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Thread: COIN (new ETF) adds to the tension between bitcoin and gold

  1. #11
    Moderator madfranks's Avatar
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by Horn View Post
    Who is this we?
    I don't know, the same "we" you brought up first:

    Quote Originally Posted by Horn View Post
    We have an infinite number of Litecoin (and other alt. knockoffs) for that.
    Quote Originally Posted by Horn View Post
    And show me these supposed "infinite amounts" of what are finite materials in our reach.
    In the same way that the air we breathe, the leaves on the trees, and the sand on the shore is in such abundant supply that everyone can have as much as he wants at no cost. But yes, technically, the earth does have a finite supply of material, so does the solar system, and so does the whole universe.

    Quote Originally Posted by Horn View Post
    You are a boy in a bubble.
    To the contrary, I'm actually open to new ideas and innovations.
    "Liberty is so creative, and the government is so stupid, that I’m very optimistic about the future"
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    .999 Unobtanium Horn's Avatar
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by madfranks View Post
    I don't know, the same "we" you brought up first
    Your's is an imaginary we, Flash... as there isn't an infinite supply that is as easily divisible/accessible.

    Cease from hurling your body out of your bubble and into the void, before knowing the true nature of the universe.


  3. #13
    Unobtanium palani's Avatar
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    An empty semi-trailer being towed is sometimes referred to as a full load of post holes ; i.e., nothing.

    When purchasing a depleted gold mine what the new owner is getting is described as 'the shaft'.

    Reality is detected by sight, taste, feel, hearing, or smell. None of these attributes attach to bitcoins.

    Imagination is not used to detect reality. Things that are imagined are [in addition to others]
    1. the Tooth Fairy
    2. the State (any State)
    3. snakes on the wall (aka D.T.s)
    4. the i plane (mathematics)
    5. ownership
    6. trusts
    7. bitcoins
    Make me one with everything.
    -- Zen Master to the hot dog vendor

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    Electrum
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by palani View Post
    Imagination is not used to detect reality. Things that are imagined are [in addition to others]
    1. the Tooth Fairy
    2. the State (any State)
    3. snakes on the wall (aka D.T.s)
    4. the i plane (mathematics)
    5. ownership
    6. trusts
    7. bitcoins
    I get paid in "dollars" by direct deposit to my bank, and I spend most of them by ACH (bill-pay) transactions, or by credit card transactions which I pay of by ACH. So add "dollars" to that list.

    You may define the state as imaginary, but if you ignore it (e.g. disregard its laws) it will bite you and cause real pain. Or is pain imaginary too? Maybe Plato or the Matrix is right and everything is imaginary.

    One big disadvantage of bitcoin is that arguments against it tend to get very silly. And sadly I seem incapable of ignoring silly arguments. My weakness.

  5. #15
    Unobtanium palani's Avatar
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by KenJackson View Post
    add "dollars" to that list
    The entire list of things imaginary is unlimited.

    Quote Originally Posted by KenJackson View Post
    You may define the state as imaginary, but if you ignore it (e.g. disregard its laws) it will bite you and cause real pain.
    The State can cause no pain because it doesn't exist. Things that don't exist are incapable of causing damage.

    Quote Originally Posted by KenJackson View Post
    I seem incapable of ignoring silly arguments.
    If you detect argument then add this perception to the list of imaginary things. Reason is to reality as argument is to fiction.
    Make me one with everything.
    -- Zen Master to the hot dog vendor

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    Electrum
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by madfranks View Post
    Gold's inherent divisibility is part of what makes it such a good money.
    Exactly.

    Quote Originally Posted by Horn View Post
    You'll have to do better than adding one more zero, in Bitcoin's case add 8.
    You're building a case against gold. Money must be divisible. It's a strength of bitcoin that it's so readily divisible. But if the value of gold rises so high that it's impractical to divide it to reasonably valued sizes, that's a weakness of gold.


    There's one more point in bitcoin's favor at least worth a mention. I understand some companies are already actively exploring the possibility of mining asteroids for minerals. I don't know if they expect asteroids to have any gold, but why not? If they're able to mine other elements profitably, imagine how profitable gold would be. That would make gold no longer limited.

    But bitcoin will always be limited by design. In fact, as individual bitcoins are "lost", the total possible supply drops further below the theoretical maximum, making each remaining coin more valuable. That's something unlikely to ever happen with gold.

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    madfranks (9th July 2014)

  8. #17
    .999 Unobtanium Horn's Avatar
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by KenJackson View Post
    But if the value of gold rises so high that it's impractical to divide it to reasonably valued sizes, that's a weakness of gold.
    This is the strength of Silver.

    The only weakness of Precious metals is gold held by banks, and the weak hands that allow it to slip into them. Inflation and deflation held in check by its resistance to divisibility, and the crust of the Earth.

    Both requiring a bit more than people simply agreeing with each other whether to touch, or not. Silver is the monetary sweet spot as has been discussed many times. And why nobody is permitted to use it as such by the lords in England.

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    Unobtanium EE_'s Avatar
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by KenJackson View Post
    But bitcoin will always be limited by design. In fact, as individual bitcoins are "lost", the total possible supply drops further below the theoretical maximum, making each remaining coin more valuable. That's something unlikely to ever happen with gold.
    I'll add the same for gold. As gold is lost to the bankers hoard, the supply drops. If it weren't for price suppression, gold would be valued much higher and soon one day might be.

    I can't argue there is opportunity to make money on bitcoin, however, I believe the best quality of bitcoin is anonymity. This is what I've projected bitcoin to lose all along, and it will if it hasn't already. And now that the bankers will control the digital market with 'coin' You can take that to the bank...along with the taxes you will owe and their control over you.
    Everything you do will be tracked and the profit carrot that is dangled in front of you will usher it in.
    Why do you think there's never been a stink made by the US government about bitcoin...they've been in on it all along.
    Far as I know cash and gold are still anonymous.

    Like my sig "If you like your bankers, you can keep your bankers, just buy bitcoin!"
    DON'T TAKE THE VACCINE!

    THE SHIT HAS HIT THE FAN!

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    Unobtanium osoab's Avatar
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by madfranks View Post
    But each fraction is still worth just a fraction. You can't take two halves of a gold ounce and declare each half to have the value of the full ounce. Same with bitcoins. There is no inflation simply because you can divide into fractions.


    Two halves have more "value" combined in the current retail market.
    “Democracy is also a form of worship. It is the worship of Jackals by Jackasses. It is the theory that the common people know what they want, and deserve to get it good and hard.”
    H.L. Mencken

    "The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary."
    H. L. Mencken

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  12. #20
    .999 Unobtanium Horn's Avatar
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    Re: COIN (new ETF) adds to the tension between bitcoin and gold

    Quote Originally Posted by osoab View Post
    Two halves have more "value" combined in the current retail market.
    Einstein genius level physician of Precious Metals.

    This unseen resistance should have a proper nomenclature possibly along the lines of biological cell division.

    Precious metal has more inherent cellular value than a single celled organism in Bitcoin amoeba.

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