Bitcoins - How is your investment

[Conker]

don't really know much about crypto currency but from what i gather the bitcoin price has previously been rising at a crazy rate. this drop is probably more of a correction than a "collapse". only people that got into it very recently will likely have been really hurt.

could be completely wrong ,just going on bits and bobs i've read here and there.

[Earl1972]

the dallas mavericks are accepting bitcoin at their arena next season

E

[Disgusted]

Someday all bliptards will wish they did this.

Gold is good, but silver has a higher profit potential.  VERY undervalued.

Neither are worth anything. Hell even bitcoin can be used to make payments but gold or silver can not be used to buy stuff.

[SOMEPARTS]

Neither are worth anything. Hell even bitcoin can be used to make payments but gold or silver can not be used to buy stuff.

Wrong. PMs can be used to buy back paper cash.

[Army of One]

Bitcoin might be done,although I doubt it.I believe it has a few more bull runs in it.

Ethereum on the other hand will blow the fuck up.As will litecoin.

Lol@litecoin blowing up.There are more coins out there than btc, eth,ltc and ripple.I can name 10 coins superior to litecoin as a currency alone.Eth could very well get overtaken this year by 3rd gen blockchains, eth is 2nd gen.

[cephissus]

  I would estimate that 70-80% of the population is not even capable of critical thinking, most simply follow the herd.

I "would estimate" () 95% of "the population" thinks the same thing.

[Zero2Hero]

11k as I write this. Hardly a "collapse"    It seems that many expect it to rise indefinitelly to whatever "height" they thought it will rise. It must be a USABLE unit of wealth first, and it's value should increase secondc understanding of the principle, it still baffles me a little bit.

[Disgusted]

Wrong. PMs can be used to buy back paper cash.

So can a Rolex or a painting but you can't directly buy anything with a lump of gold or silver. At least with bitcoin you can purchase goods and you can use an ATM machine to convert bitcoin to cash.

[robcguns]

Lol@litecoin blowing up.There are more coins out there than btc, eth,ltc and ripple.I can name 10 coins superior to litecoin as a currency alone.Eth could very well get overtaken this year by 3rd gen blockchains, eth is 2nd gen.

Yes but until they are put on Coinbase they will not get as high as the popular ones.I know there are many other good cryptos and I have a bunch of them but still think Ethereum and litecoin are gonna blow up.

[Mr Anabolic]

So can a Rolex or a painting but you can't directly buy anything with a lump of gold or silver. At least with bitcoin you can purchase goods and you can use an ATM machine to convert bitcoin to cash.

Okay... my debit/credit card serves the same exact purpose.

Gold and silver are a storage of wealth, value and labor... and they always will be.  Why this makes some people so mad and aggravated is puzzling to me.

[YngiweRhoads]

A-hole bitcoin miners f*cked up the bloody pc component industry. That's from a consumer standpoint. Manufacturers are laughing all the way to the bank.

[Mr Anabolic]

I "would estimate" () 95% of "the population" thinks the same thing.

Not sure what you're getting at here, but oh well.

Common sense in not common.  Most people I know in bad financial situations is due to poor choices they made in their lives.  Observe them, learn from their mistakes and don't follow the herd.  It's really that simple.  You save yourself a lot of time, stress and most of all... money.  Do you dispute this?

[be back]

Neither are worth anything. Hell even bitcoin can be used to make payments but gold or silver can not be used to buy stuff.

I never understand people who quote gold and silver as having value, without a form of currency to convert it to its worth nothing.

Currency/cash gives gold and silver its value, people are conned into believing its the other way around...

[Mr Anabolic]

I never understand people who quote gold and silver as having value, without a form of currency to convert it to its worth nothing.

Currency/cash gives gold and silver its value, people are conned into believing its the other way around...

lol

Very naïve and ignorant statements here.  You have a lot to learn.

Gold and silver have been money for 5000+ years.  

Banks and world governments do not hoard paper cash, they hoard gold and silver.   Gee, I wonder why that is?

[be back]

lol

Very naïve and ignorant statements here.  You have a lot to learn.

Gold and silver have been money for 5000+ years.  

Banks and world governments do not hoard paper cash, they hoard gold and silver.   Gee, I wonder why that is?

so you will be able to tell me what an ounce of Gold is worth without mentioning a form of currency/medium of exchange then wont you?

[Mr Anabolic]

so you will be able to tell me what an ounce of Gold is worth without mentioning a form of currency/medium of exchange then wont you?

It's worth much more than $1350 USD, that's for sure. 

Gold's value is the constant.  It's the currency that is being devalued into oblivion because it's created from nothing and not backed by anything.  When the USD was backed by gold, the currency was very stable, so was the gold price. 

Instead of debating with me in a subject you know NOTHING about, you need to go learn about monetary history.

