Things I saw and should have bought

[Alchemist]

Here's what Bitcoin "looks like". On the day the photo was taken, Bitcoin was valued at $59,000 USD or equal to 34 oz of gold or 2374 oz of silver. The tiny gold colored coin in the center contains a code that controls $59,000 USD of real value - just as real as the digits in your bank account or IRA.

And, you don't even need the coin - just the numbers on it.

 

[maizeandblue]

Here's what Bitcoin "looks like". On the day the photo was taken, Bitcoin was valued at $59,000 USD or equal to 34 oz of gold or 2374 oz of silver. The tiny gold colored coin in the center contains a code that controls $59,000 USD of real value - just as real as the digits in your bank account or IRA.

And, you don't even need the coin - just the numbers on it.

it was worth say $59K....what's it worth after the economy tanks.

 

[maizeandblue]

it was worth say $59K....what's it worth after the economy tanks. would it still have a certain gold value like mentioned or would it be worthless. precious metals have always been worth something. those have been exchanged for goods since the age of man.

 

[Alchemist]

Depends on what you mean by "after the economy Tanks".

Keep in mind, when the USD was still on a gold standard, $59k would have been equivalent to 2950 $20 gold pieces or about 2850 oz of gold. I think the USD has been tanking for over a hundred years.

I think my answer is clearly stated in the photo.

 

[maizeandblue]

Depends on what you mean by "after the economy Tanks".

Keep in mind, when the USD was still on a gold standard, $59k would have been equivalent to 2950 $20 gold pieces or about 2850 oz of gold. I think the USD has been tanking for over a hundred years.

I think my answer is clearly stated in the photo.

I guess what i mean is if the economy really tanked/crashed....would it still hold value with gold? Wasn't trying to be confrontational but asking because after a few posts it sounds more like regular old money to me.

 

[wildrider666]

Bitcoin is like Carbon Credits: Bernie Madoff would be proud if he didn't die in prison from his ponsi scheme. Who invented "Bitcoin"? Tens of millions of dollars in bitoins were stolen from Bitfinex in 2016 when they were allegedly hacked. You can "mine" (checking blockchain transaction integrity) bitcoins but might not be pad for that work. Cloud servers holding bitcoin have been hacked and companies have stolen bitcoin account contents and fled. You can accidentally delete them and viruses can destroy them. What protect your risky cyber property "investment"? Bitcoin is a inflated financial bubble and they all burst sooner or later. It's all Xs & Os and nobody makes real money until it's in your hand. China wouldn't let their banks invest in crypto currencies. Now, China is doing their own crypto Yuan; yeah its a spying tool too. I'll pass

 

[Alchemist]

I guess what i mean is if the economy really tanked/crashed....would it still hold value with gold? Wasn't trying to be confrontational but asking because after a few posts it sounds more like regular old money to me.

I didn't intend to be confrontational either. Just factual.

The economy is crashing under the weight of debt for dollars that were created out of thin air as more debt. Over 30% of all dollars in existence were created in the past year. That's 30% plus inflation and is being displayed in things like the stock market, housing and other asset bubbles. You can definitely see it in building materials for example. Eventually this will start to effect the prices of everyday needs like food and energy.

I used to rely on Gold and Silver to hedge against inflation. August 2020, after all of this money printing began, Gold took off and rose to over $2000 and ounce. Since then it has fallen back to the $1680's last month and appears to not be providing the hedge it has been expected to be for us goldbugs.

Bitcoin is limited to a set schedule of inflation which will decrease over time, creating less and less new bitcoins until the last one is issued in 2140. It is based on a ledger of transactions which everyone can see and verify on their own. I have a tiny RaspberryPI computer in my closet at my office that allows me to participate in monitoring the network and provide other more technical services for low cost payments and security of my bitcoin. It cost about $250 to build and runs on free, open source software. Participants share in insuring the system is operating by the rules and no one is distorting the system for their benefit. Litterally millions of us around the world run nodes - not mining, just watching the network.

