Gold collapsing. Bitcoin UP. - page 1203.

Adrian-x

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Quote from: cypherdoc on December 06, 2013, 11:11:40 PM

Quote from: beckspace on December 06, 2013, 10:04:49 PM

The good thing about this sell-off is that we will experience a second round of news about the price of bitcoin surpassing the price of gold, again, and this time like butter.

technically the third time, but yeah, you're right.

General Cypherdoc, how big of a wave of new Bitcoin recruits do you think will take advantage of this correction having heard the "thunderclap" of gold Bitcoin parity. Do you think it could have a similar awakening that followed USD parity in 2011?

What do you make of institutional investors changing opinions like Bank of America?

cypherdoc

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Quote from: beckspace on December 06, 2013, 10:04:49 PM

The good thing about this sell-off is that we will experience a second round of news about the price of bitcoin surpassing the price of gold, again, and this time like butter.

technically the third time, but yeah, you're right.

beckspace

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The good thing about this sell-off is that we will experience a second round of news about the price of bitcoin surpassing the price of gold, again, and this time like butter.

tvbcof

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Gold holding sucky, Bitcoin down a bit (like nearly sawed in half in a matter of days...)

Harshest of tokes! Oh well, been there before.

Erdogan

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Mining cost decides price ... yup, thats exactly why a five wheel car costs slightly more than a normal 4 wheel car.

imagehosting.rodsnsods.co.uk/1464c6e581ec9355.jpg

miscreanity

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Quote from: cypherdoc on December 05, 2013, 12:20:29 AM

i didn't think so either back then.

Glad to see you've caught up! Of course, the argument is essentially the same as that for gold input costs

Bitcoin should eventually hold enough value that its stock-to-flow ratio will be greater than any other form of money to date - that's when Bitcoin will have obviated any argument for gold. At this point, it'll be nice to see a correction as low as ~$400.

Quote from: cypherdoc on December 05, 2013, 12:20:29 AM

i even caught evoorhees making a case that mining was irrelevant to the price over on Reddit.

Do you have the link? I remember the statement, but the closest I could find was this.

It's been amusing going through old posts although it seems some of them have become corrupted, maybe due to all the forum breaches.

molecular

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Quote from: Dusty on December 04, 2013, 09:45:39 AM

If this is true (and it surely seems), this one is really BIG:

Bitcoin now legal currency in Germany!
http://www.youtube.com/watch?v=okNhH7EoV6I

What BULLSHIT!

RT has been saying Bitcoin is "legal tender" in germany before (couple months ago). That's bullshit of the highest rank, of course. "legal tender" means the "currency" is mandated by law to be accepted by everyone in the jurisdiction as settlement for any debt.

Germany merely categorized Bitcoin as a sort of "private unit of account" and made clear that you have to pay taxes as mandated by the current taxing regime on bitcoin gains and of course VAT if you sell stuff for BTC.

No new law or anything, just sane clarifications (which is good, of course) on how bitcoin fits into the current german tax regime (which it does: you pay tax, no news here).

EDIT: to be honest, the regulatory situation in germany might actually be on the bad side: the Bafin (german banking regulators) have said that Bitcoin is a security and therefore falls under their regulation (they said this years back, btw). They say trading bitcoins (on behalf of others) requires their permission (i.e a banking license, I guess).

molecular

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Quote from: wachtwoord on December 03, 2013, 11:00:51 AM

Gold will certainly be around (especially the ladies love it). Will it represent purchasing power remotely comparable to today is a completely different question. I do agree it's a nice hedge against crypto failing. Working my ass of is the only true hedge I have and I would prefer not to.

Same here. It sux. If Bitcoin was "stable" (as in: established to stay) I could probably retire on my stash (while having to be quite modest, though). But as it stand with the high risk I still have to work my ass off so I have a functioning company as retirement.

Vycid

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♫ the AM bear who cares ♫

Quote from: Chang Hum on December 05, 2013, 07:29:41 PM

There's around 12 billion ounces of gold in existence and around 12 million Bitcoin. On a relative scale we're at about 1/1000. As old school commodity traders get sick of filing small chunks of their stash to take to CashforGold outside their local tesco stores to day trade, we'll see more and more people turning to Bitcoin. Rally.

Actually... it's estimated to be 5597445575 troy oz, implying less than 1/500. That figure leaves me feeling a little more bearish... I didn't realize we'd come quite that far.

User705

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First 100% Liquid Stablecoin Backed by Gold

That's actually pretty impressive if you think about it. If you set aside satoshi, other large holders, and a reasonable estimate of cold storage then 10% or maybe even 20% of total BTC is actively traded daily. Shocked

Assuming exchanges aren't doing fractional reserve. I wonder how that compares to the gold market.

oakpacific

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Quote from: ?? on ??

Quote from: cypherdoc on December 05, 2013, 10:15:09 AM

Gold collapsing. Bitcoin UP.

More like gold down. Btc waaay down.

But btc should be back by the end of the week.

Silver however, will it hold 18? Hmmmmm....

In terms of market resilience BTC is up by a notch, I am surprised that there is so much money in this market. More than 300K BTCs dropped at this price and it can't be sustained below 1000, if we include other obscure Chinese exchanges there will be probably 500K or even more.

Chang Hum

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There's around 12 billion ounces of gold in existence and around 12 million Bitcoin. On a relative scale we're at about 1/1000. As old school commodity traders get sick of filing small chunks of their stash to take to CashforGold outside their local tesco stores to day trade, we'll see more and more people turning to Bitcoin. Rally.

justusranvier

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vokain

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Quote from: User705 on December 05, 2013, 03:16:22 PM

Anyone think the chinese announcement has more to do with their desire to have yuan be the reserve currency and they don't want bitcoin mucking up their plans? Also aren't they due to release their gold holding number soon.

Probably fear related. It's okay, it's just part of the process.

User705

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First 100% Liquid Stablecoin Backed by Gold

Anyone think the chinese announcement has more to do with their desire to have yuan be the reserve currency and they don't want bitcoin mucking up their plans? Also aren't they due to release their gold holding number soon.

GriTBitS

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“A decentralized registry for unique assets”

to Da moon and heres why!

http://www.youtube.com/watch?v=pID03RrmKow&noredirect=1

BadBear

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I've got about 5% in silver, 2-3% in gold. I like stacks of shinies, what can I say. I don't really care what it does short or mid term, that's more for many years down the road at least, or even for my kids/grandkids.

cypherdoc

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Gold collapsing. Bitcoin UP.

cypherdoc

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Quote from: NewLiberty on December 05, 2013, 08:53:59 AM

HR leads, but then it also follows, until it leads.

i never meant to imply that it's a rule that HR always leads.

it's just that it was so clear this past summer/fall given the fundamentals at the time.

NewLiberty

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Gresham's Lawyer

HR leads, but then it also follows, until it leads.

Topic: Gold collapsing. Bitcoin UP. - page 1203. (Read 2032266 times)