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Author Topic: Gold collapsing. Bitcoin UP.  (Read 2032126 times)
cypherdoc (OP)
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December 15, 2014, 10:24:12 PM
 #18741

it means gold's SOV function days are numbered.

Or paper gold's SOV function  Roll Eyes

the paper gold was the entire reason for the price ramp in the first place.  Roll Eyes
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cypherdoc (OP)
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December 15, 2014, 10:25:42 PM
 #18742

this is the Elizabeth Warren i know from 2008:

https://www.youtube.com/watch?v=DJpTxONxvoo
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December 15, 2014, 10:57:40 PM
 #18743

The more people are paid in BTC for services, employment, etc. the higher the price of BTC will go.
They have to be paid in BTC, and they have to save in BTC.

Otherwise it won't work.

Yes, exactly, if they are paid in BTC, save their BTC, it will create an extremely scarce market.
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December 15, 2014, 11:07:05 PM
 #18744

At ~3600 BTC/day, the current price of ~$350 / BTC requires ~$1.3 million of new capital (money, energy for hashing, etc) to enter the system.
Your list of capital types should include products and services.

Every person who sells their productivity for Bitcoin and does not immediately spend what they earn is contributing to that ~$1.3 million/day requirement.

The concept I like to focus on is accumulation (of holding). Every bit of that new 25 BTC mined every 10 minutes has to find a home with someone willing to hold it. It doesn't really matter if that comes from miners holding it, investors buying it, or people trading goods or services and holding the coins they receive. In reality all of these play a role, and they all involve exchange of other resources for coins, but we can be sure that aggregate accumulation is ~$1.3m per day.

It is indeed helpful to price discovery and liquidity that this forces a constant market clearing process.  It is also no surprise that the scam altcoin market has moved to ICOs and proof-of-stake which lack such a process.

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December 15, 2014, 11:17:22 PM
 #18745

it means gold's SOV function days are numbered.

Or paper gold's SOV function  Roll Eyes

Correct. Paper gold has absolutely no advantages over BTC. At least physical gold you might imagine retains value if there is a catastrophic failure of technology (solar flare, communications infrastructure brought down hard by hacking, etc.), breakdown of rule of law (arguably has already happened), etc. Paper gold, forget it.
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December 16, 2014, 12:27:30 AM
 #18746

The more people are paid in BTC for services, employment, etc. the higher the price of BTC will go.
They have to be paid in BTC, and they have to save in BTC.

Otherwise it won't work.

Yes, exactly, if they are paid in BTC, save their BTC, it will create an extremely scarce market.

If I can dodge a LambShop for a second (becoming increasingly rabid of late I notice), this is exactly what all the 'permabulls' see as being almost inevitable. Eventually everything will be in BTC. Then the USD/BTC price becomes irrelevant, apart from roughly what it was just before everyone went full crypto.

5 years ago nobody could even imagine a world where money was anything other than what it currently was. Fast forward and there is a massive groundswell of people who now see what it could be.

You either see it and panic you are too late, or you don't see it and think you can make a few "oldbucks" off the rubes by out-trading them.

Call me a rube, I'm going all the way. Once it resumes its uptrend above the last ATH I'll skim as a hedge (even though my gut tells me not to bother, my math tells me I should) [thats my "full disclosure"]

Still one the most insanely +EV binary bets I have ever come across.  

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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December 16, 2014, 12:42:59 AM
 #18747

The more people are paid in BTC for services, employment, etc. the higher the price of BTC will go.
They have to be paid in BTC, and they have to save in BTC.

Otherwise it won't work.

Yes, exactly, if they are paid in BTC, save their BTC, it will create an extremely scarce market.

If I can dodge a LambShop for a second (becoming increasingly rabid of late I notice), this is exactly what all the 'permabulls' see as being almost inevitable. Eventually everything will be in BTC. Then the USD/BTC price becomes irrelevant, apart from roughly what it was just before everyone went full crypto.

5 years ago nobody could even imagine a world where money was anything other than what it currently was. Fast forward and there is a massive groundswell of people who now see what it could be.

You either see it and panic you are too late, or you don't see it and think you can make a few "oldbucks" off the rubes by out-trading them.

Call me a rube, I'm going all the way. Once it resumes its uptrend above the last ATH I'll skim as a hedge (even though my gut tells me not to bother, my math tells me I should) [thats my "full disclosure"]

Still one the most insanely +EV binary bets I have ever come across.  

I agree, although I don't know if it's inevitable.  When you start to see companies paying their employees in BTC, then you should really hold on to your precious BTC. 
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December 16, 2014, 02:39:39 AM
 #18748

what's happening in Russia is fascinating:



going Bitcoin could make some sense to take the pressure off:



http://www.nytimes.com/2014/12/16/upshot/vladimir-putin-vs-the-currency-markets-what-to-know-about-the-rubles-collapse.html?_r=0&abt=0002&abg=1
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December 16, 2014, 02:41:33 AM
 #18749

where is BTC-e? breaking out:

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December 16, 2014, 04:11:55 AM
 #18750

junk is junk:

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December 16, 2014, 04:14:36 AM
 #18751

stocks plunging round the world
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December 16, 2014, 04:22:55 AM
 #18752

LukeJr's at it again:

http://www.reddit.com/r/Bitcoin/comments/2pfgjg/exposed_lukejr_plans_on_forcing_blacklists_on_all/
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December 16, 2014, 04:26:29 AM
 #18753


he's getting destroyed with downvotes.
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December 16, 2014, 04:28:53 AM
 #18754


Last time he apologized and explained his error. How many times can he do that?

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December 16, 2014, 04:43:46 AM
 #18755


he'll never change.  so i guess for as long as he's around.
smoothie
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December 16, 2014, 04:44:07 AM
 #18756


Lukey-boy still at his antics.

No surprise there.  Roll Eyes

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cypherdoc (OP)
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December 16, 2014, 01:04:21 PM
 #18757

At some point this has to come into play:

http://imgur.com/M03nbwM
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December 16, 2014, 01:07:03 PM
 #18758

As does this:

http://imgur.com/rqHre4I
cypherdoc (OP)
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December 16, 2014, 01:13:44 PM
 #18759

Our time is coming: be patient.

http://www.zerohedge.com/news/2014-12-16/usdrub-pair-will-be-discontinued-due-recent-instability-russian-ruble
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December 16, 2014, 01:19:09 PM
 #18760


Volume is really low,

Though my current market sentiments agrees to your opinion.
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