Bitcoin becomes real! Silver and Brass coins
nibanny
Posts: 2,761 ✭
I don't read much newspaper in the US but in Italy there has been a lot of talking about this BitCoin thing lately.
The BitCoin economy has been estimated in $57M.
I read a bit about it but couldn't really understand how it works.
Anyhow, somebody decided that it was right about time to make it real and tangible.
The Brass goes for $8.90 while the 1 oz Silver Round is priced at $160.65!
The BitCoin economy has been estimated in $57M.
I read a bit about it but couldn't really understand how it works.
Anyhow, somebody decided that it was right about time to make it real and tangible.
The Brass goes for $8.90 while the 1 oz Silver Round is priced at $160.65!
The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
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See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
<< <i>Isn't a physical bitcoin the antithesis of the BitCoin movement? >>
and is 10 BitCoins 2 BitCoins or really 10 BitCoins which is really 1010 BitCoins ?
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
<< <i>I have read the Wiki section, and I still do not fully understand this ..... Do people actually accept this in lieu of real currency?? Or is it just another game? Cheers, RickO >>
Do you mean the Bitcoin? Or these physical coins?
If you are referring to the Bitcoin, yes, there are people in the Bitcoin community actually accepting them as payment.
e.g. people get paid by Bitcoin when they provide some services such as writing some computer codes or develop a webpage for others; there are some website sell products that accept Bitcoin.
And there are online exchanges that you can convert Bitcoin into USD.
It is actually quite convenient to send a small amount of "money" to people in other country because the transaction itself does not cost you anything.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
What will be even more interesting is how the US Gov tries to regulate it or put a stop to it.
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I knew it would happen.
Anyone who can sell silver for $160 per oz does have some superior marketing skills.
I am putting all my money into Chuck e Cheese game tokens.
<< <i>Isn't a physical bitcoin the antithesis of the BitCoin movement? >>
You can use them to buy printouts of the internet.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
<< <i>If you can't pay your taxes with it or buy groceries with it, I have no use for it other than it's an interesting piece of bullion only worth melt value. >>
Back in January bitcoins were around 11.00 bucks each give or take. Today they are around 100.00 plus. Just think. The kids and or junkies who are selling there meds online and held them could be a millonaire right now due to the price increase on these! If you dont think I am telling the truth google it. Its all over the web
Let bitcoins be bitcoins &
Take the grime out of byte
Old school English:
Let bygones be bygones &
Take a bite out of crime
Old math : Silver ounce : Spot plus $7 at shop or online plus or minus a couple bucks shipping...
New Math: Silver ounce : $160 and no fees online. Payable electronically but now , you can get substance for your ignorance.
Current spot price : $28.50
New world price: $160.
Let the Eagle sink it's talons into the skull and have the mind wrap itself into what TWO PLUS TWO is. The American Silver Eagle makes more cents. The GIRLYMAN GIRL SCOUT COINS make more sense.
Forbes report 20 minutes ago
The opinions expressed are my own and not necessarily true ... I'm just "envisioning" my lost family and friends on facebook. They'll probably bring me one they grew on farmville and realize the hours spent were a waste of time on the computing system. While they think it's really WORKING for them. They will be sorely disappointed that dealers will pay SPOT, or maybe 95% of it. Then again, who knows... MAYBE PCGS or NGC will grade them and they will be the NEW MONETARY SYSTEM
I have no idea. It's conceptually cool, but the fear mongering drives the price. That's the epitome of insanity.
The silver that sold for $160 is now worth over $1000 at spot and I haven't seen any available at any price.
There used to be a B1000 gold ounce coin for sale as well. I'm not sure if anyone ordered it at $16,000 but now it's worth over $100,000.
COINS FOR SALE, IN LINK BELOW
https://photos.app.goo.gl/KCJYQg9x5sPJiCBc9
<< <i>Unless they find a way to ban bitcoins, they will be around as a speculation. The inventors claim that it can't be manipulated, but I am betting that it will be. >>
"...can't be manipulated...", hmm, they must have found a way to curb human behavior.
Misguided individuals if you ask me.
Personally, if given the choice between the US dollar and the bitcoin, I'd rather invest in the US dollar and I think everyone here knows how I feel about the US dollar.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>The 'bitcoin' value has surged recently and there's a lot of people who are steering that way.
Misguided individuals if you ask me.
Personally, if given the choice between the US dollar and the bitcoin, I'd rather invest in the US dollar and I think everyone here knows how I feel about the US dollar. >>
Right. The bitcoin doesn't have a hundred million plus taxpaying workers behind it. Nor does it have to most sophisticated military and the most entrepreneurial citizen class among others. Bitcoin: Fail.
True enough, it's not much different than any other mass delusion, but the bitcoin folks will be the first to note that most dollars are electronic book entries as well.
I still haven't heard any explanation of what happens when you pay for something and don't receive what you paid for. There is no government to enforce any "law". Getting "Corzined" doesn't require that you deal exclusively in US Dollars. It can happen in any currency, bitcoins included.
I knew it would happen.
