Bitcoin or RareCoin?

REALGATOR

Currently 1 Bitcoin is quoted at $16,600 or about the price of a 1907 High Relief $20 Saint NGC or PCGS MS62.
Which would you rather have?

CoinPhysicist

4th Choice? A VG 1796 Quarter. I would take that all day long over a bitcoin.

jwitten

I voted the Saint. I for some reason thought you said it was worth twice the bitcoin. I would actually choose the bitcoin, as it has been going CRAZY lately. I've made about 30-40% in the one month I've owned some.

tommy44

Rare coin over Bitcoin any day.

TwoSides2aCoin

I took the rare Saint. I'm assuming you were referring to a 1933 Gold Double Eagle, and Saint Izzy.

You

This same question was asked on this forum back when Bitcoin was at $2500, except it was 2 ounces of gold instead of a High Relief Saint. Most people said 2 ounces of gold. All of those people would still have roughly $2500 in gold. The people who voted for Bitcoin would have $17000 in Bitcoin. Just because something appears more stable does not make it the better option. I vote Bitcoin.

BillDugan1959

Bitcoin = Tulipomania du jour.

Supposedly, some high ranking official in the Red Chinese government publicly stated just the other day "If you sit along the banks of the river long enough, you will see the body of bitcoin float by".

Kinda liked that one.

Make mine a Rare Saint. Hell, I'll take a nice looking slabbed 1928 instead of bitcoin.

Insider2

IMO, Bitcoin is going to take a huge jump. Already has begun. I've heard the big institutions are getting in very soon. If true, $1300 for one $20 today will turn into $$,$$$$ and 6+ Saints by March of 2018. Although I believe this, I'm too lazy to find out how to put $1000 into Bitcoin today. ZZZzzzz. I lose. I cannot wait to revisit this thread next year to see my imaginary paper gain and hear from the folks who acted and bought into the growing bubble.

pmac

Does PCGS grade BITCOINS?

steveben

@pmac said:
Does PCGS grade BITCOINS?

anacs grades them

steveben

@Insider2 said:
IMO, Bitcoin is going to take a huge jump.

you still have some time to figure it out and buy on the dip before it goes to 1M

pmac

Do they have smaller denominations? I might look into a 'cent' bitcoin.

REALGATOR

@pmac said:
Do they have smaller denominations? I might look into a 'cent' bitcoin.

Yes but "denomination" isn't part of the scheme. It is quoted with 8 places to the right of the decimal.

,01 (or a "bit cent" if you prefer) will cost about $165 today.

Babboonbobo69

How can you actually USE bitcoin? I heard about someone buying a house with bitcoin years ago, at the time it was the largest purchase with bitcoin. I want the saint but am intrigued by bitcoin but really know nothing more than what occasionally pops up in the news.

asheland

The Saint can be much prettier:
[img]https://www.youtube.com/watch?v=6ZlvJVxWw7w[/img]

jwitten

@Babboonbobo69 said:
How can you actually USE bitcoin? I heard about someone buying a house with bitcoin years ago, at the time it was the largest purchase with bitcoin. I want the saint but am intrigued by bitcoin but really know nothing more than what occasionally pops up in the news.

APMEX announced they would start taking it now, and are giving the cash discount for it as well.

Insider2

@steveben said:

@pmac said:
Does PCGS grade BITCOINS?

anacs grades them

So does ICG.

@steveben said:

@Insider2 said:
IMO, Bitcoin is going to take a huge jump.

you still have some time to figure it out and buy on the dip before it goes to 1M

I was hoping a Bitcoin investor would "spoon-feed" me the info. Just as we do for all the collectors here. Anyway, I changed my approach as I almost forgot how pretty a HR is. I'll take the Bitcoin and cash out when I have enough profit to buy a HR in Proof-66.

PS There were lots of Bitcoin replicas on Ebay at one time. I bought one as a fake for my C/F collection. So if you get into that market go with a reputable source.

jwitten

@Insider2 said:

@steveben said:

@pmac said:
Does PCGS grade BITCOINS?

anacs grades them

So does ICG.

@steveben said:

@Insider2 said:
IMO, Bitcoin is going to take a huge jump.

you still have some time to figure it out and buy on the dip before it goes to 1M

I was hoping a Bitcoin investor would "spoon-feed" me the info. Just as we do for all the collectors here. Anyway, I changed my approach as I almost forgot how pretty a HR is. I'll take the Bitcoin and cash out when I have enough profit to buy a HR in Proof-66.

PS There were lots of Bitcoin replicas on Ebay at one time. I bought one as a fake for my C/F collection. So if you get into that market go with a reputable source.

VERY few bitcoins exist as actual physical coins. This is not the main way to buy bitcoin.

