Gold collapsing. Bitcoin UP.

[cypherdoc]

I know it's just his opinion but ...
 
http://www.reddit.com/r/Bitcoin/comments/2b5hzy/fred_wilson_clueless_about_bitcoin_implies/

it's a long talk. Do you hv a time where he says these things? See my post last week here where I was criticizing him a bit. He thinks like Andreas that the blockchain is everything.

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[cypherdoc]

Going thru reddit thread now. Looks like he was misquoted. But he still entertained idea of raising 21m hard limit.

[zeetubes]

Going thru reddit thread now. Looks like he was misquoted. But he still entertained idea of raising 21m hard limit.

Maybe he was thinking that mining will go away after the 21M limit is reached. I wonder if they'll change the name from mining to something else? It certainly won't be as sexy as mining. There was an old line about an auditor being like an accountant minus the personality.

[ElectricMucus]

Bitcoin has proven an awesome case study in the 'de-regulated' world.  I cannot count the number of times some entity 'built a solid reputation' for just long enough to take their cash-out at an opportune time.  Over and over again we saw (and probably will continue to see) exchanges and wallet services fold and take everyone's money.  Usually the give back a pittance to preserve some plausible deniability.  The ratio of people who have been chumped out of their BTC vs the number of people who ever held any is truly impressive.  Were such a ratio observed in the real world where the stakes are higher it would be an unmitigated disaster.

I'll think I'll frame that and hang it somewhere.

[User705]

Bitcoin has proven an awesome case study in the 'de-regulated' world.  I cannot count the number of times some entity 'built a solid reputation' for just long enough to take their cash-out at an opportune time.  Over and over again we saw (and probably will continue to see) exchanges and wallet services fold and take everyone's money.  Usually the give back a pittance to preserve some plausible deniability.  The ratio of people who have been chumped out of their BTC vs the number of people who ever held any is truly impressive.  Were such a ratio observed in the real world where the stakes are higher it would be an unmitigated disaster.

I'll think I'll frame that and hang it somewhere.

Why?  The same can be rephrased with almost anything else humans touch.  Cash, drugs, money printing, virginity.

[cypherdoc]

“If this whole feeding frenzy looks unseemly, that’s because it is. Lost in the shuffle is a central idea of our judicial system: Punishing individuals deters future crimes. The lesson banksters can draw from all this is, 'Hey, if we screw up or even break the law, we’ll walk and the shareholders will pay.' ”

http://www.moneynews.com/Personal-Finance/bankers-mislead-investors-Justice-Department/2014/07/18/id/583548/

[cypherdoc]

Careful guys, we now live in a country where selling "untaxed cigarettes" can get you killed.

http://m.nydailynews.com/new-york/staten-island-man-dies-puts-choke-hold-article-1.1871486?utm_content=buffer8e086&utm_medium=social&utm_source=twitter.com&utm_campaign=NYDailyNewsTw

[Zangelbert Bingledack]

This is the second time in a few days that I read this. Could you point to studies on the matter? I like that not even Austrians seem to be aware of this.

It's going to have to be forced down there throats, it shakes Mises's regression theorem at the core. At first I couldn't accept it but the earlier linked video sugar coats it and makes it taste nice.

The regression theorem is on shaky feet since bitcoin anyway.

Actually the regression theorem has nothing to do with Bitcoin. The regression theorem is about physical object substitutes for ledger systems, a.k.a. media of exchange. Bitcoin is not a medium of exchange; it obviates (makes unnecessary) the need for media of exchange. Media of exchange are a low-tech hack for doing what Bitcoin does.

Hence the Austrian economists are technically correct when they say that Bitcoin isn't money and that it doesn't satisfy the regression theorem. It isn't money as they define it - that is, it isn't a medium of exchange. Again, it obviates the need for media of exchange. In Austrian parlance, then, it obviates the need for "money."

Money in the Austrian sense is just a stopgag measure to deal with the technical difficulties of maintaining large accounting ledgers. That is a result of their starting definitions, though they may want to revise them now that Bitcoin exists. Bitcoin bypasses the entire Regression Theorem framework. Like someone said, Bitcoin and the Regression Theorem gaze at each other knowingly over a chasm. The one has nothing to say about the other.

The Austrians who haven't come around yet because of the Regression Theorem are simply getting tripped up by their definitions, as well as by the way the Bitcoin has been marketed so far with the focus on "coins" rather than on the ledger.

[justusranvier]

Careful guys, we now live in a country where selling "untaxed cigarettes" can get you killed.

You just now noticed?

Every law describes a situation that can get you killed, because the ultimate penalty for violating any law, no matter how trivial, is always death.

[cypherdoc]

Careful guys, we now live in a country where selling "untaxed cigarettes" can get you killed.

You just now noticed?

Every law describes a situation that can get you killed, because the ultimate penalty for violating any law, no matter how trivial, is always death.

well, tbh, I've never seen a police officer murder an innocent citizen in broad daylight by jumping him from behind and choking him to death with 6 other officers all on film.

[Erdogan]

I would like to know how much gold is in private hands, for different countries. Is this known and published somewhere?

[justusranvier]

well, tbh, I've never seen a police officer murder an innocent citizen in broad daylight by jumping him from behind and choking him to death with 6 other officers all on film.

