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bitcoin and gold
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2020 Oct 17, 10:34pm 7,007 views 379 comments
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18
richwicks
2020 Oct 21, 9:35pm
richwicks
2020 Oct 21, 9:35pm
just_adhom_preaching says
They are the same. Do you know who created the Fed and controls it?
No? That's bitcoin - but the "source code is available" - do you understand it?
If you make $10 million in bitcoin, go buy a plot of land in the middle of nowhere and build a vacation home, or a shack. Before the foundation is built, bury around $800,000 in silver and you're set for life. No farmer is trading food for bitcoin, but they'll trade for silver at that point. You will want to see the foundation being poured.. $800,000 of silver - that's not a trivial amount of weight, and it's hard to procure.
richwicks saysEventually the dollar goes to zero - because our politicians are worthless scum.
Yeah, if bitcorn is a ponzi scheme the $ is a worse ponzi scheme.
They are the same. Do you know who created the Fed and controls it?
No? That's bitcoin - but the "source code is available" - do you understand it?
If you make $10 million in bitcoin, go buy a plot of land in the middle of nowhere and build a vacation home, or a shack. Before the foundation is built, bury around $800,000 in silver and you're set for life. No farmer is trading food for bitcoin, but they'll trade for silver at that point. You will want to see the foundation being poured.. $800,000 of silver - that's not a trivial amount of weight, and it's hard to procure.
19
just_passing_through
2020 Oct 21, 9:44pm
just_passing_through
2020 Oct 21, 9:44pm
You want to look at the bitcoin source code? https://github.com/bitcoin/bitcoin
I don't even think crypto is all that edgy anymore. I think the uptake will continue slowly for a while and then quickly.
What's more interesting is the tZERO network. It's the other side of crypto. Summary: The idea is to digitally tokenize everything. Videos of me Toobin, some model's legs, each division of the company I work for, a painting, the San Antonio Spurs, etc., and gets rid of the need for CEOs who fuck over their companies and just do buybacks.
https://news.bitcoin.com/overstock-coms-t0-regulated-security-token-exchange/
It's really weird that overstock is into as is Thermo a biotech I used to work for.
I don't fully understand it yet.
I don't even think crypto is all that edgy anymore. I think the uptake will continue slowly for a while and then quickly.
What's more interesting is the tZERO network. It's the other side of crypto. Summary: The idea is to digitally tokenize everything. Videos of me Toobin, some model's legs, each division of the company I work for, a painting, the San Antonio Spurs, etc., and gets rid of the need for CEOs who fuck over their companies and just do buybacks.
https://news.bitcoin.com/overstock-coms-t0-regulated-security-token-exchange/
It's really weird that overstock is into as is Thermo a biotech I used to work for.
I don't fully understand it yet.
20
just_passing_through
2020 Oct 21, 9:44pm
just_passing_through
2020 Oct 21, 9:44pm
richwicks says
Watch the FED start buying it lolz!
I get your point though. There is a lot of cringe on the interwebs about Etherium for a very similar reason. We know who wrote that code and controls it. Good point. I have a feeling that might not be something to worry about with bitcorn, but maybe so.
They are the same. Do you know who created the Fed and controls it?
Watch the FED start buying it lolz!
I get your point though. There is a lot of cringe on the interwebs about Etherium for a very similar reason. We know who wrote that code and controls it. Good point. I have a feeling that might not be something to worry about with bitcorn, but maybe so.
22
just_passing_through
2020 Oct 21, 9:48pm
just_passing_through
2020 Oct 21, 9:48pm
richwicks says
I do plan to get some silver for this reason. I have some old silver dollars the grandparents hid in Easter eggs when I was a hunting wee one. I think the $1 are worth around $20 now. I could probably trade some of it for bread during Cannibal Anarchy.
but they'll trade for silver at that point.
I do plan to get some silver for this reason. I have some old silver dollars the grandparents hid in Easter eggs when I was a hunting wee one. I think the $1 are worth around $20 now. I could probably trade some of it for bread during Cannibal Anarchy.
