1. Same story, different day...........year ie more of the same fiat floods the world
    Dismiss Notice
  2. There are no markets
    Dismiss Notice
  3. Week of 6/24/2017 Closing prices & Chg Over Last Wk---- Gold $1256.40 Silver $16.64 Oil $43.01 USD $96.94
  4. "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"
    Dismiss Notice

Converting free bitcoin to physical silver (no FRNs needed)

Discussion in 'Digital Currencies' started by Silver Art, Nov 30, 2015.



  1. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    I ended this week (week of Sunday, Dec. 20 to Saturday, Dec. 26, 2015) on a very good note. I will start with Saturday (December 26, 2015) that I earned a bitcoin earnings total of 350,444 satoshi (0.00350444 BTC = ~$1.45 @ $415.49 BTC $ price Bitpay quote). This is a new daily bitcoin micro earnings record for me and I am proud of this accomplishment. For this week (week of Sunday, Dec. 20 to Saturday, Dec. 26, 2015), I earned a total bitcoin amount of 1,402,360 satoshi (0.01402360 BTC = ~$5.82 @ $415.49 BTC $ price Bitpay quote). While it fell short of my personal weekly earnings record of 1,532,657 (set on the week of Sun., Dec. 6, 2015 to Sat., Dec. 12, 2015), it was a very good IMO.

    Overall, this was a great week for me getting free bitcoin from the bitcoin faucets and being able to convert some free bitcoin to an oz of physical silver was a huge plus for me to end the week that ended on Dec. 26, 2015. I feel very good going into 2016 and during the next week, I plan to set some ambitious 2016 goals as a bitcoin earner since I am doing well with this and will state them here on this thread on Thursday (December 31, 2015).
     
    Last edited: Dec 26, 2015
  2. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    While reading a bitcoin forum online, I saw a place called Gyft.com where you can buy gift cards online from major retalers and that includes ebay gift cards. I checked out the Gyft.com website and I see that they accept bitcoin as direct payment. It gives me an idea of an indirect way to buy '70's silver art bars on ebay using my bitcoin faucet earnings. Something to look into in the future if I decide to do this. For the time being, I will keep it simple buy using Provident Metals to convert my free bitcoin into physical silver once I accumulate enough free bitcoin to do so.
     
    Last edited: Dec 27, 2015
  3. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    I ended up earning a total bitcoin amount of 217,252 satoshi for Sunday, December 27, 2015. This was a decent day for me and I am happy with it. My bitcoin goal for this week (the week of Sunday, December 27, 2015 to Saturday, January 2, 2016) is to earn between 1 million to 1.5 million satoshi which is doable based on my past bitcoin faucet earnings trends. I feel that 2016 will be good year for me in terms of obtaining free bitcoin from the faucets. I am in the process of setting some goals for 2016 and will state those goals on Dec. 31, 2015 (Thursday).
     
  4. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    My bitcoin faucet earnings 2016 goals:

    1. To get obtain enough free bitcoin to buy an ATB 5-oz silver puck.

    2. To have a day where I obtain at least a bitcoin amount of 500,000 satoshi (0.005 BTC) during that day.

    3. To have a bitcoin savings of at least $100 worth of bitcoin faucet earnings saved up in my Coinbase account.

    4. To have a week where I obtain at least 2 million satoshi of bitcoin faucet earnings.


    I feel that these goals are attainable for me in 2016 as a bitcoin faucet earner.
     
  5. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    As of this post, I have a total bitcoin amount of 0.01157344 BTC in my Coinbase account. That BTC amount equates to ~$5.02 based on the Coinbase BTC $ quote of $433.85. Based on current bitcoin $ price levels ($433 level), that is a $4.13 increase in my bitcoin savings from December 26, 2015 (the last time I converted free bitcoin into physical silver) to now (December 31, 2015). This has been a great year for me as a bitcoin enthusiast in terms of the amount of physical silver that I obtained from the free bitcoins that I obtained from the bitcoin faucets and the $ price increase from $230 to a current $433 which helped me convert my free bitcoins into physical silver. I hope that 2016 will be a even better year for me as a bitcoin earner.
     
