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Bitcoin passes gold

Discussion in 'Digital Currencies' started by Gun Ban Extremist, Mar 2, 2017.



  1. Gun Ban Extremist

    Gun Ban Extremist Seeker Seeker

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    BTC $1288.75
    Gold $1232.20

    Just to add insult to injury during today's gold dump?

    BTC was briefly higher than gold in 2013, but that was the MtGox BTC price. Now it's the "real" BTC.
     
  2. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Yeah well, I don't see how BTC are any different than FRN's. Both are backed by literally nothing and can collapse at virtually any time.

    If you don't hold it, you don't own it. Put a methodology and stick with it!!
     
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  3. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    Bitcoin is limited to a certain number which can't be changed so its far better than FRN's in that respect.
     
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  4. skychief

    skychief enthusiastic stacker Silver Miner

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    They are different in two important aspects; FRNs are subject to debasement and are a representation of debt. BTC is immune to debasement by .gov or the Fed, and NOT a representation of debt.

    roger that.
     
  5. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    I don't trust pure electronic wealth. It doesn't seem natural to me but whateva! I probably missed the opportunity of a lifetime not getting into BTC. It's not the first time I missed out on something and probably won't be the last either.
     
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  6. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    BTC is used for transactions where credit cards, checks and MO are not accepted.
     
  7. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Honestly, I read that story of a guy buying a delivered pizza years and years ago with like five hundred bitcoin. That makes my groin hurt, and I'm not even the sucker.
     
  8. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    You mean like my pot supplier?
     
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  9. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    Yeah although that guy likely had (maybe still has) tens of thousands of bitcoin.
     
  10. tom baxter

    tom baxter back from 2004

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    A lot of people swear by bitcoin, safe as houses they say, just like they said about IT stocks in the late 90's.
    What is the great refrain we have heard 20 times over during our lifetimes? "This is different, this is safe"

    Well gold has 5000 years of being safe. When land in the roman empire collapsed to not recover for several centuries you could take your gold to the Byzantine empire in the east and buy land and food there. When the old German mark collapsed in the 1920's and people were starving in the cities you could have lived quite well for a year on just a few ounces of gold. The examples are endless, but the real security does not come from those, it comes from the fact that even when it is outlawed, like in the US and Australia last century, you were still able to hold a little "wink wink" and use it as you saw fit.

    I'll stick with gold thanks, I'll let the young ones who have never been burned play with the nuvo digital investment wonders.
     
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  11. Mujahideen

    Mujahideen Black Member Midas Member

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    True, but comparing gold to bitcoin is like comparing an apple to an orange.

    Bitcoin is far more fluid than gold and serves its role there in the digital sphere.

    Gold's value is intrinsic and not as fluid as something digital.

    Neither gold or bitcoin are good "investments".
     
    Last edited: Mar 3, 2017
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  12. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Gold will still be good when aliens visit earth.
     
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  13. Mujahideen

    Mujahideen Black Member Midas Member

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    Depends if they have free or cheap enough energy technology to conduct nucleosynthesis.

    https://en.m.wikipedia.org/wiki/Nucleosynthesis

    We can do this today but it's not economical.
     
  14. Silvergun

    Silvergun Silver Member Silver Miner

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    Digital currency transactions leave some sort of trail. I prefer physical metal or cash to remain anonymous. Not because of shady dealings, but because I value my privacy unlike most in this digital age.
     
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  15. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Agreed, I view gold as a wealth life preserver...a safe place in case the SHIF and BTC, used in the right way, having value however; there is a measure of risk associated with it. Both have their niche but neither are 'investments'.
     
  16. tom baxter

    tom baxter back from 2004

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    Yes, well some people prefer credit cards and the like and some prefer cash. I prefer cash because I know that even if the power is out and they can't open the till they will still happily take my money, go to great lengths too in fact. I suspect this has to do with the their sales having collapsed when the power is out.

