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Bitcoin passes gold

Discussion in 'Digital Currencies' started by Gun Ban Extremist, Mar 2, 2017.



  1. Gun Ban Extremist

    Gun Ban Extremist Seeker Seeker

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    BTC $1288.75
    Gold $1232.20

    Just to add insult to injury during today's gold dump?

    BTC was briefly higher than gold in 2013, but that was the MtGox BTC price. Now it's the "real" BTC.
     
  2. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Yeah well, I don't see how BTC are any different than FRN's. Both are backed by literally nothing and can collapse at virtually any time.

    If you don't hold it, you don't own it. Put a methodology and stick with it!!
     
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  3. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    Bitcoin is limited to a certain number which can't be changed so its far better than FRN's in that respect.
     
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  4. skychief

    skychief enthusiastic stacker Silver Miner

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    They are different in two important aspects; FRNs are subject to debasement and are a representation of debt. BTC is immune to debasement by .gov or the Fed, and NOT a representation of debt.

    roger that.
     
  5. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    I don't trust pure electronic wealth. It doesn't seem natural to me but whateva! I probably missed the opportunity of a lifetime not getting into BTC. It's not the first time I missed out on something and probably won't be the last either.
     
  6. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    BTC is used for transactions where credit cards, checks and MO are not accepted.
     
  7. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Honestly, I read that story of a guy buying a delivered pizza years and years ago with like five hundred bitcoin. That makes my groin hurt, and I'm not even the sucker.
     
  8. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    You mean like my pot supplier?
     
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  9. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    Yeah although that guy likely had (maybe still has) tens of thousands of bitcoin.
     
  10. tom baxter

    tom baxter back from 2004

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    A lot of people swear by bitcoin, safe as houses they say, just like they said about IT stocks in the late 90's.
    What is the great refrain we have heard 20 times over during our lifetimes? "This is different, this is safe"

    Well gold has 5000 years of being safe. When land in the roman empire collapsed to not recover for several centuries you could take your gold to the Byzantine empire in the east and buy land and food there. When the old German mark collapsed in the 1920's and people were starving in the cities you could have lived quite well for a year on just a few ounces of gold. The examples are endless, but the real security does not come from those, it comes from the fact that even when it is outlawed, like in the US and Australia last century, you were still able to hold a little "wink wink" and use it as you saw fit.

    I'll stick with gold thanks, I'll let the young ones who have never been burned play with the nuvo digital investment wonders.
     
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  11. Mujahideen

    Mujahideen Black Member Midas Member

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    True, but comparing gold to bitcoin is like comparing an apple to an orange.

    Bitcoin is far more fluid than gold and serves its role there in the digital sphere.

    Gold's value is intrinsic and not as fluid as something digital.

    Neither gold or bitcoin are good "investments".
     
    Last edited: Mar 3, 2017
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  12. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Gold will still be good when aliens visit earth.
     
  13. Mujahideen

    Mujahideen Black Member Midas Member

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    Depends if they have free or cheap enough energy technology to conduct nucleosynthesis.

    https://en.m.wikipedia.org/wiki/Nucleosynthesis

    We can do this today but it's not economical.
     
  14. Silvergun

    Silvergun Silver Member Silver Miner

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    Digital currency transactions leave some sort of trail. I prefer physical metal or cash to remain anonymous. Not because of shady dealings, but because I value my privacy unlike most in this digital age.
     
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  15. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Agreed, I view gold as a wealth life preserver...a safe place in case the SHIF and BTC, used in the right way, having value however; there is a measure of risk associated with it. Both have their niche but neither are 'investments'.
     
  16. tom baxter

    tom baxter back from 2004

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    Yes, well some people prefer credit cards and the like and some prefer cash. I prefer cash because I know that even if the power is out and they can't open the till they will still happily take my money, go to great lengths too in fact. I suspect this has to do with the their sales having collapsed when the power is out.

    Cash also provides a brake on spending, believe it or not? When you see a nice thing you want in a store, a thing you hadn't planned on purchasing it's all to easy to put in on plastic. That's why people are so much debt now. If on the other hand you have to physically go to a bank and withdraw the funds you have a self-imposed cooling off period. And then there is the psychology of handing over cash, you count it, you are much more aware of how much money is going where.

    No gold is not an investment, just like money in the bank is not an true investment. It's money saved and serves the same function except over any reasonable time-frame it goes up with inflation. It is savings with an inflation hedge. Just ask anyone who bought it in 2001 for $200 an ounce, just before we saw rampant inflation in energy, food, housing, etc.

    Bitcoin is doing fine too, Lets wait and see what it's worth in 2050 though.
     
  17. xhomerx10

    xhomerx10 Silver Member Silver Miner Site Supporter

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    Actually, the guy - Laszlo Hanyecz - doesn't have any left. The Bitcointalk.org thread he started for purchasing the pizza.
     
  18. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Bitcoin keeps crashing. If you could predict a bottom, would be nice to make some quick cash trading it.

    $962.93 -10.02%
     
  19. Gun Ban Extremist

    Gun Ban Extremist Seeker Seeker

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    $1060 now -- about $100 up since yesterday. Just perfectly normal market forces...
     
  20. Joe King

    Joe King Gold Member Gold Chaser

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    I bet he wishes he still had the btc. lol
    ...and I at least hope it was the best pizza he ever ate, because I know he'll never forget eating it. lol.
     

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