Sold of My Entire Bullion Collection In Order To Purchase BitCoins

My problem is despite being in the financial markets for decades, I still don't know what this thing is. I don't get the "mining" aspect...why there are only 21 million.....why it will take another century to get all 21 million.....etc.

This really is just people buying something to go higher and causing it to go higher and the value is based on it going higher.

It might go to $1 MM but it'll have to do it without me. Hopefully, it drags gold up with it but right now it seems to be sucking $$$ away from PM's.

 

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Yep. I mean, I understand the philosophy behind the 21-million limit, and I more or less understood the math behind it (but it's not the kind of thing I can keep in my head indefinitely). But all that philosophy and math doesn't consider the fact that anyone can create other virtual currencies out of the same pure, unadulterated philosophy and math -- because philosophy and math NEVER run out.

I think it's more likely than not to go to a million; I think it's more likely to go to a million than to zero. But I don't have enough confidence to risk a meaningful amount of my own money.

I sometimes say I regret not buying at $5000 or $500 or $0.05. Not really, though; if I spent time regretting that hindsight is never available back in the past when you really need it, it would be... regrettable.

 

If you have 15 minutes to watch this video it is worth it. This guy breaks it down into very simple terms.

 

Very nicely explained. It still doesn't address the individual blockchain entities, ie: Bitcoin, Ethereum, etc, valuation. That is an unknown to us layman.

 

Being in the financial industry I think it is easy to also understand the need for something like Bitcoin. At the beginning of the video he talks about trying to transfer funds from one party to another. Bitcoin allows you to transfer the funds without going through a bank (trusted third party) which saves you money because you don't have to pay a fee. In addition, it allows funds to transfer quickly. If you work with any large banking institution, they will have various ways of transferring money to other people but they always charge you for speed or they take time to verify the other party before allowing you to make your first transfer. Bitcoin allows the user to take control of the transaction and secondly makes it untraceable. Bitcoin is also more secure in many aspects than using a bank. Venmo, Zelle and PayPal charge a fee for their services but the fee can be waived if you link your bank account in some circumstances. This again goes back to the problem of using a trusted 3rd party (bank) and fees.

 

Bitcoin is just the "currency" used to make the transactions. It's value is based on supply and demand. If you want to use bitcoin, you need to buy the bitcoin (demand) with money or trade another asset for it from people that already own it. The supply of bitcoin is limited to the number of bitcoins in circulation and the number that are being mined. The total number of potential bitcoins in circulation and out of circulation waiting to be mined is fixed at 21 million. Currently around 18.5 million bitcoin have been mined leaving only about 2.5 million more to be mined. Once all 21 million have been mined, miners will be paid a fee to unlock the blockchain. Here is a great article explaining that piece of the puzzle.

https://www.investopedia.com/tech/w... 21 million,to be introduced into circulation.

 

I also find it interesting that the article basically says that bitcoin will be like a closed economy once all 21 million bitcoins have been mined. In that case, the supply of money is fixed and the value of bitcoin will go up and down simply on demand. It is kind of like the value of a 1913 V nickel since there are only 5 in existence. I guess this is why many feel bitcoin will end up being worth so much more in the future just like the value of a 1913 V nickel.

 

Of course, there are lots of other nickels in the world, so if you aren't a collector (with deep pockets), you'll just grab a different one and spend it.

And if you're looking for a transfer medium, unless you're a Bitcoin collector, what's to stop you from using Ethereum, or Litecoin, or Dogecoin (besides embarrassment), or one of the hundreds of other competing -coins that will surely continue to appear?

 

I guess they think it is like eBay. Once everyone started using eBay and it became the accepted online auction it was very hard for competing auctions to take market share away from eBay. Bitcoin was the first successful crypto and is the one that everyone seems to want to use but you are correct it may not be the only one.

 

Yeah, and I don't know how to reason about it.

I mean, eBay could have decided "we'll never allow more than 1,000,000 active auctions at one time; if there's more demand than that, sellers will just have to pay more for listing fees, and buyers will have to bid higher on the reduced number of auctions". If they'd done that, people would have flocked to other sites. But it's a broken analogy in several ways.

With Bitcoin (and crypto in general), supply is crystal-clear, but I don't know how to nail down demand.

 

Well its only going to get "HOTTER" many corporations are dumping billions of
dollars in to bit coin and many people have started accepting it as payment
such as JM Bullion, only know that because I but a lot of Gold from them..LOL
also there's Tesla in addition to the city of Miami is going to give there employees
the option to get paid in bit coin, so things are moving forward in that regard
I know there's allot of "HATE" out there for crypto, and I say let them "HATE"

 

"They" tried, but the bubble(?) didn't pop....

Bitcoin 52,155
Ethereum 1,820
Dogecoin .06

 

My kind of numbers

 

I dont think HATE is the right word, people dont understand or dont want to understand B COIN. so there is a dis-connect when it comes to the bit coin just not enough trust there. We have had a discussion before some like it allot, others don't. We got enough HATE in world already dont need much more.. hope u win big mpcusa.

 

One of the things people dont get, is there is only so much issued, so like anything else, people want what is difficult to get and bit coin is no exception.

 

The 1913 V nickel is an illegal coin as it was never authorized by the mint,
and clandestinely produced by a rogue mint worker with proof dies. And then all 5 were sold to the same "collector". The guy who bought a page of upside down airplane stamps and ripped them apart and sold them 1 by 1. A butcher. (Col. Green? Who was more of a speculator than a collector.)
The Bitcoin also should be an illegal currency. This is total crap.

 

False.

Also false

 

Hate is definitely the right word for some even though he was using it in more of the haters gonna hate style

 

54,549

Approaching it’s all time high, again

 

BitCoin is perfectly legal -- I just think it's more of a digital asset than a currency, and certainly it will never be a RESERVE currency.