Sold of My Entire Bullion Collection In Order To Purchase BitCoins

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

  1. itm389

    itm389 Member

    Ed all of the alts are seeing huge volume right now. Binance is shutting off US citizens from trading here within a couple days. It may be a coincidence, it may be not but a lot of people are saying its a possibility of exit pumps to close positions and take profits. There have been several pump and dumps on binance the past couple days with 50, 100% moves. If you have your limits in the right place you could be making a killing...I havent touched any, a little too crazy for me. Im gonna see what the bigger alts do and see if they make a higher low before I dip my toes in.
     
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  3. TheFinn

    TheFinn Well-Known Member

    What happens when 21 million rolls around? Just create more? Fiat anyone?
     
  4. itm389

    itm389 Member

    Well that will be in 2140. Miners wont quit, they will keep making btc from transaction fees. The network will still be alive just no more bitcoins will be mined. They wont just disappear...Think of it like gold, maybe by 2140 all the gold will have been mined in the world, its not just gonna disappear, it will still be around.
     
  5. Gallienus

    Gallienus Well-Known Member

    Well if this was true and you did buy bitcoins in 2013 you did quite well. Then they were selling for around $135 each and now they're $10,023. each which is quite a good return.
     
  6. EdThelorax

    EdThelorax Well-Known Member

    Now that EOS is 10% above the $3.73 starting price of that theoretical trade, a good plan would be to move the stop loss up to a minimum of break-even.
    Putting a stop loss above that would guarantee some profit, but crypto is very volatile and trades need room to work. Too tight of a stop loss and too many trades fail.
     
  7. Marshall

    Marshall Junior Member

    I have no problem with the technical expertise.

    I have a problem with underlying value of the product. It is a very technical pyramid scheme which relies on finding the next investor to sustain value.

    A private fiat currency will never have the underlying value of a taxing entity which backs it's currency.

    But I am sure those "smarter" than me will just roll their eyes and convince themselves that they know the secret of sustaining value without the next investor.

    But that's an old story that became popular back when alchemist would sell their secret method of turning lead into gold. Greed gets it going until you run out of novices. But it will not be sustainable over the long haul.
     
    ToughCOINS likes this.
  8. goldcollector

    goldcollector Member

    Nice call Tyler. The silver crowd said Bitcoin would never do anything. As soon as I saw that I should have known Bitcoin would make millionaires.
     
  9. goldcollector

    goldcollector Member


    A taxing entity is also expected to provide so much for so many such that net taxation ends up being negative. And I'm sure we will be running deficits for many more decades.

    Also don't precious metals also rely on someone else willing to buy them in order for the price to appreciate, especially with a billion new ounces of silver annually coming onto the market.

    Very few ever dreamed bitcoin would do what is has, I sure didn't. Is there ever a point where people just say Damn I was wrong.
     
  10. -jeffB

    -jeffB Greshams LEO Supporter

    Not yet, apparently.
     
  11. goldcollector

    goldcollector Member

    Not ever. So much of the silver crowd has been hating on bitcoin from the start. Meanwhile bitcoin has been making millionaires while the silver crowd sits around watching the promises of all the gurus fail. Silver $17 Bitcoin $10,500
     
  12. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Millionaires are made from opiod manufacture and sales to make more addict customers also. Those who think that bitcoins and their unknown programmer, who has the keys are straight, If you think your money is safe in digital, and that no human or entity could ever break it, please keep doing so, it is an illusion. imo.
     
  13. Marshall

    Marshall Junior Member

    I do not and have never promoted precious metals as a guarantee of value. It has a long history, but nothing is certain. But I remember the same thing being said about investing in Beaney Babies because of the explosive growth and fabulous trend lines. But anytime you can simply ramp up production to meet an artificial demand, the Bottom will fall out.

    There is fabulous technology that allows the transfer of ownership of the tokens, But there is nothing other than promises to control production of more tokens.

    Just don't commit suicide when it happens. Life will go on, even after the Green New Deal fails and Bit Coins return to being mere spacers like washers.
     
  14. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Wise words. And in reality, the same could be said of any vehicle we may choose to store our wealth. There are no guarantees! We play the cards we are dealt as best we can and hope that we played them well.
     
