cypherdoc I think you're maybe even over-analyzing why dollars beat gold as money. I suspect all it took was a new generation born into dollars not backed by anything. I'm middle aged and never was under any illusion fiat was backed by anything as I grew up, I never even saw gold in coin or bullion form in person until I bought a couple coins last year. For me growing up gold as money was something only in history books. Fiat was what I saw, you earned it and you spent it. Since inflation is generally so gradual in 1st world countries you don't notice it, and take it for granted.
In summary, all it takes is for people that used gold as money to die off, and for dollars to be 'good enough' as money for the average person.
Topic: Gold collapsing. Bitcoin UP. - page 930. (Read 2032272 times)
so yes, the question remains, will BABA top tick the stock mkt?
sell it off baby, sell it off:
and yes, i do think we have an excellent chance at bottom ticking Bitcoin:
sell it off baby, sell it off:
and yes, i do think we have an excellent chance at bottom ticking Bitcoin:
Not sure why Jeff is so concerned about NXT if it's just a scamcoin, one of many others
Peter Schiff still coming out very strongly against Bitcoin: https://www.youtube.com/watch?v=lMfoFlJhcck&list=UUIjuLiLHdFxYtFmWlbTGQRQ
No valid arguments in the whole thing, but it does show his mindset pretty clearly.
No valid arguments in the whole thing, but it does show his mindset pretty clearly.
Quote from: Peter Schiff
If you're still holding these bitcoins, DO NOT GO DOWN WITH THE SHIP. Go to my gold company, Schiff Gold... if you've got 30 or 40 bitcoins you can buy a few ounces of gold. At some point you may not be able to buy a pack of chewing gum with those bitcoins.
LOL,
Keep in mind who is on the other side of that trade for our "chewing gum money".
(He is)
Doesn't he use Bitpay to convert bitcoins to fiat?
that's what he says.
the real question is whether you think he's as stupid as he sounds.
but even major countries like Germany can't seem to get at their gold stores at the Fed when they want to.
I find this hilarious, as people claim we should have a crypto backed by gold, but it's clear how futile this idea is when even Germany's gold is not backed by gold it would seem. Backing is just a promise that may or may not be honored.
Peter Schiff still coming out very strongly against Bitcoin: https://www.youtube.com/watch?v=lMfoFlJhcck&list=UUIjuLiLHdFxYtFmWlbTGQRQ
No valid arguments in the whole thing, but it does show his mindset pretty clearly.
No valid arguments in the whole thing, but it does show his mindset pretty clearly.
Quote from: Peter Schiff
If you're still holding these bitcoins, DO NOT GO DOWN WITH THE SHIP. Go to my gold company, Schiff Gold... if you've got 30 or 40 bitcoins you can buy a few ounces of gold. At some point you may not be able to buy a pack of chewing gum with those bitcoins.
LOL,
Keep in mind who is on the other side of that trade for our "chewing gum money".
(He is)
Doesn't he use Bitpay to convert bitcoins to fiat?
Peter Schiff still coming out very strongly against Bitcoin: https://www.youtube.com/watch?v=lMfoFlJhcck&list=UUIjuLiLHdFxYtFmWlbTGQRQ
No valid arguments in the whole thing, but it does show his mindset pretty clearly.
No valid arguments in the whole thing, but it does show his mindset pretty clearly.
Quote from: Peter Schiff
If you're still holding these bitcoins, DO NOT GO DOWN WITH THE SHIP. Go to my gold company, Schiff Gold... if you've got 30 or 40 bitcoins you can buy a few ounces of gold. At some point you may not be able to buy a pack of chewing gum with those bitcoins.
LOL,
Keep in mind who is on the other side of that trade for our "chewing gum money".
(He is)
The situation we have, with hundreds of different fiat money, all sharing the same traits: Easy to expand base, controlled by politicians, tradable between them, is inherently instable, IMO. Due to speculation, they will all converge to one, probably USD.
Peter Schiff still coming out very strongly against Bitcoin: https://www.youtube.com/watch?v=lMfoFlJhcck&list=UUIjuLiLHdFxYtFmWlbTGQRQ
No valid arguments in the whole thing, but it does show his mindset pretty clearly.
No valid arguments in the whole thing, but it does show his mindset pretty clearly.
Quote from: Peter Schiff
If you're still holding these bitcoins, DO NOT GO DOWN WITH THE SHIP. Go to my gold company, Schiff Gold... if you've got 30 or 40 bitcoins you can buy a few ounces of gold. At some point you may not be able to buy a pack of chewing gum with those bitcoins.
if i'm right that the digital dollar has already defeated gold as a form of money, then it doesn't seem too far fetched at all that a significant portion of the $8T gold market can come into Bitcoin. maybe even most of it.
