Topic: Gold collapsing. Bitcoin UP. - page 1257. (Read 2032272 times)

example was for illustrative purposes only...

gotta make it easy for everyone, right?

Don't store them on your phone...

i was just trying to placate my boy, tv.

you're right about that, though.  Bitcoin is unique in that it is a currency and a store of wealth.  why hold USD's?  just store them on your phone, let them appreciate along the way, and only cash them into Gyft cards (today) cash (tomorrow) when you need to buy something. 

it's the perfect pair trade:  short USD/long BTC.

The weird thing about getting rich in Bitcoin is, it's not even particularly attractive to cash out large amounts - even right now - unless you have a specific purchase in mind. If you had $1 million in BTC, why would you convert even a third of that into fiat just to store it in a bank account where it can get frozen, you have to mess with various additional filing requirements and capital controls, it might be impossible to transport or access it overseas, and it can be inflated or haircutted or defrauded away from you? Not to mention 3rd party risk and general banking inconvenience. These concerns are ten times as pressing for expatriates, especially Americans living overseas, or people living in Argentina or other fiscally messed up places.

The amount you'd want in fiat is maybe only 10% or 20% of that million, again assuming no imminent purchases require it. You would also want some other assets like PMs and maybe real estate just for diversification. But those aren't transportable, and can be lost/stolen/confiscated. Such assets aren't there for you when push comes to shove, destroying much of the original reason for diversifying, which was to mitigate for contingencies. What happens when you get in trouble, need to leave the country, get divorced, and generally "shit happens"?

At the end of the day, if your assets aren't accessible with only your own mind with no limitations, do you really own them?

this is what i continue to call Bitcoin's Tension.

ppl are so focused on the problems of today.  especially the illiquidity and difficulties in "capitalizing". and they are right about that; today.  but anyone here, if they have been paying attention to what i've been saying, understands that if Bitcoin makes it thru the gauntlet (window of illiquidity and nonacceptance) all these problems will melt away.  

all of a sudden you will find yourself in control of a pile of BTC worth thousands and all sorts of means to capitalize if you wish (cash out).

it's going to happen.

+1.  It's always nice to see when someone 'gets it'  (said with an air of presumption which does not escape me...)

Years ago, and probably on this thread, I predicted that the main problem would be to figure out how to capitalize.  How much, when, how (in light of regulatory interference, etc) and that sort of thing.  And as I had hoped, that is the set of problems I'm facing now.

Meh, Bitcoin's market cap is currently $2.5B. That is a lot but nothing compared to many $Tillions of gold reserves held.

A Bitcoin price of 500 still only brings the market cap to around $6B, it Bitcoin takes off as a viable reserve asset that is nothing and we still have a way to go.

The reason price targets make no sense is Bitcoin is either going to the moon, or crashing to zero as a failed experiment. I don't see a middle ground. That is the entire premise of this thread IMHO, that BTC will become a reserve asset and in the process go up A LOT. Why trade that asset? Just hold.

The exante BitcoinFund prediction is 500. They have a pod of whales swimming in their pond.

France has a fusion reactor coming online in 2018-2022.

But yeah the rest of this decade is a wash, it's going to get worse with the greatest depression starting in 2015.

+1

Salespeople? Bitcoin was at $11.73 1 year ago. Get some perspective. What is your hurry?

That's the remarkable thing about Bitcoin, it's weightless and has zero transportation friction. Gold is easily substituted for fake gold certificates because handling physical gold is very bothersome. But representing bitcoins by un-backed substitutes would require one hell of a sales pitch.

Gold sales people make money because there is quite a big spread between physical gold prices and the crap they make you buy (coins and bars). With Bitcoin, you can try ti sell it to someone, but if you use a similar spread they won't buy it from you but from the market. No-one will do something if there's no money to be made

The ETF IS a profitable method which would achieve similar results.

It will happen. If Bitcoin can get pass the regulatory process, we will see US bitcoin exchanges and funds doing commercials and selling people on the concept of Bitcoin.

It all depends on whether Bitcoin can get rulings that allow it to exist in the states. But if it does, it will eventually market itself.

while certainly it wouldn't hurt, i think Bitcoin is doing just fine.

I think the thing Bitcoin needs to learn from Gold is how to market.

The Gold markets are driven by salespeople. Some of the best on the planet. Billions are spent on marketing each year.

Bitcoin needs to get some late night commercials going and more PR reps at CNBC.

And I'm being dead serious.

Those were tail ends of the time ranges that had been calculated - I just like being progressively conservative

Gold is behaving almost entirely as expected, only at a greater magnitude. It's a process...

And to keep it on the record from August 11th, 2013:

That may be the point where all out war on Bitcoin is unleashed. While the price might not fade, persecution could rise.

We'll truly be past the April highs when we post a daily low above $266. Even better will be a weekly low.

Arbitrary..

once we get over 230, there will be 0 days in Bitcoin history where the BTC price has closed higher.

if you'd been following since 8/9/11, this has never been about the day to day picture.  

it's been a Big Picture Viewpoint of a major financial global event that has the potential to change the world.

edit:  forever.