@Kyndbrotha said:
Curious, why did the "Bitcoins..." thread by Ricko get closed? It was the highest viewed & commented thread on the front page of this sub.
@Kyndbrotha said:
Curious, why did the "Bitcoins..." thread by Ricko get closed? It was the highest viewed & commented thread on the front page of this sub.
I would venture to guess that it was solely about bitcoin in a precious metals thread.
This one should stay open as it compares bitcoin to gold, however I don’t see a lot of mention of the yellow metal TBH
@derryb said:
Bitcoin can be better than gold depending on one's objectives. For now, it is serving me better than gold. My crypto preference is Ethereum. While gold likely has much more staying power, I more than doubled my money in cryptos in the last three months. I used some of my gold to buy cryptos and when the time is right I will use my cryptos to buy more silver.
So you haven't doubled your money then. You can only say that when you sell it. I think it is called, "counting your chickens before they hatch."
At my day job, I happened to notice a younger co-worker, sitting at his desk one day, and looking very dejected and downhearted. I asked him what was wrong? He said... "I wanted to buy some bitcoin... but I was too late. The price is now over $15 per coin. " (he thought he had missed the price rise, and it was more than he wanted to spend)
Since I had never heard of bitcoin until then, I asked some questions about it to learn what he was talking about... but I dismissed it as it was not something I understood at all, and had no interest whatsoever in it. Guess my co-worker had info on it when it was just a few bucks per coin.... .... wonder if he ever jumped on at some point, or if he is spending his time kicking himself. I haven't seen him in quite a few years.
Similar here, heard about it early, decided it sounded like a pyramid scheme, with a potentially nefarious underbelly.
Seriously underestimated the madness of crowds, obviously.
Time will tell.
Had I bought, would have sold long before now anyway, and 8n any case, wouldn't have gambled much...
Worked way too hard to accumulate gold, real estate, and stocks in companies that produce and sell actual products, to start buying pure code.
@Baley said:
Similar here, heard about it early, decided it sounded like a pyramid scheme, with a potentially nefarious underbelly.
Seriously underestimated the madness of crowds, obviously.
Time will tell.
Had I bought, would have sold long before now anyway, and 8n any case, wouldn't have gambled much...
Worked way too hard to accumulate gold, real estate, and stocks in companies that produce and sell actual products, to start buying pure code.
Sounded like a pyramid scheme to me as well without a nefarious underbelly. Now it sounds less like a pyramid scheme, but with a very serious nefarious underbelly. Don't think anyone is going to get caught at the top of the pyramid on this one. I wonder if the bitcoin generals are attempting to take over the world's monetary system. If so, there is a possibility that one day the dollar and gold will fall to very low levels. For those that don't know, in the financial world, not only do they want to see the white of your eyes, but if you're drowning, they'll throw you an anchor instead of a life preserver. I believe that those of us who still have 25-50 years left to live will see a battle at the monetary bulge.
And the madness continues.... now it has come to this:
"A Brooklyn-based film director is simultaneously mocking and attempting to profit off the cryptocurrency craze for non-fungible tokens (NFTs) by selling a year’s worth of fart audio clips recorded in quarantine.
“If people are selling digital art and GIFs, why not sell farts?”
“The NFT craze is absurd — this idea of putting a value on something inherently intangible,” said Ramírez-Mallis, referencing screenshots of screenshots and the concept of colors which are currently being sold as NFTs. “These NFTs aren’t even farts, they’re just digital alphanumeric strings that represent ownership.” "
Or are the leveraging their bets just in case? The Paypal one makes sense... as a service, they make $ and are not too exposed. Mastercard's statement makes sense as well but does not seem to commit to a specific one (I am sure that has changed).
I just find it hard the US Govt / Treasury etc will accept the use of a currency they cannot control (or manipulate as easily). Who knows... with all this CT 'Great Reset' chatter... maybe the world is drifting into a global crypto currency. That is kind of scary by itself on so many fronts.
The Mass Mutual purchase is notable. They would tend to spend a lot of time vetting any particular investment. I would not expect them to make a speculative play.
Institutions are beginning to consider bitcoin a good investment and a place to park their mountains of cash. So, one could say they are leveraging their cash that faces certain further decline.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Institutions are beginning to consider bitcoin a good investment and a place to park their mountains of cash. So, one could say they are leveraging their cash that faces certain further decline.