  15. Michael K

    Michael K Well-Known Member

    There is a limit to how many bit coins can be mined (128 million?).
    But of course there has been all kinds of hacking related to this digital currency.
    I think in the future we are going to look back and say, "Oh course that had to happen." (Bitcoin losing value.) But currently it's quite remarkable, and scary.
     
  16. EdThelorax

    EdThelorax Well-Known Member

    I really see the point Marshal and others are making.
    There is nothing backing any crypto.

    I believe the technology would have value if there were real world, widely accepted uses. I haven't seen any yet. Crypto today is similar to the advent of the internet where there were start-ups valued in the billions without any revenue.


    One definition of money is:
    Anything of value that serves as a (1) generally accepted medium of financial exchange, (2) legal tender for repayment of debt, (3) standard of value, (4) unit of accounting measure, and (5) means to save or store purchasing power. See also cash.
    Read more: http://www.businessdictionary.com/definition/money.html

    Some say that the strength of the US military or it's ability to tax it's
    citizens is what gives value to the US Dollar. I have never heard of anyone having to use force to make someone take their dollars. What gives it value is mandate. It is declared legal tender. Anything that the authorities demand "legal tender" would satisfy 1,2,4.
    Gold worked very well for thousands of years as money because it was quantifiable and standardized which satisfies 3. The limited supply of gold prevents unbridaled and unlimited increase of the money supply and is no one else's liability which satisfies 5.

    There are only 2 possibilities for the future of the current debt-based system. Inflate to infinity or massive unimaginable defaults. The US and therefore the world almost saw the latter in 2008. "Too big to fail" was referring to the whole economic system. The Abyss is the domino effect of the realization that there is only a fraction of the money that people are purported to have and that there is no way possible that all of the debt can ever be repaid. If I have $10 and loan it to Joe, we do NOT all of the sudden have $20 between us. So I only loan it if the risk of him not repaying me is less than the interest I charge.The inflate to infinity choice requires more and more debt to generate the increase of the money supply. Because the rate at which the debt must increase is parabolic, there has to be continuingly more lax lending standards which just moves everything close to the edge of that abyss.

    Crypto can easily satisfy all 5 of the above requirements of money with nothing more than government making one crypto the new legal tender. If the cumulative interest charged is less than the growth of the crypto then as long as those making loans go back to only loaning to worthy parties, then there will be limited defaults and enough currency to cover all principal plus interest. Of course that would mean that most entities would have to go back to actually being able to afford the things they purchase.

    When we have fallen into the black hole of spiraling defaults there will be an alternative accounting methodology waiting, it will be some form of digital currency. It will be based on all the work that has been going into blockchain. It won't be Bitcoin, or any other current crypto. It will be an un immutable leger system where ever single transaction will be recorded and stored. It will be world wide, and those with real money will be able to lock in the "wealth" they amassed with the current fiat system.

    Until then, I am going to take the opportunities in this new fad to make profits and convert them to physical silver. Dot com, Bennie Babies, brand new quarters for 4000$, baseball cards, multi million dollar condos, tulips, bonds from a country 23 trillion in debt, Enron, a nickle costing 3 mil., Bear Sterns or cow poop, there are always things that can be traded to make good money.

    Sorry for the rant and my poor writing skills. That is what i see to be a likely possibility.
     
    -jeffB and GoldFinger1969 like this.
  17. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Bitcoin is a speculative digital commodity, nothing more, nothing less.

    It is NOT a currency, and certainly not a reserve currency.
     
  18. EdThelorax

    EdThelorax Well-Known Member

    I don't believe anyone here thinks that it is.

     
  19. goldcollector

    goldcollector Member

    Sounds an awful lot like silver to me
     
  20. ToughCOINS

    ToughCOINS Dealer Member Moderator

    It's amazing to me that, with so few real commercial adoptions of BitCoin in the 11 years since its inception, there are still so many ardent hangers on, hoping it will complete its long-wished-for meteoric rise.

    Frankly, I think it finished that rise nearly 2 years ago, and they are now just blowing air up under it, to little effect, other than to slow its descent.
     
  21. Michael K

    Michael K Well-Known Member

    When it peaked at (19,000?) there were people stumping it
    to go to 100,000 when it immediately fell to a 5,000-10,000 range since then.
    There's nothing to give any value except manipulation. And after it spikes up
    it always comes down hard in a wave of selling when the pump and dump manipulators are taking their profits out.
     
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