    Cash also provides a brake on spending, believe it or not? When you see a nice thing you want in a store, a thing you hadn't planned on purchasing it's all to easy to put in on plastic. That's why people are so much debt now. If on the other hand you have to physically go to a bank and withdraw the funds you have a self-imposed cooling off period. And then there is the psychology of handing over cash, you count it, you are much more aware of how much money is going where.

    No gold is not an investment, just like money in the bank is not an true investment. It's money saved and serves the same function except over any reasonable time-frame it goes up with inflation. It is savings with an inflation hedge. Just ask anyone who bought it in 2001 for $200 an ounce, just before we saw rampant inflation in energy, food, housing, etc.

    Bitcoin is doing fine too, Lets wait and see what it's worth in 2050 though.
     
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  17. xhomerx10

    xhomerx10 Silver Member Silver Miner Site Supporter

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    Actually, the guy - Laszlo Hanyecz - doesn't have any left. The Bitcointalk.org thread he started for purchasing the pizza.
     
  18. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Bitcoin keeps crashing. If you could predict a bottom, would be nice to make some quick cash trading it.

    $962.93 -10.02%
     
  19. Gun Ban Extremist

    Gun Ban Extremist Seeker Seeker

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    $1060 now -- about $100 up since yesterday. Just perfectly normal market forces...
     
  20. Joe King

    Joe King Gold Member Gold Chaser

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    I bet he wishes he still had the btc. lol
    ...and I at least hope it was the best pizza he ever ate, because I know he'll never forget eating it. lol.
     
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  21. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is currently at $1334.51 (Bitpay price quote) which I believe is all-time high for Bitcoin. Gold is currently at $1263.60 (Kitco quote).
     
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  22. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is stretching is "lead" over gold:

    Bitcoin: $1458.00 (Based on Coinbase BTC $ quote)

    Gold: $1256.50 (Based on Kitco price quote)

    As of note, this is the 1st time that bitcoin broke $1400 on the upside.
     
  23. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    My bad for not getting in. I couldn't get past the risk of the dependancies on technology BTC is tied to, knowing what i know being an architect within the IT community. I should have hopped onboard for a few stops...hindsight being 20/20
     
  24. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I did ok making FRN profit on BTC and using some of that BTC to buy silver. However, do not feel too bad because I wished I could have gotten in on bitcoin in early 2013 but, unfortunately, I did not.

    EDIT: However, I still have 0.022 BTC in my Coinbase account (via bitcoin faucet earnings) so, I still have a "lottery ticket" to play the bitcoin up (or down) move.
     
  25. Joe King

    Joe King Gold Member Gold Chaser

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    Will you say the same thing @$2458?
     
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  26. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Doubtless. Been watching people echo the same sentiment since 1 BTC = $10. ...too skeery, too volatile, too intangible, etc etc etc

    Like they think if you buy a bitcoin you're prohibited from liquidating it, spending it, or swapping it for PMs. ...cuz ya know doing that could literally take TENS of seconds.
     
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  27. #48Fan

    #48Fan Silver Member Silver Miner

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    The problem with BTC, is the lights could go out. I tinker with it as far as I can get it for free, but would never invest in it.

    The biggest problem with BTC, are scams galore. Seems as though everyone trys to scam you out of your BTC. Want to know why? Because there is no accountability and no way to trace who owns what. That, my friends, is a yuuuuuge problem.

    Not to mention, the grubberment will NOT let it go on for long hehe.
     
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  28. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    ..... you can mine it and sell it off daily if you please, it's not something you have to hold on to.

    It can be liquidated into dollars, pounds, silver, whatever.

    Provident metals will even take payments in bitcoin so you never even have to convert.
     
  29. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Absolutely. I'm not getting in now. That ship has sailed as far as I'm concerned. I wouldn't dump any money in the stock market right now for the very same reason
     
    Last edited: May 2, 2017
  30. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is "stretching" its "lead" over gold................