@cohodk said:
Can someone compute how much energy would be needed if bitcoin became a global currency?
Dont know the validity of this research but the interweb does conclude there is not enough electricty on the planet to allow bitcoin to be a viable global currency. And this doesn't even account for the obvious role fiat currency plays in each individual countrys monetary and fiscal policy.
Or are the leveraging their bets just in case? @cohodk said:
Can someone compute how much energy would be needed if bitcoin became a global currency?
Right now, as tiny and inconsequential as bitcoin is, it is still responsible for 0.5% of global energy consumption.
The mining (discovery) of bitcoin is the energy consumer. Transactions, investment and use of bitcoin require the same energy as any other digital transaction. Most of the limited amount of bitcoin has already been mined. Granted, as time passes it become harder, and more expensive, to mine the remaining bitcoin.
Once completely mined it becomes just another digital transaction. Bitcoin is already a global digital currency. It is just not THE currency, and will never be. It's blockchain technology however will likely contribute to the development of any possible global digital currency
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
My younger brother used to work for a guy/company. He was mining, had a chunk of the data center mining 24/7, not sure how big it was but he said it was a lot of power. I'll ask today, see if he remembers - guy passed away a few years ago.
Response from bro: one row of cpus mining in the data center ate up the entire 5 gig power allotment from Ga power running at 100%. Would run them when they weren't needed for other business (after hours).
Cohodk, you are on it! I am long gold, silver, and XRP Ripple. And I like to buy farmland with fresh water on it. Bitcoin is going to hopefully have its bubble burst and i cant wait, so I can quit hearing about it! Its just a cover up for the suppression of gold and silver. Like smoke and mirrors- look over here at Bitcoin and USD, but dont look over there at gold and any other asset that the governments and controllers cant control, tax, and manipulate. Derryb, your thoughts please.
Has anyone heard or believe that the Queen of england and all her horses men are the actual creators and manipulators of bitcoin and blockchain? Im just the messenger and would love to see if anyone on here has any info. Please derryb, dont get involved here, we want a sane and rational discussion.
CWRK's partnership with Kodak and KodakOne could could make it a good sleeper. Has shown impressive returns in 2021.
As investments, cryptos and crypto associated products are the new "dot.com," most everyone wants in on the action. They will attract money until suddenly they bleed it. Then the music will stop. Keep a chair nearby.
I personally avoid anything that says NFT. I keep it simple with bitcoin and ethereum where I still see opportunity. But thanks to you this one is now on my radar. Just added CWRK to the roster.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
@Baley said:
Similar here, heard about it early, decided it sounded like a pyramid scheme, with a potentially nefarious underbelly.
Seriously underestimated the madness of crowds, obviously.
Time will tell.
Had I bought, would have sold long before now anyway, and 8n any case, wouldn't have gambled much...
Worked way too hard to accumulate gold, real estate, and stocks in companies that produce and sell actual products, to start buying pure code.
I too initially avoided it, didn't think it had legs. Now that it's a centipede I'm glad I was flexible.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
It's pretty safe to say that bitcoin WILL eventually crash (likely when tough regulatory controls remove its competitive edge) and it's pretty safe to say that gold WILL NOT eventually crash. Bitcoin continues to provide better returns making it the better TEMPORARY safehaven for dollar protection.
Durable: the good must not be perishable or easily destroyed. Thus wheat is not an ideal store of value
Portable: the good must be easy to transport and store, making it possible to secure it against loss or theft and allowing it to facilitate long-distance trade. A cow is thus less ideal than a gold bracelet. Fungible: one specimen of the good should be interchangeable with another of equal quantity. Without fungibility, the coincidence of wants problem remains unsolved. Thus gold is better than diamonds, which are irregular in shape and quality. Verifiable: the good must be easy to quickly identify and verify as authentic. Easy verification increases the confidence of its recipient in trade and increases the likelihood a trade will be consummated.
