Topic: Gold collapsing. Bitcoin UP. - page 1009. (Read 2032266 times)

i disagree with some of Naval's concepts.

1. @ 5min he talks about a Dropbox appcoin where instead of POW it uses Proof of Storage.  WTF is that?  he goes on to say that the appcoin derives its supply and demand from trading btwn those who provide and those who request storage. that's fine. but what happened to the POW security mechanism for the appcoin?
2. he advocates for the appcoin networks-the problem is they all have identifiable creators (Satoshi stayed anonymous for a reason) and they are premining coins.  creators can be thrown in prison and the premining would be a problem for me.  are Satoshi's coins a problem for me?  no, b/c he kick started his own mining after releasing the open source Bitcoin software and everyone was free to have mined back then if they had the foresight and the luck to have heard about Bitcoin.  at this point, the general concensus is that he may never sell his coins or if he does, it will be when Bitcoin is @ $10000-100000. good for him.  but everyone else who starts an appcoin w/o a POW security mechanism or a decent chance at developing a network effect isn't for me.
3. i view these appcoins as nothing more than the same business structures we have today in fiat.  and they're just complicating things with an appcoin that actually might make things worse since they don't necessarily have a rational POW security mechanism for their coins.
4. these appcoins networks are just specialized closed source communities serving a defined function. they will never reach the size of a money system like Bitcoin.  
5. money affects everyone round the world.  this is why we have global participation in Bitcoin and this is critical to it's security.  no one gvt can shut it down b/c gvt's disagree over the long run.  their varied interests is what assures the game theory Nash equilibrium that keeps each of them in check as they each worry that the other might just be building secrets mines and support for Bitcoin.  this is why we have the network effect we do.
6. as far as allowing these appcoins to merge mine onto the Bitcoin network?  i view that as leeching.  Namecoin, ok. it was an early merged coin and the DNS function could serve a valuable purpose in the future.  but other appcoins/shitcoins?  no way.  i'm not a dev but from my understanding there does need to be some special code inserted into the mining software to allow merged mining and i doubt there is zero cost to that.  also, why should we as Bitcoiner's allow an appcoin distract from what Bitcoin is trying to do?  Bitcoin itself is not out of the woods yet so i will seriously resist any appcoin/altcoin/2.0 that tries to leech off our network.

So 50% industrial/photography, the rest is investment related (people desire jewelry because it is valuable, same with actual silver silverware).  Also, way to go giving me a graphic with no source information and no details about what timeframe the numbers are from.  Maybe I should bust out excel and "prove" you wrong with my own graph.

And?

Think of it this way.

Speculators leveraged up free fiat from the Fed and bid up the silver market into the May 2011 peak. Now that the market has reversed, leverage is being margin called out of the silver market. Prices are collapsing as a result.

You havent do your homework dude.
https://images.angelpub.com/2014/08/23250/silver-usage-pie-chart.png

Most of the silver used in industry cannot be recycled.

They can always paper over the paper with more paper.  Besides, silver is mostly worthless other than as a speculation.

https://www.goldbroker.com/en/news/paper-silver-market-250-times-size-physical-silver-market-526

What would you think happens when the 'tie' breaks, real is real, paper is worthless.

Think of  a scenario, let's say a position of metric ton of pure silver. Will have some value 

Paging Melbustus.

and for that reason i pray for 16$ silver b4 its all said and done.

Well I am in general the type of person that honestly does not care how much things are valued in $hitpaper.

Proudly. Ever since 2006.

http://mcalvanyweeklycommentary.com/

Ambrose Pritchard Evans @ 44min:

"major, major dollar rally".

Don't the lower high's worry you then?

Yeah. All I see is a tremendous support.

Silver is not a stock. It does not go to zero.

@ cypher

https://www.youtube.com/watch?v=Zmi_3Q0w9kE&feature=youtu.be&t=15m49s  (total 6 min)
http://www.reddit.com/r/Bitcoin/comments/2ea79w/at_the_end_of_the_day_currency_language/

The above Naval Ravikant - you-tube, from Reddit I think sums up nicely the common ground that Bitcoin will always be the base reserve and the opportunity for alts or support services like OT.

If it cracks that triple bottom at around 18.5...

https://twitter.com/cypherdoc2/status/502850256984612864

single digits.

smoothie, here is the context in which i usually use the "everything else down" phrase.  as you can see, it can't possibly include Litecoin:

^^^^
Thanks for the info! So at what price do you see silver to likely bottom out, and when?  Just curious.

just to prove i'm not BS'ing: