@coinkat said:
I think you know the famous P.T. Barnum quote...
Are you thinking of "There's a sucker born every minute."? If so, there's documentation that P. T. Barnum ever said this.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@stownsin said:
I agree with much of the sentiment here vis a vis cryptocurrency and find I simply have no desire to "hold" it, despite whatever the "price" may be.
Can I physically hold a Bitcoin or this work of art? Nope. I know some early Bitcoins came in a physical form that included a digital signature, but this is the exception to the rule. Even so, they are not made of any valuable metal and therefore have zero intrinsic value. It is pure hysteria driving the price up for these, in my estimation.
I would even say that fiat currency of more or less stable governments has more value than Bitcoin in the final analysis--at least a sovereign nation is backing it. What is backing Bitcoin? It is a decentralized currency that also functions as a payment system, supported by blockchain technology. Really, who cares? Let's be honest: the average person will not ever understand blockchain technology and will not make an effort to do so. It simply isn't and hasn't been relevant to daily human existence for the entirety of human history.
People understand things they can actually see. They understand the idea that a government--which exists--can provide faith in a nation's currency. Blockchain is simply an esoteric technology being used by the digital intelligentsia to make money in the short run. If the world's governments begin to feel that people are turning away from sovereign currency in favor of Bitcoin, they will ban it. And they should.
Stick with metals--5000 years of human history is not going to be undone by some crackpot idea cooked up by a man named Satoshi. Sorry not sorry.
I bet someone said that about horses, once upon a time...
@stownsin said:
I agree with much of the sentiment here vis a vis cryptocurrency and find I simply have no desire to "hold" it, despite whatever the "price" may be.
Can I physically hold a Bitcoin or this work of art? Nope. I know some early Bitcoins came in a physical form that included a digital signature, but this is the exception to the rule. Even so, they are not made of any valuable metal and therefore have zero intrinsic value. It is pure hysteria driving the price up for these, in my estimation.
I would even say that fiat currency of more or less stable governments has more value than Bitcoin in the final analysis--at least a sovereign nation is backing it. What is backing Bitcoin? It is a decentralized currency that also functions as a payment system, supported by blockchain technology. Really, who cares? Let's be honest: the average person will not ever understand blockchain technology and will not make an effort to do so. It simply isn't and hasn't been relevant to daily human existence for the entirety of human history.
People understand things they can actually see. They understand the idea that a government--which exists--can provide faith in a nation's currency. Blockchain is simply an esoteric technology being used by the digital intelligentsia to make money in the short run. If the world's governments begin to feel that people are turning away from sovereign currency in favor of Bitcoin, they will ban it. And they should.
Stick with metals--5000 years of human history is not going to be undone by some crackpot idea cooked up by a man named Satoshi. Sorry not sorry.
I bet someone said that about horses, once upon a time...
False equivalence
Not at all.
Things change.
Horses were once indispensable. Stealing a horse was a capital offense. Then, we didn't need them anymore.
90% of gold use is hoarding and jewelry. It doesn't need to be money - history aside - just like horses aren't indispensable anymore for transportation or plowing.
A way to talk to your friends that makes you sound cool
It's not an inflation hedge. Look at silver and gold. People view both as an inflation hedge yet bought at the wrong time, it's been a huge underperformer. I don't know how many (if any) bought silver at the 1979/1980 peak and still hold it but if they did, they have a 40%+ nominal loss right now.
@stownsin said:
I agree with much of the sentiment here vis a vis cryptocurrency and find I simply have no desire to "hold" it, despite whatever the "price" may be.
Can I physically hold a Bitcoin or this work of art? Nope. I know some early Bitcoins came in a physical form that included a digital signature, but this is the exception to the rule. Even so, they are not made of any valuable metal and therefore have zero intrinsic value. It is pure hysteria driving the price up for these, in my estimation.