Divisible: the good must be easy to subdivide. While this attribute was less important in early societies where trade was infrequent, it became more important as trade flourished and the quantities exchanged became smaller and more precise. Scarce: As Nick Szabo termed it, a monetary good must have “unforgeable costliness”. In other words, the good must not be abundant or easy to either obtain or produce in quantity. Scarcity is perhaps the most important attribute of a store of value as it taps into the innate human desire to collect that which is rare. It is the source of the original value of the store of value. Established history: the longer the good is perceived to have been valuable by society, the greater its appeal as a store of value. A long-established store of value will be hard to displace by a new upstart except by force of conquest or if the arriviste is endowed with a significant advantage among the other attributes listed above. Censorship-resistant: a new attribute, which has become increasingly important in our modern, digital society with pervasive surveillance, is censorship-resistance. That is, how difficult is it for an external party such as a corporation or state to prevent the owner of the good from keeping and using it. Goods that are censorship-resistant are ideal to those living under regimes that are trying to enforce capital controls or to outlaw various forms of peaceful trade. source
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
@derryb said:
if you can't stomach volatility you should just continue to stay home where you can be a make believe quarterback from the safety of you armchair.
Those that actually trade cryptos might see it as opportunity.
Some may see it as a reason why bitcoin is NOT better than gold.
@derryb said:
if you can't stomach volatility you should just continue to stay home where you can be a make believe quarterback from the safety of you armchair.
Those that actually trade cryptos might see it as opportunity.
Some may see it as a reason why bitcoin is NOT better than gold.
If "better" means performance, since the beginning of bitcoin it is has left gold in the dust (pun intended).
If "better" means you can hold it in your hand and dream of its future, then gold is better.
Until regulation lets the air out of cryptos, bitcoin will continue to be a better investment, dollar insurance and inflation hedge than gold. I like gold. I liker silver even more. My bank account loves cryptos.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Comments
Blockchain art auction brings record prices.
https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3
DOGE hodl!
Because PCGS doesn't slab them?
Bought some Sushi yesterday....I like my crypto raw.
I would venture to guess that it was solely about bitcoin in a precious metals thread.
This one should stay open as it compares bitcoin to gold, however I don’t see a lot of mention of the yellow metal TBH
It's all about what the people want...
So you haven't doubled your money then. You can only say that when you sell it. I think it is called, "counting your chickens before they hatch."
My chickens are regularly hatching. They're like rabbits.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
The first time I had heard about bitcoin....
At my day job, I happened to notice a younger co-worker, sitting at his desk one day, and looking very dejected and downhearted. I asked him what was wrong? He said... "I wanted to buy some bitcoin... but I was too late. The price is now over $15 per coin. " (he thought he had missed the price rise, and it was more than he wanted to spend)
Since I had never heard of bitcoin until then, I asked some questions about it to learn what he was talking about... but I dismissed it as it was not something I understood at all, and had no interest whatsoever in it. Guess my co-worker had info on it when it was just a few bucks per coin.... .... wonder if he ever jumped on at some point, or if he is spending his time kicking himself. I haven't seen him in quite a few years.
Good story, Tincup.
Do you think some folks might feel the same about the current price?!
Similar here, heard about it early, decided it sounded like a pyramid scheme, with a potentially nefarious underbelly.
Seriously underestimated the madness of crowds, obviously.
Time will tell.
Had I bought, would have sold long before now anyway, and 8n any case, wouldn't have gambled much...
Worked way too hard to accumulate gold, real estate, and stocks in companies that produce and sell actual products, to start buying pure code.
Liberty: Parent of Science & Industry
Sounded like a pyramid scheme to me as well without a nefarious underbelly. Now it sounds less like a pyramid scheme, but with a very serious nefarious underbelly. Don't think anyone is going to get caught at the top of the pyramid on this one. I wonder if the bitcoin generals are attempting to take over the world's monetary system. If so, there is a possibility that one day the dollar and gold will fall to very low levels. For those that don't know, in the financial world, not only do they want to see the white of your eyes, but if you're drowning, they'll throw you an anchor instead of a life preserver. I believe that those of us who still have 25-50 years left to live will see a battle at the monetary bulge.
And the madness continues.... now it has come to this:
"A Brooklyn-based film director is simultaneously mocking and attempting to profit off the cryptocurrency craze for non-fungible tokens (NFTs) by selling a year’s worth of fart audio clips recorded in quarantine.
“If people are selling digital art and GIFs, why not sell farts?”
