Sold of My Entire Bullion Collection In Order To Purchase BitCoins

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

  1. Lesbian Cow

    Lesbian Cow Member

    Hello everyone! I see the convesation got all kinds of sidetracked with politics and other nonsense Quick update:

    I understand the OP was an April Fools joke but the OP was April 1, 2013. BTC was approximately 100 usd / btc (https://www.forbes.com/sites/timoth...ated-history-of-bitcoin-crashes/#2a41cc6c4039)

    Let's say the original poster of this thread just dipped his toes into btc and sold one ounce of gold and put the proceeds in bitcoin. Spot gold was 1,380 USD per ounce, so spot for spot OP would have 1380/100 = 13.8 btc at time of original post. Current value is 13.8 btc x 6734 usd = 92,929 USD. Now there was no guarantee that would work out, and there was definitely big risk he would lose his 1380 usd, and he could have panic sold 3 weeks later on the crash to 50. But if it was an amount he could afford to lose and he just tucked it away, oh my.

    The ounce of gold is currently worth 1,206 usd
     
    midas1 likes this.
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  3. Michael K

    Michael K Well-Known Member

  4. Bert Gedin

    Bert Gedin Well-Known Member

    Maybe there are aspects of bitcoins I'm not familiar with. In fact I'm sure of that. But bitcoins is not a hobby, as such, is it ? It's about investment, for some, gambling. A get-rich scheme, if it works out. IF ! To those who abandon the numismatics ship, I hope you find an alternative hobby, just as fascinating as collecting, and learning about, img304.jpg ancient or modern coins. To my mind, you "bitcoin millionaires" are on a totally different planet.
     
  5. juris klavins

    juris klavins Well-Known Member

  6. AlexN2coins2004

    AlexN2coins2004 ASEsInMYClassifiedAD

    Shoulda sold back then then actually bought btc and have a few million dollars now.
     
    midas1 likes this.
  7. Santinidollar

    Santinidollar Supporter! Supporter

  8. juris klavins

    juris klavins Well-Known Member

    roz-chast-the-little-engine-that-coulda-woulda-shoulda-new-yorker-cartoon_a-l-9169712-8419449.jpg
     
  9. Lesbian Cow

    Lesbian Cow Member

     

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  10. -jeffB

    -jeffB Greshams LEO Supporter

    Hey, depending on when you bought in 2013, that might even fit in the "post your $50 or under purchase" thread! (Of course, an ounce of silver was higher then, so the total cost of a silver ounce plus one Bitcoin plus grading fee would probably put it over...)
     
  11. Michael K

    Michael K Well-Known Member

  12. CoinCorgi

    CoinCorgi Derp, derp, derp!

  13. midas1

    midas1 Exalted Member

    Yeah, BitCoin be the thing!
    How many tens of $millions have been hacked from
    BTC exchanges???
     
  14. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    One would think that if it was possible more than once ( for the original developer of the blockchain process ) that there are many others who can buy the crack ( mafia type) or develop a crack themselves as most hackers like to show off their techniques. What are they waiting for?
     
  15. Lesbian Cow

    Lesbian Cow Member

    If you allow a 3rd party to hold your bitcoin private keys you no longer own bitcoin. What you have is an IOU from the 3rd party and a notation in their internal ledger. If you don't hold it, you don't own it.

    This is no different than allocated gold.

    https://www.mymoneyblog.com/bullion-direct-bankruptcy.html

    Hold your own gold and hold your own bitcoin private keys.
     
  16. midas1

    midas1 Exalted Member

    My gold is in SDBXs

    How many tens of $millions have been hacked from
    BTC exchanges???
     
  17. ToughCOINS

    ToughCOINS Dealer Member Moderator

  18. ToughCOINS

    ToughCOINS Dealer Member Moderator

  19. ToughCOINS

    ToughCOINS Dealer Member Moderator

  20. -jeffB

    -jeffB Greshams LEO Supporter

    HODL
     
  21. ToughCOINS

    ToughCOINS Dealer Member Moderator


    I must be getting old. What's that mean?
     
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