23
richwicks
2020 Oct 21, 9:57pm
richwicks
2020 Oct 21, 9:57pm
just_adhom_preaching says
Do you? Do you understand why ECC is is associative? I don't. I spent some time reading about it until I ran across Christopher Paar's book "Understanding Cryptography" and have gone through multiple videos of his:
www.youtube.com/embed/JWskjzgiIa4
It's never explained why ECC is associative, and it very well may be, but I'm just saying, very few people actually understand bitcoin. RSA I understand, ECC - there's a big gap.
richwicks saysdo you understand it?
If I dug in yeah. But I work in git repos all day long so.
Do you? Do you understand why ECC is is associative? I don't. I spent some time reading about it until I ran across Christopher Paar's book "Understanding Cryptography" and have gone through multiple videos of his:
www.youtube.com/embed/JWskjzgiIa4
It's never explained why ECC is associative, and it very well may be, but I'm just saying, very few people actually understand bitcoin. RSA I understand, ECC - there's a big gap.
24
just_passing_through
2020 Oct 21, 9:57pm
just_passing_through
2020 Oct 21, 9:57pm
Ahhhh, nope, I dunno that! I did a bit of crypotography in school but that is it.
25
Onvacation
2020 Oct 22, 6:28am
Onvacation
2020 Oct 22, 6:28am
For the price of one bitcoin you can buy 6 1 oz gold coins or 400 one oz silver coins. Which would you choose?
I am old school from back when currency was easily exchangable for goods ($ still is crypto is not) and backed by something real.
I'll take the silver.
I am old school from back when currency was easily exchangable for goods ($ still is crypto is not) and backed by something real.
I'll take the silver.
26
Onvacation
2020 Oct 22, 6:32am
Onvacation
2020 Oct 22, 6:32am
just_adhom_preaching says
Nope. The $ is backed by the good faith and credit of the US government. Bitcoin is backed by international "miners" and the willingness of the greater fool. The US dollar is a ponzi scheme but nothing compared to crypto.
Yeah, if bitcorn is a ponzi scheme the $ is a worse ponzi scheme.
Nope. The $ is backed by the good faith and credit of the US government. Bitcoin is backed by international "miners" and the willingness of the greater fool. The US dollar is a ponzi scheme but nothing compared to crypto.
27
just_passing_through
2020 Oct 22, 7:12am
just_passing_through
2020 Oct 22, 7:12am
Onvacation says
That's a problem. You could say that is THE problem.
The $ is backed by the good faith and credit of the US government.
That's a problem. You could say that is THE problem.
28
Onvacation
2020 Oct 22, 7:53am
Onvacation
2020 Oct 22, 7:53am
just_adhom_preaching says
Yep.
The system has a couple more centuries at best. But bitcoin will not be the currency of choice after the dollars demise.
Onvacation saysThe $ is backed by the good faith and credit of the US government.
That's a problem. You could say that is THE problem.
Yep.
The system has a couple more centuries at best. But bitcoin will not be the currency of choice after the dollars demise.
29
Patrick
2020 Oct 22, 8:52am
Patrick
2020 Oct 22, 8:52am
Onvacation says
What this really means is the power to force people to pay taxes in US dollars, putting them in prison if they refuse.
And that means the power to compel people to labor, and the power to compel labor is the only real value of all money.
So the US dollar, even though the Fed is routinely inflating it away, will still be necessary to use if you want to stay out of jail.
If you buy the right stocks, you can avoid the worst effects of inflation. A Chinese friend recommended that I buy stock in Visa and other credit card companies as an inflation hedge, because they take a percentage of each transaction. Whatever the value of a dollar is, they still get the same percent of it.
The $ is backed by the good faith and credit of the US government.
What this really means is the power to force people to pay taxes in US dollars, putting them in prison if they refuse.
And that means the power to compel people to labor, and the power to compel labor is the only real value of all money.
So the US dollar, even though the Fed is routinely inflating it away, will still be necessary to use if you want to stay out of jail.
If you buy the right stocks, you can avoid the worst effects of inflation. A Chinese friend recommended that I buy stock in Visa and other credit card companies as an inflation hedge, because they take a percentage of each transaction. Whatever the value of a dollar is, they still get the same percent of it.
