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Topic: Gold collapsing. Bitcoin UP. - page 1201. (Read 2032266 times)

hero member
Activity: 784
Merit: 1000
December 10, 2013, 09:34:27 PM


ATM we will mainly use it that way, a contender of gold's position.


Well "someone" just hours ago bought a brand new Lambo with BTC. So was BTC a currency there or a store of value?

The important thing is actually Bitcoin "can" be used as a currency, it doesn't have to be practical to use it, just the potential is enough. Much like an opposition party which gets votes but never enough to get elected can put the ruling party's power in check.

Then people have to spend bitcoins once in a while to send those in charge a message, however inconvenient such spending may be.

Gold had such power, but after USG managed to wrestle control of the majority of gold reserve within the U.S it is no more, and gold is confiscatable.

In this case it was very practical, e-mail plus BTC = new lambo in my drive way in a few days. I never even had to leave the basement.


To me BTC can be a good store of value but it is really a currency.

We are in this interesting scenario mostly due to banks' slowpokish dinosaur reaction to Bitcoin. They throttle the flow of fiats in/out of the market, so nobody can practically "cash out" and get his newly earned fiats into any other payment system to pay for the luxury goods they want to buy. But Bitcoin will find a way to get in and kick their asses, so the merchants are there to help you to move the money Wink
hero member
Activity: 784
Merit: 1000
December 10, 2013, 09:13:38 PM


ATM we will mainly use it that way, a contender of gold's position.


Well "someone" just hours ago bought a brand new Lambo with BTC. So was BTC a currency there or a store of value?

The important thing is actually Bitcoin "can" be used as a currency, it doesn't have to be practical to use it, just the potential is enough. Much like an opposition party which gets votes but never enough to get elected can put the ruling party's power in check.

Then people have to spend bitcoins once in a while to send those in charge a message, however inconvenient such spending may be.

Gold had such power, but after USG managed to wrestle control of the majority of gold reserve within the U.S it is no more, and gold is confiscable.
legendary
Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
December 10, 2013, 08:42:38 PM


ATM we will mainly use it that way, a contender of gold's position.


Well "someone" just hours ago bought a brand new Lambo with BTC. So was BTC a currency there or a store of value?
Could be both.  Store of value for buyer, currency for seller if they converted to fiat right away.
hero member
Activity: 784
Merit: 1000
December 10, 2013, 08:13:19 PM
Yet more smart money understanding that Bitcoin is a store of value more than a currency:

Paypal President David Marcus Owns Bitcoins, Says Bitcoin isn't (Yet) a Currency but a Store of Value

Finally a person who thinks like me.

I hope that Bitcoin just stays this way.  It's value would be huge and the risk would be limited.  Trying to move forward into the 'exchange currency' world is very risky given the scaling, key security, latency, and privacy issues among others.  Focusing on the 'store of value' aspect would be much less risky, and given the 'mindshare' and development state as I write this, it has a decent likelihood of being stressful.



but really it can be used as both, so it will.

im happy however with people using it for whatever they want. more demand means price up no matter what.

ATM we will mainly use it that way, a contender of gold's position.

But as I said elsewhere in this thread, it will take 500 years for us to fully appreciate what Bitcoin has given us-if human beings are to colonize multiple planets one day, it would be ridiculous for them to still expect authority from a few individual politicans, election and democracy themselves would also not seems to make much sense without shared local political interest, authorities have to be derived from some means which are human-independent, for which Bitcoin sets a precedence.
full member
Activity: 176
Merit: 101
Cryptographic money will be the bedrock in time.
December 10, 2013, 04:32:16 PM
legendary
Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
December 10, 2013, 04:20:53 PM
I started shorting gold on Monday morning - It's up nearly $40 since then, I'm about to get wiped out. Whoops.  Cheesy

what 20 to 1 leverage? lol

real men trade on high leverage... until they dont.
+1
How does one get bankrupt?  First slowly then suddenly!
legendary
Activity: 4760
Merit: 1283
December 10, 2013, 01:48:56 PM
Yet more smart money understanding that Bitcoin is a store of value more than a currency:

Paypal President David Marcus Owns Bitcoins, Says Bitcoin isn't (Yet) a Currency but a Store of Value

Finally a person who thinks like me.

I hope that Bitcoin just stays this way.  It's value would be huge and the risk would be limited.  Trying to move forward into the 'exchange currency' world is very risky given the scaling, key security, latency, and privacy issues among others.  Focusing on the 'store of value' aspect would be much less risky, and given the 'mindshare' and development state as I write this, it has a decent likelihood of being stressful.

legendary
Activity: 1288
Merit: 1000
Enabling the maximal migration
December 10, 2013, 01:07:45 PM
legendary
Activity: 1188
Merit: 1016
December 10, 2013, 11:16:25 AM
I started shorting gold on Monday morning - It's up nearly $40 since then, I'm about to get wiped out. Whoops.  Cheesy

what 20 to 1 leverage? lol

real men trade on high leverage... until they dont.