REALGATOR

I was hoping a Bitcoin investor would "spoon-feed" me the info. Just as we do for all the collectors here.

Google "coinbase".

As far as I know, there are no physical cryptocurrency "Coins". Pictures of "bitcoins" are just for show.

jwitten

@REALGATOR said:

I was hoping a Bitcoin investor would "spoon-feed" me the info. Just as we do for all the collectors here.

Google "coinbase".

As far as I know, there are no physical cryptocurrency "Coins". Pictures of "bitcoins" are just for show.

There are actually a few that are "loaded" somehow. I've seen a few in anacs holders, and might buy one at some point

REALGATOR

@jwitten said:

There are actually a few that are "loaded" somehow. I've seen a few in anacs holders, and might buy one at some point

Yes, you are correct. A physical representation was made by a bitcoin user:
https://en.bitcoin.it/wiki/Casascius_physical_bitcoins

cameonut2011

Bitcoin is a bubble waiting to pop.

partagas

I selected saint because I don't have one and always wanted to buy one.

In reality, bitcoin will most likely be the short term winner. I don't know about long term....but who knows.

For those saying Crypto Currency is stupid, give me the saint anyday. Take a look in the mirror. We shell out serious dough for obsolete coins that have percieved value above it's face and happily exchange them for current dollars. This crypto market is real, it is a bubble, and it will correct It even could go to almost zero, but so can coins.

COCollector

@steveben said:

@pmac said:
Does PCGS grade BITCOINS?

anacs grades them

jwitten

Umm.... fingernails?

@COCollector said:

@steveben said:

@pmac said:
Does PCGS grade BITCOINS?

anacs grades them

TommyType

@cameonut2011 said:
Bitcoin is a bubble waiting to pop.

That is the crux of the issue. It's not a value question like asking, "do you want a dollar bill, or 4 quarters".

Bitcoins come with a HUGE downside risk, (to go with a big upside reward). Most of us would be risk averse when it comes to 5 figures....and the Saint risk, while certainly not zero, sure seems much lower to me!

ParlousJoe

I've read up a bit about bitcoins but what I have questions about it. What backs the coin for value? Isn't it kind of funny how they sell them for good ol' US cash money? So what happens when the people started them say's ok, they are high enough and decides to get out? You better be getting out at the same time they are getting out. Guess you will have to be on top of it before others cash out and your stuck holding a worthless bag of bitcoins, heck, they could be cashing out right now for all you know.

Yeah, I think I will take the 1907 High Relief Saint

COCollector

@jwitten said:
Umm.... fingernails?

Not my slab (it's a googled photo).

At first glance the hand looked strange to me. But on closer inspection it looks like a gloved hand.

jwitten

@COCollector said:

@jwitten said:
Umm.... fingernails?

Not my slab (it's a googled photo).

At first glance the hand looked strange to me. But on closer inspection it looks like a gloved hand.

Ahh, good eyes. Kinda freaked me out at first, lol

CaptHenway

Will the last sucker to buy a Bitcoin please turn out the lights?

Insider2

@CaptHenway said:
Will the last sucker to buy a Bitcoin please turn out the lights?

....In his six million dollar mansion.

steveben

@ParlousJoe said:
What backs the coin for value?

they create a distributed decentralized computer network backed up by massive computing power. they are limited to 25M bitcoins, no more can ever be produced. they are not controlled by any central bank.

Isn't it kind of funny how they sell them for good ol' US cash money?

we do the same for gold, oil, etc, for now.

So what happens when the people started them say's ok, they are high enough and decides to get out?

they sell them, just like any other asset?

there was a time when people thought it ludicrous to buy stock in Ford motor company because they made a horseless carriage.

Treashunt

Bitcoin broke 20K for a moment today, currently at $16,800

jmlanzaf

@Babboonbobo69 said:
How can you actually USE bitcoin? I heard about someone buying a house with bitcoin years ago, at the time it was the largest purchase with bitcoin. I want the saint but am intrigued by bitcoin but really know nothing more than what occasionally pops up in the news.

Apmex takes it

topstuf

There is only one thing that could stop bitcoin now.
And that would be MY buying even the tiniest fraction of one.
Sooooo. If you're doing nicely with yours, PM me for my PayPal acct and sned me a mere 12% of the value of yours (with a brokerage statement of course) and I will not bring it all crashing down with a buy-in.

thebeav

@ParlousJoe said:
I've read up a bit about bitcoins but what I have questions about it. What backs the coin for value? Isn't it kind of funny how they sell them for good ol' US cash money?

Gee whiz Joe, there's nothing backing up that good ol' US cash money either.

