Gold collapsing. Bitcoin UP.

[tabnloz]

Published on Goldcore.com blog

Blockchain promises to be as disruptive a technology as the internet....

http://www.goldcore.com/goldcore_blog/Blockchain_Promises_To_Be_As_Disruptive_A_Technology_As_The_Internet

The goldbugs conversion continues, and Cypherdocs theory looks increasingly accurate.

[Chalkbot]

So, if we ignore for a minute, the properties of gold that make it less attractive than bitcoin, and purely focus on the limited nature of each one; Why isn't gold acting as a store of value in a QE economy? Why is it not guaranteed profit to take out a huge low interest loan, and buy gold?

If there is an answer to that, why doesn't it apply to bitcoin?

[cypherdoc]

Published on Goldcore.com blog

Blockchain promises to be as disruptive a technology as the internet....

http://www.goldcore.com/goldcore_blog/Blockchain_Promises_To_Be_As_Disruptive_A_Technology_As_The_Internet

The goldbugs conversion continues, and Cypherdocs theory looks increasingly accurate.

yeah, for the short term both have been moving down together.  watch closely for when that relationship changes.  i think gold and silver are about to go off the cliff while Bitcoin is coiling in anticipation for the next ramp.

[Trader Steve]

So, if we ignore for a minute, the properties of gold that make it less attractive than bitcoin, and purely focus on the limited nature of each one; Why isn't gold acting as a store of value in a QE economy? Why is it not guaranteed profit to take out a huge low interest loan, and buy gold?

If there is an answer to that, why doesn't it apply to bitcoin?

Gold truly is the barbarous relic. It can be shorted to hell with naked contracts (big banks can sell what they don't own) and it is very inefficient in the digital age. How can it compete with instant and cheap value transfers like bitcoin (for which naked short selling does not currently exist)?

As we've said before, bitcoin is assuming the position historically held by gold. Bitcoin is Gold's Black Swan. Just remember to take possession of your private keys.

[tvbcof]

Gold up, Cypherdoc collapsing.

[cypherdoc]

nice summary by Chris Whalen on Japan's deflation and why it's still dangerous to be shorting JGB's:

how is it that Japan has not already defaulted on its debt, a la Argentina? The short answer is that Japan funds its public-sector shortfalls internally, while Argentina is dependent upon foreign capital inflows to finance its fiscal dissolution.

With respect to the issue of public debt and deficits, Kubarych argues that the Japanese would rather own bonds with low coupons than pay taxes. He says that the average Japanese distrusts government officials and prefers to see their money in government bonds than pay higher taxes to subsidize socialist agendas.

Global speculators such as George Soros and Kyle Bass have been predicting a fiscal and economic apocalypse for Japan for years. Bass, who made a killing by betting against the subprime bubble, has been wrong on Japan since at least 2010. Japan’s economy is a mess, no question, but Bass and other speculators err in assessing the country’s probability of default as though Japan were a private company.

http://nationalinterest.org/feature/japans-economy-headed-collapse-11217?page=2

notice how it's very conceivable for US citizens to be force fed UST's in the future and learn to like it.

[Peter R]

Look at the text I just received from a good friend.  He's a young dentist in Vancouver.



Now the question is "how do I answer him?"  [This is always a problem for me].  If I recommend cavirtex, then he must persevere through the time-consuming KYC/AML procedure, link his bank account, and then still wait a week for the first transfer to clear  ....  Telling him about 2FA on top of this will be too much [I wish cavirtex disabled bitcoin withdrawals by default unless 2FA was enabled and verified].  

I could send him over to the bitcoin ATM which is fast and easy [although unsuitable for large purchases], but then I would feel personally responsible to set him up properly with a wallet on his phone, a back-up of the seed, and a cold-storage system.  

I wish we had an exchange-tradeable product like GLD but with bitcoin as the underlying…

[cypherdoc]

Gold up, Cypherdoc collapsing.

lol.  tv, you're like a little dog, constantly nipping at my heels.

[adamstgBit]

Look at the text I just received from a good friend.  He's a young dentist in Vancouver.



Now the question is "how do I answer him?"  [This is always a problem for me].  If I recommend cavirtex, then he must persevere through the time-consuming KYC/AML procedure, link his bank account, and then still wait a week for the first transfer to clear  ....  Telling him about 2FA on top of this will be too much [I wish cavirtex disabled bitcoin withdrawals by default unless 2FA was enabled and verified].  

I could send him over to the bitcoin ATM which is fast and easy [although unsuitable for large purchases], but then I would feel personally responsible to set him up properly with a wallet on his phone, a back-up of the seed, and a cold-storage system.  

I wish we had an exchange-tradeable product like GLD but with bitcoin as the underlying…

you can trade GLD without doin KYC/AML ?

you could sell him some yourself, but honestly I recommend the full cavirtex experience, sure it takes a few days to get the paperwork cleared, but once you're set... its well worth the pain.

and, its really not that hard... poeple just need a swift kick in the ass sometimes.

[Peter R]

you can trade GLD without doin KYC/AML ?

Of course not.  But many people are already setup with online or full-service brokerages. So it's just a phone call or a few clicks of the mouse to purchase an ETF.

you could sell him some yourself, but honestly I recommend the full cavirtex experience, sure it takes a few days to get the paperwork cleared, but once you're set... its well worth the pain.

This is how I'm leaning too.  It's a bit of a process, but it's the right way to do it.  

[sidhujag]

Look at the text I just received from a good friend.  He's a young dentist in Vancouver.



