Topic: Gold collapsing. Bitcoin UP. - page 1000. (Read 2032266 times)

you know how much i enjoy putting up news that verifies that we, as Bitcoiners, are not hacculinating or existing in an echo chamber about past details regarding moral hazard/corruption in the financial system.  listen to this podcast interview btwn Barry Ritholtz and perhaps the ONLY person directly involved in the thick of the 2008 financial crisis who will tell you the truth:  Sheila Bair.  selected tidbits:

1.  for STT: Fannie was in fact trying to catch up to Wall St to recover market share loss when it moved into non-conforming loans from conforming loans.
2.  Brooksley Born was correct about derivatives
3.  derivatives still remain unregulated
4.  housing has only recovered to the bottom of past recoveries in the past
5.  Wall St is back at it knowing that it will be bailed out
6.  Lehman's Dick Fuld fully expected a bailout similar to Bear Stearns and rejected numerous white knight private offers in the summer of 2008 incl one from Warren Buffett. he was wrong and as a result, his net worth suffered a 50% loss; from 300M to 150M.  you can stop feeling sorry for him now.
7.  total admission of manipulation in markets, esp with Libor and the CDS market
8.  validation of the Greenspan & Bernanke Puts
9.  Long Term Capital Management was one of a string of past bailouts that set up the GFC
10. there has been and still is an implicit bailout guarantee that exists for long term bond holders which dovetails that our gvt views debt as money and that we can never allow debt spiral defaults. the result is that we can expect future money printing for any future crises.
11. Bair felt like a 3rd wheel when in private meetings with Bernanke and Paulson in the thick of the crisis.  
12. they both agree that Geithner is a snake, as do i, and is attempting to rewrite history with his book about how there was no choice for America but to bailout it's financial oligarchy.  in fact, it sounds like Bernanke was Geithner's puppet all along, which is the sense i got back then.

http://www.bloomberg.com/podcasts/masters-in-business/

"For what it's worth my personal prediction for next top is  $5k ± $2k"
--
Back in 2004 I had it all mapped out in my brain: sell real estate, buy gold, then silver. Wait 5-10 years for the inevitable real estate crash, sell PMs (I was predicting $3k - $5k per oz) and buy real estate again. Obviously my friends and rels said I was nuts. In retrospect it was a pretty good plan, but I hadn't counted on those bitches at the Fed and their desperate need to keep the banks afloat at all costs. Then bitcoin came along.

Interesting, back in Jan 2001, the onion wrote W's inaugural speech for him. Pretty prophetic.

http://www.theonion.com/articles/bush-our-long-national-nightmare-of-peace-and-pros,464/

"Mere days from assuming the presidency and closing the door on eight years of Bill Clinton, president-elect George W. Bush assured the nation in a televised address Tuesday that "our long national nightmare of peace and prosperity is finally over.

During the 40-minute speech, Bush also promised to bring an end to the severe war drought that plagued the nation under Clinton, assuring citizens that the U.S. will engage in at least one Gulf War-level armed conflict in the next four years.

"You better believe we're going to mix it up with somebody at some point during my administration," said Bush, who plans a 250 percent boost in military spending. "Unlike my predecessor, I am fully committed to putting soldiers in battle situations. Otherwise, what is the point of even having a military?"

On the economic side, Bush vowed to bring back economic stagnation by implementing substantial tax cuts, which would lead to a recession, which would necessitate a tax hike, which would lead to a drop in consumer spending, which would lead to layoffs, which would deepen the recession even further."

I'm still surprised that Gold-Dealers still use mostly fiat.

Woops, I wrote it ambiguously.

Yes, he's buying BTC at a bottom.

I meant he should also try and pick the top, sell the BTC purchased at the top, buy more gold and win.

EDIT: For what it's worth my personal prediction for next top is  $5k ± $2k

the good news is i think he's hitting a BTC bottom.

Gold Dealer Drops Credit Card Payments For Bitcoin

http://techcrunch.com/2014/08/25/gold-dealer-drops-credit-card-payments-for-bitcoin/

I think you will be positioned well, if you can hit BTC top then you will be sitting pretty on even more gold in some months. Good luck!

current futures price.  down $2:

Decided I'll sell 50% of my gold tomorrow and buy 4-5 BTC with the cash 

you don't need to talk to them about it but at least let them know you've been involved since whenever.

that might actually pique their interest to consult with you the next time they inevitably read about it.

sounds similar to my own parents. They both have a degree in economics, but I never could get them to invest in gold - which I've been telling them to do since 2007 (hey I'm young..). They'd rather have all of their money in banks. Go figure, but that's how bad "education" in economics messes up your judgement. This is why I don't even bother to talk to them about Bitcoin. And I talk about Bitcoin to everyone. I'm just waiting for the day when they finally ask me if I heard about this Bitcoin-thing (which I expect will occur once the price is an order of magnitude or so higher than today).

I keep wondering when South Korea is going to help bitcoin bubble again like China did back in November.  There are some VERY wealthy South Koreans and investors, just a wealthy as many Chinese.  Gangnam anyone?

“South Korea has a booming e-commerce market and was an early adopter of virtual goods. The government supports innovation and even the banking foundation is invested in Korbit."

http://techcrunch.com/2014/08/25/korean-bitcoin-exchange-korbit-raises-3m-series-a/?ncid=twittersocialshare

the former

OMG, that's a Brain Bug from Starship Troopers!  Cute when babies, but don't let them pick your brain or talk to you about Behemecoatyl.



Speaking of the Arachnid Empire's Marxist critique of commodification, let's reflect on the role of Real Estate ETFs, REITs, and REIT ETFs in the housing bubble. 

When the Winki BTC ETF goes live and starts sucking up BTC/IRA/institutional funds, will the impact be more like that of GLD/SLV on metals or Mortgage Backed Securities, etc. on real estate?

https://twitter.com/cypherdoc2/status/504010024554074112

i seriously don't understand who these ppl think they are:

"The search tool was designed to be the largest system for internally sharing secret surveillance records in the United States, capable of handling two to five billion new records every day, including more than 30 different kinds of metadata on emails, phone calls, faxes, internet chats, and text messages, as well as location information collected from cellphones. Metadata reveals information about a communication—such as the “to” and “from” parts of an email, and the time and date it was sent, or the phone numbers someone called and when they called—but not the content of the message or audio of the call."

https://firstlook.org/theintercept/article/2014/08/25/icreach-nsa-cia-secret-google-crisscross-proton/

here's the Wences video:  https://www.youtube.com/watch?v=NERAN-89j8M

well, like i said Kocherlakota's paper dovetails with this:  http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2275730