Cool! Thanks for taking the time and effort for sharing your thesis. The digital dollar also doesn't have any annoying little ledger like the blockchain to get in the way of using the
i don't know how any gold bug can even argue with me that this defeat hasn't already happened and in fact has been going on for several decades.
gold has never been able to enforce fair interest rates or stop the Fed from printing. we don't need to know anything else except for the fact that the price of gold has been languishing. the only means for it to enforce that discipline would be for its price to skyrocket caused by, or as a result of, the masses fleeing to it as a safe haven.
for gold bugs to argue that we should put our hard earned savings into gold in the face of the events of the last few decades is like the NSA saying to trust it with our personal data despite the fact the Eric Snowden just stole all our data.
This only says that the fiat is disconnected from gold, not that gold is not money.
The paper gold is inflating gold. Paper gold might go down the toilet, real gold still valuable. In fact, gold may have a renaissance with the rise of bitcoin; in a world of private, sound money, some may want to hold gold, and use bitcoin as change. Pay for something with gold, get some bitcoin in exchange, if you collect too much bitcoin to your liking, sweep up the change and buy back a gold coin. The characteristics of gold is sufficiently different from bitcoin that they may be used side by side.
if i'm right that the digital dollar has already defeated gold as a form of money, then it doesn't seem too far fetched at all that a significant portion of the $8T gold market can come into Bitcoin. maybe even most of it.
Agreed. Gold has already failed us. It has failed because it was so easily supplanted by [digital] dollars and the powers behind them.
I don't think that Gold's role has been played out yet. Taking Cypherdoc's essay as a reference point, all this bailout activity has given market players a tremendous faith in TPTB that the system will continue to survive. This belief is clearly visible in the stock market with very levitated prices and bond yields that make old widows cry.
As for gold, captain FIAT just hasn't lost enough control yet for the passengers to freak out. The concept of digital dollars probably has a significant impact on calming the passengers. Since Gold's tremendous run up from 2001 until 2011, the FED is simply winning this round's perception play. But there will be a final round that will be kind to anything not written on a piece of paper (or centrally stored on a computer).
The smartest are usually way ahead of their time. Just be patient and accumulate in the meantime.
As for gold, captain FIAT just hasn't lost enough control yet for the passengers to freak out. The concept of digital dollars probably has a significant impact on calming the passengers. Since Gold's tremendous run up from 2001 until 2011, the FED is simply winning this round's perception play. But there will be a final round that will be kind to anything not written on a piece of paper (or centrally stored on a computer).
The smartest are usually way ahead of their time. Just be patient and accumulate in the meantime.
yee haw!
Great, we have the plane, now we need bombs to bomb Washington and liberate the world. Maybe Silkroad can help us
(hi, NSA)
yee haw!
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"How do you eat an elephant? One bit at a time..."
Excellent interview of Thomas Piketty, author on wealth inequality. He received quite a bit of criticism on this work but only because the book was so popular and threatening to the financial elite.
http://www.econtalk.org/archives/2014/09/thomas_piketty.html
http://www.econtalk.org/archives/2014/09/thomas_piketty.html
He is a marxist, he wants to control everyone, be careful who you admire
George Reisman rips Picketty:
http://georgereismansblog.blogspot.de/2014/07/pikettys-capital-wrong_28.html
Reisman was a student of Mises and wrote the tome "Capitalism" although he still has some minarchist beliefs. Don't let that stop you from reading "Capitalism" - it is a superb explanation of Capitalism and a severe criticism of Socialism. His expose of how most environmentalist arguments are anti-human and anti-life is classic stuff.
Quote
QE is primarily used to keep the banks afloat.
Great big neon sign on this one, government benefits massively. Can they pay the interest on their debt at higher rates, not really
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"How do you eat an elephant? One bit at a time..."
it's really sad to listen to the die hard gold bugs frustration. i can hear the heaviness and fatigue in Eric King's voice in all his interviews nowadays. they are truly confused.
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2014/9/21_Bill_Fleckenstein_files/Bill%20Fleckenstein%209%3A21%3A2014.mp3
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2014/9/21_Bill_Fleckenstein_files/Bill%20Fleckenstein%209%3A21%3A2014.mp3
So true. It's only a matter of time. They either join us or become extinct...
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"How do you eat an elephant? One bit at a time..."
if i'm right that the digital dollar has already defeated gold as a form of money, then it doesn't seem too far fetched at all that a significant portion of the $8T gold market can come into Bitcoin. maybe even most of it.
Agreed. Gold has already failed us. It has failed because it was so easily supplanted by [digital] dollars and the powers behind them.
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