I would even say that fiat currency of more or less stable governments has more value than Bitcoin in the final analysis--at least a sovereign nation is backing it. What is backing Bitcoin? It is a decentralized currency that also functions as a payment system, supported by blockchain technology. Really, who cares? Let's be honest: the average person will not ever understand blockchain technology and will not make an effort to do so. It simply isn't and hasn't been relevant to daily human existence for the entirety of human history.
People understand things they can actually see. They understand the idea that a government--which exists--can provide faith in a nation's currency. Blockchain is simply an esoteric technology being used by the digital intelligentsia to make money in the short run. If the world's governments begin to feel that people are turning away from sovereign currency in favor of Bitcoin, they will ban it. And they should.
Stick with metals--5000 years of human history is not going to be undone by some crackpot idea cooked up by a man named Satoshi. Sorry not sorry.
I bet someone said that about horses, once upon a time...
False equivalence
Not at all.
Things change.
Horses were once indispensable. Stealing a horse was a capital offense. Then, we didn't need them anymore.
90% of gold use is hoarding and jewelry. It doesn't need to be money - history aside - just like horses aren't indispensable anymore for transportation or plowing.
Let me know when it happens and since I am replying to you, your post comparing BTC to stocks and houses is another false equivalence. There is a difference between an asset losing value and someone stealing it. One has nothing to do with the other.
I agree with you that all values are the results of a mental state of mind if that's your point but there is still a difference, a tangible practical difference which everyone recognizes except predominantly those who believe the greatest asset mania in the history of civilization (now) is "normal".
@stownsin said:
I agree with much of the sentiment here vis a vis cryptocurrency and find I simply have no desire to "hold" it, despite whatever the "price" may be.
Can I physically hold a Bitcoin or this work of art? Nope. I know some early Bitcoins came in a physical form that included a digital signature, but this is the exception to the rule. Even so, they are not made of any valuable metal and therefore have zero intrinsic value. It is pure hysteria driving the price up for these, in my estimation.
I would even say that fiat currency of more or less stable governments has more value than Bitcoin in the final analysis--at least a sovereign nation is backing it. What is backing Bitcoin? It is a decentralized currency that also functions as a payment system, supported by blockchain technology. Really, who cares? Let's be honest: the average person will not ever understand blockchain technology and will not make an effort to do so. It simply isn't and hasn't been relevant to daily human existence for the entirety of human history.
People understand things they can actually see. They understand the idea that a government--which exists--can provide faith in a nation's currency. Blockchain is simply an esoteric technology being used by the digital intelligentsia to make money in the short run. If the world's governments begin to feel that people are turning away from sovereign currency in favor of Bitcoin, they will ban it. And they should.
Stick with metals--5000 years of human history is not going to be undone by some crackpot idea cooked up by a man named Satoshi. Sorry not sorry.
I bet someone said that about horses, once upon a time...
False equivalence
Not at all.
Things change.
Horses were once indispensable. Stealing a horse was a capital offense. Then, we didn't need them anymore.
90% of gold use is hoarding and jewelry. It doesn't need to be money - history aside - just like horses aren't indispensable anymore for transportation or plowing.
Let me know when it happens and since I am replying to you, your post comparing BTC to stocks and houses is another false equivalence. There is a difference between an asset losing value and someone stealing it. One has nothing to do with the other.
I agree with you that all values are the results of a mental state of mind if that's your point but there is still a difference, a tangible practical difference which everyone recognizes except predominantly those who believe the greatest asset mania in the history of civilization (now) is "normal".
I wasn't suggesting anything about it "losing value". People are complaining that it isn't tangible. The fact is, most of our assets are digital in nature. Even our tangibles are only secured by intangible "ownership" rights.
I am not exactly a BTC fan. But I'm not willing to write it off due to false dichotomies.
There is nothing arbitrary about the tendency of mankind to assign value to gold. What makes gold unique is that every major culture in history has ascribed value to the precious metal. The Egyptians believed gold was the tears of gods. In various Mesoamerican cultures, gold was only allowed to be worn by the elite and it was thought to represent the sun god. Various pre-European African empires were fueled by a gold trade. The fact that so many disparate cultures across time have declared it to have value suggests something transcendental about it. There is definitely nothing transcendent about a freakin' "Bitcoin." Give me a break. Bitcoin reminds me of Beanie Babies--trite yet extremely valuable for a period of time. Then worthless. Except, I can't even hold a Bitcoin--at least if someone finds their Beanie Babies have become worthless, they can use them as dog toys or snuggle with them at night.
