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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Re: [2014-07-24] Video: Peter Schiff: Bitcoin intriguing, but isn't going anywhere
Meanwhile, the CEO of Amagi Metals makes a bet with Peter Schiff on the future price of BTC that bitcoin will outpace gold in the next five years, in relation to how much gold bitcoin can buy. Peter agreed to the bet that will cost the loser 1 bitcoin, assured that the price of bitcoin will eventually plummet. 
https://www.amagimetals.com/info/ceo-of-amagi-metals-makes-a-bet-with-peter-schiff/
I hope Peter is prepared to pay up. That could be quite an expensive bet to lose.
https://www.amagimetals.com/info/ceo-of-amagi-metals-makes-a-bet-with-peter-schiff/
I hope Peter is prepared to pay up. That could be quite an expensive bet to lose.
For those who are too lazy to Google:
http://blogs.wsj.com/digits/2014/04/02/bitcoin-price-to-1-million/
http://blogs.wsj.com/digits/2014/04/02/bitcoin-price-to-1-million/
...we're already overproducing...
made me think of this : http://www.zerohedge.com/news/2014-05-16/where-worlds-unsold-cars-go-die
Quote
As it is, there are more cars than there are people on the planet with an estimated 10 billion roadworthy cars in the world today.
You see, this is exactly what's wrong with inflationary economies. It's never enough.
We have more phones than people, we have more cars than people, we have more TVs than people. And even though there's enough for everyone, they rather let them rot and actively buy up land to park them and let them rust and even recycle them (without them ever being used) than to sell them at reduced prices or (the horror) give them away to people who can't afford them. Or maybe, you know, use the land for something like growing food or something.
And that all while exhausting the planet for the materials to build more and more, even though there is already not only enough for everyone, but too much. The only reason they keep on producing is because if they stop producing, the economy would collapse even further. How can you expect an economy to last if your economy requires you to produce 12 billion cars while there's only 7 billion people, and half of them can't even afford food?
At the same time they stop to build houses even though more and more young adults keep living at home because they can't afford their own houses because of the inflated house prices, just to keep the house prices inflated.
The world has gone mad.
Yep, this is just another case of the fact that we can't have perpetual growth on a planet with finite resources.
The infinite increasing growth and consumption model is the one that has been sold to us because the fiat-money-debt-ponzi on which the global economy has been built on necessitates it.
I predict a crash to $300-$350 in 7 days.
Based on the remarkable similarities in these 2 charts:
Double bottom at $2 in 2011.
Our progress so far in the bottoming process.
Somebody with more visual tools could clarify and present the case. I will have to explain:
2011:
- 3 RED weeks ending with a flashcrash to $4
- 2 GREEN weeks recovery
- 4 RED weeks ending in a flashcrash to $2
- GREEN-RED-GREEN pattern in recovery
- another flashcrash to $2.
2014:
- 4 RED weeks ending with a flashcrash to $400
- 2 GREEN weeks recovery
- 4 RED weeks ending in a flashcrash to $340
- GREEN-2 REDS-GREEN pattern in recovery
- ?
(to be found out in 7 days....
)
Based on the remarkable similarities in these 2 charts:
Double bottom at $2 in 2011.
Our progress so far in the bottoming process.
Somebody with more visual tools could clarify and present the case. I will have to explain:
2011:
- 3 RED weeks ending with a flashcrash to $4
- 2 GREEN weeks recovery
- 4 RED weeks ending in a flashcrash to $2
- GREEN-RED-GREEN pattern in recovery
- another flashcrash to $2.
2014:
- 4 RED weeks ending with a flashcrash to $400
- 2 GREEN weeks recovery
- 4 RED weeks ending in a flashcrash to $340
- GREEN-2 REDS-GREEN pattern in recovery
- ?
(to be found out in 7 days....
)I hope you're prediction is on target, Risto. I have one last large buy to conduct next week and some even cheaper coins would sweeten the pot.
Re: Banker Suicides, Impending Economic Collapse, and Forex Investigations
Was this guy on some insane painkillers or geeked out the wazoo on coke or something? How the hell does one "suicide" himself with seven or eight shots with a nailgun? Just one shot with a nail gun would result in excruciating pain that I doubt he would be physically able to then shoot himself another six or seven more times after that.
I dont want to be hearing about new Coins. Not when Half of my wealth is tied up in Bitcoins and Litecoins.
Alot of other people are in the same boat as me. Bitcoin cant fail because there are to many of us who wont give up on it.