    Bitcoin: $1483.25 (Based on Coinbase BTC $ quote)

    Gold: $1255.20 (Based on Kitco price quote)

    Maybe bitcoin is will break$1500 today. Who knows? We will see.
     
  31. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Yeah getting BTC from the faucets when it was paying decently before the big rise in price was the only way that I got it for free. I also want to say that IMO the bitcoin scams will rise as the $ price of Bitcoin rises.
     
  32. Joe King

    Joe King Gold Member Gold Chaser

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    Yep, sure will.
    ...but that's the same as with anything that would greatly increase in price, right? Scammers are always lookin' to cash in on the next big thing.
     
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  33. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Yep. Scammers will continue to scam. It's what they do.
     
  34. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    I just bought my first rig. Hoping to have two as soon as I can learn how to start it up. We'll see.
     
  35. mayhem

    mayhem Silver Member Silver Miner Site Supporter

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    Did we all forget the ooddles of Bit-Coin the .gov stole from DotCom? They have enough to manipulate the market with. I won't be surprised to see another crash just like a couple of years ago where the gov sucks you dry, again.
     
  36. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    If I can't hold it, I don't own it!
     
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  37. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Meanwhile...despite all the excuses to not get involved bitcoin continues to be the best performing investment in the world.

    Also I've noticed that bitcoin tends to lead PMs upward, I've stacked a whole lot of silver by first trading crap fiat for bitcoin...riding the wave awhile and then swapping the bitcoin directly for silver when I saw a pullback coming for bitcoin vs fiat.
    Good luck with that in this day and age. I mean you cannot realistically pay for things on Amazon with a PM in your hand and that won't change anytime soon. Oh and btw you CAN hold bitcoin as I've personally explained too many times to bother repeating verbatim at this point. The OWNER of any particular bitcoin is the holder of the private key(wallet.dat) file associated with those bitcoin(s) and that file or storage medium with that file on it can most definitely be secured physically by you, but continue avoiding bitcoin if it pleases you.

    Absolutely mind boggling to me that so many PM enthusiasts(which I am myself) cannot seem to grasp the concept that both PMs AND bitcoin could BOTH be money. That neither is debt based, that both have limited inflation not controlled by goobermint thugs, that neither has any counterparty risk whatsoever. That they don't have to be mutually exclusive, but could instead be complimentary to one another. Bitcoin will never ever be gold and gold will never ever be bitcoin...their properties are just too different, but together they're freaking awesome.
     
    Last edited: May 2, 2017
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  38. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    More likely I'll just sell off the bitcoins as I earn them, take the cash and put it in the bank. It depends, but I sure as shit will try hard not to get stuck with it if it crashes.
     
  39. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Actually, I can hold my Bitcoin. I only paid $19 for this Bitcoin from a LCS which is 99% discount to the current market $ price of Bitcoin. Somehow someone was able to combine Bitcoin and 1 troy oz of .999 pure silver in one round.

    DSCI1362.JPG
    DSCI1363.JPG

    BTW I am just having fun with your above quote. I understand what you are saying. However, I also agree with what Solarion was saying in the below quote.....

    I like both Bitcoin and Silver (and Gold). I have both but I will have to say that I have a lot more silver (mostly 1-oz '70's silver art bars) than I do Bitcoin (only 0.022 BTC in my Coinbase Account). If BTC goes to $0 (not likely IMO), then.............MEH!!!!! If Silver (and Gold) go to $0 (not going to happen at all IMO), then..........................Hmmmm............Let me think about that one.
     
    Last edited: May 2, 2017
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  40. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    "crash(es)" must surely be the most meaningless word in investment lingo. I've watched bitcoin "crash" over a dozen times since 2009 and yet here it is at an all time high.

    ...and yeah...banks, now that's safe. lolz Good luck with that brutha.

    I like(trust) silver more than I do bitcoin as well, but that doesn't mean I have to ignore bitcoin as so many PM bugs seem to. For me it simply means when I think bitcoin has had a good run I begin taking profits in the form of physical metal in my hand.
     
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