30
Onvacation
2020 Oct 22, 9:10am
Onvacation
2020 Oct 22, 9:10am
The truth of bitcoin and all other crypto currencies is that they are valued in the US dollar and other fiat currencies. If the dollar crashes bitcoin will be worth a lot of dollars, but no one will want to trade anything for your flash drive full of bits.
31
just_passing_through
2020 Oct 22, 9:25am
just_passing_through
2020 Oct 22, 9:25am
Onvacation says
Such confidence!
just_adhom_preaching saysOnvacation saysThe $ is backed by the good faith and credit of the US government.
That's a problem. You could say that is THE problem.
Yep.
The system has a couple more centuries at best. But bitcoin will not be the currency of choice after the dollars demise.
Such confidence!
32
Bitcoin
2020 Oct 22, 12:52pm
Bitcoin
2020 Oct 22, 12:52pm
Interesting discussion. I get Bitcoin as a store of value ("digital gold"). I also doubt Bitcoin will be a currency used to pay for day to day stuff in the near future. On the other hand, Nasdaq companies like PayPal/Venmo and Square are heavily investing in crypto's means that they probably see a future in cryptos used for peer to peer payments etc.
I signed up for the Coinbase app (US based crypto exchange) and will throw a few grand into Bitcoin.
I signed up for the Coinbase app (US based crypto exchange) and will throw a few grand into Bitcoin.
33
Bitcoin
2020 Oct 27, 10:46am
Bitcoin
2020 Oct 27, 10:46am
I was pretty sure, the minute I buy Bitcoin it will lose value.
Its pumping (13.7k ) - fun to watch. Anyone else in the Crypto game?
Its pumping (13.7k ) - fun to watch. Anyone else in the Crypto game?
34
richwicks
2020 Oct 27, 12:18pm
richwicks
2020 Oct 27, 12:18pm
Patrick says
Doesn't matter how you define it.
That's the definition of intrinsic value. It's a fairly well known concept in Austrian economics.
richwicks saysIntrinsic value is defined as the cost to recover or create the item.
That's not how I would define intrinsic value. I don't care what it costs to create or recover the item. I care how useful it is.
Doesn't matter how you define it.
That's the definition of intrinsic value. It's a fairly well known concept in Austrian economics.
37
just_passing_through
2020 Oct 27, 6:58pm
just_passing_through
2020 Oct 27, 6:58pm
G36 says
No, but it was dropping quite a bit about a month ago. Just never reached my low-low buy price.
Anyone else in the Crypto game?
No, but it was dropping quite a bit about a month ago. Just never reached my low-low buy price.
38
WookieMan
2020 Oct 28, 5:09am
WookieMan
2020 Oct 28, 5:09am
just_adhom_preaching says
It's a trading vehicle. That's all I see it as with a huge downside. There's no "value" to hold it long term. It's basically a MPRPG. Once you get to the top of the mountain the game no longer becomes fun to play and it gets old. Once it's fully mined you can no longer get any more. So people move on. That's when the bottom drops out. It will happen 100%. If you can make money off it, go ahead. It's simply not an investment in the traditional sense.
G36 saysAnyone else in the Crypto game?
No, but it was dropping quite a bit about a month ago. Just never reached my low-low buy price.
It's a trading vehicle. That's all I see it as with a huge downside. There's no "value" to hold it long term. It's basically a MPRPG. Once you get to the top of the mountain the game no longer becomes fun to play and it gets old. Once it's fully mined you can no longer get any more. So people move on. That's when the bottom drops out. It will happen 100%. If you can make money off it, go ahead. It's simply not an investment in the traditional sense.
39
Onvacation
2020 Oct 28, 5:50am
Onvacation
2020 Oct 28, 5:50am
WookieMan says
It's a ponzi scheme dependent on the greater fool.
It's simply not an investment in the traditional sense.
It's a ponzi scheme dependent on the greater fool.
40
Bitcoin
2020 Oct 30, 6:57am
Bitcoin
2020 Oct 30, 6:57am
I bought through the Robinhood App and I'm on the waiting list on PayPal.