Or cant give up on it lol.
Alot of other people are in the same boat as me. Bitcoin cant fail because there are to many of us who wont give up on it.
Or cant give up on it lol.
Bitcoin has the first-mover advantage that other alts don't have. It would be very difficult for other alts to achieve such a network effect that Bitcoin has already established.
Re: Rumors of Bitcoin's libertarian death have been greatly exaggerated.
In WWII Germany those under the foot of the Nazi government would probably consider themselves libertarians (anti-government) even if they favored taxes, regulations and other government policies.
But as the government becomes worse, we all become libertarian in some way or another.
Yup, anytime a society grants to a special group of people a monopoly on the use of violent power, the psychopaths among the wider population will inevitably be drawn to become a part of that elite power wielding group. As the proportion of psychopaths within this elite group increases, the more deranged and destructive the actions of that group become, and fewer good, well intentioned people will remain in it.
This dynamic is inherently self-reinforcing, inevitable, and unstable. Over the course of time proven in history, it always results in the deaths of thousands and millions of innocent people. Which usually means the destruction of the host society.
Government has become an incredibly foolish scheme in which we grant all the money, all the guns, all the power, AND a monopoly on violent force to a relatively small group of demonstrably fallible human beings.
Our only choice is to never ever grant such power to any group of people.
Before we can progress to a brighter, more prosperous future, humanity must learn to finally and irrevocably turn its back on this destructive fantasy that psychopathic power-crazed control freaks with all the money, guns, and power, will ever be a solution to anything.
With the advancement of technology, communication, and a P2P, decentralized, global, open source, proof of ownership system in Bitcoin, I think we are getting closer to such a realization.
It's not skipping ahead for me either (On iPad). Please let us know about where to FF.
Fast forward to 3:43 where Joe starts talking about Bitcoin.
The fact all those "newbies" can post weird stuff so early makes ignoring them forever is soo much easier.
It's the best feature of this forum by far.
Before discovering Bitcoin, I was very much a gold bug as a means of preserving my wealth knowing the value of my fiat has been devalued around 98% of its value. But due to the fact I'm in the process of living overseas, I've had to reduce my PM holdings and I currently hold more BTC than PMs. It's a much easier way of transporting wealth abroad without alerting any of the "authorities".
I agree with aminorex, the amount of trolling and just plain ignorance in regards to the overall technology of Bitcoin on ZH is mind boggling. Then again, the quality of discussions on ZH has deteriorated over the years. Though the same can be said of here. I don't really concern myself with skeptics given I heard the same kind of skepticism when the internet was in its early stage.
Speaking of which OROBTC, I am a fan of your posts on ZH as DCRB, and I wish you well on your venture south of the equator. Do you happen to know if fonestar is on this forum?
I agree with aminorex, the amount of trolling and just plain ignorance in regards to the overall technology of Bitcoin on ZH is mind boggling. Then again, the quality of discussions on ZH has deteriorated over the years. Though the same can be said of here. I don't really concern myself with skeptics given I heard the same kind of skepticism when the internet was in its early stage.
Speaking of which OROBTC, I am a fan of your posts on ZH as DCRB, and I wish you well on your venture south of the equator. Do you happen to know if fonestar is on this forum?
If you haven't bought any bitcoins at this point, I'd suggest you start buying while they're still cheap and hodl on. Most of us are in it for the long haul. Short-term fluctuations do not bother me. The most important thing is to accumulate as many coins as you possibly can as there is only a fixed number available for everyone in the world.
Are you trolling OP? Unfortunately some have not learned from our past mistakes. The banks have gotten more clever this time around and instead of selling Mortgage Backed Securities to pensions and hedge funds, they're selling it directly to the Federal Reserve. 85 Billion dollars per month, or a little over a trillion a year at 0% interest rates.
When you borrow from the FED for nothing, and charge your cardholder 20%, anyone can make money.
Even if you are only charging 9%, you are stealing them blind with profits relative to cost.
What's a bank with billions of dollars to do? They buy a bunch of useless shit. Drink beer, soda, or energy drinks? JP Morgan and Goldman Sachs have skimmed millions out of the Aluminum market.
http://www.nytimes.com/2013/07/27/opinion/goldman-sachss-aluminum-pile.html?_r=0
If natural laws of economics were in place, banking would be extremely competitive and it would not be very profitable.
