Sold of My Entire Bullion Collection In Order To Purchase BitCoins

There will always be Snake Oil.
There will aways be Ponzi Schemes,
There will aways be extortion/protection rackets.
There will always be the next big thing-that isn't.

Older people have a little more wisdom about these things if we can remember what we've experienced.

 

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Reminds me a "bit" of securitized mortgages and derivatives. Don't worry about the underlying asset, that is irrelevant. So long as there is a buyer at a market price then the value is the value, until it isn't the value!

 

I've been watching videos about baseball cards that sell for $1000 a pack.
Inside are all of these autographs, relic cards (piece of game uniform or bat attached), some had diamond chips embedded in the cards, etc.
The hobby was killed for the last 20 years because of overproduction and the "perceived values" of the cards dropped. So now Topps have come up with these high end cards, you would think no one would be interested, but they are selling and they are laughing all the way to the bank. People think these cards are rare and worth the money. In all honesty the cards are worthless (although there is a Babe Ruth signature and stuff like that floating around) and to make money you have to be able to sell to another "collector" before people realize it's a Ponzi scheme.
If every card is an autograph, it's not special or rare and the market is now flooded with these things even if they come from a numbered lot (#4 of 20, etc.).
My point is, isn't Bitcoin a Ponzi scheme? It has no value, and you can only make money by selling it to another investor before the pyramid collapses.
It's true that you can say that about anything. American economy, gold, etc. But those things have some lasting strength, support, and "trust/faith" before they collapse one day in the future.
Gold isn't good for anything. You can make jewelry out of it, and it has some uses in manufacturing. But it's just a metal that we have assigned a high value to. And people accept that it is "worth" whatever.
Bitcoin can only go down in the long term and anybody who has really made money off of it, I would be super hesitant to get back in, even when the price drops, and then shows support and goes back up. When it goes down to $1 all of the new investors are going to be stuck holding the bag and only the people at the top of the pyramid are going to have made money.

 

I would agree with your comments except for gold and silver. I believe they have the weight of history, rely on no algorithms, and are universally recognized as a measure of value. There is also a known scarcity issue which keeps supply under control. You don't see the central banks loading up on Bitcoin right now, they are loading up on gold.

I am not some gold bug that is loading up on gold and silver expecting the end of the world, but I do think they have a place in a balanced portfolio whether it is in physical gold or the ETF. But then Warren Buffet does not like metals or Bitcoin, and he is a lot smarter than I am.

As Curley said in City Slickers "The main thing is to remember to keep the main thing the main thing!" For me the "main thing" is long term investment not short term profits.

 

Amen! Now what was it you were talking about? lol

 

I forget.

 

I watched another video. 10 cards per "box". 4 boxes per case. $6000.
$150 per card. And they are inventing lingo to enhance and sell the product.
From the video: "Oh my. It's a DOUBLE PURPLE PARALLEL!" Sounds like Beanie Babies. In the comment section, a man from Las Vegas bought in the secondary market, a rare Mike Trout card for $400,000. And says he is going to sell it in 5 years for 5 million. Maybe. What if the market collapses before then? What if people realize they are just being played for marks and suckers? Who is buying this hype, and buying this product? Must be males between 25-49 with too much money. Younger kids can't afford that, and older dinosaurs like me who paid a nickel, a dime or even 30 cents for a pack of cards would never spend $1500 for ten baseball cards no matter what they are "worth".
Still trying to determine if there are 40 cards in a box, or 10 cards in a box, 40 cards in a case. OK the first thing was correct:
2019 Topps Diamond Icons Baseball cards at a glance: Cards per pack: 10. Packs per box: 1. Boxes per case: 4

 

the Air Jordan's of baseball cards

 

Bitcoin is the AOL of crypto. AOL lead the dot com bubble, eventually failed as did most dot coms. Some internet companies did become AMZN EBAY etc. Same will happen with crypto. The tech. is very valuable and one day, some blockchain tech will be the ONLY accepted payment. In the meantime, if you can trade and don't fall in love with them, there are some huge fast gains to be had. I like alternate cryptos.
Chart says this is a likely spot for a correction. Not a sure thing, but you can use the odds to win more than loose. Silver right now is as close to a sure thing as it gets. You may have to have a little patience. New metal and miner charts on my website.