If you think gold is worthless, why worry about it?   Just go ALL IN on Blipcons and sit tight.

[Glass Bro]

https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100

Ten years....and no valuable use for the blockchain.

[Irongrip400]

I'd say a good amount of your posts on the Politics Board are links to news sites with no input on how you feel. I'm not a mind reader, although I can infer from your leanings what you may think.

Goes for this forum as well.


Anyways, they're building a mining facility near me now as well as more places. Supposedly as long as it stays above $6k it's viable.

[be back]

It's worth much more than $1350 USD, that's for sure. 

Gold's value is the constant.  It's the currency that is being devalued into oblivion because it's created from nothing and not backed by anything.  When the USD was backed by gold, the currency was very stable, so was the gold price. 

Instead of debating with me in a subject you know NOTHING about, you need to go learn about monetary history.

If you think gold is worthless, why worry about it?   Just go ALL IN on Blipcons and sit tight.

Look , you keep missing the point, Gold experts always do, for you to do anything with your gold you have to exchange it for a medium of exchange, the medium of exchange gives the gold its value.

You have a ton of gold sitting in your cellar, you want to buy a new car, so, you hack of a bit of gold and go to the car showroom, now, do they give you a car in exchange for that gold, no they tell you to go and change it for cash.

Do you think the federal reserve relies on Gold?
they have around $203.3 billion worth of gold and only between 2 and 5% of that belongs to the USA, the rest they sold to foreign countries for fiat currency, which is currency backed by the government that created, not the amount of Gold they own.

[Irongrip400]

Look , you keep missing the point, Gold experts always do, for you to do anything with your gold you have to exchange it for a medium of exchange, the medium of exchange gives the gold its value.

You have a ton of gold sitting in your cellar, you want to buy a new car, so, you hack of a bit of gold and go to the car showroom, now, do they give you a car in exchange for that gold, no they tell you to go and change it for cash.

Do you think the federal reserve relies on Gold?
they have around $203.3 billion worth of gold and only between 2 and 5% of that belongs to the USA, the rest they sold to foreign countries for fiat currency, which is currency backed by the government that created, not the amount of Gold they own.

Welcome back UK Jeff.

[denarii]

Look , you keep missing the point, Gold experts always do, for you to do anything with your gold you have to exchange it for a medium of exchange, the medium of exchange gives the gold its value.

You have a ton of gold sitting in your cellar, you want to buy a new car, so, you hack of a bit of gold and go to the car showroom, now, do they give you a car in exchange for that gold, no they tell you to go and change it for cash.

Do you think the federal reserve relies on Gold?
they have around $203.3 billion worth of gold and only between 2 and 5% of that belongs to the USA, the rest they sold to foreign countries for fiat currency, which is currency backed by the government that created, not the amount of Gold they own.

isnt the problem that the fed does not rely on gold since nixon closed the gold window and ended bretton woods.

[be back]

isnt the problem that the fed does not rely on gold since nixon closed the gold window and ended bretton woods.

as long as people have faith and trust in the system of creating money its fine.
When people lose interest or governments fail to instil confidence in the money supply then your fucked.

We could use anything as a medium of exchange, as long as people believe it has value and they can also exchange it for goods and services then its acceptable, shiny pebbles and tally sticks for example...

[Disgusted]

Okay... my debit/credit card serves the same exact purpose.

Gold and silver are a storage of wealth, value and labor... and they always will be.  Why this makes some people so mad and aggravated is puzzling to me.

Really? How so?

[Mr Anabolic]

Look , you keep missing the point, Gold experts always do, for you to do anything with your gold you have to exchange it for a medium of exchange, the medium of exchange gives the gold its value.

You have a ton of gold sitting in your cellar, you want to buy a new car, so, you hack of a bit of gold and go to the car showroom, now, do they give you a car in exchange for that gold, no they tell you to go and change it for cash.

Do you think the federal reserve relies on Gold?
they have around $203.3 billion worth of gold and only between 2 and 5% of that belongs to the USA, the rest they sold to foreign countries for fiat currency, which is currency backed by the government that created, not the amount of Gold they own.

No, but that is the main reason why all fiat currencies are worth less and less as times goes by.  

We do not truly know how much gold the US has.  There hasn't been a audit of Fort Knox since the mid-50's.

The question you should be asking is why do countries even have gold reserves?  Because gold is a stable store of value... whatever currency it's dominated in.  The amount of fiat cash you are getting per ounce of gold only increases with central bank printing.  More printing = more currency devaluation.  

Seems you are trying to make a case for holding dollars that depreciate instead of something stable that retains value.  That doesn't make any sense.  

FYI, I once traded a 1oz gold coin for a vintage guitar.

[Mr Anabolic]

Really? How so?

The quick, simple answer?...

Because 5000+ years of monetary history says it is.