Now the question is "how do I answer him?"  [This is always a problem for me].  If I recommend cavirtex, then he must persevere through the time-consuming KYC/AML procedure, link his bank account, and then still wait a week for the first transfer to clear  ....  Telling him about 2FA on top of this will be too much [I wish cavirtex disabled bitcoin withdrawals by default unless 2FA was enabled and verified].  

I could send him over to the bitcoin ATM which is fast and easy [although unsuitable for large purchases], but then I would feel personally responsible to set him up properly with a wallet on his phone, a back-up of the seed, and a cold-storage system.  

I wish we had an exchange-tradeable product like GLD but with bitcoin as the underlying…

 I thought the exchange downtown had some reps there to help you with the wallets etc? Kind of like bank clerks.

[Peter R]

I thought the exchange downtown had some reps there to help you with the wallets etc? Kind of like bank clerks.

There's Bitcoiniacs at Waves, and the Bitcoin Co-op guys in Gastown.  I suppose those are options too. 

But this individual is mostly interested in price speculation as part of a diversified investment portfolio.  I'm not sure it's important for him to learn about bitcoin wallet security at this point in time.  Perhaps that can wait. 

[cypherdoc]

I thought the exchange downtown had some reps there to help you with the wallets etc? Kind of like bank clerks.

There's Bitcoiniacs at Waves, and the Bitcoin Co-op guys in Gastown.  I suppose those are options too. 

But this individual is mostly interested in price speculation as part of a diversified investment portfolio.  I'm not sure it's important for him to learn about bitcoin wallet security at this point in time.  Perhaps that can wait. 

that doesn't sound too wise.  Bitcoin is meant to encourage personal responsibility. plus it will make him learn and appreciate what Bitcoin is all about. 

speculation on the price is somewhat dependent on one being able to hold onto one's coins w/o getting scammed.

[hdbuck]

World GDP growth expectations just hit their lowest in two years... and stocks didn't:


http://www.zerohedge.com/news/2014-09-05/printed-money-nothing

I still get amazed everyday by such fraud.

[Peter R]

I thought the exchange downtown had some reps there to help you with the wallets etc? Kind of like bank clerks.

There's Bitcoiniacs at Waves, and the Bitcoin Co-op guys in Gastown.  I suppose those are options too.  

But this individual is mostly interested in price speculation as part of a diversified investment portfolio.  I'm not sure it's important for him to learn about bitcoin wallet security at this point in time.  Perhaps that can wait.  

that doesn't sound too wise.  Bitcoin is meant to encourage personal responsibility. plus it will make him learn and appreciate what Bitcoin is all about.  

speculation on the price is somewhat dependent on one being able to hold onto one's coins w/o getting scammed.

This is what I mean when I say that questions like this from my friends and acquaintances are always difficult for me to answer.  It's a chicken and egg problem.  Once you're a bitcoin holder, you're more eager to learn about bitcoin security and blockchain technology.  But if the process is too difficult, and if you (think you) just want to speculate on price, then I can see that being bombarded with information about private keys, cold storage, 2FA, etc, etc, could seem like information overload.

[adamstgBit]

I thought the exchange downtown had some reps there to help you with the wallets etc? Kind of like bank clerks.

There's Bitcoiniacs at Waves, and the Bitcoin Co-op guys in Gastown.  I suppose those are options too.  

But this individual is mostly interested in price speculation as part of a diversified investment portfolio.  I'm not sure it's important for him to learn about bitcoin wallet security at this point in time.  Perhaps that can wait.  

that doesn't sound too wise.  Bitcoin is meant to encourage personal responsibility. plus it will make him learn and appreciate what Bitcoin is all about.  

speculation on the price is somewhat dependent on one being able to hold onto one's coins w/o getting scammed.

a 2FA cavirtex account is quite safe, let him buy a few then he'll have some motivation to learn a few tricks, like generating a paper wallet, offline.

seems easy enough to us, but learning new things no matter how simple can be challenging, or at the very least SEEM challenging, at first.

[majamalu]

I thought the exchange downtown had some reps there to help you with the wallets etc? Kind of like bank clerks.

There's Bitcoiniacs at Waves, and the Bitcoin Co-op guys in Gastown.  I suppose those are options too.  

But this individual is mostly interested in price speculation as part of a diversified investment portfolio.  I'm not sure it's important for him to learn about bitcoin wallet security at this point in time.  Perhaps that can wait.  

that doesn't sound too wise.  Bitcoin is meant to encourage personal responsibility. plus it will make him learn and appreciate what Bitcoin is all about.  

speculation on the price is somewhat dependent on one being able to hold onto one's coins w/o getting scammed.

This is what I mean when I say that questions like this from my friends and acquaintances are always difficult for me to answer.  It's a chicken and egg problem.  Once you're a bitcoin holder, you're more eager to learn about bitcoin security and blockchain technology.  But if the process is too difficult, and if you (think you) just want to speculate on price, then I can see that being bombarded with information about private keys, cold storage, 2FA, etc, etc, could seem like information overload.

This is the trick I use with people like that: I say "If you are not ready to sit down and pay attention to me for half an hour, this is not for you at the moment." It works by activating the opposition reflex.  

[thefunkybits]

Look at the text I just received from a good friend.  He's a young dentist in Vancouver.

What about Vault of Satoshi?

I got verified by them in a day or two and their level of security is top notch

CAVIRTEX has a silly waiting list

[adamstgBit]

Look at the text I just received from a good friend.  He's a young dentist in Vancouver.

What about Vault of Satoshi?

I got verified by them in a day or two and their level of security is top notch

CAVIRTEX has a silly waiting list

ya but cavirtex has better price generally and more volume

[cypherdoc]

yeah, it looks to me that despite yesterdays immediate smack down, ppl are already buying any dip into the low 470's looking to establish yet another higher low.  selling pressure is weakening.