Topic: Gold collapsing. Bitcoin UP. - page 624. (Read 2032266 times)

I missed that...where does he talk about people's holdings?

I'd say (and have said) that the guy is pretty much spot on.  It will be more or less trivial to regulate Bitcoin at this point thanks to the idiots who want to take it mainstream in native form (cough...cypherdoc...cough.)  I've also described how simple and effective it would be to modulate through {choose-color}listing.  The fact that it has not happened yet is a testament to how much more useful it is alive than dead, and that is probably largely due to the number of moron semi-crooks who use it.

Now sidechains using Bitcoin as a reserve backing could, and hopefully will, change the dynamics significantly.  That is not to say that the same attacks on Bitcoin would not be possible, and that they would probably not have some grievous impacts on the userbase, but the attacks would be much more difficult to pull off and there would be a lot more flexibility in fighting them off.

Bitcoin in it's present form has one and basically only one major advantage over most other instruments.  No counter-party risk.  That's really about it IMHO.

Warning: Inflated ego:

http://panampost.com/belen-marty/2014/12/12/juan-llanos-bitcoin-was-born-regulated/

The value of gold will drop to nearly zero because of the amount of gold it will deposit in its aftermath.
“The only reason why gold is so valuable is because it is so rare. When this asteroid hits, gold will be more plentiful than iron. It will be worthless!” Said global economy expert Gig Young from his Manhattan office.

https://aceflashman.wordpress.com/2009/10/27/solid-gold-asteroid-head-for-earth-world-economy-in-peril/

Did he say you can't or shouldn't have more than 100k?  Just the few I have I feel guilty going thru a ramp up like 11/13 much less having 100k.  More power to someone who has the fortitude to hold thru the massive ramp ups and dips. 

hey, Emin Gun Sirer is a computer science researcher.  he says he knows everything.

he says guys like me can't have more than 100 BTC.  who are you to disagree with him?  he's worked it out mathematically.  

Yeah I have just one question, more or less than 100,000?

Lovely endorsement

i don't have any coins 

Yeah xbox one is the latest and greatest, not sure about Forza bundle.  I've been looking at getting a couple Polaris RZR's for Christmas to get my kids off the video games and maybe get me away from the charts a little bit.  If I had your amount of coins it would be a no brainer.

this is great once again, rocks. 

you are young enough to have the energy to post like i used to here back in 2011 at the beginning of the Gold: I Smell a Trap thread.  thanks for this.  everybody should pay attention.

yes, the key thing is that young ppl, even secretaries and plumbers, get into the speculation game by leveraging up to buy all sorts of expensive assets like stocks, houses, condos, or commercial RE they have no business getting into b/c of lack of income.

and we know this is a real problem b/c average incomes for middle and even upper class non financial Americans has stagnated for years now. the only ones whose incomes have skyrocketed are the well connected in the financial industry.  i've never seen such hypocrisy and levels of effort by our conflicted politicians to bailout a particular industry.  and this just exacerbates the problem b/c those same ppl know that it has to be pedal to the metal while the going is good.  if you've ever visited Wall St or known ppl in the industry, there is a sense of urgency to make hay while they can as they know it won't last forever.

the key thing here is that, as you say, the banks will never let you off the debt you owe to them.  there's 2 sets of rules; one for their own debt forgiveness aka bailouts and the other for pleebs like you.  we are fast approaching the point where the debt can't be financed any longer.  here's another chart that shows something has changed:

http://www.macrotrends.net/1381/debt-to-gdp-ratio-historical-chart 

lol, this is great!

is XBoxOne, the one i should be looking at?  there are all sorts of bundles.  is there one for Forza?

i've been thinking about the differences in eye hand coordination btwn adults and kids all day.  for instance, while my kids can pown me all day with video games which require fine motor skills of just the fingers, they still can't beat me with more gross, larger muscle activities like ping pong, fooz ball, pool, or shooting baskets.  which tells me their neural linkages leading from their retinas to optic nerves to crossing at the optic chiasm to the synapse at their geniculate nuclei and then to their occipital cortex to the motor centers of the brain and then on down to their fingers are highly developed at a young age.  it's just the large muscle groups for old guys like me that aren't fully there yet and why i have a chance!

Forza sounds good!

That is a sad anecdote Adrian, but one that I think points to just how horrific the current debt-money system is. Hyper-financialization of basic goods required to live has resulted in massive debt payments that must be paid before anything else, including food.

When central banks enable free debt and leverage, it raises the price of everything people need to live, right up to the level where the public can just barely afford interest payments.

