin") actually came about as a ledger system to make this local practice more accurate and universal in its ledger-maintenance function. Money was a ledger system that used scarce physical objects to operate. From that point of view, it's extremely easy and straightforward to understand why Bitcoin is revolutionary and why it's not "worthless tokens": it's just a way better ledger than Gold or other physical-object-based ledger systems.

Rather than trying to convince people that "bitcoins are money," which is often a hard sell and takes people weeks/months/years to come around to, I believe we should be trying to convince people that "Bitcoin is a better ledger than Money," after explaining what Money really is (maybe just linking to this video at 2m45s).

Instead of spending ages trying to convince people on the back end that bitcoins are money after starting with the temptingly simplistic "bitcoins are digital coins you can send through the Internet" line, simply invest a few minutes at the start to reconceptualize their idea of money (Money; really just remind them of that thing everyone has done at some point in their lives: keeping mental track of who owes who what), then the rest flows very easily and quickly, bypassing entire classes of objections and misunderstandings. As a bonus, thinking of Bitcoin as a ledger rather than as a bunch of coins avoids many of the most common errors that even Bitcoin believers make in assessing various aspects of it, including of course investment decisions.

This guy's post on reddit is an example of how easy it can be when you do it right.

[ErisDiscordia]

Great find, starting at 2:45 in the video: the theory that money didn't evolve from barter but rather from that extremely familiar local practice of remembering who owes who a favor, showing that Money (analogous to capital-b "Bitcoin") actually came about as a ledger system to make this local practice more accurate and universal in its ledger-maintenance function. Money was a ledger system that used scarce physical objects to operate. From that point of view, it's extremely easy and straightforward to understand why Bitcoin is revolutionary and why it's not "worthless tokens": it's just a way better ledger than Gold or other physical-object-based ledger systems.

Rather than trying to convince people that "bitcoins are money," which is often a hard sell and takes people weeks/months/years to come around to, I believe we should be trying to convince people that "Bitcoin is a better ledger than Money," after explaining what Money really is (maybe just linking to this video at 2m45s).

Instead of spending ages trying to convince people on the back end that bitcoins are money after starting with the temptingly simplistic "bitcoins are digital coins you can send through the Internet" line, simply invest a few minutes at the start to reconceptualize their idea of money (Money; really just remind them of that thing everyone has done at some point in their lives: keeping mental track of who owes who what), then the rest flows very easily and quickly, bypassing entire classes of objections and misunderstandings. As a bonus, thinking of Bitcoin as a ledger rather than as a bunch of coins avoids many of the most common errors that even Bitcoin believers make in assessing various aspects of it, including of course investment decisions.

This guy's post on reddit is an example of how easy it can be when you do it right.

Excellent post! Same goes for the reddit post you linked.

I remember how long it took me to wrap my head around Bitcoin. And once I finally understood the working principles I had at first trouble explaining them to other people in a succinct manner. Thinking of money and by extension Bitcoin as a ledger has indeed made things easier. One just has to make sure that the person they're talking to understands the concept of money as ledger and suddenly the issue of Bitcoin becomes much clearer. Then one can simply describe Bitcoin as a decentralized ledger and answer simple technical questions we all know the answers to, such as: "Who maintains the ledger?", "What do they get out of it?" and "How can you prove that the ledger hasn't been forged/altered?"

[cypherdoc]

glad to see this get going.  this should be big:

http://cryptocrimson.com/2014/06/bitcoin-leveraged-bitpesa-makes-official-debut-kenya/

i first wrote about this here:

I'd like to see a video targeted towards left-leaning people that argues from their world-view-- why the existing monetary system is unfair and benefits a rich elite at the expense of the working masses.  How Bitcoin can change that and be a People-Powered money, backed not by empty promises from rich bankers but by the strength and trust of the person-to-person Bitcoin Community.  How friends and neighbors using Bitcoin can keep money in local communities.  How using Bitcoin lets you interact with people all over the world, promoting peace and understanding.  How it is better for the environment than gold mining or trucking coins and cash to and from stores and banks.

Well, I think that's what someone called "narratives".

We still need a narrative for anonymity, though.

i think the anonymity part of BTC should be downplayed.  sure its a symbol for the geek network as well as the illegal trade folks but won't be for the masses who are the critical part of this acceptance equation.  the best way to think of how BTC will be used in the future is to study M-Pesa in Kenya and why it took off like a rocket shot.  those ppl just needed an easy, inexpensive way to move money around the country w/o physically delivering it like they had been (donkey ride cross country) forced to do b/c of theft.  they don't care that Safaricom/Vodafone knows their identity when sending money; they just want to get the money to family and friends.  most of BTC use will be this way.

