Sold of My Entire Bullion Collection In Order To Purchase BitCoins

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

  1. baseball21

    baseball21 Well-Known Member

    Again while I am not pushing it, this really isn't accurate. Cryto currency and more specifically bitcoin has been around for over a decade and short of severe government intervention there is no reason to believe there won't be a role for it in the future. Bitcoin has been in the four figures for over 3 years now. I don't think it's smart at this point as many stocks will have a much better return, but many of these pump and dump arguments have been made for years and pump and dumps don't hold value for years and years
    goldcollector likes this.
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  3. ToughCOINS

    ToughCOINS Dealer Member Moderator

    And how many MAJOR MAINSTREAM RETAILERS accept it as a form of payment? accepts cryptocurrency, and they are just about the only major mainstream retailer doing so . . . in fact, I'd go so far as not to characterize Overstock as a retailer . . .

    None of the following are accepting cryptocurrency as a form of payment, even though several are very one-sidedly glad to sell Bitcoin.

    Home Depot

    The only support cryptocurrency is getting comes from a very, very, very small segment of the marketplace . . . bear in mind, I'm not writing about blockchain, just about cryptocurrency.
  4. baseball21

    baseball21 Well-Known Member

    It doesn't really matter. They've been around for almost a decade. They're accepted in many places in Asia if that is what's important. Think of it more as a stock if that makes it make more sense. If you go back far enough I had this same argument with Kurt a couple years ago where he was saying it would never come back and it did. It's a newer thing that operates differently than world currencies. I won't touch it at this price nor do I have the money to make a significant difference if it went up, but there is a market for it and it does operate differently
  5. Michael K

    Michael K Well-Known Member

    It's pretty much on par with counterfeit currency.
    In the US we only accept US currency and coins. We don't accept foreign currency. But now we are supposed to accept this mystery hipster gelt which was invented and has nothing to secure it's value except the naivete of the people on the bottom of the pyramid scheme.
    GoldFinger1969 likes this.
  6. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Oh, it matters . . . tulip bulbs have been around much longer. As for Asians, try asking the average Asian whether he or she prefers Bitcoin to silver or gold.

    Stocks provide a more tangible reason to expect a return than does cryptocurrency. Investing in stocks is investing in someone's ability to generate a profit for you while doing the same for themselves.

    Disagreeing with Kurt Bellman would often put you in unsupportable territory. Sorry if that bruises your ego, but he is far from being a moron. Today's "value", south of $12,000 is still well down from the high of $19,000.

    Like I've written before, yes there's a market for it . . . a very thin one, composed greatly of speculators and criminals.
    Last edited: Aug 5, 2020
    GoldFinger1969 likes this.
  7. goldcollector

    goldcollector Member

    Well he was sure wrong on Bitcoin as he guaranteed it wouldn't go back up when it fell to $5000 or so. "Things like this will continue to fall all the way to zero.. not sometimes, every time". Lol
  8. baseball21

    baseball21 Well-Known Member

    There's nothing that stops a store from taking foreign currency if they want, just as they can accept silver, or good or services etc. Of course if they accept anything but the USD they will have to do a lot more work to convert it to USD to pay their own bills. It's no where close to being on par with counterfeit currency
  9. baseball21

    baseball21 Well-Known Member

    You'd probably be shocked at how many under the age of say 40 would say cryptocurrency and really shocked for under the age of 30.

    I never said he was a moron nor did I imply it, but he was and still is wrong about crypto and its quite clear that many on coin forms do not understand it or think it will crash because they don't like it. Barring significant government actions it's here to stay and will likely continue to increase in popularity.

    Will it ever be as wide spread as say credit cards, probably not and if it did it would probably be many decades down the line. But it will continue to be around and there is no reason to believe it's going to crash (without significant government interventions) when crytos are increasing in popularity.

    And silver is still well down from when it was $50, whats the point?

    It's also more than double when it was under 5k 2-3 years ago and it's insanely up from when it was in the $200s in 2016. Early adapters have gotten massive returns that have even significantly outperformed the stock market
  10. ToughCOINS

    ToughCOINS Dealer Member Moderator

    You miss my point completely . . . this thing has been around for 12 years, I repeat . . . 12 years, and it's got no traction in the retail marketplace. It's a nothingburger, a tulip bulb! The only people talking about it are those hoping to make a killing on it and exit afterward.

