Gold collapsing. Bitcoin UP.

[albin]

Jeeezus, wtf is up w/ the CNY exchanges?

 

[Melbustus]

...
I never understod that the price of bitcoin should be inversely corolated with the price of gold. But I really like it!
...

That's the key investment thesis for many of us - that bitcoin partly (or eventually: completely) replaces gold; eg, that in the longrun, they're substitutes, not compliments.

My short thread specifically on the topic from 2012: https://bitcointalk.org/index.php?topic=100065.0

The beginning of Cypher's monster, starting in 2011: https://bitcointalk.org/index.php?topic=35956.msg443129#msg443129

Solid talk by Wences on the matter from 2014:

Sidenote: perusing the old threads...good memories. Reading any bitcoin-related forum these days...bad vibes. :/

 

[Richy_T]

@solex

Sketchy penis enlargement pills tend to have the same active ingredient (although I can't speak to the purity and/or dosage).

That would be really funny if dudes who thought they had a small penis end up accidentally living longer as a result!

"We said it would be longer. We didn't say in which dimension"
[doublepost=1464410679][/doublepost]

That's the key investment thesis for many of us - that bitcoin partly (or eventually: completely) replaces gold; eg, that in the longrun, they're substitutes, not compliments.

Gold has one advantage. That it can be used when the internet is down.

Which is another thing that gives me the sads. I though ubiquitous Bitcoin adoption would lead us to improve and decentralize the internet and push for mesh-network type solutions. Guess that's on hold as well now :/

 

[Melbustus]

@Richy_T - "Gold has one advantage. That it can be used when the internet is down."

Yes - noted in my 2012 comments. Though I'll add that insuring one's self against a world that has lost the internet, but where monetary exchange still happens between different groups of people (which is what gold does best), is targeting a really thin slice of the long tail of possible events. I'd argue odds are pretty good that if civilization loses the internet, what you'll want more than anything are guns and food. Maybe there'd be some stable period at some point after that where gold becomes useful once more, but again...thin slice.

Essentially, while there's *some* (complimentary relative to Bitcoin) value due to gold's physicality, I think people vastly over-value that "feature". It's mostly just a bug.

 

[Richy_T]

My point was more that if Bitcoin became useful enough, we would likely work to remove that as an issue.

When the first cars were rolled out, there were mostly dirt roads and no gas stations. It was made to happen because it was needed. What we've ended up with is the engine regulated down to 2mph because the wheels can't take the bumps.

 

[cypherdoc]

BFX clears $500!
[doublepost=1464415388][/doublepost]

That's the key investment thesis for many of us - that bitcoin partly (or eventually: completely) replaces gold; eg, that in the longrun, they're substitutes, not compliments.

My short thread specifically on the topic from 2012: https://bitcointalk.org/index.php?topic=100065.0

The beginning of Cypher's monster, starting in 2011: https://bitcointalk.org/index.php?topic=35956.msg443129#msg443129

Solid talk by Wences on the matter from 2014:

Sidenote: perusing the old threads...good memories. Reading any bitcoin-related forum these days...bad vibes. :/

thx for the walk down memory lane.

the red arrow at the top left of this chart was the week of 8/9/11 when that Gold: I Smell a Trap thread started. gold topped 3 wks later and you can see what followed. man, what a journey!:

[doublepost=1464415576][/doublepost]continuing the plunge:

[doublepost=1464415701,1464415071][/doublepost]

Jeeezus, wtf is up w/ the CNY exchanges?

it's called, "dragging them all along kicking and screaming".
[doublepost=1464415932][/doublepost]

@albin - No, early summer 2012. $400 was the new $4.

I was less annoyed 100x ago, though.

great analogy on time frames. i was thinking exactly this over the last several days. we were stuck around $4-5 for what seemed like an eternity (just a few months) after we had dug ourselves of the bottom of $1.98 in Nov 2011. we developed an ascending triangle primarily out of the Chinese charts (unlike the recent large bull flag). China, once again, led the breakout at that time and the rest is history.
[doublepost=1464416087][/doublepost]oh_my_gaud :

 

[Eris]

@cliff
I think a conspiracy theory is usually just about a large organization having a secret agenda. And they usually do, lol!

To "conspire" literally means to "breathe together" - to act as one. It describes a situation where several people come together in secret in order to form an agreement on how to further their interest. In this sense the meeting of a board of directors of a private company is a conspiracy. The official theory of how 9/11 happened is a conspiracy theory - a theory about a conspiracy of muslim extremists hijacking planes and flying them into buildings. The label "conspiracy theory" has become as toxic as the label "communist" once has - it can be used as a blanket dismissal of any and all ideas grouped therein and the level of discourse surrounding topics infected by it tends to be abysmal. We have been trained to defer to authority and the "official" and it even goes so far that peer pressure is acting against alternative theories and skeptical questioning.