  6. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    Update (April 15, 2017):

    I still earn bitcoin through the bitcoin faucets but it is significantly less than it was when I started this thread on November 30, 2015 The main reasons:

    1.) Rising BTC price (from $379.03 to current price of $1180): There is an inverse relationship between BTC faucet payouts and the BTC price. As the BTC price rises, the faucet payouts decrease and vice versa. This turned out to be the case when BTC rose.

    2.) BTC Faucets disabled/defunct/ran out of BTC: A lot of faucets ceased to function mainly because of Google Ad cutting off their funding

    3.) Other interests/career changes: From December 31, 2015 (last time posting on GIM2) to April 10, 2017 (1st post on GIM since December 31, 2015), I did change jobs to focus on my ebay side business of selling '70's silver art bars which I am concentrating most of my free time to make it more successful. I also recently started a '70's silver art bar channel on YouTube and have been concentrating on that. Of course, I have spent a lot of time hunting for '70's silver art bars and that involved time away from my computer since I have done a lot of travelling during that time.

    Key events relating to my bitcoin earning/trading:

    1.) As I mentioned earlier, I do earn some bitcoin but it is from only one faucet that is still working (Moon Bitcoin)

    2.) On June 9, 2016, I converted $43 worth of accumulated bitcoin faucet earnings into 2-oz of silver. I bought two 1-oz RCM Superman silver coins from Provident Metals (I ended up selling one RCM Superman coin to use the proceeds to buy a '70's silver art bar but I have 1 RCM Superman 1-oz silver coin left). As a result of that June 9, 2016 BTC to silver conversion, that left me with only $11 worth of bitcoin faucet earnings left on June 9, 2016. At that time 1 BTC = $450 (If I remembered correctly). After than conversion, I was still earning bitcoin from just one faucet. As of 7:43 PM, Saturday, April 15, 2017, I have a total of 0.022 BTC (worth ~26.38 based on $1178.99 Coinbase BTC quote).

    3.) For a short while, BTC surpassed gold price when it touched $1300 before it declined to as low was $900 after the 1st Bitcoin ETF failed to get SEC approval

    4.) Using an online trading account, I did trade GBTC (Bitcoin Investment Trust) on two occasions. Those were short-term trades and I only made a total of $76.00 from trading GBTC (after paying trading commissions).


    I am still involved in Bitcoin since I still have 0.022 BTC in my coinbase account and I still earn bitcoin from 1 faucet but I am not nearly as involved in any bitcoin-related activities like I was on November 30, 2015 when I started this thread.
     
    Last edited: May 2, 2017
    lumpOgold and Joe King like this.
  7. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

    Joined:
    Apr 2, 2010
    Messages:
    13,022
    Likes Received:
    14,947
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    N/A
    Location:
    You can't get there from here.
    How did the bitcoin faucet work out as a profit per hour of time invested?
     
  8. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    Honestly, I do not know. I did not calculate that. This was a leisure thing for me so I really did not take it seriously enough to calculate that. However, I will admit that I wished that I did not convert any bitcoin faucet earnings on June 9, 2016 and instead would have waited to convert when the BTC price was at near $1300. If I would have waited at that time, then I could have bought a 2017 ATB bullion puck with my bitcoin earnings with that higher BTC price. Oh well............Hindsight being 20/20...............

    The only good thing about all of this is that I still have some BTC in play just in case BTC made a "To Da Moon" move from where it currently is.
     
  9. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    As of April 30, 2017, I stopped earning bitcoin from the various bitcoin faucets. The skyrocketing BTC price has dramatically lowered the BTC faucet payouts and it not worth it even for me to continue to earn bitcoin from the faucets. In addition, I am also have an ebay sideline business selling '70's silver art bars as well as of other things going that prevents me from doing the bitcoin faucets. I currently have 0.022 BTC in my Coinbase account which was the bitcoin left over from converting most of those BTC faucet earnings to 2-oz of silver on June 9, 2016 plus any bitcoin faucet earnings between June 10, 2016 to April 30, 2017. The bitcoin earnings made from June 10, 2016 to April 30, 2017 did not add much (a penny at most during that period) to my current BTC amount of 0.022 BTC so that was why I gave up on the bitcoin faucets. That 0.022 BTC is currently worth $32.61 based on Coinbase BTC $ quote of ~$1458.00). On June 9, 2016, that same 0.022 BTC would have been worth $11.00. I am going to let this "lottery ticket" ride to see how far up (or down) it goes. My "lottery ticket" is currently up ~196% from June 9, 2016. If Bitcoin goes down from here to $0, then.................MEH!!!!!!
     
