Sold of My Entire Bullion Collection In Order To Purchase BitCoins

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

  1. Michael K

    Michael K Well-Known Member

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  3. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Sold my common cents (sp) in order to buy BitCoin.
    Santinidollar likes this.
  4. Numinaut

    Numinaut Member

    Up now - since...

    * hmmm - checks again *

    ... Sunday!
  5. Numinaut

    Numinaut Member

    So, can I take it that if I want to buy one of your lovely gold $20 coins, that you are not taking bitcoin in payment?

    He he ... just joking.

    I do like your coins though. And I am buying gold coins with my bitcoin gains.
    GoldFinger1969 and ToughCOINS like this.
  6. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Very smart . . . diversifying and preserving your gains.

    You've got that right.
    GoldFinger1969 likes this.
  7. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Scary perspective on the risk of being wiped out by a whale's exit from BitCoin . . .

    (Kitco News) - Bitcoin is one of the most unequally distributed assets in the world, with just under half a percent of all bitcoin investors owning more than 80% of all bitcoins, and should they liquidate, the market could see a substantial sell-off, said Ryan Giannotto, director of Research at GraniteShares ETFs.

    “It’s a major challenge for the asset class: it’s intended to be a financially democratizing force, yet it is so profoundly distributed in an unequal fashion. It’s really unlike anything we’ve ever seen. This is one of the perils of bitcoin investing that go unreported, undiscussed,” Giannotto said. “It is a seriously cornered asset class.”

    Five hundredths of a percent of bitcoin investors control over 40% of all bitcoin, and just under half a percent of all bitcoin investors control over 5/6ths, or 83%, of bitcoin, he noted.

    Most of these larger stakeholders, or “whales” as they are referred to as in the crypto community, are early adopters of bitcoin.

    If these early adopters of bitcoin were to sell their holdings altogether, that would exceed the daily trading volume, effectively “wiping out” the asset, Giannotto said.
    Put differently, imagine that five investors each bought up four 1894-S dimes, driving prices up along the way. All of the collectors who owned them thought they were worth something approaching $2 Million. Suddenly, the coins belonging to one of those investors hit the market - the reason doesn't matter . . . investor lost interest, needed to raise funds, family liquidates post-mortem, etc - just how well do you think that price will hold? And if just one of those other collectors gets antsy at the ensuing drop in price and decides to sell himself, what then?

    I think you get the point . . . Despite what the promoting speculators say, the support for BitCoin IS NOT BROAD-BASED!!!!
    Last edited: Jan 15, 2021
    GoldFinger1969 likes this.
  8. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I guess that can be said for people that dont want to make money, remember
    its not tied to fluctuations as is the stock market or bullion, mostly speculation
    but most people I know are getting in, the train leaves in 5 minutes...LOL
  9. Michael K

    Michael K Well-Known Member

  10. GoldFinger1969

    GoldFinger1969 Well-Known Member

    These idiots who threw out their hard drives with their BitCoin data on it....or these folks who forgot their password (I guess you can't do a password reset like with GMAIL, huh ? :D) me to thinking.

    How many people do you think have suffered amnesia or dementia (Alzheimers) and forgot about SDBs, money/gold stashed in attics or the house, etc. ? :wideyed:
  11. baseball21

    baseball21 Well-Known Member

    You get 10 guesses, if you aren't right on the 10th one it locks up and is basically gone forever. You would need world class hackers or maybe even a nation state to even have any chance at it
    GoldFinger1969 likes this.
  12. Bman33

    Bman33 Well-Known Member

    Bitcoin is madness!
    longshot likes this.
  13. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I found some hackers.....:D

    Pickin and Grinin likes this.
  14. -jeffB

    -jeffB Greshams LEO Supporter

  15. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Miners getting hit, too....this digital currency is so new that just a few big holders unloading can move the price bigtime.

    You also have so many small players buying through these new no-cost apps that they might be panic in any prolonged bear market. My next door neighbor, out of work (apparently), says he has his life savings in BitCoin or some digital currency.

    Uggh.....:eek: o_O
  16. -jeffB

    -jeffB Greshams LEO Supporter

    I'd think "Mr. Two Guesses Left", with over $200 million at stake (at least at last week's prices), would be able to attract interest from world class hackers. Maybe even a nation-state, if they stood to gain tax revenue. Certainly at that level you'd be able to find someone willing to un-pot some chips and do some serious penetration work.
    GoldFinger1969 likes this.
  17. -jeffB

    -jeffB Greshams LEO Supporter

    Abandoned property in SDBs is a well-known thing, of course.

    I sold off some coins for a friend whose late father hoarded them. They were in tobacco cans, half a dozen or so. She said she was pretty sure he'd stuffed a lot more into the walls of his house -- but he was a real piece of work, and she didn't want anything to do with him or his stuff, and she's not in economic need, so she just sold the house without doing any digging. Someone might get a big surprise when they go to do a remodel, or just some maintenance. "What's wrong with this stud finder? It says there's metal all over the place behind this wall..."
    green18 and GoldFinger1969 like this.
  18. baseball21

    baseball21 Well-Known Member

    No nation is going to waste a single second on that unless you just gave them the whole thing and forfeited any claim to that same with world class hackers. It’s not worth their time and again the keywords were to have any chance. It’s not known if it’s even possible with today’s technology

    What he really should do is turn the thing into a huge reality show so he at least gets some money when he gets locked out
    Last edited: Jan 21, 2021 at 4:36 PM
    GoldFinger1969 likes this.
  19. masterswimmer

    masterswimmer Well-Known Member

    Don't be too quick to give an 'Uggh'. How do you know he didn't buy in at $250/Bitcoin? Now that would be an enviable position ;)
  20. Santinidollar

    Santinidollar Supporter! Supporter

    Such percentages are typical of pump and dumps.
    GoldFinger1969 likes this.
  21. longshot

    longshot Enthusiast Supporter


    Crazy. I've made a few bucks jumping in and out of bitcoin and etherium. Yup I bailed on the way down this time though.:( Possibly buy back in at a lower level.:watching:

    Rumors of a flaw in the blockchain seem to have spooked some holders.
    Last edited: Jan 21, 2021 at 8:25 PM
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