Gold collapsing. Bitcoin UP.

[cypherdoc]

560 and dropping, ouch .. even with the Wikimedia announcement.

Gold collapsing. Bitcoin bottoming.

Ouch!

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[cypherdoc]

Stocks, gold, bonds collapsing.  Bitcoin rallying-->RuntoBitcoin!



Russell's been telegraphing:



very interestingly enough, UST's dropping.  what would you expect after a 35 yr bull run?  this will be HUGE if it continues:



also very interesting is that the $DXY is attempting to BO.  if it continues, gold is toast for sure.  i have my doubts whether it will continue. if it reverses down, then gold has a chance; either way, Bitcoin wins:



remember that little yellow trend line i drew a ways back.  well, it's holding and the VIX is looking to spike big:



the fact that oil continues to drop is a sign of perhaps pending deflation; also not good for gold:



nice big reversal candle for Bitcoin.  i LIKE the directions all these charts are heading in:

[cypherdoc]

poor traderCJ. like i said, there's a reason for the little "t".

gold making a break for it; to the DOWNSIDE:

[cypherdoc]

oh yes, the reversal candle just growing bigger:

[cypherdoc]

stock bulls, don't underestimate this Argentina default event.  the 2008 crisis got going b/c of subprime debt defaults.  i believe the Keynesians hold the sanctity of debt repayments above all else.  afterall, they think of money as debt, period.  if that sanctity is broken, as with Argentina, that means trouble for them.  this is the reason for the monetary debasement carried out by the Fed; to prevent a debt contraction.

[cypherdoc]

stock bulls, don't underestimate this Argentina default event.  the 2008 crisis got going b/c of subprime debt defaults.  i believe the Keynesians hold the sanctity of debt repayments above all else.  afterall, they think of money as debt, period.  if that sanctity is broken, as with Argentina, that means trouble for them.  this is the reason for the monetary debasement carried out by the Fed; to prevent a debt contraction.

and just as debt has pumped up stocks and bonds, it has pumped up pm's and it's derivatives.  a debt contagion will directly implode pm's as well.

[kehtolo]

This is also interesting.. Argentina is bad enough.. but we all saw that one coming.. i haven't heard much about Vietnam (that said, i don't follow Asian markets)

http://www.bloomberg.com/news/2014-07-30/bitcoin-turns-digital-gold-as-faith-in-vietnam-dong-ebbs.html

[cypherdoc]

Massive reversal candle!  nice timing traderCJ!

RunToBitcoin!

[cypherdoc]

a spike up in the CDS graph means trouble:

[cypherdoc]

Gold, oh noes.

ProTip:  when traderCJ speaks, short gold, buy Bitcoin:

[ErisDiscordia]

cypherdoc I have to say your enthusiasm is so contagious that I find myself rooting for the drops in Gold even though it's a decent chunk of my portfolio 

[traderCJ]

Gold down 4% this month, Bitcoin down 10%.  Way to go cypher.  You're getting desperate .. and I love it

With the coin I have left I could have bought another commercial building outright if coin was @ 650.  My only regret is not dumping this garbage when I had a chance.

[cypherdoc]

Gold down 4% this month, Bitcoin down 10%.  Way to go cypher.  You're getting desperate .. and I love it

Zerg, would you please post an update?

[traderCJ]

Gold down 4% this month, Bitcoin down 10%.  Way to go cypher.  You're getting desperate .. and I love it

Zerg, would you please post an update?

Can't do the math yourself?  Fuck's sake 

[cypherdoc]

Gold down 4% this month, Bitcoin down 10%.  Way to go cypher.  You're getting desperate .. and I love it

Zerg, would you please post an update?

Can't do the math yourself?  Fuck's sake 

downgold getting you a little testy?