    Last edited: May 1, 2017
  10. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

    Joined:
    May 16, 2014
    Messages:
    1,701
    Likes Received:
    1,166
    Trophy Points:
    113


    I'm actually very seriously looking at pulling the trigger on getting started mining bitcoin, as the "style" is what I'm looking to do...

    Unlike a lot of people who want to do it, I do have a substantial amount to invest, in the newest, state of the art mining platforms, I can tolerate spending $2,000 each for two or three operating rigs.

    I've done some research into it, obviously that's not as good as actually doing it, though.
     
  11. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    I checked my coinbase account to see how my 0.022 BTC "lottery ticket" is doing. The Coinbase bitcoin $ price quote is now at $1678 (as of writing this post) which now shows my "lottery ticket" currently worth $37.55. My bitcoin "lottery ticket" is up 241% from June 9, 2016.

    $2000 Bitcoin does not seem to far out of the question at this point IMO. I also found out that JMbullion and SilverGoldbull accept bitcoin as payment for buying PM's through their sites. Somehow that escaped me since I was using Provident Metals to convert my bitcoin faucet earnings into silver. It might be something for me to think about if/when I "cash in" my bitcoin "lottery ticket" to buy silver (or maybe fractional gold if bitcoin really goes "to da moon".
     
  12. solarion

    solarion Gold Member Gold Chaser

    Joined:
    Nov 25, 2013
    Messages:
    3,315
    Likes Received:
    5,002
    Trophy Points:
    113
    Amagimetals also accepts bitcoin for PMs.

    Rather than just sitting on your small btc holdings, you may wish to gamble with other cryptos. Some are far far more volatile than bitcoin, but it's silly easy to turn your btc into moar bitcoin by swapping into and out of different cryptos. Easy that is if you have a tiny bit of patience. Most of these guys are younglings looking for short term gratification...and by short term I mean minutes and hours. lol
     
    Silver Art likes this.
  13. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    I did think about doing that but I really did not have the solid commitment to do other cryptos. I do not think that I can trade other cryptos well enough to increase my BTC.
     
    solarion likes this.
  14. solarion

    solarion Gold Member Gold Chaser

    Joined:
    Nov 25, 2013
    Messages:
    3,315
    Likes Received:
    5,002
    Trophy Points:
    113
    Suit yourself, but if you have any competence at all with numbers and can handle a little bit of swing, it's literally like robbing school children. I use a relatively simple custom spreadsheet and two monitors to obtain a win/loss percent over 90%.

    Frankly I think the other guys must be using abacuses to be so incompetent, but their performance issues probably have more to do with controlling their emotions than technology or process.
     
  15. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

    Joined:
    May 16, 2014
    Messages:
    1,701
    Likes Received:
    1,166
    Trophy Points:
    113
    Win ratio on what, stocks, bitcoin?
     
  16. solarion

    solarion Gold Member Gold Chaser

    Joined:
    Nov 25, 2013
    Messages:
    3,315
    Likes Received:
    5,002
    Trophy Points:
    113
    Crypto currency swaps. For instance bitcoin ---> ethereum and back or bitcoin ---> litecoin and back.

    The things move very quickly against one another, so it's like trading forex on steroids.

    Top gainers last 24hrs:

    [​IMG]

    Some of them are so tiny it's usually just a couple guys pumping and dumping, those should be avoided, but the ones with at least a few million in market cap can be solid momentum plays.
     
    Last edited: May 8, 2017
  17. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    I checked my coinbase account to see how my 0.022 BTC "lottery ticket" is doing. The Coinbase bitcoin $ price quote is now at $1729.24 (as of writing this post) which now shows my "lottery ticket" currently worth $38.70. My bitcoin "lottery ticket" is up approximately 252% from June 9, 2016.

    Bitcoin hit the $1700 market for the first time ever. HOLY COW!!!!!

    Bitcoin at $2000???? Hmmm...................
     
