Sold of My Entire Bullion Collection In Order To Purchase BitCoins

Discussion in 'Bullion Investing' started by Tyler, Apr 1, 2013.

  1. longshot

    longshot Enthusiast Supporter

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  3. baseball21

    baseball21 Well-Known Member

    Its okay not to understand something, doesn’t mean you have to demean those that do
     
    GoldFinger1969 likes this.
  4. Michael K

    Michael K Well-Known Member

    $31,343.35

    Who is paying this ridiculous price, for literally a piece of nothing?
     
  5. longshot

    longshot Enthusiast Supporter

    According to what I read, people from all walks of life. Some of them smart and successful. I'm not necessarily defending it, I got $100 in it, mostly just entertainment and getting a feel for exchange costs, etc. :)
     
    Last edited: Jan 2, 2021
  6. baseball21

    baseball21 Well-Known Member

    Again it's not a piece of nothing just because coin forums don't understand it.
     
  7. masterswimmer

    masterswimmer A Caretaker, can't take it with me

    Seems to be a piece of an idea. Albeit an idea that has caught on, big time, but you can't take delivery of it. You can't hold it in your hands. You can't even spend it everywhere, or even at most business establishments.

    If there's a massive internet breakdown, EMP, hack, etc the entirety of someone's Bitcoin holdings can vanish instantaneously. Certainly some situations can cause a standard bank account, 401K, pension, etc to become temporarily disabled, but those accounts can be restored. The operative word being temporary. There would be thousands upon thousands of people and resources allocated to restoration of those trillions of dollars to their rightful owners.

    Bitcoin recovery, from my understanding, would receive virtually no assistance for restitution. At least not from any government or institutional resources.

    Again, cryptocurrency is more of an idea, a wish and a prayer. So far it is working in a limited capacity. Still not universally accepted.
     
  8. baseball21

    baseball21 Well-Known Member

    You can hold your flash drive with it in your hand or you can even load it onto a coin.

    There's plenty of places you can spend bitcoin

    That's no different than any stock, or bank, or investment etc.
     
  9. -jeffB

    -jeffB Greshams LEO Supporter

    I understand the beliefs behind it; I just don't share them.

    I'll wager I understand the technology pretty darn well. Those higher-level classes in formal logic, concurrent programming, and discrete math aren't part of my daily toolkit, but they make the Bitcoin papers pretty easy going.
     
  10. baseball21

    baseball21 Well-Known Member

    Again for like the billionth time, while I understand that it's not for everyone this is literally this thread just repeating itself for years on end of a bunch of people that don't like it saying things that really aren't that valid. I was literally posting the exact same stuff 3 years ago and here we are.

    The bullion crowd doesnt get it, that's fine, it doesn't mean it's going to 0 or worthless or a scam or a dead cat bounce or tulips blah blah blah. That has been proven wrong every time for years just as bullion is going to the moon has been proven wrong for centuries
     
  11. -jeffB

    -jeffB Greshams LEO Supporter

    Yes, bullion has been earthbound for millennia, but Bitcoin has been going up for over a decade! (Except for all the times it was flat or went down.) If Bitcoin has lasted this long, it must be eternal.
     
  12. baseball21

    baseball21 Well-Known Member

    It’s okay to not understand a market.

    someone could if they wanted to point out that investors in Bitcoin have had better returns in 3 years than bullion has in thousands of years. Someone could also point how how stocks have much better and higher returns than metals that are often underwater and provide no returns. Someone could also point out that many of you might as well be copying and pasting from 3 years ago and are still wrong. Of course that is if someone wanted to point that out but who would do such a thing.
     
    Last edited: Jan 2, 2021
  13. -jeffB

    -jeffB Greshams LEO Supporter

    Clearly.
    Someone could, of course, have made the same observation about investors in Enron in the 1990s, or GM in 1993.

    Here's Bitcoin from 2014 to today.

    upload_2021-1-2_21-21-35.png

    It gave great returns in the three years leading up to 2018 -- then crashed. If you bought at the peak in 2018, you've just now gotten out from underwater. On what grounds do you think its price is going to continue soaring, instead of repeating its 2018 performance?
     
  14. baseball21

    baseball21 Well-Known Member

    Took a year to double. Wanna pull up some bullion charts where it goes basically no where and took almost a decade to get back to where it was the last spike?

    It's okay crypto isn't for the older generations.

    I won't tell anyone to go out and get it, but you guys need to stop just trying to trash it because it's something newer and you don't like it. You've been posting the same thing for years and it hasn't been right.

    It's like the apocalypse people, if you just cry wolf forever eventually you'll be right
     
    GoldFinger1969 likes this.
  15. GoldFinger1969

    GoldFinger1969 Well-Known Member

    People, including multi-billionaires, who think it'll be $250,000 in a year or two and maybe $1,000,000 in a decade.

    Me, personally, I'm like the Chinese....I'm buying gold.
     
  16. GoldFinger1969

    GoldFinger1969 Well-Known Member

    It's not that it's new, it's that there's nothing really behind it.

    It's got some 21 million limit and won't be "fully-mined" until 2140 (?).

    Understanding gold supply/demand dynamics is easy compared to BitCoin.
     
  17. GoldFinger1969

    GoldFinger1969 Well-Known Member

    A parabola has NEVER ended well in investing !!!!!

    Unless you are short.......:D
     
  18. baseball21

    baseball21 Well-Known Member

    New technology and new things have always had generational gaps. It’s not really much different than people saying the internet and social media will fail.
     
  19. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Those are real businesses. The content may be great or stupid, but they have earnings, cash flows, revenues, etc.

    What is BitCoin besides some 21-million limited blockchain supposedly-hackfree digital something ?

    I think I'm going to create GoldFinger's Gold, digital gold. Supply limited to the number of times I go to the bathroom. :D
     
  20. baseball21

    baseball21 Well-Known Member

    What were any of those before they were something? Technology always leaves generations behind and the same will happen for the kids today. At some point people just need to realize that technology and everything else will elapse them and not understanding something doesn’t mean it’s worthless.
     
  21. GoldFinger1969

    GoldFinger1969 Well-Known Member

    But what's behind BitCoin ? What is the INTRINSIC value ?
     
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