“The NFT craze is absurd — this idea of putting a value on something inherently intangible,” said Ramírez-Mallis, referencing screenshots of screenshots and the concept of colors which are currently being sold as NFTs. “These NFTs aren’t even farts, they’re just digital alphanumeric strings that represent ownership.” "
https://nypost.com/2021/03/18/nyc-man-sells-fart-for-85-cashing-in-on-nft-craze/
And it appears there is at least one buyer... it is being bid up. Oh, the insanity....
Dang it....i said the same idea to my kid 2 days ago.
Yup...there be lots o' money to fleece from this next generation of knuckleheads.
Knowledge is the enemy of fear
Athiests do not own Bitcoins - they don't believe in things that they can't see, touch, smell or hear.
Reason #6. Institutional support:
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Or are the leveraging their bets just in case? The Paypal one makes sense... as a service, they make $ and are not too exposed. Mastercard's statement makes sense as well but does not seem to commit to a specific one (I am sure that has changed).
I just find it hard the US Govt / Treasury etc will accept the use of a currency they cannot control (or manipulate as easily). Who knows... with all this CT 'Great Reset' chatter... maybe the world is drifting into a global crypto currency. That is kind of scary by itself on so many fronts.
Is China behind the rise of bitcoin ? Or is the inventor the wizard of Oz ?
The Mass Mutual purchase is notable. They would tend to spend a lot of time vetting any particular investment. I would not expect them to make a speculative play.
Leveraging what bets in case of what?
Institutions are beginning to consider bitcoin a good investment and a place to park their mountains of cash. So, one could say they are leveraging their cash that faces certain further decline.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Probably better than a Swiss bank.
Can someone compute how much energy would be needed if bitcoin became a global currency?
Right now, as tiny and inconsequential as bitcoin is, it is still responsible for 0.5% of global energy consumption.
Knowledge is the enemy of fear
I hold some as a leverage myself. Just like I also own silver and gold. There needs to be a little chesterb in all investments!
Dont know the validity of this research but the interweb does conclude there is not enough electricty on the planet to allow bitcoin to be a viable global currency. And this doesn't even account for the obvious role fiat currency plays in each individual countrys monetary and fiscal policy.
https://ewminteractive.com/bitcoin-can-never-global-currency-here-why
Knowledge is the enemy of fear
The mining (discovery) of bitcoin is the energy consumer. Transactions, investment and use of bitcoin require the same energy as any other digital transaction. Most of the limited amount of bitcoin has already been mined. Granted, as time passes it become harder, and more expensive, to mine the remaining bitcoin.
Once completely mined it becomes just another digital transaction. Bitcoin is already a global digital currency. It is just not THE currency, and will never be. It's blockchain technology however will likely contribute to the development of any possible global digital currency
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
My younger brother used to work for a guy/company. He was mining, had a chunk of the data center mining 24/7, not sure how big it was but he said it was a lot of power. I'll ask today, see if he remembers - guy passed away a few years ago.
Response from bro: one row of cpus mining in the data center ate up the entire 5 gig power allotment from Ga power running at 100%. Would run them when they weren't needed for other business (after hours).
Your comment does not appear to be corroborated by any research.
Knowledge is the enemy of fear
Cohodk, you are on it! I am long gold, silver, and XRP Ripple. And I like to buy farmland with fresh water on it. Bitcoin is going to hopefully have its bubble burst and i cant wait, so I can quit hearing about it! Its just a cover up for the suppression of gold and silver. Like smoke and mirrors- look over here at Bitcoin and USD, but dont look over there at gold and any other asset that the governments and controllers cant control, tax, and manipulate. Derryb, your thoughts please.
A thought I had today:
If governments were to announce any attempt to confiscate or curtail Bitcoin, the Bitcoin price would crash.
If governments were to announce any attempt to confiscate or curtail the ownership of gold, the gold price would skyrocket.
Jim Cramer tells investors to drop 'half of their gold' & invest in bidcoin...
https://www.kitco.com/news/2021-03-24/-5-in-gold-5-in-bitcoin-Jim-Cramer-tells-investors-to-drop-half-of-their-gold.html
If you love volatility, then b.c. is your game. 5%-10% daily swings...
The internet kill switch doesn't affect gold.
I knew it would happen.
Has anyone heard or believe that the Queen of england and all her horses men are the actual creators and manipulators of bitcoin and blockchain? Im just the messenger and would love to see if anyone on here has any info. Please derryb, dont get involved here, we want a sane and rational discussion.