41
Bitcoin
2020 Nov 5, 7:09am
Bitcoin
2020 Nov 5, 7:09am
While the election shitshow is dominating the news Bitcoin is close to 15k per coin
42
RWSGFY
2020 Nov 5, 7:14am
RWSGFY
2020 Nov 5, 7:14am
G36 says
Is "technical analisys" a thing in the crypto world? All these "candles", "support levels", etc.
Seems to be the perfect place for it, because, unlike stocks, there is literally nothing else to analyze. =))
While the election shitshow is dominating the news Bitcoin is close to 15k per coin
Is "technical analisys" a thing in the crypto world? All these "candles", "support levels", etc.
Seems to be the perfect place for it, because, unlike stocks, there is literally nothing else to analyze. =))
43
Cash
2020 Nov 5, 7:31am
My current targets for BTC is $16,800+/-, a retest then onward to $24,000, interesting to me is my best guess target for XAU atm is $2400, then re-evaluate the situation at that time. BTC/ Gold ratio 1/10. In the meantime watch for reaction at 15200 for price to blow through and race to $16800 or a retest back to $14000. 2 Situations are sitting on the table
1. The F. Res. stating more $$$ pumping today. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm https://www.federalreserve.gov/live-broadcast.htm
2. The Office of the Comptroller of the Currency (the OCC) issued an Interpretive Letter 1170, Authority of a National Bank to Provide Cryptocurrency Custody Services for Customers. https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2020/int1170.pdf
Not to mention this little gem I shared https://patrick.net/post/1336257/2020-11-03-banking-for-all-act-#commentform
I love to see the digital/crypto currency deniers ramblings. I hlmao
1. The F. Res. stating more $$$ pumping today. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm https://www.federalreserve.gov/live-broadcast.htm
2. The Office of the Comptroller of the Currency (the OCC) issued an Interpretive Letter 1170, Authority of a National Bank to Provide Cryptocurrency Custody Services for Customers. https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2020/int1170.pdf
Not to mention this little gem I shared https://patrick.net/post/1336257/2020-11-03-banking-for-all-act-#commentform
I love to see the digital/crypto currency deniers ramblings. I hlmao
46
RWSGFY
2020 Nov 5, 8:06am
RWSGFY
2020 Nov 5, 8:06am
G36 says
Shall I take it as a "no" on the technical analysis in the crypto world?
just cracked 15k.....
Shall I take it as a "no" on the technical analysis in the crypto world?
47
Bitcoin
2020 Nov 5, 8:09am
Bitcoin
2020 Nov 5, 8:09am
FuckCCP89 says
First off, great name! FuckCCP
To be honest, i dont know much about TA and how you can apply traditional TA to a speculative asset like Bitcoin. I am sure there are people who would disagree. I am not the guy to ask though. I just want to buy and hold - no interest in trading. I see Bitcoin as digital gold.
G36 saysjust cracked 15k.....
Shall I take it as a "no" on the technical analysis in the crypto world?
First off, great name! FuckCCP
To be honest, i dont know much about TA and how you can apply traditional TA to a speculative asset like Bitcoin. I am sure there are people who would disagree. I am not the guy to ask though. I just want to buy and hold - no interest in trading. I see Bitcoin as digital gold.
48
Cash
2020 Nov 5, 8:12am
FuckCCP89 says
It can be charted and weighted like any market. https://invst.ly/sq9vs
For me I would wait to see how 15250+/- is approached after the Fed. speaks.... Perhaps there is a pullback which could be as little as $14800+/- or even as much as $14,000.
The market sweet spot is basically over however with the F. R.'s activities traders are likely waiting to see what is said.
Shall I take it as a "no" on the technical analysis in the crypto world?
It can be charted and weighted like any market. https://invst.ly/sq9vs
For me I would wait to see how 15250+/- is approached after the Fed. speaks.... Perhaps there is a pullback which could be as little as $14800+/- or even as much as $14,000.
The market sweet spot is basically over however with the F. R.'s activities traders are likely waiting to see what is said.