I took the bitcoin....at the rate it's going, I'll have three of those high reliefs in another two weeks.....

jwitten

Congrats to those who would have taken bitcoin. You could now sell it, buy the coin, and have a grand in the bank.

coin4sale

@steveben said:

@Insider2 said:
IMO, Bitcoin is going to take a huge jump.

you still have some time to figure it out and buy on the dip before it goes to 1M

I guess this would be considered a "dipped" bit coin?

Zoins

Rare coins are nostalgic but are the past. Bitcoin is one possible future.

amwldcoin

I can't verify but my Mom told me she saw on TV paypal is now excepting Bitcoins! Any truth to this? I for one wouldn't trust them farther than I can sneeze!

@Babboonbobo69 said:
How can you actually USE bitcoin? I heard about someone buying a house with bitcoin years ago, at the time it was the largest purchase with bitcoin. I want the saint but am intrigued by bitcoin but really know nothing more than what occasionally pops up in the news.

jdimmick

The physical form of bit coin is really not the bit coin, (these are just tokens made for storage, some of which are highly collectible in themselves) but its just a temporary carrier for the computer code than it embedded or attached to it. I didn't really understand all that until I had a guy who specializes in it give me a lesson on how it works and used. Theoretically, you could take any physical coin, embed the code into it or on it and transfer the bit coin to the physical form until its time to be used, then transfer it back to the log or wallat , account , etc

Oh I might add, this guy came in three weeks ago, when bit coin was 7800.00 , told me Id better get on ,it would be 15k by years end, he!!, were already pass that .

TLeverage

Bitcoin is having massive amounts of capital pushed into it right now by people who either fundamentally misunderstand its capabilities and limitations, or who are seeking to profit in near-immediate resale. What it does have is good publicity due to its meteoric rise, and brand recognition; while many alternative cryptocurrencies exist that expand and improve upon the actual practicality of Bitcoin as a means of commerce, your mind immediately jumps to Bitcoin as THE de facto crypto.

In actuality it has a lot of limitations. It is slow to transact, the fees are very steep, scalability is difficult, and little is being done to actually rectify these problems. Bitcoin is riding a tide of sensationalism that has formed a bubble; as a result, other cryptocurrencies are falling because traders are selling to buy Bitcoin. Once the bubble pops, these alternative coins will continue to fall by their association with Bitcoin, not least of all due to the fact that Bitcoin is used as a typical means of exchange for most other crypto. Which coins will completely tank and which will ultimately survive is anyone's guess.

I sold most of my Bitcoin today. It is my belief that when Bitcoin futures go live this Monday, there's a good chance that big players with sizable hoards will short Bitcoin and sell their stacks. Whether or not this particular scenario will unfold, the market seems due for a correction. Some exchanges saw prices as high as 20K today, but now it's been hovering around 17. Volatility of this scale is not good for Bitcoin or crypto in general; once people realize the very risky nature of their investment, I am anticipating a substantial unloading of these coins, and a long period before crypto regains acceptance, hopefully in a more readily applicable form (any fellow Ethereum fans?).

Zoins

@TLeverage said:
any fellow Ethereum fans?

I like Ethereum a lot and started looking into it's advantages recently.

CaptHenway

I like Absinthe!

topstuf

Absinthe maketh the heart grow flounder.

1630Boston

@Babboonbobo69 said:
How can you actually USE bitcoin? I heard about someone buying a house with bitcoin years ago, at the time it was the largest purchase with bitcoin. I want the saint but am intrigued by bitcoin but really know nothing more than what occasionally pops up in the news.

JM Bullion accepts BC's

ricko

And so the ride continues... well.. let's see what the next week brings... What goes up, comes down... question is, will it be a soft landing or crash..... Get your popcorn, the main event is about to begin. Cheers, RickO

ernie11

If it crashes, you can be sure that some smarta$$ (like myself) will crack a joke like "Why do they call it a Bitcoin?" "'Cause it sure done bit the dust!"

REALGATOR

RareCoin it is. Perhaps a bit of a bias here

TonerGuy

Bitcoin will be at $50k within 2 yrs. There's little downside at this point. Its never going to completely bottom out. There's too much institutional money waiting to get it and the ability to buy Bitcoin is very limited. So that will also keep the price inflated.

Try to buy $1 million in Bitcoin - you cant. Try to buy $250,000 in Bitcoin in one day - its not like buying stock or gold. You cant get in or out fast. And there's enough people waiting to get in the price will rebound. There's only 16 million Bitcoin currently and 1/4 of that is lost and gone forever... and there will only be 21 million mined. What happens to the price when we hit 21 million mined ?

At this point I am seriously considering selling off my collection to put it all into BitCoin...

Overdate

@topstuf said:
There is only one thing that could stop bitcoin now.
And that would be MY buying even the tiniest fraction of one.

The tiniest fraction would be .00000001 bitcoin. Or about 1/60 of a cent.

Are you sure you can afford it? If not, maybe a group of us could form a syndicate!