Is this a smart or stupid buy?

jt88

I put a s100 to watch the lot. As of today bitcoin price is at about 22k so this lot ended at $43k, why? Did I miss something? I am pretty confused on this lot.

Rampage

Not something I would buy. For that kind of money, I would accomplish so many other numismatic goals.

lermish

Probably early bidders

10000lakes

Someone probably bid early in the auction before the big drop in price. Also these physical coins trade at a premium to the value of 1 bitcoin. Plus it’s a PCGS MS-66

lilolme

I saw these. There was about two dozen different ones. Some 'loaded' and some used. Then there were a few that were 0.001 bitcoin and a .005 bitcoin that looked like poker chips. Last I looked the 0.001 bitcoin were at about $200 so this is clearly buying the bitcoin coin as the bitcoin value was about $40 when the auction started and now $22. Didn't look to see where they ended.

Mizzou

That might as well be written in Portuguese, I have no idea what you're talking about.

Jzyskowski1

@Mizzou said:
That might as well be written in Portuguese, I have no idea what you're talking about.

Allow beaver to explain: 🦫
It’s the “ same old story with a new set of words”. Steve Miller Band.
It’s the current incarnation of the old “Pyramid Scheme “. Selling something that’s only worth something as long as the hype lasts. Those in first or on top and the next level or so make out as long as the dream is given life. They are backed by nothing tangible and therefore extremely susceptible to wild swings in value.
“ Good job little fella “. 😉🙀🦫

jmlanzaf

@Jzyskowski1 said:

@Mizzou said:
That might as well be written in Portuguese, I have no idea what you're talking about.

Allow beaver to explain: 🦫
It’s the “ same old story with a new set of words”. Steve Miller Band.
It’s the current incarnation of the old “Pyramid Scheme “. Selling something that’s only worth something as long as the hype lasts. Those in first or on top and the next level or so make out as long as the dream is given life. They are backed by nothing tangible and therefore extremely susceptible to wild swings in value.
“ Good job little fella “. 😉🙀🦫

If you dropped the "bit" from the bitcoin, you could say the same thing.

Jzyskowski1

Ok? Ah what ? Again you have lost me😉🙀🦫
Guess that’s what I get for being a “ time traveler, eh. JM 😎

Paradisefound

Too complex for me …. I’d stay with my Peace 😉

jmlanzaf

@Jzyskowski1 said:
Ok? Ah what ? Again you have lost me😉🙀🦫
Guess that’s what I get for being a “ time traveler, eh. JM 😎

Coins are only "worth something as long as the hype lasts". An 1804 dollar is $20 in silver and v$5 million of hype.

BillJones

You could buy one of these. It was a gold disk that was paid to the Saudis circa 1945 to pay for oil. It's a lot cheaper, and more interesting.

TurtleCat

@BillJones said:
You could buy one of these. It was a gold disk that was paid to the Saudis circa 1945 to pay for oil. It's a lot cheaper, and more interesting.

It sure is. I’ve read about them once but I’ve never seen one offered. Do they trade at a premium to bullion value?

ricko

Not an item I would be bidding on. I will stick with regular coins that appeal to me. I have other uses for my funds. Cheers, RickO

PerryHall

@BillJones said:
You could buy one of these. It was a gold disk that was paid to the Saudis circa 1945 to pay for oil. It's a lot cheaper, and more interesting.

They carry a big premium to melt value and they have been heavily counterfeited.