Sold of My Entire Bullion Collection In Order To Purchase BitCoins

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

  1. desertgem

    desertgem Senior Errer Collecktor

    But of course, this is why there are proponents of digital currency ( besides the obvious fact they hope and intend to be in the first group to jump ship for other value). I see it like some storefront offering to store your value or $$ in a series of numbers ( unbreakable security of course) and that others in the future will 'purchase' or exchange that number for even more physical value in products.
     
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  3. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    Would it be too unkind to opine that such things couldn't happen to a nicer bunch of guys?
     
  4. Jason.A

    Jason.A Active Member


    I think rather than illustrating the benefit of bitcoin you've exposed one of the problems in owning gold and silver.

    If I have 100k in the bank and someone hacks into my account and steals it, I will almost certainly get the money back. If my bank goes under, I will certainly get my money back.

    If I own precious metals and someone steals them from me, I am out of luck.

    If I own bitcoin and someone hacks into my account, I am out of luck.

    Which one do you suppose is smartest to put your money in? The answer is obvious: FDIC-insured banks.
     
  5. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    Might? ... MIGHT? Bitcoin is the POSTER CHILD of hyped up bubbles.
     
    asheland likes this.
  6. baseball21

    baseball21 Well-Known Member

    Right. There's no might about it
     
  7. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    I hope the Market Report made it to you.
     
  8. midas1

    midas1 Exalted Member

  9. Comixbooks

    Comixbooks Active Member

    Bitcoins just took a big hit because China is denouncing it as a valid currency.
    $3,341.01 of today
     
    Last edited: Sep 14, 2017
  10. midas1

    midas1 Exalted Member

  11. Comixbooks

    Comixbooks Active Member

  12. alhas

    alhas Senior Member

    Hi Kurt,
    I have a lot of respect for your thoughts and comments. In addition, I also read any thoughts that our Moderator (GDJMSP) and few others present. Keep up the good work in educating us on this forum.
    Sincerely,
    Al
     
  13. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    You have to be careful reading my stuff, much as I appreciate the compliment. I sometimes wax ironic and snarky, or sometimes just assume that people have more knowledge background in basic economic theory than I probably should.

    BTW, I agree with you fully about our fearless leader @GDJMSP. There's only one caveat I'll throw on him - he is pretty doctrinaire and partially out of touch with current mainstream thought on current TPG grading standards. I don't always understand or agree with the TPGS's either, but it is what it is, and all the griping about how it used to be better is pretty worthless, IMHO.

    It's a bear dealing with moving goalposts, I get that, but one has to keep up.
     
    Last edited: Sep 15, 2017
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  14. losthomer

    losthomer Active Member

  15. midas1

    midas1 Exalted Member

    price as of 11/7/17 - $7,257.25
     
  16. medoraman

    medoraman Supporter! Supporter

    I will admit publicly I was wrong. I read an article recently how bullion dealers are really struggling because a lot of money chasing pm is now in bitcoins.

    Maybe I am just too old to understand its intrinsic value, (I have been told as such by a millennial). I understand block chains, I understand digital mining, I just do not comprehend how this represents intrinsic value.

    Oh well, I missed it. I didn't see this as such a huge thing. In investing, you have to be honest with yourself and admit where you make mistakes.
     
  17. baseball21

    baseball21 Well-Known Member

    Bitcoin has nothing to do with intrinsic value, but neither does the majority of metal buying. It’s an investment play nothing more. People are making money off it and had been making it quickly so money is flowing into it from other areas just like during the metal price spike money flowed into that from other areas.
     
  18. Clawcoins

    Clawcoins Damaging Coins Daily

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  19. Clawcoins

    Clawcoins Damaging Coins Daily

  20. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    If this doesn't adequately prove, for anyone who doubted it, that gold has long been buoyed by speculative fluff, I can't help you. Bitcoin is the new "fluffernutter".
     
  21. baseball21

    baseball21 Well-Known Member

    And it has shown a money making ability that metals never have. Really at this point if the traditional pour your money into metals situation appeared again large amounts of that would very likely go to crypto instead
     
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