49
Cash
2020 Nov 5, 8:23am
1 other thought to keep in mind is if Biden gets 270 E. V. https://www.google.com/search?q=electorial+vote+count&oq=electorial+vote+count&aqs=chrome..69i57j0i10i131i433l3j0i3i10l3j0i131i433.7199j0j7&sourceid=chrome&ie=UTF-8
For some, like it or not crypto flies and possibly the USD while ppl are trying to escape lol
Not to mention take a look at XAU XAG
For some, like it or not crypto flies and possibly the USD while ppl are trying to escape lol
Not to mention take a look at XAU XAG
50
Cash
2020 Nov 5, 8:54am
Keep in mind that BTC is stand-alone and the crypto standard as it were, so what that means is you will find a different price for BTC on every exchange
none will be the same.... The mechanics for the disparity in prices is it basically comes down to volume, how many traders are on each independent exchange and how much $$$ are they ponying up determines the quote per that exchange...
https://www.investing.com/crypto/bitcoin/markets
none will be the same.... The mechanics for the disparity in prices is it basically comes down to volume, how many traders are on each independent exchange and how much $$$ are they ponying up determines the quote per that exchange...
https://www.investing.com/crypto/bitcoin/markets
51
Onvacation
2020 Nov 5, 9:15am
Onvacation
2020 Nov 5, 9:15am
Cash says
As it is valued in fiat currency Bitcoin, and all of the other crypto-currencies, have no intrinsic value. You can buy crypto with dollars, rubles, or marks. You can sell crypto for fiat and use the cash to buy stuff but crypto-currency does not stand alone. It requires massive amounts of energy to maintain and depends on the next greatest fool to increase in value.
Bitcoin is a Ponzi scheme. Don't be the last greatest fool.
BTC is stand-alone and the crypto standard
As it is valued in fiat currency Bitcoin, and all of the other crypto-currencies, have no intrinsic value. You can buy crypto with dollars, rubles, or marks. You can sell crypto for fiat and use the cash to buy stuff but crypto-currency does not stand alone. It requires massive amounts of energy to maintain and depends on the next greatest fool to increase in value.
Bitcoin is a Ponzi scheme. Don't be the last greatest fool.
53
Cash
2020 Nov 5, 9:29am
Onvacation says
In fact it does in the same manner the USD does.... You are not addressing the context of this discussion, instead of educating yourself and sharing value it's much easier for you and other to share your complete ignorance of the subject.
crypto-currency does not stand alone
In fact it does in the same manner the USD does.... You are not addressing the context of this discussion, instead of educating yourself and sharing value it's much easier for you and other to share your complete ignorance of the subject.
55
Onvacation
2020 Nov 5, 9:33am
Onvacation
2020 Nov 5, 9:33am
in•trin•sic ĭn-trĭn′zĭk, -sĭk►
adj. Of or relating to the essential nature of a thing; inherent
That's all I'm saying. Fiat currencies have no value other than the good faith and credit of the governments that issue them. Crypto is valued in fiat currencies.
HODL'ers have to sell someday or all they have is a flash drive full of 0's and 1's.
adj. Of or relating to the essential nature of a thing; inherent
That's all I'm saying. Fiat currencies have no value other than the good faith and credit of the governments that issue them. Crypto is valued in fiat currencies.
HODL'ers have to sell someday or all they have is a flash drive full of 0's and 1's.
56
Onvacation
2020 Nov 5, 9:34am
Onvacation
2020 Nov 5, 9:34am
G36 says
Mostly food and entertainment. I gave up hookers and blow many years ago.
Onvacation, in what assets do you invest your fiat in?
Mostly food and entertainment. I gave up hookers and blow many years ago.
57
Bitcoin
2020 Nov 5, 9:35am
Bitcoin
2020 Nov 5, 9:35am
Onvacation says
No stocks, gold, silver, real estate?
G36 saysOnvacation, in what assets do you invest your fiat in?
Mostly food and entertainment. I gave up hookers and blow many years ago.
No stocks, gold, silver, real estate?
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Raoul Pal, former Goldman Sachs hedge fund manager, recommending bitcoin and gold
www.youtube.com/embed/FKLabPm1D-g
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