Gold collapsing. Bitcoin UP.

cypherdoc

Well-Known Member
Aug 26, 2015
5,257
12,994
@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:

 

albin

Active Member
Nov 8, 2015
931
4,008
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.
 

cypherdoc

Well-Known Member
Aug 26, 2015
5,257
12,994
funny thing is, i've never been banned once from r/bitcoin-North Korea.
 
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cypherdoc

Well-Known Member
Aug 26, 2015
5,257
12,994
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]
 

solex

Moderator
Staff member
Aug 22, 2015
1,558
4,693
@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.
 
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