Indeed, I'm on 100:1 Cheesy

I'm hoping for another one of those mysterious 2,000,000 oz market sells, it's the only thing that can save me now!

In all seriousness I'm only trading small amounts like 0.05oz, more for fun than anything. Well it started out being fun anyway haha.
donator
Activity: 2772
Merit: 1019
December 10, 2013, 10:56:08 AM
I started shorting gold on Monday morning - It's up nearly $40 since then, I'm about to get wiped out. Whoops.  Cheesy

what 20 to 1 leverage? lol

real men trade on high leverage... until they dont.
legendary
Activity: 1188
Merit: 1016
December 10, 2013, 09:24:14 AM
I started shorting gold on Monday morning - It's up nearly $40 since then, I'm about to get wiped out. Whoops.  Cheesy
legendary
Activity: 1036
Merit: 1000
December 10, 2013, 09:20:45 AM
Yet more smart money understanding that Bitcoin is a store of value more than a currency:

Paypal President David Marcus Owns Bitcoins, Says Bitcoin isn't (Yet) a Currency but a Store of Value
donator
Activity: 1722
Merit: 1036
December 09, 2013, 10:56:20 AM

Yup, something I forgot to add: Chinese government hardly ever release a statement without adding all kinds of rhetorics and political indoctrination into it, now this statement is surprisingly free of that-had the government wanted to put a stop on Bitcoin trading, they would have painted it in much more negative ways, instead they merely warn of risks, but to the Chinese mindset, "government says it's risky=I can make big money", and "I can make big money"+"government says I am free to do so"="BUY BUY BUY!"


This so much.

Btc i guess needed a correction and that china news seemed like a good time for the west to sell out. Sadly luckily these btc are now in stronger hands, hands most likely in china....

So far china has got debt in exchange for goods. Now they get money. Trade balances equalized in both continents.
hero member
Activity: 784
Merit: 1000
December 09, 2013, 04:02:29 AM

Yup, something I forgot to add: Chinese government hardly ever release a statement without adding all kinds of rhetorics and political indoctrination into it, now this statement is surprisingly free of that-had the government wanted to put a stop on Bitcoin trading, they would have painted it in much more negative ways, instead they merely warn of risks, but to the Chinese mindset, "government says it's risky=I can make big money", and "I can make big money"+"government says I am free to do so"="BUY BUY BUY!"
KFR
hero member
Activity: 560
Merit: 500
Per ardua ad luna
December 09, 2013, 02:59:26 AM
NP.  While we're about it, this isn't entirely unrelated:
http://www.bbc.co.uk/news/magazine-25119865
sr. member
Activity: 434
Merit: 250
December 09, 2013, 02:53:59 AM
Just thought this would be of interest:

http://www.bbc.co.uk/news/magazine-25255957

Very interesting. Thanks!
KFR
hero member
Activity: 560
Merit: 500
Per ardua ad luna
December 09, 2013, 02:19:35 AM
Just thought this would be of interest:

http://www.bbc.co.uk/news/magazine-25255957
hero member
Activity: 784
Merit: 1000
December 08, 2013, 10:35:04 AM
Banks are chomping at that bit to get involved in bitcoin and cryptocurrencies but keeping getting sternly warned off by the facists in govt ... who see their dreams of totalitarian financial information awareness and control disappearing overnight ... at some point the leash will break and money, real big money, will be set free ... and the facists will be washed away in the flood of capital racing through every nook and cranny they have blocked up with their byzantine attempts to control liquidity to their own selfish, misguided ends.

An old fashioned Jubilee of Jubilees (500 year cycle) is approaching ... pity the idiots who willfully stand in its way full of hubris and ignorance in equal measure.

We may need another jubilee of jubilees to see the full value of Bitcoin.
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
December 08, 2013, 09:09:58 AM
Banks are chomping at that bit to get involved in bitcoin and cryptocurrencies but keeping getting sternly warned off by the facists in govt ... who see their dreams of totalitarian financial information awareness and control disappearing overnight ... at some point the leash will break and money, real big money, will be set free ... and the facists will be washed away in the flood of capital racing through every nook and cranny they have blocked up with their byzantine attempts to control liquidity to their own selfish, misguided ends.

An old fashioned Jubilee of Jubilees (500 year cycle) is approaching ... pity the idiots who willfully stand in its way full of hubris and ignorance in equal measure.
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