Crypto Fear & Greed Index
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Rhodl - 'I just heard some wild internet rumor - and please give me only rational responses to my BSC question...'
Ask derryb, it has all tje answers.
Well, not all of them, but likely the correct ones.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Derryb- Do you believe the future of NFT's has a bright outlook ?
I've invested in CWRK out of California, and feel like it has potential.
Some just laugh that it's a fly by night nothing company, but I disagree.
CWRK's partnership with Kodak and KodakOne could could make it a good sleeper. Has shown impressive returns in 2021.
As investments, cryptos and crypto associated products are the new "dot.com," most everyone wants in on the action. They will attract money until suddenly they bleed it. Then the music will stop. Keep a chair nearby.
I personally avoid anything that says NFT. I keep it simple with bitcoin and ethereum where I still see opportunity. But thanks to you this one is now on my radar. Just added CWRK to the roster.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I too initially avoided it, didn't think it had legs. Now that it's a centipede I'm glad I was flexible.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
https://seekingalpha.com/article/4414289-john-hussman-on-bitcoin
It's pretty safe to say that bitcoin WILL eventually crash (likely when tough regulatory controls remove its competitive edge) and it's pretty safe to say that gold WILL NOT eventually crash. Bitcoin continues to provide better returns making it the better TEMPORARY safehaven for dollar protection.
gold is today as cheap in relation to money supply as it was in 1970 at $35 and as cheap as in 2000 when gold was $290. The short term correction in gold is now finishing and the next move up will be the strongest for a few years.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Taken from the bullish case for bitcoin:
Durable: the good must not be perishable or easily destroyed. Thus wheat is not an ideal store of value
Portable: the good must be easy to transport and store, making it possible to secure it against loss or theft and allowing it to facilitate long-distance trade. A cow is thus less ideal than a gold bracelet.
Fungible: one specimen of the good should be interchangeable with another of equal quantity. Without fungibility, the coincidence of wants problem remains unsolved. Thus gold is better than diamonds, which are irregular in shape and quality.
Verifiable: the good must be easy to quickly identify and verify as authentic. Easy verification increases the confidence of its recipient in trade and increases the likelihood a trade will be consummated.
Divisible: the good must be easy to subdivide. While this attribute was less important in early societies where trade was infrequent, it became more important as trade flourished and the quantities exchanged became smaller and more precise.
Scarce: As Nick Szabo termed it, a monetary good must have “unforgeable costliness”. In other words, the good must not be abundant or easy to either obtain or produce in quantity. Scarcity is perhaps the most important attribute of a store of value as it taps into the innate human desire to collect that which is rare. It is the source of the original value of the store of value.
Established history: the longer the good is perceived to have been valuable by society, the greater its appeal as a store of value. A long-established store of value will be hard to displace by a new upstart except by force of conquest or if the arriviste is endowed with a significant advantage among the other attributes listed above.
Censorship-resistant: a new attribute, which has become increasingly important in our modern, digital society with pervasive surveillance, is censorship-resistance. That is, how difficult is it for an external party such as a corporation or state to prevent the owner of the good from keeping and using it. Goods that are censorship-resistant are ideal to those living under regimes that are trying to enforce capital controls or to outlaw various forms of peaceful trade. source
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
A 15% loss of value in 45 min can be a good substitute for raisin bran.
Knowledge is the enemy of fear
Bob Rumson, is that you?
Those that actually trade cryptos might see it as opportunity. Bitcoin is currently better than gold because if offers better opportunity.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Some may see it as a reason why bitcoin is NOT better than gold.
Knowledge is the enemy of fear
"Crypto" might be this generation's Bubble of a Lifetime.
Of course the tops of the pyramids and the Very Gifted Traders will be fine.
Not sure about the HODLers.
Liberty: Parent of Science & Industry
Why? Because Bitcoin can spike twenty grand in a week and drop five grand in an hour.
Gold would evaporate, with such volatility.
If "better" means performance, since the beginning of bitcoin it is has left gold in the dust (pun intended).
If "better" means you can hold it in your hand and dream of its future, then gold is better.
Until regulation lets the air out of cryptos, bitcoin will continue to be a better investment, dollar insurance and inflation hedge than gold. I like gold. I liker silver even more. My bank account loves cryptos.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
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