I am wholly opposed to this and proudly support our right to explore conspiracy theories! Powerful people coming together behind closed doors to advance their agenda is nothing crackpot or nutjob but completely in line with human nature and behavior. Conspiracies happen all the time, if you don't agree with that may I present to you the https://en.wikipedia.org/wiki/List_of_Roman_emperors ? Just check out their usual cause of death It's just that most conspiracies fail before they can have any sort of effect.

So yeah blockstream guys being bought out by some agencies turned loose on bitcoin in order to undermine/coopt/destroy it is quite possible and the possibility should be entertained with an open and critical mind.

 

[cypherdoc]

hey is that you, @Eris Discordia from the old thread?

 

[Eris]

yep, who else? I usually don't have too much to add to the debate but mention conspiracies and here I am

 

[cypherdoc]

Welcome @Eris!

 

[Eris]

@cypherdoc thanks! And thank you once again for providing the meeting place for some of the brightest minds in the bitcoin-sphere. I might have gained more insight into btc from your Gold collapsing thread than from any other place

 

[cypherdoc]

might?

 

[freetrader]

Someone please post a bitcoin cat video to /r/bitcoin

I bet you could make a decent mix out of videos of cats using computers and the MtGox collapse.

 

[Zarathustra]

@Richy_T - "Gold has one advantage. That it can be used when the internet is down."

Yes - noted in my 2012 comments. Though I'll add that insuring one's self against a world that has lost the internet, but where monetary exchange still happens between different groups of people (which is what gold does best), is targeting a really thin slice of the long tail of possible events. I'd argue odds are pretty good that if civilization loses the internet, what you'll want more than anything are guns and food. Maybe there'd be some stable period at some point after that where gold becomes useful once more, but again...thin slice.

Essentially, while there's *some* (complimentary relative to Bitcoin) value due to gold's physicality, I think people vastly over-value that "feature". It's mostly just a bug.

When civilization loses the internet, it loses electricity at the same time. When civilization loses electricity, it won't be able to maintain the nuclear power plants and radioactivity will rule the planet.
In other words: Game over.

Down to the very last breath
Bartender what is wrong with me
Why am I so out of breath
The captain said excuse me ma'am
This species has amused itself to death
Amused itself to death
Amused itself to death
We watched the tragedy unfold
We did as we were told
We bought and sold
It was the greatest show on earth
But then it was over
We ohhed and aahed
We drove our racing cars
We ate our last few jars of caviar
And somewhere out there in the stars
A keen-eyed look-out
Spied a flickering light
Our last hurrah
And when they found our shadows
Grouped around the TV sets
They ran down every lead
They repeated every test
They checked out all the data on their lists
And then the alien anthropologists
Admitted they were still perplexed
But on eliminating every other reason
For our sad demise
They logged the explanation left
This species has amused itself to death
No tears to cry no feelings left
This species has amused itself to death

 

[Zarathustra]

We knew it, but now it's official: Goxxed fools at the core of The Kore Gang.
Blockstream collapsing - Bitcoin Up.

 

[Inca]

Time to not check the price for two weeks.

 

[satoshis_sockpuppet]

"We said it would be longer. We didn't say in which dimension"

Haha

Hm. Greg lost about 1000 Bitcoin on Gox. But according to himself it's no biggie.

 

[satoshis_sockpuppet]

ROFL This is fucking great. The security experts who jumped on Gavin for trusting Craig Wright lost much more than a million dollars combined on Mt Gox:

Maxwell Gregory Fulton BTC 928.9681276
Friedenbach Mark BTC 201.84083713
Wuille Pieter BTC 59.83550937
Dashjr Luke BTC 446.12247936

Always with a special place in my heart and he surely paid the most for his coins as a late adopter:
Back Adam BTC 108.45520181

 

[Erdogan]

They should create a new gox and claw back some of it. I'm sure it has been on their minds.

 

[lunar]

@satoshis_sockpuppet

let me guess.... how much did Gavin Mike and Jeff loose?


..... The cynic in me is imagining a meeting with all the core devs who lost money in empty gox.

Annon 1 ... Shit just lost everything, what are we going to do?

Annon 2 .... I know lets hamstring the price by cockblocking the network and get paid to build off-chain features. That way we have enough time to buy back everything we lost.

Annon 3.. Brilliant thinking, we should call it a settlement layer and use our extreme consensus.

Annon4... Don't forget my Dial up connection.