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

    Years of value. Look back at the previous post.
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  3. masterswimmer

    masterswimmer A Caretaker, can't take it with me

    Seriously? That's your retort to not being able to hold the Bitcoin in your hands? No further comment needed from me on this point. Thank you for making that one easy.

    As I stated, Bitcoin is not accepted everywhere. It's not even accepted most places. "Plenty of places" is another ridiculous retort. Go to the grocery store, movie theater, Home Depot, bowling alley, Tractor Supply, airport, ad infinitum, and see how readily you can conduct commerce with it.

    Once again, as I stated, the resources devoted to recovery of stock, bank and investment accounts, would be monumental. The resources devoted to recovery of cryptocurrency would be virtually non existent.

    You disappointed me baseball. I fully expected your responses to be worthy of your argumentative nature.
  4. baseball21

    baseball21 Well-Known Member

    You can hold manure in your hands doesn't mean thast a better thing to have. Can you hold stocks in your hand, 401ks how about bank accounts?

    Neither is the USD, but bitcoin is also accepted far more places than gold or silver.

    For the institutions yes, for individuals no. Debit cards get stolen/skimmed all the time, guess what the banks tell those people sorry about your bad luck.
  5. -jeffB

    -jeffB Greshams LEO Supporter

    Yep, it's really tough for us old folks. You get past 30, and your brain just starts shutting out new information. It's hard watching the young folks make money hand over fist out of new investments while your own fortune dwindles away to nothing. Just ask Warren Buffett.

    Out of curiosity, how old are you? I mean, clearly I'm over the hill, being almost a full year older than Jeff Bezos. I'm just hoping I can cling to what mental faculties I have left a bit longer. I'd hate to reach the point where I try to dismiss an argument with "you aren't smart enough to understand what I'm talking about" or "people as old as you will never get it".
    J.T. Parker and GoldFinger1969 like this.
  6. hchcoin

    hchcoin Active Member

    I haven't followed this thread at all and realize it was an April fools joke. Just imagine if the OP had actually put $1,000 or $10,000 in bitcoin around 4/1/2013.

    According to Wikipedia,
    In early April 2013, the price per bitcoin dropped from $266 to around $50 and then rose to around $100. Over two weeks starting late June 2013 the price dropped steadily to $70.

    If the OP had invested a little over $10,000 in April 2013 it would of bought them around 38 bitcoins (10,000/266=38 bitcoins rounded up). 38 bitcoins today would be worth $1,247,480 at a price of 32,828.41/bitcoin.

    You can argue all you want about bitcoin but in reality I would have loved to make that investment regardless if I can spend it easily or hold it in my hand.
    baseball21 likes this.
  7. -jeffB

    -jeffB Greshams LEO Supporter

    Sure. But if I could get a time machine, I'd pay extra for the one that can go back to 2009 or 2010, and take along a 2020 laptop. With modest but modern hardware, I could've out-mined the entire rest of the world, and socked away a few million BTC.

    Of course, one user outperforming the entire BTC network by an order of magnitude or so would have been... noticed. It probably would've been enough to torpedo confidence in the entire concept. "Sure, 'Mr. Satoshi', it all looks good on paper -- but according to this, there's someone who's getting several teraflops of performance out of one node. Now, if it's that easy to spoof the system, why should anyone trust it?"

    But there aren't any time travelers, or if there are, they're more subtle in their actions. (Wink, wink, call me?)
    GoldFinger1969 and Heavymetal like this.
  8. hchcoin

    hchcoin Active Member

    I agree but my post related to the actual title of this thread and the date it was posted. If the OP had actually sold off their bullion and bought bitcoin instead of it just being an April Fools joke it would have been monumental ;).
  9. longshot

    longshot Enthusiast Supporter

    Looks like Etherium's turn today.
  10. Bman33

    Bman33 Well-Known Member

    Everyone is kicking themselves for not getting on the bitcoin train early, when they first heard about it. I am one of them. I have a friend who is worth 20Million due to bitcoin. He helped me with some programs to track my gold and silver holdings. Same one he uses for his crypto. Yeah, I'm bitter about not going in. In Noevmber when it was at 19k and then crashed I thought that would be the end. Guess not. Still, any investment that you Don't feel comfortable with is a tough one. If it goes to zero dollars would you be ok with it?
  11. manny9655

    manny9655 Well-Known Member

    If an EMP happens, the guy with precious metals will be king.
    Bman33 likes this.
  12. Bman33