    Last edited: May 9, 2017
  18. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

    Joined:
    May 16, 2014
    Messages:
    1,701
    Likes Received:
    1,166
    Trophy Points:
    113


    That is truly incredible, gains of multiple times, in a single 24 hour period? When I get my mining operation up and going, it might be more lucrative to mine the other crypto currencies at the lower difficulty levels and then just cash those in....
     
  19. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    I checked my coinbase account to see how my 0.022 BTC "lottery ticket" is doing. The Coinbase bitcoin $ price quote is now at $1777.21 (as of writing this post) which now shows my "lottery ticket" currently worth $39.82. My bitcoin "lottery ticket" is up 262% from June 9, 2016.

    Yeah I am liking this. The march toward $2000 Bitcoin continues on.......................
     
  20. #48Fan

    #48Fan Silver Member Silver Miner

    Joined:
    Mar 14, 2014
    Messages:
    331
    Likes Received:
    203
    Trophy Points:
    43
    Better cash out before it pops. I think it's about due.
     
    Silver Art likes this.
  21. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    I checked my coinbase account to see how my 0.022 BTC "lottery ticket" is doing. The Coinbase bitcoin $ price quote is now at $1871.63 (as of writing this post) which now shows my "lottery ticket" currently worth $42.09. My bitcoin "lottery ticket" is up 282% from June 9, 2016.

    All I have to say is..........................HOLY COW!!!!!!!!!
     
  22. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    The BTC price today is up almost $100 from my last post on this thread (see post #99). I will admit that this $shit is very scary. I might need to exit stage left on bitcoin and convert my remaining BTC into some silver.
     
  23. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    As of 7:22 AM, Thursday, May 11, 2017, I decided to "cash in" my bitcoin "lottery ticket". I converted 0.01925718 BTC of my bitcoin "lottery ticket" (~$35.56 value) into two 1970's Mexican silver 100 Pesos silver coins (~ 1.2856 troy oz silver) from Provident Metals. That breaks down to $17.78 per silver coin which factors in shipping cost and the bitcoin network fee that I had to pay in order to send the BTC to Provident Metals.

    Here is what the coins look like that I cashed in my bitcoin "lottery ticket" for:

    https://www.providentmetals.com/mexican-100-pesos-silver-coin-1977-1979.html


    After that transaction, I had a total remaining bitcoin amount of 0.00312127 BTC (approx. worth $5.77) left in my coinbase account. I sold that remaining 0.00312127 BTC for $5.77 FRNs and those proceeds from that BTC sale will be transferred to my bank account.

    As of 7:53 AM, I do not have any Bitcoin left in my coinbase account. Bitcoin is red hot right now and I wanted to go ahead and get out with my 250% plus return on my bitcoin "lottery ticket" investment before it crashed hard. I am satisfied with turning $11 into ~$42 with my bitcoin "lottery ticket" (approx. 281% return on investment). Now I am waiting for Provident Metals to ship my two 1970's Mexican silver 100 pesos coins.
     
    Last edited: May 11, 2017
    #48Fan likes this.
  24. solarion

    solarion Gold Member Gold Chaser

    Joined:
    Nov 25, 2013
    Messages:
    3,315
    Likes Received:
    5,002
    Trophy Points:
    113
    Crash is a relative term and grotesquely overused. Bitcoin could "crash" vs the USD to the tune of $600(-33%) and still be worth more than an ounce of gold. It has "crashed" a dozen times since 2009 and is at an all time high now.

    It's this incessant overblown fearmongering about "crashes", "hacking", goobermint attacks, and the silliest of all...EMP that have kept many from participating in the greatest investment of the past 8yrs. Not long ago you could mine bitcoin on your personal computer for far less than the cost of electricity, now some terminal guy is mortgaging his house to buy moar at $1702. A risky move I wouldn't advise btw that nevertheless has him up $26k(+8%) at this time.
     
  25. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    Fair enough on the overuse of crash. However, I did want to go ahead and get out of bitcoin before it started to drop and that is what I did when I converted my remaining BTC faucet earnings into 1.2856 troy oz worth of '70's Mexican silver (a.k.a. "trading" BTC at $1870's level for 1.2856 troy oz of silver at $16.31). Bitcoin could go to $2000 and well beyond or it could go down to well under $500. That is fine with me. I am comfortable getting out of bitcoin at $1870's level. I felt happy to "cash in" my "bitcoin lottery ticket".