 

Only a 10% gain on that "correction" so far, at least it was easy.

 

I am still moving crypto into silver, but now likely would be a good time to long Bitcoin for a bounce off of the yellow trendline.

 

I think that some time in the future there will come a point where no man may buy or sell unless he is connected to a world-wide digital based currency system.
My thinking is that fiat is on it's way out, albeit slowly. The currency that will replace it will be digital and blockchain is the way to make a digital currency secure.

It will take a while before the other uses of blockchain besides a medium of exchange become common, but they will, slowly over time.

Personally, I do NOT like it. I do NOT want our every move recorded forever. I don't always get what I want. If you can't beat them, join them. I have a friend that says "I would trade camel pee for pig poop if I can make a buck." With a couple of not as nice nouns. Crypto has been an easy trade for the most part, and I can not complain about the silver I got from trading it. I do not trade or like Bitcoin, I feel there are better choices of crypto.

As of today, below 9900, chances are great it will go lower. Above 10750 chances are up.

 

My GF asked me about BC the other day. The next day I told her almost everything I knew/read about it for 20 minutes. She mentioned it was at $10,000. I didn't realize it was that high again because I had stopped following it and I thought it was lower.

Bitcoin Price
$10,594.26

 

It's been pretty volatile lately....

 

You guys know there are markets to short btc if you really have hatred for it and dont believe in it...make money on the way down too. To the people that think its worthless and a ponzi then why are apmex and the major bullion dealers using it as a way of purchase? If you can buy gold with bitcoin im pretty sure it has value

 

It's true that it has perceived value NOW.
I think the fear is that eventually it will go way down, like $5 or less
and anyone who bought in will not be able to get out without incurring
huge sucker losses.

 

Thats what people thought when it dumped from 20k to 3k then stabilized and look where we are now. Its utility and scarcity give it value. What other types of money transfer let you transfer millions of dollars across the world in a matter of minutes for pennies on the dollar in fees? Can be some what anonymous also but other cryptos are completely anonymous and have no possible way of tracking them. Thats why bitcoin has value and thats why it hasnt gone to 5 dollars.

 

I am talking about time, years and eventuality. Of course it's not going to
be $5 tomorrow. But one day I believe it will.
I believe the peak price was 19,000. The price has been manipulated so many times in it's short history, it's not a trustworthy unit of currency at all.
Plenty of things are scarce. It's because for whatever reason people have decided to accept this as a medium of exchange. But when it gets hacked enough, or discredited enough, when people's opinion, banks opinion, brokerages opinions change on the worth and value of Bit Coin, it has no where to go but down. It's pretty much inevitable. A passing fad.
Nothing is backing it. Zero. Some new digital crypto currency could appear with more safeguards and more backing and protection that people will get behind and Bit Coin will go the way of steam engines.

 

If its going down then short it. Get on an exchange and short the piss out of it. You may need a vpn to get on some of them if you're in the us but it can be done. If you're looking at the fact that it lost 85% of its value in 2018 look at the amazon chart. It dipped like 95% during the tech bubble and look at it now...just saying. Bitcoin has other use cases in third world countries such as countries in africa and venezuala where their curriencies have gone to 0. People were and are using bitcoin as a purchasing medium. IMO its here to stay and has passed 11 years of stress testing from exchange hacks to manipulation to whole countries banning it. Its a revolutionary new form of technology, wealth transfer and purchasing platform, of course its gonna have its issues with adoption and thats why we see these crazy price swings. If youre a trader take advantage of it, volatility is where the moneys at.