Gold collapsing. Bitcoin UP.

[Peter R]

 

[majamalu]

They've lost the debate. Ad hominem is the only recourse they have now.

 

[cypherdoc]

@Peter R

you beat me to it.

sequence of events: evoorhees (not one of us) makes a conciliatory post. nullc immediately kicks sand in his face in a self righteous indignant post indicating a high level of immaturity. Chakra_Scientist, one of his devout trolls, jumps right in on his tails trying to take advantage of the situation by dissing you an i. so many of those clowns project their own moral character by accusing me of holding sockpuppet accounts. fyi, i have *never* set up a sockpuppet account. nor have i ever *funded* one. i don't have time for such immature manipulations, yet they are convinced of it:

[doublepost=1453859772][/doublepost]this is exactly the sort of behavior that makes me think we have to fork away from Core's leadership. do you really want to use an implementation headed by ppl so immature and arrogant?
[doublepost=1453859962][/doublepost]
[doublepost=1453860020][/doublepost]

They've lost the debate. Ad hominem is the only recourse they have now.

just look at this denial from Greg. are you kidding me? multiple members of core dev were pounding r/bitcoin constantly during the summer trying to sway public opinion. how can he say this?:

[doublepost=1453860414,1453859664][/doublepost][doublepost=1453860598][/doublepost]in steps MOA, one of the most toxic of Core's followers:

 

[cypherdoc]

LukeJr:

 

[albin]

I think it's gradually starting to look more and more like Maxwell, Back, et al are fighting some weird proxy war on behalf of their VC's versus Andreessen Horowitz, and there never was any hope of constructive dialogue to begin with, when the entire "debate" has been hijacked to be a wedge issue for the accumulation of their own influence and control. The fiduciary interests they're protecting frankly is of no benefit to the userbase, and whatever hole they've dug themselves into is their responsibility.

 

[lunar]

Paper gold being spread atomically thin.

 

[cypherdoc]

funny thing is, i've never been banned once from r/bitcoin-North Korea.

 

[Melbustus]

...
i don't have time for such immature manipulations, yet they are convinced of it:
...

I've found that generally in life, those who are the most untrusting are the most untrustworthy... Makes sense - if certain behavior is fully within one's own playbook, it's natural to assume it's in others' as well.

 

[cypherdoc]

follow the time sequence of the posts in that toxic thread. everything was going along kinda peachy until /u/nullc made his first post. then TSHTF with all the core trolls coming out on his tails. that's what we're dealing with. so sad.
[doublepost=1453864176][/doublepost]

 

[Norway]

Just in from China:

"The water that bears the boat is the same that swallows it up."

https://www.reddit.com/r/btc/comments/42uy03/a_letter_to_the_core_team_from_a_chinese_bitcoin/

 

[AdrianX]

@Melbustus is that why we like bitcoin and see why it's needed.

 

[cypherdoc]

how did i miss this?:

https://np.reddit.com/r/btc/comments/41ccvs/blockstream_ceo_austin_hill_lies_saying_we_had/

 

[tynwald]

Just in from China:

"The water that bears the boat is the same that swallows it up."

https://www.reddit.com/r/btc/comments/42uy03/a_letter_to_the_core_team_from_a_chinese_bitcoin/

tide is going out, sounds like ...

 

[chriswilmer]

Paper gold being spread atomically thin.

How? I just don't understand how this works. Can anybody file the paperwork and open up a paper commodity brokerage and then sell $500,000 of gold for every $1,000 they possess?

 

[solex]

@chriswilmer

The brokers are just customer pipes to the exchange where all the gold is(n't).

Comex is owned by Nymex owned by CME group which has the brand name Globex for gold trading.
And this is the futures contract specification:
http://www.cmegroup.com/trading/metals/precious/gold_contract_specifications.html

So 100 troy ounces is controlled by 1 futures contract i.e. an agreement to take/offer physical delivery at a future date, the expiry. Contracts are bought on margin depending on regulatory and brokerage thresholds.

All the unexpired contracts summed are open interest.
In reality the vast majority of them are closed out for cash before expiry, and the speculator will either go flat or roll-foward into the next month. The front-month usually has most activity (volume).
http://www.cmegroup.com/trading/metals/precious/gold.html

What ZH is pointing out is that if all people with paper claims decided to take delivery instead of cash then Comex has 1/500th of the gold needed.* This is an emperor with no clothes, a car running on empty.

Maybe a lot of the liquid-traded gold has gone east. There could be a phase change and all of a sudden the global gold-market is being run from Shanghai. That's the significance.

*Most participants are not allowed to take delivery in their brokerage contracts and are forcibly closed out on expiry if they leave their long/short-interest open too late.

 

[Zangelbert Bingledack]

@cypherdoc

The problem is /u/ydtm referenced a post quoting a bunch of Blockstream fans, not Blockstream reps. It's plain to see that Blockstream's plans rely on constraining blocksize, but that post doesn't make the case.

 

[Zarathustra]

how did i miss this?:

https://np.reddit.com/r/btc/comments/41ccvs/blockstream_ceo_austin_hill_lies_saying_we_had/

 

[Zarathustra]

The flight from crippled Bitcoin ...

https://www.reddit.com/r/btc/comments/42wtsp/hey_miners_did_you_realize_the_flight_from_the/

 

[awemany]

Greg is changing his debate tactics in interesting ways. Do you remember how he was underlining all his valuable contributions in the past? Now, I saw this:

 

[sickpig]

first wip SegWit pull request:

https://github.com/bitcoin/bitcoin/pull/7404

everythings could be said but not that it's a small and simple changeset.