[Melbustus]

This Bitcoin phenomenon is interesting.  It really is an experiment in mass psychology.  The value of Bitcoin depends solely on confidence, since it is backed by nothing (dissipated power doesn't count!).  I can tell you this from personal experience.  I had a considerable stake in Bitcoins during the April crash, having bought in at the low $100s.  I eventually liquidated my position and considered giving up on this altogether.  Admittedly, I was in it for the wrong reasons (get in, get out, get rich).  I decided to throw caution to the wind and daytrade.  It was quite easy double or even triple a stash post crash, to my delight (high volatility and no real trends to speak of, just sloshing back and forth - easy coins!).  Then, I was caught up in the second Bitfloor fiasco, where the exchange closed its doors.  I panicked and sold my Bitcoins minutes before the exchange went offline (I expected a massive price correction across all exchanges - stupid, stupid, stupid).  I had to wait several months to get my fiat out (I have to hand it to Roman, he held up his end of the bargain).  A few months ago, I went all in sub $200 and have been very pleased with the performance.  The experience gave me a much stronger hand.  Whales feed off of weak hands.  Plus, the earlier you jump in, the deeper the market has to correct before you'll get heartburn (generally).  My advice to newbies is this: Take everything you can afford to lose and either go all in on Bitcoin or spread a portion of your stash across the ocean of altcoins out there (everything from Litecoins to Quarkcoins, Stablecoins, etc).  Then, forget about cryptocoins for a few months.  Watching charts does you no good if you don't plan on daytrading.

I've been lurking around these forums for about a year and there are many subhuman people here who are interested in nothing more than spreading unsubstantiated fear, doubt, and negativity.  You see the same people popping up and humping that Bitcoin doomsday leg, hoping for some cheap coins.  What a sad existence.  If you want a good laugh, go back several months and look at all of the failed predictions, hunches and "security flaws".  Regarding Bitcoin's future, nobody knows what will happen.  No one person or group can match wits with hundreds of millions of entrepreneurs.  We are all along for the ride .. some will get lucky with their guesses.  One thing is for certain.  As the price increases, the technology and surrounding infrastructure becomes increasingly robust (think of money flooding into a developing nation).  Thus, the likelihood of a deep crash becomes increasingly improbable as the days march on.  There will be bugs, glitches, scares, etc. and people will panic sell, losing their shirts in the process.  Problems will be fixed.  Fears will be dispelled.  The price will recover.

Regarding $10k, I'd say the price will (over the "long term") either go to basically $0 or will run far beyond $10k.  For it to go to $0, I think there would have be a global cataclysmic event or a competing technology so obviously superior in every way that no one would ever use a Bitcoin again.  This reminds me of Facebook vs Myspace, but you know what?  There are still millions of people who use Myspace for some reason.  Being the Myspace of the cryptocurrency world wouldn't be all that bad for a worst case scenario

So you like bitcoin when it's in bubble mode but hate it when it's cheaper?

[traderCJ]

That's right Mel, my thinking on Bitcoin has changed.  Amazing what can happen after pondering and finding better ways to accumulate wealth.  Start a business.  That's what I did.

[BitcoinTangibleTrust]

Hello,

We are avid readers of this thread. We just started tracking gold and bitcoin side-by-side.

Bitcoin has always a great recovery story against gold.

Cheers,
https://www.digitaltangibletrust.com/

[traderCJ]

And I do apologize for referring to Bitcoin as "garbage".  It's not, but I could really use the real estate more than the coins right now.  Running out of space.  Back to work ..

BitcoinTangibleTrust: You're cherry picking the data.  Where were you when coin dropped to 560 and gold held in the mid 1290s yesterday?

[cypherdoc]

And I do apologize for referring to Bitcoin as "garbage".  It's not, but I could really use the real estate more than the coins right now.  Running out of space.  Back to work ..

BitcoinTangibleTrust: You're cherry picking the data.  Where were you when coin dropped to 560 and gold held in the mid 1290s yesterday?

and you didn't when you quoted the monthly performance figures?

this thread is older than you and this is why all of us agreed to use the beginning of this thread as a fair comparison point to evaluate the success or failure of my thesis; this was at the suggestion of Silverbox, another dead and buried gold bug, which is why it's called the Silverbox Update.