    Bman33 Well-Known Member

    Yeah, I chose the PM route too.
    manny9655 likes this.
  13. baseball21

    baseball21 Well-Known Member

    Not understanding doesn't mean someone is senile, though I would question the mental capacity of someone who won't acknowledge technological generation gaps as well as what is appealing to different generations. EVERY generation has it happen

    Sometimes it's better not to guess on things out of ones knowledge then rush in out of greed and losing a lot. That said yea missing on bitcoin sucks for sure

    If an EMP takes out the modern world the guy with the most bullets, who is the best shot and the moth ruthless will be king. World wide dooms day scenarios don't end with people just casually trading gold and silver for food and water, they end with mass rioting/looting/murder/military takeovers and lockdowns, and a significant portion if not the majority of the world dead. It will be hell if modern society is destroyed like that
  14. losthomer

    losthomer Active Member

    As long as he's also guy with lead.
  15. ToughCOINS

    ToughCOINS Dealer Member Moderator

    BitCoin is not mainstreaming . . . it is helping speculators to pick the pockets of the unjustifiably optimistic.

    Today, with BitCoin at $30k and gold at $1950, try finding more than a fistful of people who would prefer one BitCoin to 15 ounces of gold.
    GoldFinger1969 likes this.
  16. GoldFinger1969

    GoldFinger1969 Supporter! Supporter

    Alot of wealthy heavy-hitters and hedge fund guys are talking about BitCoin. I see forecasts for $100,000 and even $1,000,000 from people I respect.

    I'll stick with my Saints.....:D
  17. Michael K

    Michael K Well-Known Member

    The only thing that can cause it to go to 100,000 or a million is having more buyers than sellers. As there is nothing else driving the price up. (No intrinsic value, no other economic factors besides buyers and sellers.) That pyramid can only crash and burn eventually. It's worthless and I won't touch the 21st century tulip bulb. Yes, some people have made money as with any pyramid scheme the people at the top make money and get out. The other 99% are suckers and they pay for all the profits of the top level of the pyramid.
    GoldFinger1969 likes this.
  18. GoldFinger1969

    GoldFinger1969 Supporter! Supporter

    That's what I thought too originally....but if people are using it as a store of wealth and they know that it is limited to 21,000,000 (by 2140 ?).

    If BitCoin gets a $5 trillion market cap with stock and bond markets having a combined market cap of $250 trillion...and gold having a market cap of $9 trillion based on all available gold.......then you can justify a price of $240,000 based on all the fully-diluted BitCoins.

    I'm not saying it's right, I'm saying that's how it is working.

    Tesla shouldn't have a market cap more than Toyota, Ford, GM, Volkswagen, and BMW combined.....but it does.:wideyed:
  19. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Careful . . . less substantive statements have probably caused mass selloffs in the past.
  20. GoldFinger1969

    GoldFinger1969 Supporter! Supporter

    Everybody is responsible for their own DD. :D
  21. ToughCOINS

    ToughCOINS Dealer Member Moderator

    That's one very big "IF" . . .

    I don't see it being used as a store of wealth. Absolutely every discussion I've ever been involved in regarding BitCoin was born of excitement over the prospect of it returning to, or shooting past its previous highs . . . that reeks of pure speculation, not of defensive posturing or enthusiasm for a new media of exchange.

    There have been those who, in attempts to conceal their motivation, backpedaled, claiming to favor it for "progressive" reasons, or for the privacy it affords them. That doesn't change the fact that their excitement about BitCoin was initially over the potential for it to skyrocket in value.
    Last edited: Jan 4, 2021
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