<< <i>The next time that bitcoin gets hacked and the value drops by 99%, I might just buy a few.
True enough, it's not much different than any other mass delusion, but the bitcoin folks will be the first to note that most dollars are electronic book entries as well.
I still haven't heard any explanation of what happens when you pay for something and don't receive what you paid for. There is no government to enforce any "law". Getting "Corzined" doesn't require that you deal exclusively in US Dollars. It can happen in any currency, bitcoins included. >>
At the very least it shows the dissatisfaction with current world currencies.
Is it too good to be true?
Edited: Can't get the graph to show
<< <i>Isn't a physical bitcoin the antithesis of the BitCoin movement? >>
Exactly , and the comment on hackers is just the tip of an unstable iceburg , ask any Bitfloor investor , who needs hackers when an inside job is just as likely.
A great example of speculator tulip madness and counterparty risk. If you can't hold it, you don't own it.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
<< <i>What's in your makebelieve "wallet?"
A great example of speculator tulip madness and counterparty risk. If you can't hold it, you don't own it. >>
I don't think PCGS can hold this forum in its hands but they do own it and could shut it down if they wanted to
Makebelieve or not, digital currency is already here. We all use it every day if we have money in our pocket or money at the bank. When the Treasury prints money it creates digital book entries and when I deposit my money in the bank it creates a digital book entry. You can call it a U.S. dollar or a bitcoin but they both serve the same purpose. The dollar in my pocket is merely paper backed by an electronic entry in the Federal Reserve System. I can hold the dollar in my hand but I still don't really own anything with it.
Tulip Mainia!
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Bitcoin seems like a fad, and most fads burn out overnight.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
<< <i>1500% increase since January?
Bitcoin seems like a fad, and most fads burn out overnight. >>
it's a shame Bernanke can't do this to dollars
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
<< <i>1500% increase since January?
Bitcoin seems like a fad, and most fads burn out overnight. >>
They used to say the internet was a fad. Sometimes fads actually become mainstream. If you would have told me when I was younger that we would use technology like we do today I would have told you that you were watching too much Star Trek. I can't believe the internet, smart phones, texting, digital photography, kindles, tablets, etc. all become standard items that are used daily. I still remember my parents reaction to the microwave. They never thought it would be possible to cook food like that. My grandparents couldn't believe the color T.V. My great grandparents couldn't believe the automobile.
I don't think bitcoins will amount to much but I also didn't think many people would want to spend all their time on a portable phone texting and playing games either.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
<< <i>1500% increase since January?
Bitcoin seems like a fad, and most fads burn out overnight. >>
Looks like the fire just started. The question is, how long will it remain burning.
Here's another prediction: It never bounces back. Hype, hype, bail. Classic crowd psychology
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Real or not, I don't want to pay a thousand dollars for a loaf of bread any more than I want GMO's in my colon.
<< <i>I would run from bitcoin. It's going to boom, then bust, badly, in my opinion. Basically it's reflecting people's dissatisfaction with the current monetary system. Don't forget Tulip bulbs were once in high demand too. >>
As I said. Happened even faster than I thought. Gold and Silver in the pocket or under the mattress is the only solution.
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Not white collar crime... it's NO COLLAR CRIME ( a numismatic pun )
collar
A metal piece that either positions a planchet beneath the dies and/or restrains the expanding metal of a coin during striking. Collars are considered the “third” die and, today, are used to impart the edge markings to a coin. Collars can be merely a hole in a flat piece of metal or a set of segments that pull away from the coin after it is struck.
<< <i>
True enough, it's not much different than any other mass delusion, but the bitcoin folks will be the first to note that most dollars are electronic book entries as well.
>>
However, unlike dollars, the number of bitcoins to be issued is capped. The value of a bitcoin is essentially derived from the number-crunching power of the world's computers, and the number to be issued will asymptotically approach 0 as the world's computing power exponentially increases. So if the system runs as it should (which, of course, is an if), the numbers of bitcoins circulating will not start to run away like it could with many fiat currencies.
Bitcoin is obviously a highly speculative currency, but I would not poo-poo its potential or network security. It has a expanding buying power on the internet--which for much of the younger generation is as good as cash--and is set up and managed by the same level of computer geeks that try to hack the worlds toughest networks. Essentially, you have some of the best computer minds on the job. If the last decade has shown us anything, that is a good place to start for great success.
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
What Is A Pyramid Scheme?
December 16 2009| Filed Under » Financial Crime, Financial Crisis, Pyramid Scheme
A pyramid scheme is a fraudulent investing plan that has unfortunately cost many people worldwide their hard-earned savings. The concept behind the pyramid scheme is simple and should be easy to identify; however, it is often presented to potential investors in a disguised or slightly altered form. For this reason, it is important to not only understand how pyramid schemes work, but also to be familiar with the many different shapes and sizes they can take. (Many investors do not understand how to determine the level of risk their individual portfolios should bear. Find out for yourself in Determining Risk And The Risk Pyramid.)