Take housing for example, without mortgages housing would be much cheaper and affordable. However with all the free leverage (30-45 year mortgages, ARMs, interest-only terms, 3% down, etc), the price of housing rises due to people bidding with leverage until no one can afford any higher interest payments. Same is true with education, health care, etc., these are all examples of necessary goods bid up due to hyper-financialization of the economy.

What is evil about this is it creates a form of debt-based serfdom for everyone. Where before your average person could save and buy a house outright in mid-life, today people can "buy" a house earlier in life, but then are locked into large debt payments that extract a significant portion of ones lifetime income potential. And there is no way to opt-out of this system, even if you choose to rent and not buy, rent prices go up with housing.

Debt serfdom is exactly what it is. We are all required to pay a significant portion of our life's labor to banks to support debt payments for basic goods that would never be priced so high without the free leverage offered.
 
So here we are today, where families skip basic food for children because they have to make the mortgage payment, school payment, healthcare payment, etc. It is scarily similar to the feudal system where people had to pay a portion of their labor to work the land to the people who inherited that land, now we have a system where people have to pay a portion of their labor to financial institutions to people who inherited financial wealth. The mechanism has changed, but the result has not.

Sorry if this is too negative or OT, comes from reading ZH for many years.

Cypher one suggestion if you get the XBONE get Forza 5 racing sim. with force-feedback wheel and pedals.  My teenage son and daughter both use me as a punching bag with all games but this one.  I can get cocky and say "who's your daddy" with wheels and pedals but not those thumb sticks.  A low latency tv is a must.

Now I need to go spend some virtual cash for some virtual car upgrades.

Merry Christmas

just as a reminder:

[–]Capt_Roger_Murdock 5 points 4 days ago

Here's how I usually explain what Bitcoin is and why it matters:

The reason it's so hard for most people to understand Bitcoin is that most people don't really understand money. Money isn't wealth. It's an accounting system used to facilitate the exchange of wealth. (The paradox of money is that while everyone wants it, no one actually wants it - they want the stuff they can buy with it!) Many people are put off by the fact that bitcoins are "just zeroes and ones." But that's what ALL money is, information! More precisely, money is a means for credibly conveying information about value given but not yet received (or at least not yet received in a form in which it can directly satisfy a person's wants or needs).

To put it yet another way, money is a ledger. With fiat currencies like the dollar, that ledger is centralized. And that gives the central authority responsible for maintaining that ledger tremendous power, power that history has proven will inevitably be abused. With Bitcoin, the ledger is decentralized. And that means that no one individual or entity has the power to arbitrarily create new units (thereby causing inflation), freeze (or seize) your account, or block a particular payment from being processed. We've had decentralized money before. After all, no one can simply print new gold into existence. And the "ledger" of gold is distributed because the physical gold itself (the "accounting entries" in the metaphor) is distributed. But with gold, that decentralization comes at a heavy price (literally). The physical nature of gold makes it hugely inefficient from a transactional perspective.

Enter Bitcoin.

It is the first currency in the world that is BOTH decentralized AND digital. It is more reliably scarce than gold, more transactionally efficient than "modern" digital banking, and enables greater financial privacy than cash. It could certainly still fail for one reason or another, but if it doesn't, it has the potential to be very, VERY disruptive.

me.

we are at opposite ends of the cycles btwn the two, imo.

Who here thinks the Bitcoin to Dow ratio will flip someday?

if Adam says BUY due to GOLD, who are you to deny?

To rocks point earlier I'm in total agreement, QE is just locking in past inflation.

Deflation should refer to the money supply but is largely measured in consumer prices.

When I here deflation I have a hard time relating it to falling stock prices and other investment assets, although consumer prices and investment assets may be correlated.

Where I see the deflation happening I see it in consumer value judgments. Here is a distressing story my wife told me.

The dentist visits schools in Canada part of oral hygiene education, while my wife was talking the dentist expressed concern, that many children aren't getting the calcium they need in there diet. Many kids don't eat cheese anymore, why, the feedback to the dentist is my mom says it's too expensive.

That's feedback I'd expect from  people living in poverty not middle class kids. The thing debt purchase like a car a house (even a cellphone believe it or not) are being serviced (creating monetary inflation) while at the same time many of the same people are foregoing basis like nutrition causing consumer deflation.

It's not like 2% is the end of the world, even if in that stock may be an interesting number. As I already said in my opinion we reached the top of this bull cycle and we are about to see a downfall of the major us stocks. Gold seems to have confirmed its historical support from a point of view, but I'm not convinced at all that it will reverse the trend anytime soon.