Author: gsbtc

6/2/12 Bitcoin Flash Crash A Whisper Time

And then there was $130, for a short time. With Bitcoin heading to $136 recently, the early morning hours of Sunday saw what could be considered a flash crash of sorts. Read More

Rebuilding The Case For Silver

Silver got to $50. So what?

I wrote after the price collapse on MayDay 2011 an article I entitled “The Sorrow of the 49er.” It looked into those who had come into the silver story, as we all know now, late. The price tumbled, and many middle classers were left underwater.

Oftentimes, these individuals never had a chance to consult anyone other than a shop owner, who had no problem moving product. Read More

Crisis Time? Dollars’ Worst Drop In Nearly 2 Years

The conversation is swelling across the globe: once again, it’s crisis time.

The dollar is suffering its biggest 2-day drop in 19 months. But, Reuters says it’s cool, uptrend intact.

State-controlled Press TV, on the other hand, says the dollar is over.

Japan, the dollar, Syria, Russia…

…Peace in Baghdad, Afghanistan, Lybia?

…We know Japan’s bond market is doing poorly, but how about the radiation. They cool with that?

CNN reports this morning that despite Japan’s jitters, US stocks have not been shaken. No word on Fukushima.

But, the US dollar and precious metals prices certainly have been shaken.  Bitcoin is right there alongside precious metals, although it seemed a little bit more clever to the panic, sliding upwards over the previous three sessions.

Gold shorts are essentially at the same peak low as in 2009, before gold ran from $900-$1920 scantily pausing for a break. From $1300? One could easily suspect that $1,600 is right around the corner.

$46 silver doesn’t seem that unlikely should go do that.

Check out the gold shorts, denoted by the green line for this exercise:

Timeframe: 5 minute | hourly | daily | weekly

Off 10% from its peak, Japan’s Nikkei has not proven sustainable. Thirty years into a depression, Japan has lived up to its expectations, which have been low.

On this day, despite a yawn from the US stock market, precious metals and the US dollar told the story.

From state-controlled media such as Reuters to Press TV, two very different pictures of the future of the dollar were outlined. Press TV foresaw the end of the dollar.

In the former, Reuters contended that, despite the drop in the USD index of about 2%, the USD uptrend remained intact.

The dollar was down across all indexes, for people are extricating themselves of “positions across the board.” Investors are getting out of the USD; they are getting out of the stock market; they are getting out fiat currencies in general.

And, if you believe at all in supply-and-demand, the action of gold silver, platinum and palladium over the past decade – and by doing so, you’re really just looking at the action of humans – you’ll see that there is buying support.

Bitcoin, since 2009, has been even more dramatic. There is no doubt that, if the protocol and its protections prove invincible, then demand will be stalwart.

Even though short positions in yen increasing, and dollar longs also increasing, the dollar could not find its footing.

The dollar lost 1.3 percent against the yen to trade at 101.08 yen. Against the Swiss franc, the dollar slid 1.5 percent to 0.9619 franc.

Even through a picket fence, one can see the other side. And from behind the blinder of economy, we peer through and see what’s there: gold, silver and bitcoin.

The pops today in gold and silver were familiar. It was the sort of evening and morning which younger gold and silver bugs used to stay up all night/wake up early for. This pop of last night and today carried an excitement reserved as of late for Bitcoiners.

The inverse story of today is also familiar: one in which the US Dollar has traded down. This is the true root of the rise in the metals on this day. The dollar will trade up again, but over time as minds are released from the play of domination and subjugation, the USD will serve no purpose, and never trade again.

And then, things will be different.


US Media Blackout of Canadian FinTrac Ruling

Last week the Bitcoin world was surprised to learn that Canada’s FinTrac would not hold Bitcoin exchanges to the strict Anti-Money Laundering and Know Your Customer regulations of the financial industry. Read More

JP Morgan Rollbacks Metals Forecast

This just in.

Analysts at JP Morgan on Cazenove on Tuesday revised down the price forecasts for most metals, including cutting the outlook for gold in 2013 to $1,595 an ounce from $1,745 previously expected.