[justusranvier]

i think the anonymity part of BTC should be downplayed.  sure its a symbol for the geek network as well as the illegal trade folks but won't be for the masses who are the critical part of this acceptance equation.  the best way to think of how BTC will be used in the future is to study M-Pesa in Kenya and why it took off like a rocket shot.  those ppl just needed an easy, inexpensive way to move money around the country w/o physically delivering it like they had been (donkey ride cross country) forced to do b/c of theft.  they don't care that Safaricom/Vodafone knows their identity when sending money; they just want to get the money to family and friends.  most of BTC use will be this way.

People in Kenya might not care care, but ask people in Argentina how they feel about it.

[cypherdoc]

i think the anonymity part of BTC should be downplayed.  sure its a symbol for the geek network as well as the illegal trade folks but won't be for the masses who are the critical part of this acceptance equation.  the best way to think of how BTC will be used in the future is to study M-Pesa in Kenya and why it took off like a rocket shot.  those ppl just needed an easy, inexpensive way to move money around the country w/o physically delivering it like they had been (donkey ride cross country) forced to do b/c of theft.  they don't care that Safaricom/Vodafone knows their identity when sending money; they just want to get the money to family and friends.  most of BTC use will be this way.

People in Kenya might not care care, but ask people in Argentina how they feel about it.

i reformatted my above post to put it back into context.  regarding anonymity, that was my thought on this back in 2011.  as you should know from reading my current view, anonymity is important.

[cypherdoc]

check out James D'Angelo's Bitcoin Price Model.  especially the effect of the gold price:

http://worldbitcoinnetwork.com/BitcoinPriceModel-Alpha.html

[cypherdoc]

Bank Run!

http://stratrisks.com/geostrat/20075

[Morbid]

interesting fresh interview of john perkins - writer of confessions of economic hitman.

https://www.youtube.com/watch?v=MrWKlhrytwA

[cypherdoc]

back over 600.

they can't hold this down forever.

[smoothie]

Bank Run!

http://stratrisks.com/geostrat/20075

LOL....

The bank said depositors withdrew about 800m levs ($555.88m) and announced it would close all branches at 1200 GMT until Monday for “logistical reasons”. It said it had enough funds to meet clients’ demands.

what a joke! lol  

The very reason I do not trust banks....3rd party risk.

[molecular]

hey FNG,

you oughta listen to this talk by Wences.  he compares and contrasts Bitcoin with gold extensively.

https://www.youtube.com/watch?v=NERAN-89j8M&feature=youtu.be

great video. most notable insights I share with Wences are:

• In pre-money times, barter has not been used. They tracked debt to run their economies.
• The first stage in which bitcoin is going to develop is store of value, not payment mechanism
• Bitcoin volatility is a feature, not a bug
• EDIT: the honey badger of use cases is bitcoin <-> fiat cash local exchange
• EDIT: protocols have very strong network effects, money has very strong network effects, a protocol about money has very very strong network effects

Those last 2 2nd and 3rd point are explained around 12:40 - 14:00 in the video.

Here's a claim I cannot believe:

• Today we're at 100,000 people a day buying their first bitcoin. (14:40)

what? Where's he getting this number. Seems way too high to me.

[pinky]

Here's a claim I cannot believe:

• Today we're at 100,000 people a day buying their first bitcoin. (14:40)

what? Where's he getting this number. Seems way too high to me.

Yeah, I have no idea where he got this number from - it is more likely that 100,000 per month (I hope).

[molecular]

fundamentals aside, what do you guys think of this technical pic of silver?

[Pruden]

look out Spain. bail ins:

NIRP Strikes: Spain To Create Tax On Bank Deposits:

http://www.zerohedge.com/news/2014-06-26/nirp-strikes-spain-create-tax-bank-deposits

It's just a 0,02% tax on the banks. Some regions established it years ago, as early as 2001. Besides, competition for deposits is very strong. As is usual with Zero Hedge, there's nothing to see here, carry on.

[lebing]

fundamentals aside, what do you guys think of this technical pic of silver?

I am loathe to enter such a heavily manipulated market again, but if there ever was was an entry point that looks like it.

[cypherdoc]

Professor Bitcorn is about to go down in history.