Topic: Gold collapsing. Bitcoin UP. - page 1281. (Read 2032284 times)

Couldn't happen to soon.  Being the worlds super-power with troop garrisoned all over the world is provoking a lot of corruption or our original principles as a nation.  After the legacy of death squads, 'signature' drone strikes, Abu Ghriab, etc, a person would have to be a complete imbecile to buy the BS about our 'spreading freedom' or whatever.

It can be legitimately argued that our empire provides 1/4 of the world resources to 'us', but the spoils of war are increasingly mal-distributed so more and more it's the trailer trash that does the dying and the Wall street types that do the wealth accumulation.

As a nation we've got great resources and infrastructure within our borders, and lack a lot of the problems that the Chinese have (especially overpopulation.)  We have the potential to provide a decent quality of life for all of our citizens, or those who will do the bare minimum to participate at least, so I don't fear a fall from our lofty current situation.  There will certainly be an internal struggle to see what class shoulders what percentage of the reduction in inputs (hence ballooning police state apparatus) which is my main concern.

I have pretty close to zero concern about some Chinese guy showing up on the coast and making me suck his dick.  Some honky from Washington DC doing so is a vastly bigger threat to me.

Yep, when it hits $9 you'll be rich!

Seems to be the consensus among those I pay attention to that gold will lead silver on the next leg up but that silver will outperform as usual.  Nobody seems prepared to call a bottom at this point.  Possibly because some of them have in the recent past and been badly humiliated.

esp when bitcoin goes up Up UP!! I'll enter into the physical PMs game at that point
til then I'll look for good entry points for shorts

the final bottom will likely be in the single digits. this may take 1-2 years

http://www.bloomberg.com/quote/EPGFX:US     

Today it seems like the gold traders have not read, though :-/

Nor do I think you will see the suitcases of cash required to trade 1k BTC at these venues (but actually I think if I wanted to trade 10k+ USD, I could carry and trade that in 1oz gold a lot more subtly than cash -- if the buyer does not have to assay the gold).

I'm not sure if the volume per exchange is essential here -- its the ability -- the existence -- of these markets that will continue to drive adoption.  Especially if they grow to one in every major city.  In that case cumulative volume may be non-trivial.  And a key though is that these markets are very amenable to impulse purchases (which I think are more likely to be held or spent -- have lower velocity -- than coins bought on Gox) unlike online exchanges that require difficult method of payment and identity verification.  And adoption will be driven because these markets will exist as another baseline exchange mechanism -- "even if is shut down, I can always head to the park and sell my coins (or phys)."  This becomes yet another answer to the question "what can I DO with bitcoins?"

Also these markets could encourage P2P trading among friends and acquaintances in casual environments.

Awesome article, well researched and backed with numbers.

This whole "the CBs don't have the gold" to me feels like the whole "the secret agencies are reading most of our online communications" before Snowden did his job.

People will say things like: "but we knew/suspected this before, so nothing really changed" when the truth comes out?

I can't comment on the correctness of this article, but it seems quite on spot:

Do Western Central Banks Have Any Gold Left??? Part III

Yeah i saw that post of him,however it doesn't say his opinion about the long term trend. Maybe he bought because he was expecting this bounce.

Cypher, see it as a opportunity to get a new subscriber if this information turns out to be valuable.

I'll certainly prefer to exchange BTC for PM's if/when we reach a BTC price level that I want to see or need capital.  PM's are simply more liquid.

I have some hope that eventually there will be demand for BTC such that I can trade them straight across for shit I want, but the sad fact of the matter is that most of the shit I want is held by people who have barely heard of the Internet much less Bitcoin.  Most everyone had heard of gold and silver though, and it's actually a bit surprising to me how many people I meet hold and value these elements out of fear of a SHTF scenario.

I'm already a bit iffy about using face-to-face transactions in exchange for fiat.  I'd be uncomfortable that I'd get in trouble with all the MSB bullshit...if some political entity wanted to make trouble for me at any rate and I would not rule that out.

sorry.  now that i have subscribers, i have to ignore questions like these.

i do outline exactly how i think it will unfold.

Cypher, what is your opinion about the recent price increase in gold? Do you think we'll go down further and reach $1000,- after this bounce? Or is it a true change?

i doubt this would expand to any significant degree.  after all, we've all pointed out the problems of transporting bullion around due to the weight.

unless someone had pre-arranged a sale of a bullion bar, you won't get much more than sales of a coin or two between individuals.  even then, the risk of theft is higher than trading BTC where a password is required.

Strong. Trading between crypto and precious metals is akin to trading the gold-silver ratio, remaining outside of the fiat system. There will be opportunities everywhere, and not just in crypto/PM exchange.

Seconded

What would the be the chance these open outcry markets for Bitcoins happening (now in NYC (weekly), L.A. (monthly), San Diego (weekly), San Francisco (weekly), Miami (first one this week), Toronto (first one next week), Berlin (first one this week), and more likely to come) ... would bring an opportunity to expand into bullion and e-bullion sales as well?   (e.g., for DYM shares through Ripple trades, or for physical (e.g., Eagles) or for junk silver?).  Here are links to the individual events:
 - https://bitcointalksearch.org/topic/m.2786471

Amagi Metals to Lose Bank Account
 - http://bitcoinmagazine.com/amagi-metals-to-lose-bank-account

Introducing Ripple Currency: DYM
 - https://bitcointalksearch.org/topic/introducing-ripple-currency-dym-149533

I see there was one bullion trade at a recent San Fran Buttonwood event:

Why the Only Real Way to Buy Bitcoins Is on the Streets
 - http://www.wired.com/wiredenterprise/2013/07/buttonwood

'

Then all the more praise to you.