Topic: Gold collapsing. Bitcoin UP. - page 1394. (Read 2032274 times)

chime? lol!

so am i correct that when Armageddon hits and gold and silver resume its currency status that every tx will require the assistance of a magnet, ultrasound, electrical conductivity meter, and chime test?  or just call Severian?

and they say Bitcoin is complicated!

They can call me.

Kidding aside, it will be a problem when it becomes profitable enough to do so. The standard blow test is always handy:

http://www.youtube.com/watch?v=h0h0_NouPj8

one has to assume though that the tech exists to fake fill even junk dimes.  how does the avg person protect themselves against that, you excluded?

I can tell a fake silver coin from a real one in two seconds by its sound. I can even hear a silver coin in a cash register till. Gold doesn't have the same sonic properties or maybe I just haven't handled enough of it to be able to discern the difference.

If ag:au ratio drops another 15-20%, fake silver bars will be the next worry. Junk silver might have a shot at being the safest bet in the coming bloodbath. That would be ironic, to say the least.

the really scary part of this is that with today's technology why is it so unlikely that a motivated coin scammer wouldn't be able to fake fill even a junk silver dime?

you're probably right about junk silver but Morgan's no:  https://bitcointalksearch.org/topic/m.1220008

which reminds me.  in the past i've been willing to buy those bags without breaking the seal so that i could return them w/o the coin dealer likewise breaking the seal to count them.  if i do ever buy junk bags again i might have to open up those puppies and count/inspect them thoroughly.

Normally, I'd agree with you. These aren't "normal" days.

When the stampede from paper to real world assets begins, a larger percentage of the clued-in crowd might steer away from the usual gold assets due to the doubt you mention and head to silver. It takes more work than it's worth to make a 1948 Washington quarter.

thats a good idea about an US device but it would probably be too expensive.  mine cost over $50K but its a specialized device.

i don't know about you but i'm worried about the integrity of my own coins which is why i'm going to US them.  and i bought them way before $1000.  i do know that if i'm worried, everyone else is too.

Alright I understand what you are saying now.

I agree with "its the realization and sentiment behind further investment in gold which may take a big hit from the increased media attention."  I guess I just dont agree that it is a "game changer".

The more profitable it becomes to make fakes, the more profitable it becomes to market a handheld ultrasound device to PM investors... The market will fix this issue of fakes on its own.

again, coin fakes may have been around for a while but its the realization and sentiment behind further investment in gold which may take a big hit from the increased media attention.  apparently it has gotten much more profitable to engage in this fraudulent activity and the actors are now willing to take more risks as evidenced by the fact that now 10 tungsten gold BARS have been found in Manhattan being peddled by supposed legit dealers.

we knew about the subprime loan problem for at least a year and a half before the "oh shit" moment occurred.  just sayin'.

hmm... Under all time highs + "we're at the top of a bubble" = does not compute.

Sorry about that I missed the point.

1972
http://news.google.com/newspapers?id=QcUtAAAAIBAJ&sjid=j6EFAAAAIBAJ&pg=5043,7093279&dq=fake+gold+coins&hl=en

1980
http://news.google.com/newspapers?id=BsRAAAAAIBAJ&sjid=DqYMAAAAIBAJ&pg=4592,3319549&dq=fake+gold+coins&hl=en

1998
http://www.nytimes.com/1998/11/27/business/international-business-hunter-admits-sale-of-fake-gold-coins.html

b/c all those references involve BARS, not coins.  plus, even though we can assume the coin fakes have been around for some time, its now getting out in the media in a more substantial manner.  sometimes realization takes time.

Because we're at the top of a bubble.

If this isnt a new problem, why is it now a game changer?

2000
http://news.google.com/newspapers?id=xFQ1AAAAIBAJ&sjid=bSUMAAAAIBAJ&pg=3170,2691496&dq=fake+gold+bars&hl=en

1994
http://news.google.com/newspapers?id=mjhOAAAAIBAJ&sjid=UxMEAAAAIBAJ&pg=2711,2001207&dq=fake+gold+bars&hl=en

1983
http://news.google.com/newspapers?id=-j9PAAAAIBAJ&sjid=tAIEAAAAIBAJ&pg=2433,8840389&dq=fake+gold+bars&hl=en

this is very true altho it may be hard for silver to rally if gold doesn't.

This also has potential to drive the silver market up. Junk silver especially.

i'm beginning to think this tungsten filled gold fiasco is a game changer.

think about it; dealers have found a way to subvert the physical tangibility factor that all the gold bugs here have tried to pound home as its main virtue.  i'm not just saying this b/c i'm bearish on gold from a fundamental and technical standpoint.  this was totally unexpected by me but is a development that seriously brings into question the viability of a physical monetary currency.

instead of a USD for gold tx being extinguished immediately upon exchange, now scamming dealers have found a way to create financial counterparty risk.

it appears that the only viable way to verify that a bar or coin's integrity is to use ultrasound.  i actually have an ultrasound in my business and am investigating a way to tune its velocity to that of gold so that i can examine my own few remaining coins as well as experiment for fun.  now clearly, i am in the minority of bullion holders who have this capability.  this is a problem for the remaining public that does not have access to this technology.  it means that whenever you go to the coin shop to buy a coin or bar, that dealer has a potential asymmetric informational advantage over you.  you have no idea whether he is legit or a scammer.  this will put you at tremendous financial risk unless you somehow get access to an ultrasound which most won't have.  thus, your exchange will have to take place purely on faith.  clearly, in my mind, this will put a chill into the minds of current and potential future gold investors and to my mind has the potential to be a game changer and kill the gold bull market.

btw, this is what happens at bubble highs.  i en-liken it to subprime loans.  the market gets so frothy, fraud starts to enter in ultimately destroying the market.

i will actually try to put up pictures of my gold and silver coins if i get this to work and will compare them to things like Casascius coins, etc.

...load up on tungsten bars/coins to use to surrender to the feds when they do a 30's-style gold recall....nice.

Lol:

http://www.zerohedge.com/news/2012-09-24/get-your-fake-tungsten-filled-gold-coins-here