Very Interesting Take On BitCoin and Digital Currencies!

Discussion in 'Bullion Investing' started by fretboard, Apr 10, 2021.

  1. fretboard

    fretboard Defender of Old Coinage!

    Okay, almost everyone has heard of people buying Bitcoin and making oodles of money! You think governments like the idea of Bitcoin? I don't think so at all, but I'm just here to share a video about gold, silver and Bitcoin! :D What do you think about China and their digital currency and other countries following suit? When do you think the IMF or our government is going to issue a digital currency and put the brakes on Bitcoin? Or is the guy in this video off his rocker? :cigar: What's the haps with all this digital currency talk and where will that leave gold, silver, platinum etc.? Anyone?

    "To date, countries that have issued their own cryptocurrencies include Ecuador, China, Senegal, Singapore, Tunisia, though these countries will not be standing alone for long with Estonia, Japan, Palestine, Russia and Sweden looking to launch their own national cryptocurrencies."




     
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  3. QuintupleSovereign

    QuintupleSovereign Well-Known Member

    I have two primary concerns about a government issued digital currency:

    1. Loss of privacy, as every transaction may be tracked by the issuer.
    2. Easy facilitation of negative interest rates to punish savers.
     
    Garlicus and midas1 like this.
  4. Matthew Kruse

    Matthew Kruse Young Numismatist

    All this talk about government currencies and online money makes me want to run to the nearest coin shop and buy all of the gold and silver I can afford. :smuggrin:
     
    Jeffjay likes this.
  5. fretboard

    fretboard Defender of Old Coinage!

    I'm with you! :D
     
  6. longnine009

    longnine009 Most Exalted Excellency Supporter

    I read Gerald's Trends Journal every week. He's a smart man who's been at it since the 80's.

    He also has a youtube channel with weekly uploads.
     
    fretboard likes this.
  7. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I am not sure, one mans take convinces me of anything, there are are many more
    that have a different view on BTC, Etherium, people are getting out of PMS and
    in to the crypto market, me included :)
     
    fretboard likes this.
  8. slackaction1

    slackaction1 Supporter! Supporter

    Your getting completely out of PMs....... you won't need all those weapons now..
     
  9. longnine009

    longnine009 Most Exalted Excellency Supporter

    Being voguish never was my idea of investing.
     
  10. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Not getting out of just adding to :)
     
    fretboard likes this.
  11. fretboard

    fretboard Defender of Old Coinage!

    I wish I owned some Bitcoin but I'm still mulling it over, truth is I may just stick to PM's. As far as the US putting the skids to Bitcoin, I don't see that happening at all. Sure, the US will eventually issue their own crypto but it won't include the anonymity of Bitcoin at all.
     
  12. longnine009

    longnine009 Most Exalted Excellency Supporter

    How is it possible to have anonymity buying cryptos (or anything) on the internet?
     
    Jeffjay likes this.
  13. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    If we could predict the future, we would all be billionaires...LOL
     
  14. fretboard

    fretboard Defender of Old Coinage!

    My understanding is that's why governments don't like the competition of Bitcoin as they can't tax it, no tax to me means it's a bit anonymous! Not every way you buy Bitcoin is tax free but I would think some of it is, if I'm wrong, feel free to correct me.
     
  15. longnine009

    longnine009 Most Exalted Excellency Supporter

    How are people buying them? If someone pays for a Bitcoin with a credit card or wire there's a paper trail.

    The thing that would worry me more than anything else about Bitcoins, if I had any, is quantum computers. What if they can break block chain encryption? I have never believed and never will believe that any encryption or security feature cannot be defeated if the incentive is strong enough. Countries hacking each others block chains may be the real face of WWlll.

    BTW, I tried to buy a Bitcoin card for $15 from an Amazon seller way back when Bitcoin was selling for $5. The seller never filled the order and I had to wait 39 days for a refund. :rage:
     
    Last edited: Apr 14, 2021
  16. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Me personally am buying thru Pay Pal, but
    it’s the platform I am investing in not so
    much the coin if that makes sense, in other
    words I do not have an actual wallet and
    am not buying to make other purchases
    and if you worried about someone hacking
    in to the system well with anything like this
    there’s always that possibility just like
    anything else, there’s always risk involved.
     
    fretboard likes this.
  17. fretboard

    fretboard Defender of Old Coinage!

    Yes, you're right, there certainly is a paper trail if someone buys with a credit card. I'm still learning about Bitcoin and I just found out there are other coins/ digital currencies to buy, it's crazy! :woot: My confusion about tax free and anonymity comes in when people talk about mining Bitcoin, which I know nothing about, obviously!:D
     
    longnine009 likes this.
  18. Garlicus

    Garlicus Debt is dumb, cash is king. Supporter

    So, how is everyone going to access their digital currency after an EMP incident?
     
  19. masterswimmer

    masterswimmer Well-Known Member

    I'm not in any crypto. So my opinion is not biased.

    They'll access their digital currency the same way everyone who's not in digital currencies will access their bank accounts, 401-K's, IRA's, mutual funds, or any deposited funds during an EMP incident. They won't! I don't know that any lender will process any transaction if the system is down. Doing it manually, with 'pen and ink' won't happen. Otherwise you'd be able to go from branch to branch of a specific bank and keep withdrawing funds. They'd have no record of a previous withdrawal if the system is down.

    In an extended EMP incident we'd all be up the same creek with the same proverbial paddle.
     
    Garlicus and baseball21 like this.
  20. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    The first step is educating yourself, so that
    you better understand the principals and
    risks, so it’s not confusing.
     
    fretboard likes this.
  21. -jeffB

    -jeffB Greshams LEO Supporter

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