Anyone Going To The Bitcoin Conference Next Weekend In Bsas?

[sesamosinsal]

I wonder just how long before people finally wake up. The writing's on the wall, Cristina has shown her cards, she's going to totally decimate the currency, more inflation, more printing, more dollar controls...we're sitting in BITCOIN ground zero.

And Cristina isn't the only one. Money printing is not unique to Argentina. It's happening almost everywhere.

Looker closer.. That isn't the blue dollar rate.

I'm not one of those doomsday, arm-chair economists, but this will not end well.

 

[sesamosinsal]

I should note that I know the difference between the monetary base and money stock. One reason that all of this money printing hasn't so much of an effect on the US domestic economy (can't say that for the rest of the world) is because most of the monetary base consists of excess reserves at the Fed. The point of showing the chart of the US Monetary Base is to show that policymakers in the U.S. are just as willing to do what the Kirchner administration is doing -- and they're probably jealous, in fact.

Bernanke: "Inflation at 25%?! Dang, I just want it to be 2.5%!"

 

[notebook.fix]

Ejcot, with the most respect & with no hostility or sarcasm whatsoever, I have to agree with el_expatriado..when you look at the figures...you can't argue , at least on this aspect..so far, bitcoin has paid off handsomely for the believer$. The question could be, when looking at bigcoin & judging it, from what psychological space are we coming from? I applaud anyone who's skeptical & cautious, it's a sign of good discipline & emotional control...but to miss out on an opportunity that has an overwhelmingly sound record so far..is that prejudice without merits? Living in an information saturated world has it's costs...can it lead to fatigue, a fatigue that prevents us from seeing a real opportunity when it shows up under our noses? I think if we factor in all the major world events of the last 10 years, we may be prone to 'info overload' and overlook genuine new trends. Is our firewall set too high on the paranoid scale? Against the backdrop of the 2008 financial meltdown..the can that got kicked down the road may be coming back to bite...maybe China's 'currency float' noises are a sign that crypto currencies like bitcoin are not just a mere coincidence or an opportunistic scam...but an essential next step in the evolution of things.


EDIT: Bradley's chart above is a very sobering graphic...this is my point here. Are we in at tipping point yet? And if we are,,,where do we safely store value?
In the traditional stock market? In Cristina land? 'Virtual' gold? I'd say bitcoin merits a reasonable percentage in anyone's portfolio.

 

[ElQueso]

I'd buy gold or other precious metals before I bought bitcoins at this point, in order to store value.

I'm actually a bitcoins fan, not because I believe that they are a solution to storing value, but because I believe it (and other crypto-currencies uncontrolled by governments) is a step in breaking the world's governments' control over the people who inhabit the world.

Remember bubbles. Often they are caused by government's meddling in an economy, but that's not the only source of bubbles - speculators can cause them all by themselves. As someone had mentioned previously, remember the Tulip Mania of the 1600s: http://en.wikipedia....ki/Tulip_mania.

However, Argentina is very quickly becoming a place where bitcoins may indeed have some use, at least in the short-term. The problem always becomes the "storing of value" aspect. If you are a broker of bitcoins (I know some guys who have tried to get me in on this, but I'm hesitant to take a lot of risk because I ain't rich) I could see making money in it as long as you are not holding a large amount of bitcoins if/when it goes south and the bubble bursts. I could see making money in bitcoins if you simply buy and then sell at the correct point.

But remember all those people that bought real estate around the world, as they watched the bubble rising, those who sold made good money and those who bought in too late or left their money in too long had trouble, particularly if they over-extended themselves to buy the property in the first place. But at least with property, if you can hang on to it long enough, you can usually recoup your losses eventually.

Bitcoins themselves have no real intrinsic value. I don't see a way to actually store value with bitcoins, but it may be a good way to exchange values at the moment (i.e., get cash down here, but most likely in pesos), if you can find enough interest going both ways. I've heard of places opening up here that buy and sell bitcoins, and the scheme one of my friends was trying to get me involved in had to do with bitcoin ATMs...

I could be wrong about my outlook on that. Indeed, I've often thought that may be why I am NOT actually rich - I abhor financial risks. I think it's too much a matter of luck to get in and get out at the right times.

 

[scotttswan]

Just keep laughing at all of us who believe in bitcoin... meanwhile its gone from $13 to $800 this year.

I'll keep laughing all the way to the bank.

Great i hope you've managed to sell them and actually get money out of the exchanges. If so congrats on riding the bubble before it crashes. :lol:

People should investigate some of the major players in the bitcoin economy (and the people presenting stuff at this conference) There's a whole bunch of shady and hilarious incompetence going on there. These are the people who are the bitcoin fed :lol:

 

[scotttswan]

as for buying metals...

 

[ElQueso]

The thing about metals is that they have an intrinsic value, and probably always will. The bubbles that happen in those markets are related to investment bubbles that distort the value of the metal to the given currency. If you are using them to invest, maybe problematical. If you are using them to store intrinsic value in the face of possible currency collapses...those charts would look completely different at that point.

Metals (at least in hand, not certificates) are like easily portable real estate in the face of a currency that has little or no value, particularly in a world full of collapsed economies.

 

[sesamosinsal]

Ejcot, do tell us what happened on "Silver Thursday."

 

[scotttswan]

Ejcot, do tell us what happened on "Silver Thursday."

http://en.wikipedia.org/wiki/Silver_Thursday

pretty much covers it.

can't keep a "good" man down though....
http://www.bloomberg.com/news/2013-03-28/hunt-becomes-billionaire-on-bakken-oil-after-bankruptcy.html

some bitcoin hilarity
http://www.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/

750,000$ into 250,000$ in a couple of days. Bitcoin! :lol:

 

[ajoknoblauch]

Great i hope you've managed to sell them and actually get money out of the exchanges. If so congrats on riding the bubble before it crashes. :lol:

People should investigate some of the major players in the bitcoin economy (and the people presenting stuff at this conference) There's a whole bunch of shady and hilarious incompetence going on there. These are the people who are the bitcoin fed :lol:

The Bitburbuja is just the latest in Ponzi schemes.