Topic: Gold collapsing. Bitcoin UP. - page 986. (Read 2032270 times)

It is not same

a) the "radioactive bacteria"
b) bacteria with ability to make nuclear fusion

well, i like to think of it as a pullback of 33% for gold since 9/2011 and 61% for silver since 5/2011. those are big pullbacks and suspiciously, those timeframes coincide with the ramp in Bitcoin.  the Gold 2.0 narrative has clearly increased during that time and more and more ppl are converting.  you can see and feel it.  i certainly can.  of course, when you point to the 3000 yr narrative, my arguments sound silly.  that is the ultimate long term chart.  however, i'd like to point out a couple of things.

i think the general public's positive perception of gold peaked not in 2011 but back in 1980.  when Nixon depegged in 1971, the dollar immediately devalued 30% in the 70's which contributed greatly to the inflationary ramp to 800 in 1980.  then began the long grind down to 253 in 1999.  the public forgot about gold for the most part despite the pleas of the gold community b/c the economy actually thrived during those 2 decades. then came the noughts and the NASDAQ crash.  Greenspan cut rates to 1% and stimulated the housing bubble.  everyone was happy again and gold was far from being on their radar.  yet gold started to rise with inflationary expectations by the gold bugs of which i was one.  i remember how hated the gold ramp from 253 in 1999 to 1923 in 2011 was regarded by the general investment community.  i used to watch CNBS regularly during that time and Peter Schiff constantly had acrimonious debates with gold skeptics. of course, he was right in the sense that gold went to 1923 in 2011. yet, i never really knew of many other investors other than myself who rode that train up during that time.  i believe it was solely a speculative ramp with gold never seriously having a chance to regain it's former status as a reserve to the USD.

and then there's my newest argument that gold is/has been failing miserably at fulfilling its historical role as a check to rising bond prices. i don't need to know the exact reason why; i just need to know that it's a fact.  and it is.  in that sense, what good is it for the average US citizen and the economy except as a potential speculative vehicle?  all those trillions that have been pumped into Treasury bond prices over the decades since 1980 creating the greatest bull market ever in world history and yet and so little into gold.  gold: the supposed enforcer.  what a failure.

so i think that gold has been a failure to keep bond prices in check and its thesis is further from the market's mind than you may realize which may be why its dropped so much in the last 3 yrs.  silver and the pm miners are sending a very bad signal, imo, and leading to the downside.

Bitcoin has a much better chance to assume the role of Treasury bond enforcer in the coming years, imo.  but it's very early and requires alot of imagination and optimism

haha:


And yet we try the money printing to create wealth.

The radioactive bacteria are apparently worth more than the gold ones.
They cure pancreatic cancer.
http://www.economist.com/news/science-and-technology/21576628-surprising-new-way-kill-tumours-three-wrongs-make-right

Nice chart

http://imgur.com/a/6Hzl8

lol, bacteria with nuclear reactor

Argentina Becomes a Tinderbox for Bitcoin

http://readability.com/m?url=http%3A%2F%2Fbitcoinwarrior.net%2F2014%2F08%2Fargentina-becomes-tinderbox-bitcoin%2F

They can only extract gold that is already there.  But yes, in principle you could use a nuclear reactor to produce gold from other elements - it just doesn't pay off (nor do these bacteria, from what I heard).

However, I fully agree with you that Bitcoin is vastly superior to gold in most (if not all) aspects - scarcity being one of them.

Who said finite?

http://gizmodo.com/5948739/researchers-discover-bacteria-that-can-produce-pure-gold

And a question of keeping everyone else out.
Bitlicense

Looking at the reputation of our banks today, not being associated with them is a positive. 

He could have used a cold wallet and hidden that somewhere.  I think he got careless and arrogant maybe.     Both items can be stored elsewhere.

The 70bn world market for gold is really tiny, I think bullion exchange must amount to more then that.   70bn is the revenue of a large global corporation.    


Gold has not failed to store value.   Its risen in the last five years, it is a long term asset and maybe thats inconvenient for most people.   I can easily see bitcoin as best for small transactions but for life savings I'd still rate gold.     To try and argue against more then 3000 years of successful use and storage of value is futile almost comedic
Of the last 15 years gold has fallen in value just one year which was the last year.
  We do have exceptional financial events occurring and I expect eventually more will rely on it again to avoid some of that large political influence we have in national currencies.   70bn is really small, Bonds are traded by the trillions every year and out rank even shares.  Any trend is probably best represented in the largest market.
When gold is 700 or 7000bn traded per year I think the price would reflect better peoples use for it

Link to an article from casey research. They've had varying opinions about bitcoins before but this is pretty positive and also some links to various videos.

http://www.caseyresearch.com/cdd/whether-you-love-or-hate-it-youre-missing-what-really-matters-about-bitcoin

 

Yes and yes.

But will these bank-crypto-coins gain traction (value)? Bitcoin is peoples money and I think it will be able to attract way more trust than those bank-coins.

Side-note: even if they are technically superior (eth?), they will have a hard time.

They will rather try to create their own crypto-currencies. Lack of control over bitcoin is a problem to them

I believe that the banks will not only want to but have to get into the game on Bitcoin
and other crypto-currencies... it’s just a question of time

Its not really a shock.  Its in the BASEL iii docs.  They are just surfacing some of the weird evidence of it when exchanges are treating them as a customer.

There are scarier parts, such as the provisions for determining what constitutes minority interests in securitized debt loans constituting the capitalization for the banks, central banks, and "global systemically important financial institutions".  The many loopholes for whether insolvent commercial and sovereign debt instruments be called, and the further secularization of those (which is essentially printing money).

There isn't a better license to steal than being a bank.

Apparently the pay-scale depends on the class of troll.  Falllling is a low-grade trollus minimus and these are the most affordable to hire.  

A Taxonomy of the Troll

Class C bitcoin troll (lat. trollus minimus):

-How to recognize: Simple-minded FUD spreading, and juvenile insults.  

-Recommended response: ignore, their trolling is obvious to everyone and occasionally humorous.  

-Examples: falllllling, Chuckee, fonzie (in the earlier part of his career)

Class B bitcoin troll (lat.  trollus averagus)

-How to recognize: bait-and-switch thread titles and well-executed concern trolling; methods designed to fool the reader into thinking the troll is a non-troll.  

-Recommended response: agree with everything they say in a satirical way.  Their arguments are usually so flawed that simply rephrasing back what they said will reveal their lunacy.  This technique is especially effective if the troll doesn't recognize this attack vector until he's already sunken his ship.

-Examples: Nagle, JorgeStolfi, Edward50

Class A bitcoin troll (lat. trollus maximus)

-How to recognize: usually hold an esteemed position or a PhD.  

-Recommended response: Engage in logical and polite debate.  These are the most difficult trolls to defeat, so you must be patient.  The truth will prevail.  

-Examples: Mark Williams, Paul Krugman, Richard Murphy

Lol. You know you're only worth about $5/h

game over, bitcoin bubble burst, price is going back to 2013 where it came from, get ready for your $30 again