They didn’t note what could possibly be undermining a logical metals reaction to incessant quantitative easing. Read More

Liberty Reserve Shut Down By US, Spanish Authorities & Owners Arrested

On the day after Memorial Day, US authorities indicated that they had shut down a Costa-Rica based money transfer company Liberty Reserve which they claimed aided cyber criminals the world over launder $6 billion in illicit funds using a digital currency that was not Bitcoin. Read More

Chinese, European Union Solar Panel Talks Break Down, Silver Still Slumping

European Union and Chinese trade negotiations fell throw on Monday. China called upon the European Union to cease the imposition of tariffs on solar panels, and the European trade comissioner complained that China was forcing individual countries to ensure that no consensus was reached. Read More

The Protocol Loads The Gun, The Environment Pulls The Trigger: Bitcoin, An Evolution

The idea of crypto-currencies goes beyond the life of Bitcoin, for there are many sorts of similarly decentralized currencies born, in vitro or not even a sparkle in its founders’ eyes. Where one crypto-currency ends and another begins will prove to not be so clear. Read More

North American Union Shattered: Canada Goes Laissez Faire On Bitcoin, US Goes Draconian

With Canada’s letter from their Financial Transactions and Reports Analysis Centre (FINTRAC), we see a play of two paths by the North American powers. The paths are betokening of how dynamic, new and spontaneous Bitcoin and decentralized virtual currencies are. Read More

Bitcoin Beyond Money: Peer-to-Peer’s New Paradigm

In the past year, discussion of Bitcoin as a currency or money has overtaken an earlier paradigm in which Bitcoin began to be interpreted as beyond money and currency. Like many argue that the US Constitution was written in an earlier time, say “before automatic weapons” or “equality,” and thus making it irrelevant, many individuals have noted the ways in which Bitcoin is actually a part of a paradigm outside the purview of money and currency. While containing most, if not all, of the characteristics of Aristotelian money, it also portrays Platonic interpretations of what money is, such as that the value of currency should independent from the material with which money was made. Thus, Bitcoin is both conservative and progressive all at the same time. Read More

Misplayed Game: How Governments Have Failed To Regulate Bitcoin

In March of 2013, Bitcoin entered into a third phase of its evolution. Whereas the first two represent creation (2009) and popular acceptance, the third began as FinCen published a guide on how virtual currencies such as Bitcoin would be managed by the US government (and thus, by extension, all governments under the thumb of anglo-americanism worldwide).  In the wake, government agencies began cracking down on exchanges and wallets such as Mt. Gox and Dwolla. Read More

Big Banks: The New Morality Police

In the US, financial institutions are acting as morality police, rejecting individuals from acquiring bank accounts due to the nature of their careers.

This naturally leaves them little choice, and will likely lead many individuals to grow open-minded towards alternative currencies such as Bitcoin, gold and silver. Read More

Europe, US Leaders Target Money Laundering

Money laundering has world leaders acting jittery. With US authorities going after Mt. Gox and Dwolla in a rather sloppy way, and Europe meeting in order to create information exchanges between nations, the clampdown on personal finance continues. Read More

PayPal, Facebook & Bilderberg Heavyweight Peter Thiel Enters Bitcoin Space

[heading]Peter Thiel Enters Into Bitcoin Space[/heading]

BitPay has announced a capital raise of $2 million led by Peter Thiel’s Founder’s Fund. Max Keiser’s Heisenberg Capital was also a part of the capital raise.  Thiel, through Valar Ventures, also invested $6 million into Transferwire, a p2p online exchange around the same time.

What this betokens is the future of Bitcoin. This will be a future in which Mt. Gox and all the other usual suspects are no longer the main players of Bitcoin. This torch will be passed onto major transnational corporations whom already have Money Transmission Licenses and, in most cases, are operating in the US or were at least founded there. Read More

The Future Of Bitcoin In a Magic 8 Ball

By Justin O’Connell, Author of Bitcoinomics

The oracles in banking have let it be known. They’ve looked into their magic 8 balls and pulled the future right out of the black and blue depths: “I would be very surprised if Bitcoin is still around in 10 years,” said Bremmer, the founder and CEO of Eurasia Group, the world’s largest risk consulting firm. He knows that commercial banks are looking to enter in.

To be fair, GoldSilverBitcoin ran its own magic 8 ball experiments on the future of Bitcoin. Here is what we came up with in a best of 3.

“What is the future of Bitcoin?” we asked. Read More