Companies like MicroStrategies, Tesla and several insurance companies are replacing cash and other investments into bitcoin by the billions. ETF's are being created that will soon be listed on exchanges and available for investment. Greyscale Bitcoin trust can already provide exposure to bitcoin, even in an IRA.Banks are being chartered in some US States. Square/Cash App, Venmo, PayPal and Robin Hood already offer bitcoin as a currency option. As more companies and investments are made in these things, the scarcity increases and the value of everyone's bitcoin increases in dollar terms.

What's tanking is the dollar. From massive inflation. Dollar denominated assets are in serious trouble right now and it's going to be getting worse.

There's a lot of good explainer videos on YouTube. This one covers how corporate strategies are looking at it.

 

[Alchemist]

Bitcoin is like Carbon Credits: Bernie Madoff would be proud if he didn't die in prison from his ponsi scheme. Who invented "Bitcoin"? Tens of millions of dollars in bitoins were stolen from Bitfinex in 2016 when they were allegedly hacked. You can "mine" (checking blockchain transaction integrity) bitcoins but might not be pad for that work. Cloud servers holding bitcoin have been hacked and companies have stolen bitcoin account contents and fled. You can accidentally delete them and viruses can destroy them. What protect your risky cyber property "investment"? Bitcoin is a inflated financial bubble and they all burst sooner or later. It's all Xs & Os and nobody makes real money until it's in your hand. China wouldn't let their banks invest in crypto currencies. Now, China is doing their own crypto Yuan; yeah its a spying tool too. I'll pass

Lol...You left out the energy consumption FUD

 

[fl57caveman]

I didn't intend to be confrontational either. Just factual.

The economy is crashing under the weight of debt for dollars that were created out of thin air as more debt. Over 30% of all dollars in existence were created in the past year. That's 30% plus inflation and is being displayed in things like the stock market, housing and other asset bubbles. You can definitely see it in building materials for example. Eventually this will start to effect the prices of everyday needs like food and energy.

I used to rely on Gold and Silver to hedge against inflation. August 2020, after all of this money printing began, Gold took off and rose to over $2000 and ounce. Since then it has fallen back to the $1680's last month and appears to not be providing the hedge it has been expected to be for us goldbugs.

Bitcoin is limited to a set schedule of inflation which will decrease over time, creating less and less new bitcoins until the last one is issued in 2140. It is based on a ledger of transactions which everyone can see and verify on their own. I have a tiny RaspberryPI computer in my closet at my office that allows me to participate in monitoring the network and provide other more technical services for low cost payments and security of my bitcoin. It cost about $250 to build and runs on free, open source software. Participants share in insuring the system is operating by the rules and no one is distorting the system for their benefit. Litterally millions of us around the world run nodes - not mining, just watching the network.

Companies like MicroStrategies, Tesla and several insurance companies are replacing cash and other investments into bitcoin by the billions. ETF's are being created that will soon be listed on exchanges and available for investment. Greyscale Bitcoin trust can already provide exposure to bitcoin, even in an IRA.Banks are being chartered in some US States. Square/Cash App, Venmo, PayPal and Robin Hood already offer bitcoin as a currency option. As more companies and investments are made in these things, the scarcity increases and the value of everyone's bitcoin increases in dollar terms.

What's tanking is the dollar. From massive inflation. Dollar denominated assets are in serious trouble right now and it's going to be getting worse.

There's a lot of good explainer videos on YouTube. This one covers how corporate strategies are looking at it.

but an troy oz of gold will still buy a hand made men's suit, with all the fixings...just the same as it did over a 100 yrs ago

 

[Alchemist]

And one bitcoin will buy 34 suits, 34 more than it would 12 years ago. Lol

 

[wildrider666]

Bitcoin: “mother of all scams.”.
Where's the Company HQ that is holding the "value assets" ($54,719 now) that a bitcoin represents? There isn't one. It's buying into a puff of smoke after being told its from the Magic Lamp of Profit. Companies collect Fees and traders continue "wash trading" manipulating the bitcoin market then taking profits. Rinse and repeat. Its not like some commercials that ask "What's in you Wallet?", it's where's you wallet, who has fingers in it, what value is actually in it, what's it cost to use it; while thinking the Deed to the Brooklyn Bridge is in it too. Lol. Hey, chase your dreams, what can it hurt!

 

[Ric-san]

This post will be more funny in ten years when those of you who are still alive state "I should have purchased more ammo at .99 cents a round!"