But inflation is low, some say. Yes, the official CPI numbers are low, but they are rigged. The price of housing and rent has gone up. The price of petrol, electricity, even the price of printing a dollar is up. Banks can just selectively buy assets and point to the CPI "But look! the CPI is low and inflation isn't hitting it's target"
Ever wonder why rent is sky high while you're unemployed or underemployed and barely able to make payments? Banks are buying up a shitload of houses and rent them out for record profits.
http://business.financialpost.com/2013/04/23/us-rentals/
The median asking rent for US vacant housing units just hit an all time high of $735 per month.
There's no way out. Had the US gov't let the banks fail and endured a fast, hard, deep recession starting in 2008, while there's no guarantee because things were already pretty fucked, there was at least a chance to recover. There is no chance now.
So the system will fail, and do so spectacularly, with more and more insane financial inputs until it just suddenly collapses. In the end, banks will try to suck every last dollar out of anything that moves and we're all along for the ride. Short of a global revolution where we go back to sound economic policies such as abolishing central banking, putting a stop to deficit spending with 0% interest rates, and replace the current system with a resource based economy with Bitcoin as a part of it, shit will only get progressively worse. Actually shit will get worse anyway, but thanks to the help of Satoshi, at least we can at least throw off the shackles of .gov and the banksters.
Utter chaos or controlled crash, I keep coming to the same conclusion over and over. The only difference is the timeframe. The more chaotic the events, the faster we reach the inevitable conclusion. Thus, the most chaotic of outcomes might be 2 years or so. The more controlled may be 20. Reality will likely be somewhere in between.
TL;DR I'm not buying OP's perspective on inflation. Shit will only get progressively worse. SOMETHING will happen at some point to trigger a quick escalation of our already collapsing global economy. The question we're all asking is when, and constantly seeking clues... At least I am.
When you borrow from the FED for nothing, and charge your cardholder 20%, anyone can make money.
Even if you are only charging 9%, you are stealing them blind with profits relative to cost.
What's a bank with billions of dollars to do? They buy a bunch of useless shit. Drink beer, soda, or energy drinks? JP Morgan and Goldman Sachs have skimmed millions out of the Aluminum market.
http://www.nytimes.com/2013/07/27/opinion/goldman-sachss-aluminum-pile.html?_r=0
If natural laws of economics were in place, banking would be extremely competitive and it would not be very profitable.
But inflation is low, some say. Yes, the official CPI numbers are low, but they are rigged. The price of housing and rent has gone up. The price of petrol, electricity, even the price of printing a dollar is up. Banks can just selectively buy assets and point to the CPI "But look! the CPI is low and inflation isn't hitting it's target"
Ever wonder why rent is sky high while you're unemployed or underemployed and barely able to make payments? Banks are buying up a shitload of houses and rent them out for record profits.
http://business.financialpost.com/2013/04/23/us-rentals/
The median asking rent for US vacant housing units just hit an all time high of $735 per month.
There's no way out. Had the US gov't let the banks fail and endured a fast, hard, deep recession starting in 2008, while there's no guarantee because things were already pretty fucked, there was at least a chance to recover. There is no chance now.
So the system will fail, and do so spectacularly, with more and more insane financial inputs until it just suddenly collapses. In the end, banks will try to suck every last dollar out of anything that moves and we're all along for the ride. Short of a global revolution where we go back to sound economic policies such as abolishing central banking, putting a stop to deficit spending with 0% interest rates, and replace the current system with a resource based economy with Bitcoin as a part of it, shit will only get progressively worse. Actually shit will get worse anyway, but thanks to the help of Satoshi, at least we can at least throw off the shackles of .gov and the banksters.
Utter chaos or controlled crash, I keep coming to the same conclusion over and over. The only difference is the timeframe. The more chaotic the events, the faster we reach the inevitable conclusion. Thus, the most chaotic of outcomes might be 2 years or so. The more controlled may be 20. Reality will likely be somewhere in between.
TL;DR I'm not buying OP's perspective on inflation. Shit will only get progressively worse. SOMETHING will happen at some point to trigger a quick escalation of our already collapsing global economy. The question we're all asking is when, and constantly seeking clues... At least I am.
Re: Harvard Economist says your money isnt safe in the bank, withdraws $1 Million
Why would one put that much money in one bank account? The bank doesn't have your money. The instant you "deposited" your money, the bank uses it as reserve for leveraging up lending. It isn't there in the bank. Your bank account is a loan to the bank, it's simply accounting entries in their books. It records how much they owe you... Not how much you have.