    I am still going to watch to see what bitcoin does from this point on.
     
  26. solarion

    solarion Gold Member Gold Chaser

    Joined:
    Nov 25, 2013
    Messages:
    3,315
    Likes Received:
    5,002
    Trophy Points:
    113
    I do the same thing. It's wise to move assets from a class that has done well to one that has not. I've moved btc to silver as well, I just never cash out completely.
     
    Silver Art likes this.
  27. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    The risk that I am taking by completely cashing out of bitcoin is that I could miss the potential continuing up-move to $2000 bitcoin and well beyond. I am at peace with taking that risk. Despite spot silver going down in most recent weeks, silver has also done very well for me so far in 2017 but the only reason that silver has done well for me is that I buy '70's silver art bars for .999 generic silver premiums (usually between $0.50 to $4 over spot premiums) and resell them online for collectors premium (usually between $25 and $81 per 1-oz silver after paying ebay/paypal fees and USPS shipping cost). I have an ebay sideline business selling '70's silver art bars (and other collector silver) for collector's premium and I will concentrate more on that instead of on bitcoin for the time being. I like making an FRN profit where there is an opportunity to do so when it comes to selling vintage 1970's silver art bars on ebay. So far, I have banked most of the FRN profits that I made selling '70's silver art bars on ebay but I do not plan to invest it in bitcoin. I plan to re-invest those FRN profits in my ebay sideline business.

    However, I will continue to watch bitcoin to see where it moves from this point on. I still like bitcoin and I will continue to be a fan of it. I just felt that I needed to lock in my BTC profits while it was still red hot.
     
  28. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

    Joined:
    May 16, 2014
    Messages:
    1,701
    Likes Received:
    1,166
    Trophy Points:
    113
    if you have a small fraction of a bitcoin, you don't have enough skin in the game to either lose or gain much if it moves up to $2,000.
     
  29. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    Fair enough. I will not argue that. My 281% return on my bitcoin investment is not, by any stretch of the imagination, "life-changing money" but it was enough to buy two 1970's Mexican 100 pesos silver coins from Provident Metals. That's good enough for me. On June 9, 2016 that would not have bought even 1 1970's Mexican 100 Peso silver coin from Provident metals when that same 0.022 BTC was worth only $11. That is how I look at it. Like I said, not "life-changing" money was made with my 281% return on my bitcoin investment but I am not complaining either since I did not put any FRN's into it to get to where I was with BTC (see my original post on this thread to see how I obtained bitcoin without using FRNs). I dabbled in Bitcoin and then watched it take off and, when it was up 281%, then I got out of it yesterday by converting 0.22 BTC into 1.2856 troy oz's of silver. No FRNs needed at all. I am satisfied with how I did in bitcoin. Now I am going to grab some popcorn and watch what bitcoin does next.

    EDIT: I just looked at the latest Coinbase Bitcoin $ price quote and I see it is now at $1751 which is $119 lower than yesterday, which was the day when I got completely out of BTC.
     
    Last edited: May 12, 2017
  30. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    According to the latest Coinbase quote, bitcoin is now down to $1653.50 (as of writing this post). That is $216.50 lower than on Thursday (May 11, 2017) which was the day when I got completely out of bitcoin.

    With that said, it is not a big % drop IMO but if it continues to fall further...............................
     
  31. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    My bitcoin transaction order came in the mail today.........................................

    DSCI1362.JPG

    DSCI1363.JPG
    DSCI1364.JPG

    Two 1978 Mexican 100 Peso silver coins. 1.2856 troy oz silver content total for the 2 coins. Another excellent bitcoin to silver transaction from Providenet Metals. Like I said in my earlier post, I am completely out of bitcoin. I will just fondle these silver coins and grab some popcorn to watch where bitcoin goes from here. Speaking of which, it is currently at $1745 according to the Coinbase quote which is $125 below the price where I got out of bitcoin completely. I have no idea where it goes but if bitcoin "crashes" to $400-$500 then I will might decide to take a position in GBTC (Bitcoin Investment Trust) on my online trading account.
     
  32. solarion

    solarion Gold Member Gold Chaser

    Joined:
    Nov 25, 2013
    Messages:
    3,315
    Likes Received:
    5,002
    Trophy Points:
    113
    Nice coins, but why in the name of all that's sparkly would you invest in paper bitcoin instead of bitcoin?