The Scheme
As its name indicates, the pyramid scheme is structured like a pyramid. It starts with one person - the initial recruiter - who is on top, at the apex of the pyramid. This person recruits a second person, who is required to "invest" $100 which is paid to the initial recruiter. In order to make his or her money back, the new recruit must recruit more people under him or her, each of whom will also have to invest $100. If the recruit gets 10 more people to invest, this person will make $900 with just a $100 investment.
The 10 new people become recruiters and each one is in turn required to enlist an additional 10 people, resulting in a total of 100 more people. Each of those 100 new recruits is also obligated to pay $100 to the person who recruited him or her; recruiters get a profit of all of the money received minus the initial $100 paid to the person who recruited them. The process continues until the base of the pyramid is no longer strong enough to support the upper structure (meaning there are no more recruits). (From pyramid schemes to envelope stuffing, there are a lot of scams masquerading as legitimate part-time work. Read more in Recognize And Avoid "Work At Home" Scams.)
The Fraud
The problem is that the scheme cannot go on forever because there is a finite number of people who can join the scheme (even if all the people in the world join). People are deceived into believing that by giving money they will make more money ("with an investment of just $100, you will receive $900 in return"). But no wealth has been created; no product has been sold; no investment has been made; and no service has been provided.
The fraud lies in the fact that it is impossible for the cycle to sustain itself, so people will lose their money somewhere down the line. Those who are most vulnerable are those towards the bottom of the pyramid, where it becomes impossible to recruit the number of people required to pay off the previous layer of recruiters. This kind of fraud is illegal in the Unites States and most countries throughout the world. It is estimated that 90% of people who get involved in a pyramid scheme will lose their money. (Lower levels of liquidity in exchange-traded funds make it harder to trade them profitably. Find out more in ETF Liquidity: Why It Matters.)
Fraud Disguised
Because people are attracted to the idea of making a quick buck with very little effort, many different forms of disguised pyramid schemes have succeeded in fooling people. Despite the illusion of legality presented by these revamped schemes, they are still illegal. It is thus important to recognize the characteristics of such so-called investment plans.
Learn how penny stocks can turn $1k to $10k!
Many schemes will adopt the guise of gift-giving or loans that take place in investment clubs because none of these activities are technically illegal. However, the practice of donating a gift (tax free up to $10,000 in the U.S.) to someone (the recruiter), then having to recruit people into the club in order to receive a return on your investment (or your gift, rather) is essentially a pyramid scheme in disguise. (Joining an investment club isn't a get-rich-quick scheme, but it can help you learn the ropes or sharpen your investing skills. Learn more in Benefit From A Winning Investment Club.)
Multi-Level Marketing (MLM)
Legal multi-level marketing (MLM) involves being recruited in order to sell a product or service that actually has some inherent value. As a recruit, you can make a profit from the sales of the product or service, so you don't necessarily have to recruit more salespeople below you. And while you may be encouraged to recruit other salespeople whose sales would give you more profit, you can stick to just selling the product directly to the consumer if you choose.
A pyramid scheme MLM, however, will most likely sell a product with no independent value. The product could take the form of reports of some kind, for example, or mailing lists. In this kind of pyramid scheme, you would be required to recruit new members into the MLM in order to make a profit and keep the MLM alive. Joining the MLM is the only reason anyone would buy the products sold by this pyramid scheme.
Ponzi Schemes
Named after Charles Ponzi, who ran such a plot from 1919-1920, the Ponzi scheme is a fraudulent investment plan. It is not necessarily a pyramid, which is hierarchical. In a Ponzi scheme, there is one person who takes people's money as an "investment" and does not necessarily tell them how their returns will be generated. As such, the people's return on investment could be generated by anything; it could come from money taken from new investors - which means new investors essentially pay off the old investors - or even from money made by gambling in Las Vegas.
Chain Letters
Chain letters can be received electronically or through snail mail and are not illegal on their own. However, they take on the form of a pyramid scheme when the letter asks you to donate a certain amount of money (even just 5 cents) to the people on a list, then delete the name of the first person on the list, add your name, and forward the letter to a certain number of other people. The next people receiving the letter are then asked to do the same thing, so that you can receive your money as well. By forwarding the letter, you are asking people to give money with the promise of making money.
Conclusion
It is easy to see how a pyramid scheme can work, but participating in it (regardless of the form in which it is presented) involves deception and fraud because not everyone will receive the money that is promised in return.
As with any other investment plan you consider entering, it is important to ask the right questions. How will this money be invested? What is the rate of return? Who will be investing it? Talk to professionals and do your research before placing your money anywhere. And always remember that if a plan promises you'll get rich quick with no risk or doesn't tell you how your money will be invested, you should raise a red flag and exercise caution before getting on board. (Learn about some of the creepiest cases of fraud and the characters behind them, in The Ghouls And Monsters On Wall Street.)
Hoard the keys.
If it sounds a "BIT" to good to be true it probably is.
Bitcoins = What forty-niners did to make sure their money was real.
Thanks, folks! I'm here all week.
Try the swordfish, and don't forget to tip your waitress!