I recall buying a 50 rd box of no-name ball ammo 9mm brass cased, just between Ivan and the next big hurricane the next year at Academy Sports on sale for $2.99

 

[Misfeed]

HK P7 (hard chrome or blued) turn ins at Gander Mountain about 12 years ago for $350.. *face slap*

 

[Alchemist]

Deleted

 

[Alchemist]

Bitcoin: “mother of all scams.”.
Where's the Company HQ that is holding the "value assets" ($54,719 now) that a bitcoin represents? There isn't one. It's buying into a puff of smoke after being told its from the Magic Lamp of Profit. Companies collect Fees and traders continue "wash trading" manipulating the bitcoin market then taking profits. Rinse and repeat. Its not like some commercials that ask "What's in you Wallet?", it's where's you wallet, who has fingers in it, what value is actually in it, what's it cost to use it; while thinking the Deed to the Brooklyn Bridge is in it too. Lol. Hey, chase your dreams, what can it hurt!

The article you reference is from 2018 and is based on statements from Nouriel Roubini, who I've seen in my industry for many years. I've found him to be wrong more than he is right. For example, he made these statements when bitcoin was probably $5000 to $6000 - so far he's about 10x wrong about bitcoin.

There is no Bitcoin corporation so there's no one to look out for us, you know, like Bank of America and JP Morgan are looking out for all us little people. There's also no marketing company pushing it and no founder or creator is profiting from it's use. The entity credited with the concept used a pseudo identity and after a couple of years he disappeared without taking credit and hasn't moved any of the coins he mined. They have sat in his wallets (over a million coins - worth tens of billions of dollars) for over ten years so they have never taken a profit.

Bitcoin is operated worldwide by miners and node operators constantly monitoring a cryptographic ledger of every transaction from the first block to the most recent block. It follows a set of strict operating rules using free software that is open source. Open source software is available for anyone to study and check for any code that violates the rules. No miner or node operator will run software that violates the rules. If they produced a block or transaction that violated the rules, millions of operators would reject that block and adopt the next conforming block. One of the rules it protects is a hard limit of 21 Million coins, issued on a declining rate schedule which will mot end until the year 2140. If someone wants to change that rule by modifying the software, they must get a great percentage of the miners and node operators to adopt the change, which would not be in their best interest since scarcity is key to the value proposition of bitcoin.

Bitcoin is the most secure financial network that has ever been devised. After twelve years and amassing one trillion dollars of market value and no on has broken it - only the companies like exchanges that had poor security. That's why serious bitcoin holders hold their own bitcoin offline in secure devices called "cold wallets". These devices are further protected in case of damage by a set of 12 to 24 words that are written down and stored in diverse locations, stamped into metal plates and otherwise carefully preserved. Some people even just memorize this seed phrase. With these words you could destroy the device, go anywhere in the world and conjur your bitcoin at your new location. Do that with cash or gold. You can even get wallets that require 2 of 3 signatures or 3 or 4 of 5 signatures to make a transaction.

It's obvious you have put no serious effort into studying this subject but I don't mind having further discussions about it with you. But just so you know, I own and operate a precious metals (Gold Silver Platinum and Palladium) and money is my profession. I don't sell bitcoin or make any money from promoting bitcoin. I've put a lot of study into bitcoin and I think it's a very good investment that could solve a lot of the worlds problems and possibly be the future of money.

 

[Raven]

I guess what i mean is if the economy really tanked/crashed....would it still hold value with gold? Wasn't trying to be confrontational but asking because after a few posts it sounds more like regular old money to me.

Yes it would. A single gold coin bought an entire city block in post war Germany after their currency was "tanked". Gold and silver is extremely undervalued even right now. The fix is in. Look it up. ANY kind of currency seperate and apart from the one crashing is going to be preferable to the one crashing, and that includes sex, drugs(prescription, OTC or otherwise), alcohol, food and ammo as liquidable assets/spendable currency.... not just precious metals... and yes, cant forget toilet paper. The only difference with Bitcoin is it can be spent electronically, assuming we still have electricity during our troublesome times

 

[PaulT]

deleted

 

[PaulT]

deleted.