    I can somewhat understand why people do that with metals, but bitcoin is already electronic and can be moved around instantly as it is. You can buy bitcoin that only you control and not have to trust any counterparties.
     
  33. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    In all honesty, I have never thought of it that but being a bitcoin supporter, I should have known that about GBTC. You made a good point about GBTC but I do not have a really good answer other than the fact that I have successfully traded GBTC (i.e made a net profit trading it) and I have funds available in my trading account to trade it. For me to get back in to bitcoin (via GBTC and/or direct BTC investment), the price would have to drop to the $400-$500 range or lower. Until that $400-$500 price point occurs, I will just be an observer. I already made my profit in Bitcoin, so I do not mind being an observer at this point in time.
     
    solarion likes this.
  34. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    As I am watching bitcoin continue to go up and move past $2000, I realized something. Even though, I got out of bitcoin on May 11, 2017, I am not completely out of cryptos. I have some Alt coins (Whitecoin and Dogecoin). Most of the remaining alt coins I have are Dogecoin (DOGE). I have a few Dogecoin (current wallet balance = 64,800+ DOGE) in my wallet but not much. I do not even know how much it is worth at the moment. I have not looked at it since 2016. I did not use any FRN's to obtain DOGE. I was obtaining DOGE the same way that I was obtaining bitcoin and that was through the various Dogecoin faucets. I stopped using the Dogecoin faucets sometime last year and concentrated on Bitcoin.

    I think that with bitcoin rising like it is, I am indirectly benefiting from it but I will have to see what my DOGE is worth before I can say that with 100% certainty. I also think that in order for me to convert DOGE into silver, I would have to trade DOGE for BTC first. For the time being, I am not going to do anything and just continue to eat my popcorn and watch bitcoin.
     
    Last edited: May 20, 2017
  35. #48Fan

    #48Fan Silver Member Silver Miner

    Joined:
    Mar 14, 2014
    Messages:
    331
    Likes Received:
    203
    Trophy Points:
    43
    Good on you, Silver!!!!
     
    Silver Art likes this.
  36. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

    Joined:
    May 16, 2014
    Messages:
    1,701
    Likes Received:
    1,166
    Trophy Points:
    113
    I personally regret not getting into bitcoin 3 or more years ago.

    I actually bought four of the best miners in the world, 13.5 trillion transactions per second.

    I planned on starting a mining operation in my own garage, but the wiring upgrade and heat exhaust isn't something I want to take on....

    Also, I can flip them and turn a $2000 profit right now.
     
  37. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee

    The weird thing about all of this is that I totally forgot about DOGE (and alt cryptos) because I was watching the Bitcoin action and concentrating on that for almost a year.
     
  38. #48Fan

    #48Fan Silver Member Silver Miner

    Joined:
    Mar 14, 2014
    Messages:
    331
    Likes Received:
    203
    Trophy Points:
    43
    Heard That!!!
     
  39. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

    Joined:
    Sep 4, 2011
    Messages:
    4,100
    Likes Received:
    2,300
    Trophy Points:
    113
    Occupation:
    Silver Art Bar Hoor
    Location:
    Tennessee
    I found a Doge converter website (From Doge to USD) called DogePay and found that my 64800+ Doge was worth ~$100 as I write this post. My Doge is worth more than the 0.022 BTC that I converted into silver on May 11, 2017. Very interesting indeed. A pleasant surprise IMO. I think that I will hold onto my Doge for the time being. The Doge balance in my Doge wallet represents all of my Doge faucet earnings that I earned from September 2014 to September 2015 (based on my Doge wallet transaction history).

    EDIT: Hmmm......I could use that Doge to buy more silver if I decide to convert Doge into silver (via Bitcoin). It is just another option for me to think about.
     
    Last edited: May 21, 2017
  40. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

    Joined:
    May 16, 2014
    Messages:
    1,701
    Likes Received:
    1,166
    Trophy Points:
    113
    Should keep some of every investment. Bitcoin is no longer a money thing, it's a literal investment.

    If you have 1,000 ounces of silver... you should own a few bitcoin too.
     
    Silver Art likes this.

Share This Page