Topic: Gold collapsing. Bitcoin UP. - page 653. (Read 2032293 times)
So is this the bullion banks smashing the price prior to the swiss vote?
Ripple UP more than Bitcoin UP
Oil collapsing. Bitcoin UP.
Bitcoin blossoming with butterflies and angle choir.
Gold absolutely in the gutter with rats and bad smell.
Gold absolutely in the gutter with rats and bad smell.
What do you guys make of the recent negative GOFO rate, could the bullion banks be about to default? paper gold prices could well collapse but physical metal will trade at astronomic levels
https://www.quandl.com/OFDP/GOLD_3-LBMA-Gold-Forward-Offered-Rates-GOFO
https://www.quandl.com/OFDP/GOLD_3-LBMA-Gold-Forward-Offered-Rates-GOFO
perhaps the most important chart of the day:
Gold collapsing. Bitcoin UP.
You never know when you will get caught out by a new innovation. There is a minuscule amount of gold in each gallon of sea water. However there must be hundreds of tons of gold in an ocean.
More like millions of tons! source
Combine with wave power energy generators...
http://www.pelamiswave.com/
You can mine gold from the water that flows through the area, and if the gold concentration falls you can use the electricity to mine bitcoin and the water for cooling.
So who's in?
You never know when you will get caught out by a new innovation. There is a minuscule amount of gold in each gallon of sea water. However there must be hundreds of tons of gold in an ocean.
More like millions of tons! source
http://wallstreetpit.com/106363-the-false-analogy-between-gold-and-bitcoin/
The fails just keep on coming. I love his note at the bottom.
The fails just keep on coming. I love his note at the bottom.
How is this a fail? David Andolfatto is pointing out that bitcoin miners serve a more socially-useful purpose than gold miners: bitcoin miners process transactions and secure the ledger (in addition to finding new bitcoins), while gold miners just find new gold. In other words, the resources spent mining bitcoin are a necessary evil while the resources spent mining gold aren't (because we don't need gold miners to find new gold in order for the "gold ledger" to remain secure and for gold to be useful as a medium of exchange).
Gold mining is necessary as well. Without an ongoing completive effort at mining, there is no way to know that gold is really as scarce as we think it is.
That's interesting.
I'm surprised the Ukraine hasn't kicked in with some demand for BTC, apparently BTC has been available at over 4900 ATM's and they're seeing double digit fiat inflation. Not to mention the The National Bank over there prohibiting the use of Bitcoin in direct exchange for goods and services. So obviously taking precautions to protect it's fiat but Bitcon still available as an investment.
Fleeing from rubles:
Mining of gold keeps it relative to the wider economy. A large part of gold costs are the price of oil to fuel various machines and the smelting. If gold were a totally enclosed market its price would be less accurate.
Also the availability of gold does relate to its trading use as not just one country has control of it, its a widely distributed element.
We recognise that in bitcoin, that if all mining becomes based in China ASIC farms that there is a danger the network is no longer as secure. Distributed peer to peer transactions help improve accuracy and reliability of the total bitcoin worth and market effectiveness. Mining in gold and the possibility of even the relatively amateur masses to find gold does help keep it a peoples currency not just central bank vault candy.
Capitalism is the widely distributed and equal worth of a currency freely exchanged, we are living in a world of QE and central controlled worth and we no longer recognise what capitalism was
Also the availability of gold does relate to its trading use as not just one country has control of it, its a widely distributed element.
We recognise that in bitcoin, that if all mining becomes based in China ASIC farms that there is a danger the network is no longer as secure. Distributed peer to peer transactions help improve accuracy and reliability of the total bitcoin worth and market effectiveness. Mining in gold and the possibility of even the relatively amateur masses to find gold does help keep it a peoples currency not just central bank vault candy.
Capitalism is the widely distributed and equal worth of a currency freely exchanged, we are living in a world of QE and central controlled worth and we no longer recognise what capitalism was
http://wallstreetpit.com/106363-the-false-analogy-between-gold-and-bitcoin/
The fails just keep on coming. I love his note at the bottom.
The fails just keep on coming. I love his note at the bottom.
This is all so funny, David Andolfatto doesn't seem to be advocating Bitcoin over gold he also has a narrow understanding of Bitcoin Mining incentives, more over he seems to be supporting the pro fiat argument by criticizing the Bitcoin gold analogy in Willem Buiter City - paper. notably overlooked is the possibility of a Fiat bubble.
Quote from: Willem Buiter - Gold: a six thousand year-old bubble revisited
Gold as an asset is equivalent to shiny Bitcoin.
Central bank fiat paper currency and fiat electronic currency are socially superior to gold and Bitcoin as currencies and assets.
Central bank fiat paper currency and fiat electronic currency are socially superior to gold and Bitcoin as currencies and assets.
I just smell the fear, he's loving quantitative easing a little too much, and still trying to justify Bitcoins relevance. this looks like the "then they laugh at you" stage, and the binging of "Grief, stage 3 Bargaining"
I'm thinking Bitcoin is still strong but in for a rough ride if these types have any influence we may be testing the bottom over the next few months.
http://wallstreetpit.com/106363-the-false-analogy-between-gold-and-bitcoin/
The fails just keep on coming. I love his note at the bottom.
The fails just keep on coming. I love his note at the bottom.
How is this a fail? David Andolfatto is pointing out that bitcoin miners serve a more socially-useful purpose than gold miners: bitcoin miners process transactions and secure the ledger (in addition to finding new bitcoins), while gold miners just find new gold. In other words, the resources spent mining bitcoin are a necessary evil while the resources spent mining gold aren't (because we don't need gold miners to find new gold in order for the "gold ledger" to remain secure and for gold to be useful as a medium of exchange).
http://wallstreetpit.com/106363-the-false-analogy-between-gold-and-bitcoin/
The fails just keep on coming. I love his note at the bottom.
It seems to be a reasonable Op-ed.The fails just keep on coming. I love his note at the bottom.
Quote
But the resources consumed in this process are necessary, given the safeguards that have to enforced to ensure the integrity of the payment system.
http://wallstreetpit.com/106363-the-false-analogy-between-gold-and-bitcoin/
The fails just keep on coming. I love his note at the bottom.
The fails just keep on coming. I love his note at the bottom.
i used to think asteroid mining for gold was a joke until Philae:
http://www.valuewalk.com/2014/11/nasa-investigating-asteroid-mining/
http://www.valuewalk.com/2014/11/nasa-investigating-asteroid-mining/
scoping a few rock samples off the face of an asteroid != mining
I imagine the leap from rock scooping to mining is much less than the leap from just viewing asteroids with a telescope to being able to land on one.
You never know when you will get caught out by a new innovation. There is a minuscule amount of gold in each gallon of sea water. However there must be hundreds of tons of gold in an ocean.
Anyone who figures out how to extract it will be rich. Starting it up might be a little cheaper than sending mining rockets to asteroids too.
i used to think asteroid mining for gold was a joke until Philae:
http://www.valuewalk.com/2014/11/nasa-investigating-asteroid-mining/
http://www.valuewalk.com/2014/11/nasa-investigating-asteroid-mining/
scoping a few rock samples off the face of an asteroid != mining
I imagine the leap from rock scooping to mining is much less than the leap from just viewing asteroids with a telescope to being able to land on one.
i used to think asteroid mining for gold was a joke until Philae:
http://www.valuewalk.com/2014/11/nasa-investigating-asteroid-mining/
http://www.valuewalk.com/2014/11/nasa-investigating-asteroid-mining/
scoping a few rock samples off the face of an asteroid != mining
Adam you're back, I'm glad. I was worried I feel better now.
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