This past week we have heard from several customers who have made millions in stock trades and one in bitcoin. There is such HUGE money out there. Two NFT (those crazy cyber art works) just sold for $59 and $60 million dollars. One of the artists was on TV laughing his head off. This stuff bothers me to no end. Why? I am afraid we are losing potential new buyers to this unreal stuff. I also think the trading card game is a bubble that will burst. New kids are running it but have no clue what they are doing. They are just throwing money in it with their friends and creating million dollar cards from recent production. Makes no sense to me, Maybe I am too jaded by coins? But they do own Collectors Universe which makes me worry about the fate of PCGS.
My instinct is if digital collections of anything go up in value, it will also help numismatics. Kind of like when someone begins to buy gold they discover numismatics and begin collecting.
Comments
I think you know the famous P.T. Barnum quote...
Experience the World through Numismatics...it's more than you can imagine.
A lot of these quotes can apply here.
Are you thinking of "There's a sucker born every minute."? If so, there's documentation that P. T. Barnum ever said this.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Only if that one is the noble answer that makes you happy.
Experience the World through Numismatics...it's more than you can imagine.
Nothing. But you could potentially sell it for more later to a greater fool, so that is something.
False equivalence
Not at all.
Things change.
Horses were once indispensable. Stealing a horse was a capital offense. Then, we didn't need them anymore.
90% of gold use is hoarding and jewelry. It doesn't need to be money - history aside - just like horses aren't indispensable anymore for transportation or plowing.
It's not an inflation hedge. Look at silver and gold. People view both as an inflation hedge yet bought at the wrong time, it's been a huge underperformer. I don't know how many (if any) bought silver at the 1979/1980 peak and still hold it but if they did, they have a 40%+ nominal loss right now.
Pat Mahomes just made $3M selling NFT art, similar to trading cards. They are trying to build market, can see more athletes jumping on board
Let me know when it happens and since I am replying to you, your post comparing BTC to stocks and houses is another false equivalence. There is a difference between an asset losing value and someone stealing it. One has nothing to do with the other.
I agree with you that all values are the results of a mental state of mind if that's your point but there is still a difference, a tangible practical difference which everyone recognizes except predominantly those who believe the greatest asset mania in the history of civilization (now) is "normal".
I wasn't suggesting anything about it "losing value". People are complaining that it isn't tangible. The fact is, most of our assets are digital in nature. Even our tangibles are only secured by intangible "ownership" rights.
I am not exactly a BTC fan. But I'm not willing to write it off due to false dichotomies.
Screenshot! It’s mine now
I’m fairly young and I don’t understand any of this
I was trying to LOL but clicking on the wrong one!
There is nothing arbitrary about the tendency of mankind to assign value to gold. What makes gold unique is that every major culture in history has ascribed value to the precious metal. The Egyptians believed gold was the tears of gods. In various Mesoamerican cultures, gold was only allowed to be worn by the elite and it was thought to represent the sun god. Various pre-European African empires were fueled by a gold trade. The fact that so many disparate cultures across time have declared it to have value suggests something transcendental about it. There is definitely nothing transcendent about a freakin' "Bitcoin." Give me a break. Bitcoin reminds me of Beanie Babies--trite yet extremely valuable for a period of time. Then worthless. Except, I can't even hold a Bitcoin--at least if someone finds their Beanie Babies have become worthless, they can use them as dog toys or snuggle with them at night.
say hello to 60K
How can Real Coins compete with NFTs?
Laura spells it out:
https://www.legendnumismatics.com/hot_topics/rare-coins-are-the-real-deal/
My instinct is if digital collections of anything go up in value, it will also help numismatics. Kind of like when someone begins to buy gold they discover numismatics and begin collecting.