    Yes, I believe Blockchain is here to stay, but not Bitcoin.
    GoldFinger1969 likes this.
  11. baseball21

    baseball21 Well-Known Member

    You've missed the same point as well that it has been around 12 years and it does have some foothold in retail here and around the world although smaller in the US. PMs have essentially no traction in the retail market place yet still have a value.

    Bitcoin and crypto don't have to be accepted at the grocery store to have value. The same arguments being made against today were the same when it went from 300 to 600 and 1200 to 2400 and all the way up, then went it came down it was the "see it's a tulip" type arguments yet it's right back up.

    You could probably literally find many of these arguments almost word for word in this very thread throughout the years and they've been wrong the whole time. It's going to take significant government intervention from governments around the world in unity to actually kill it
  12. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Neither does a rotten banana . . . I may have a hard time finding him, but I know there's an Egyptian pyramid builder out there somewhere needing to grease a stone.

    Bitcoin is not worth my time and energy . . . my only reason for writing in this thread is to caution those who are interested that it is a contrived marketplace and that they are swimming with the sharks.

    This house of cards will fall.

    Signing off.
  13. Rick B

    Rick B Well-Known Member

    Bitcoins...might as well go to Vegas.
  14. baseball21

    baseball21 Well-Known Member

    Again I am not advocating for it, but people should get realistic descriptions of it and it's market to make their own decisions. Too many that don't understand it keep expressing strong opinions giving an inaccurate interpretation of it and have been doing so for really the 7 years this thread has existed.

    Just look back to the very first post, if someone had sold their PMs and switched to Bitcoin they could very easily have gained multi-generational wealth. Every argument made against crypto can very easily be made against PMs especially as you said "The only people talking about it are those hoping to make a killing on it and exit afterward." or your comments about it's lack of retail traction and so on.

    There is a MASSIVE generational gap with cryptos and bitcoin, but it just isn't true when people have been saying the same things for a decade and been wrong basically every time.

    There's very likely much better investments in the stock market especially right now with things that have much greater potential to triple or more, but you can say the same about PMs.
    Last edited: Aug 6, 2020
    GoldFinger1969 likes this.
  15. GoldFinger1969

    GoldFinger1969 Well-Known Member

    If BitCoin is being compared to gold and/or silver, that's bad as no store of value can be that volatile.

    Maybe in the future like STAR TREK bitcoin will be like credits and Gold Pressed Latinum. :D
  16. Rick B

    Rick B Well-Known Member

    The stock market is over priced. Double or triple potential? Yeah, if you can wait 20+ years.
  17. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Maybe, but just because (parts of) the stock market are (somewhat) inflated doesn't mean that BitCoin has to be a "better" investment.
  18. baseball21

    baseball21 Well-Known Member

    There's quite a few stocks right now that there is no reason to believe won't triple in the next 3-4 years as things open back up. Even them tripling would be less than their usual pre-lockdown range and those are major companies. There's some more that have more risk where you could see 5-10x.
  19. baseball21

    baseball21 Well-Known Member

    Pretty sure he's actually arguing against both for what I am assuming is in favor of PMs
  20. baseball21

    baseball21 Well-Known Member

    In terms of price obviously not as the PM upside is much more limited. That said when one of the arguments that keeps happening is lack of retail acceptance it's really hard not to make the comparison
  21. Michael K

    Michael K Well-Known Member

    You can say gold and silver have value and have been used as a medium of exchange, but currently in the US it is ridiculous to accept bitcoin no matter how much it is worth, or that it keeps going up. (and has been mentioned plenty of people bought it at $19,000 when it was hyped that it was going to 40K or 100K.)

    You can't argue about the stock market if you have no idea what you are talking about. The stock market is a complicated dynamic system with many dozens of different moving parts all going in different directions. It's not one thing "The Stock Market".

    When the market was low (2008-2009) I had some money to invest and I wasn't even looking at growth, because the money markets which had been paying me a nice return for 25 years were paying nothing. So I invested in drug stocks, utilities, telecom, certain dow stocks on the basis that they were paying a good return.
    Not only did they pay a good return my investments more than doubled/tripled since then. Sure it was luck, but long term it has always gone up. And I have a little cash that I use to buy and sell short term and I have been killing that the last 3-4 years, even through the pandemic. Of course I have made some mistakes, but my batting average is good and I haven't lost money in 25 years. Except of course when I took financial advice from experts, then I always lost money. They don't know anything.
    Do your own research. If your research tells you that BitCoin is a sound investment, then your answer is clear. My research tells me it's just another speculative bubble.
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