Topic: Gold collapsing. Bitcoin UP. - page 988. (Read 2032270 times)

cypher, this topic has been beaten to death.  To suggest that gold has absolutely no edge over cryptocurrencies, under any circumstances, demonstrates how desperate and puerile your position has become.  You are becoming less reasonable and more evangelical by the day, and it only serves to embarrass you and your cohorts...

...Get your head out of your ass.

cypher, this topic has been beaten to death.  To suggest that gold has absolutely no edge over cryptocurrencies, under any circumstances, demonstrates how desperate and puerile your position has become.  You are becoming less reasonable and more evangelical by the day, and it only serves to embarrass you and your cohorts.  Hard assets have a few thousand years of history as stores of value and currency.  Cryptocurrencies, around 6 years now?  The arrogance.  You fail to understand that any cryptocurrency is simply a securely shared ledger.  Cryptocurrencies solve a host of problems.  Hard assets solve other problems.  If there were no assets but Bitcoin, what would Bitcoin be worth?

Your arguments are analogous to saying that because information can be transmitted via the internet, there is no longer any need for physical objects to be transmitted from person to person.  Hell, even lumber has more "value" than Bitcoins in certain circumstances.  Get your head out of your ass.

you're over thinking this.

money supply = monetary base + mostly credit/debt.  in the run up into the 2008 high in housing and stocks, ppl leveraged up to buy both assets.  when the bubble burst, margin calls went out to stock holders and home owners found they could no longer make mortgage payments.  what do you do in that situation?  panic sell at lower prices to limit your losses.  the whole process began to snowball with stocks and home values plunging as a result along with widespread debt defaults.  oil dropped to $30. gold hit its 9 yr cycle low. all that leverage started coming out of the system (deflation) and there was a worldwide scramble for USD's to pay off that liquidated debt as well as a run to safety into UST's which only exacerbates the deflation associated with Fed policy to manipulate rates downwards during normal times.

of course you can never rule it out.  but i really don't think so.

first off, both Weimar Germany and Zimbabwe did not have functioning bond markets.  Germany was just coming off the war and really had no infrastructure so the only way they could get money out to its citizens and to pay off war reparations was to print.  the massive potential for all the US debt build to deflate thru defaults is likely to win in the medium to long term. after a big washout, maybe hyperinflation is possible.  but not until then.  also, the monetary velocity chart is going nowhere but down right now along with interest rates.  that's deflation.  if ppl were dumping their cash as fast as possible, it would be going up instead.  what ppl are doing is saving like crazy.  banking deposits are way up and ppl are clinging to what cash they have.  i know this from my own accounts.  i've pulled out of the stock mkt and my deposit accounts are brimming.  i'm expecting some bank trouble again so i've spread them out in multiple bank accounts trying to keep them close to the $250,000 limit.  also saving in Bitcoin obviously.  as long as the USD remains the petrocurrency and our military remains strong the USD is likely to go up in a deflationary event as it did in 2008.  the good news for most Americans is that our price of goods and services has not gone up significantly.  sure, in some areas it has, like student tuitions and healthcare premiums.  but even $4 gas hasn't been too bad and food is relatively inexpensive.  in short, i don't see the USD plummeting just yet and the charts i've been putting up indicate we may be starting a major rally.

for the same reasons i argue that Bitcoin will win the altcoin space as ppl gravitate to one currency for efficiency reasons and the network effect, i think that Bitcoin wins over gold.  as long as Bitcoin can remain secure, there is every reason to like it better than gold.  definitive fixed supply, portable, divisible, transportable, room for growth, intangible, not encumbered by a paper market (yet), unreachable by gvt, etc.  so no, i don't think they will go up together.  for the last 3 yrs, we've already seen them go in opposite directions.  gold has failed in its historical role as an enforcer to UST's.

"i'm expecting some bank trouble again so i've spread them out in multiple bank accounts trying to keep them close to the $250,000 limit."

Cypher, I'm pretty sure the $250K insurance is a limit and is aggregated across all fdic bank accounts. That needs verification but someone else may know for sure.

[gleeful trolling of gold bugs]

http://www.gold.org/jewellery

Demand for gold jewellery added US$70 billion to the global economy in 2012, and accounted for nearly half of global demand for gold.

Rooted deeply in a diverse tapestry of cultural traditions the aspiration to own and give gold in the form of jewellery transcends generations and national boundaries. The three largest markets for gold jewellery, China, India, and the US, each accord it a unique cultural significance. Acquiring jewellery is connected to celebrations, relationships, self-expression, and hopes for the future in these countries.  

why don't you let him speak for himself?

Up to this point, nobody has been able to use Tungsten to create a fake coin because it is too brittle to be stamped

There are 3 main issues that suggest it is a fake:
1. There are small bubbles or bumps on the  coin. These are very noticeable under a loop but I did not examine it that closely when I bought it.
2. Lady Liberty’s face does not display the detail that all my other American Gold Eagles do and almost looks to be sunken or skeletal.
3. The date looks too high off the coin when compared to other American Gold Eagles.

Gold is fungible (no tainted ounces),

 durable (no electricity/internet required),

universally recognized as sound money (not a newfangled Ponzi scheme),

and not easy to counterfeit/easy to authenticate via density, color, acoustics, resistance, and ductility (can't be cloned or otherwise displaced by altcoins).

Gold can be made into jewelry like bangles and wedding rings, which are most helpful in finding a mate and storing wealth for a future family.

Gold is fungible (no tainted ounces), durable (no electricity/internet required), universally recognized as sound money (not a newfangled Ponzi scheme), and not easy to counterfeit/easy to authenticate via density, color, acoustics, resistance, and ductility (can't be cloned or otherwise displaced by altcoins).

Gold can be made into jewelry like bangles and wedding rings, which are most helpful in finding a mate and storing wealth for a future family.

i'll take some intellectual arguments for why gold is superior now.

cypher, you have repeatedly admitted that this is thread is your stage to troll.  Unlike you, I'm not trolling.  I've never said that gold is superior to Bitcoin in every respect or vice versa.  

To say that Bitcoin is superior to gold in all respects is patently stupid.  To state the opposite is equally stupid.  You're either colossally ignorant or just like picking fights, not really sure which.

nothing but trolling.

I see both Gold and Bitcoin rushing up next week as Ukraine news crowd the headlines, Bitcoin and Gold will be increasingly correlated to each other and not the other way round.   Hopefully it can take the place of Gold in some areas as a safe haven currency.

As usual, you completely missed the point (and conveniently neglect to mention Bitcoin's lousy performance this calendar year).  Who do you think you're fooling by twisting the data?

Bitcoin has been outperforming gold and silver for 3 yrs now.  when are you going to learn?

If you think gold will suffer under this scenario, you're kidding yourself.  Whether Bitcoin will outperform gold is another matter.

Bitcoin is holding just fine as far as i'm concerned.