Why Bitcoin is doomed.

redzi

redzi

Well-Known Member
There are basically two groups in our economy. Those that produce and those that "administrate" or like the weasels in Washington like to put it..."serve their community". If the producers choose to circumvent the government by barter the govt. will only tolerate it if it makes up only a small portion of total output. The more successful Bitcoin becomes the more likely it will end up just like those Iranian nuclear centrifuges.
My guess is that the virus Stuxnet is a far more complicated virus than what would be needed to erase a cyber balance sheet. As long as bitcoin trades below levels that our govt. doesn't feel cheated there probably is nothing to worry about. Our govt. can piss away a billion dollars here or way over there, so what's a few hundred million to worry about (as long as the old coots on 60 minutes don't start harping about it). I don't know where the govt. has drawn the line...but as for me it is somewhere around $95.
 
NewtoMJ

NewtoMJ

Well-Known Member
redzi said:
There are basically two groups in our economy. Those that produce and those that "administrate" or like the weasels in Washington like to put it..."serve their community". If the producers choose to circumvent the government by barter the govt. will only tolerate it if it makes up only a small portion of total output. The more successful Bitcoin becomes the more likely it will end up just like those Iranian nuclear centrifuges.
My guess is that the virus Stuxnet is a far more complicated virus than what would be needed to erase a cyber balance sheet. As long as bitcoin trades below levels that our govt. doesn't feel cheated there probably is nothing to worry about. Our govt. can piss away a billion dollars here or way over there, so what's a few hundred million to worry about (as long as the old coots on 60 minutes don't start harping about it). I don't know where the govt. has drawn the line...but as for me it is somewhere around $95.
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I think bitcoins are worth around $230 right now. Are you saying you don't think them worth more than 95, or 95 is the threshold that will cause the govt to step in?
 
Harrekin

Harrekin

Well-Known Member
NewtoMJ said:
I think bitcoins are worth around $230 right now. Are you saying you don't think them worth more than 95, or 95 is the threshold that will cause the govt to step in?
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They were a thousand dollars moar than that each before.
 
Harrekin

Harrekin

Well-Known Member
heckler73 said:
Kind of like precious metals, which are imaginary money, too.
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Gold, maybe.

Silver as a usable commodity can only go up, it's crucial for all electronic devices and isn't economical to recycle from electronics until the price hits around $250 an ounce.

Well, unless we start space mining and find huge silver asteroids.
 
heckler73

heckler73

Well-Known Member
Harrekin said:
Gold, maybe.

Silver as a usable commodity can only go up, it's crucial for all electronic devices and isn't economical to recycle from electronics until the price hits around $250 an ounce.

Well, unless we start space mining and find huge silver asteroids.
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It's still imaginary according to the reeking fuzzball.
Note how its use has changed over the years (assuming the data is acceptable). The use in electronics is going down. Not quite as "critical" as you suspect.

 
Harrekin

Harrekin

Well-Known Member
heckler73 said:
It's still imaginary according to the reeking fuzzball.
Note how its use has changed over the years (assuming the data is acceptable). The use in electronics is going down. Not quite as "critical" as you suspect.

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Your chart shows electronic consumption at a consistent 800 mill oz per annum...?
 
heckler73

heckler73

Well-Known Member
Harrekin said:
Your chart shows electronic consumption at a consistent 800 mill oz per annum...?
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No...it is an aggregated chart.
That ~200Mn Ozt. band is all that is used in electronics.
Coins & Bars use more. I'm actually curious about that " other industrial" category.
Just after 2003 it blew open.
 
sunny747

sunny747

Well-Known Member
Harrekin said:
Gold, maybe.

Silver as a usable commodity can only go up, it's crucial for all electronic devices and isn't economical to recycle from electronics until the price hits around $250 an ounce.

Well, unless we start space mining and find huge silver asteroids.
Click to expand...
Interesting story. We all know that the Federal Reserve and Central Banks manipulate currencies and commodities.
A few years ago I was trading commodities. The guys in my group were smart and they figured out that JP Morgan who issues the Silver ETF SLV had issued something to the tune of 50 times more silver than is actually on earth. As the rumor spread and silver rose with the declining dollar people began to smell a short squeeze. Silver went Ape Shit. With each passing day JPM shit their pants a little more and faced MASSIVE losses if they had to cover their position. If they did cover silver would likely have gone to $300 per ounce in my estimation. They were just days away from complete disaster.

SO rather than let the free markets reign and let the smart investors collect their fortunes over JPM's mistake the exchange raised margin requirements on silver THREE days in a row. This forces people to sell some of their holdings in turn holding down the price. Then on Sunday night when nobody but a few clerks are around watching the screens someone came in and crushed Silver prices from around $50 to around $28. It happened in a few sweeps of the screen. This was basically a fed bailout of JPM. The silver run was over, investors lost tens of millions and JPM lived to scam another day.

In my 15 years as a professional trader I learned that the entire system is rigged and manipulated to benefit the few. They say if you're sitting at the poker table and don't know who the fish is then you are the fish.

What does this have to do with bitcoin? Well we saw what happened to Sadam and Ghadaffi when they suggested trading Oil for gold rather than dollars. As soon as the powers that be feel threatened they make up some story about you and take you out. Yes, they'll let bitcoin hang out as long as it doesn't become too powerful. They'll likely use it as a case study in preparation for issuing their own digital currency.

As for silver, it will go where the bankers want it to go. They have full spectrum dominance over every market since the last crash. The key is to know where they want it to go then bet with them.
 
UncleBuck

UncleBuck

Well-Known Member
sunny747 said:
Interesting story. We all know that the Federal Reserve and Central Banks manipulate currencies and commodities.
A few years ago I was trading commodities. The guys in my group were smart and they figured out that JP Morgan who issues the Silver ETF SLV had issued something to the tune of 50 times more silver than is actually on earth. As the rumor spread and silver rose with the declining dollar people began to smell a short squeeze. Silver went Ape Shit. With each passing day JPM shit their pants a little more and faced MASSIVE losses if they had to cover their position. If they did cover silver would likely have gone to $300 per ounce in my estimation. They were just days away from complete disaster.

SO rather than let the free markets reign and let the smart investors collect their fortunes over JPM's mistake the exchange raised margin requirements on silver THREE days in a row. This forces people to sell some of their holdings in turn holding down the price. Then on Sunday night when nobody but a few clerks are around watching the screens someone came in and crushed Silver prices from around $50 to around $28. It happened in a few sweeps of the screen. This was basically a fed bailout of JPM. The silver run was over, investors lost tens of millions and JPM lived to scam another day.

In my 15 years as a professional trader I learned that the entire system is rigged and manipulated to benefit the few. They say if you're sitting at the poker table and don't know who the fish is then you are the fish.

What does this have to do with bitcoin? Well we saw what happened to Sadam and Ghadaffi when they suggested trading Oil for gold rather than dollars. As soon as the powers that be feel threatened they make up some story about you and take you out. Yes, they'll let bitcoin hang out as long as it doesn't become too powerful. They'll likely use it as a case study in preparation for issuing their own digital currency.

As for silver, it will go where the bankers want it to go. They have full spectrum dominance over every market since the last crash. The key is to know where they want it to go then bet with them.
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fucking jews.
 
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