True, they are usually more subtle about it.

[tabnloz]

Bitcoin has proven an awesome case study in the 'de-regulated' world.  I cannot count the number of times some entity 'built a solid reputation' for just long enough to take their cash-out at an opportune time.  Over and over again we saw (and probably will continue to see) exchanges and wallet services fold and take everyone's money.  Usually the give back a pittance to preserve some plausible deniability.  The ratio of people who have been chumped out of their BTC vs the number of people who ever held any is truly impressive.  Were such a ratio observed in the real world where the stakes are higher it would be an unmitigated disaster.

I'll think I'll frame that and hang it somewhere.

Why?  The same can be rephrased with almost anything else humans touch.  Cash, drugs, money printing, virginity.

Here is the difference.

Regulated world: Hardworking taxpayers pay for everyone's mistakes. It has gotten to the point where there is actually incentive to make "mistakes"!

De-regulated world: The people making the mistakes pay for their mistakes. There is a very strong incentive to avoid making mistakes.

Most people were born into the first kind of world. When they are faced with the second, many fail to properly protect themselves. They jump before they realize that the safety net those nice people were maintaining is missing. Change takes time and sometimes it comes with a bitter pill. I prefer a world where personal responsibility is a priority. People should think before they jump.

This is a good point; us humans are adaptable.

In a roundabout kind of way, the hackers, scammers, thieves etc are improving bitcoin. They do their misdeeds and the community begins to espouse an antidote and evolve. This is because anyone with a stake in bitcoin has a reason for it to succeed and so it is in our best interests to continue to improve the system. We've gone from web wallets and private key holding exchanges to paper wallets, holding your private keys, exchange audits and multi sig. Soon, it will evolve again; fingers crossed in the meantime we all keep our coins safe. )

[Carlton Banks]

I would like to know how much gold is in private hands, for different countries. Is this known and published somewhere?

"Published" and "known" are slippery concepts when applied to gold holdings. No-one wants to tell the whole truth, and for good reasons (well, self interested reasons, namely to make any true spot price very difficult to determine)

[cypherdoc]

Calls for Bitcoin's imminent death are being sounded again. Little do these ppl appreciate that Bitcoin was designed for this. It's a silver bullet aimed at Wall St and if they resist, NY will be routed around.

http://mobile.businessweek.com/articles/2014-07-17/bitcoin-regulations-drafted-in-new-york-will-make-bitcoin-boring

[FUR11]

I would like to know how much gold is in private hands, for different countries. Is this known and published somewhere?

"Published" and "known" are slippery concepts when applied to gold holdings. No-one wants to tell the whole truth, and for good reasons (well, self interested reasons, namely to make any true spot price very difficult to determine)

Ha Carlton, I bet you still got some gold bars back at uncle Phil's house up in the attic or somewhere!
But yeah, it'd be interesting to know how the gold is distributed among the different status-groups of investors/companies/crime/states/etc...

[cypherdoc]

https://twitter.com/IDFSpokesperson/status/490897753157795841

[tabnloz]

From

http://www.telegraph.co.uk/finance/comment/liamhalligan/10978178/The-dollars-70-year-dominance-is-coming-to-an-end.html

Within a decade or so, a “reserve currency basket” may emerge, with central banks storing wealth in a mix of dollars, yuan, rupee, reals and roubles, as well as precious metals. Perhaps some kind of synthetic bundle of the world’s leading currencies will be developed, with emphasis placed, after years of western money-printing, on assets backed by commodities and other tangibles.

I also believe central banks may include cyber-currencies (such as bitcoin) in their reserves. If you think that’s mad, consider that mankind has long sought scarcity – be it with shells, stones or metallic elements – to store wealth. Now the money-printing taboo has been broken by yet another generation, it makes sense to use complex computer algorithms to ensure that only a certain amount of a particular currency unit can ever exist.

[cypherdoc]

From

http://www.telegraph.co.uk/finance/comment/liamhalligan/10978178/The-dollars-70-year-dominance-is-coming-to-an-end.html

Within a decade or so, a “reserve currency basket” may emerge, with central banks storing wealth in a mix of dollars, yuan, rupee, reals and roubles, as well as precious metals. Perhaps some kind of synthetic bundle of the world’s leading currencies will be developed, with emphasis placed, after years of western money-printing, on assets backed by commodities and other tangibles.

I also believe central banks may include cyber-currencies (such as bitcoin) in their reserves. If you think that’s mad, consider that mankind has long sought scarcity – be it with shells, stones or metallic elements – to store wealth. Now the money-printing taboo has been broken by yet another generation, it makes sense to use complex computer algorithms to ensure that only a certain amount of a particular currency unit can ever exist.

great find

[Erdogan]

I would like to know how much gold is in private hands, for different countries. Is this known and published somewhere?

"Published" and "known" are slippery concepts when applied to gold holdings. No-one wants to tell the whole truth, and for good reasons (well, self interested reasons, namely to make any true spot price very difficult to determine)

Ha Carlton, I bet you still got some gold bars back at uncle Phil's house up in the attic or somewhere!
But yeah, it'd be interesting to know how the gold is distributed among the different status-groups of investors/companies/crime/states/etc...

I guess we will never know.