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Online gold coin sales soar 400% as cryptocurrencies plunge

Goldhedge

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#1
Online gold coin sales soar 400% as cryptocurrencies plunge
Published time: 17 Jan, 2018 15:00 Edited time: 17 Jan, 2018 15:11


© Edgar Su / Reuters

Amidst a huge sell-off on the cryptocurrency market demand for gold coins is picking up. Sales jumped fivefold on Tuesday at one of Europe’s largest online dealers.


According to CoinInvest Director Daniel Marburger, the company sold almost 30kg of gold, worth $1.2 million in the spot market.

It “was a hell of a crazy day,” Marburger told Bloomberg, adding that “emails and phones did not stand still with customers asking how they could turn their crypto into gold.”

He said that one bitcoin currently buys about eight one-ounce Britannia gold coins. Physical gold bullion holds attraction for bitcoin investors because the assets have much in common, explained Marburger.

“Both are limited in quantity, easy to trade and you can store them decentralized,” he said. “The advantage for gold – no passwords you can lose, the volatility is much lower, sustainable growth and in the end you can hold your investment in your hands.”

Bitcoin, the world’s major cryptocurrency, has lost more than half of its value in the last month, trading down more than 20 percent on Wednesday, at $9,724. Other top virtual currencies, including ripple, ethereum, and bitcoin cash also suffered significant losses. The cryptomarket freefall followed reports of tighter policy measures from regulators in China, Brazil, and India.
 

newmisty

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#3
He who does not enter is he who holds the gold.
 

Silver Art

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#6
Sounds like they are inferring lots of crypto sellers bought gold.

It makes sense to me. Except, in my case, when I got out of most (not all) of my crypto investments, I did not buy gold coins with my crypto profits. I spent my crypto profits on buying '70's silver art bars for my business and for my personal collection.
 

Silver Art

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#7
He who gets out first, gets out bestest.

Yep. It is better to get out of Bitcoin before "the herd". One that tries to get out with"the stampeding herd" will get much lower prices and very long wait times since the blockchain will get bogged down with so many sell orders from everyone trying to get out at one time.
 

newmisty

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#8
It makes sense to me. Except, in my case, when I got out of most (not all) of my crypto investments, I did not buy gold coins with my crypto profits. I spent my crypto profits on buying '70's silver art bars for my business and for my personal collection.
No, you're no exception Mr. Wales Jr. You just bought poor mans gold is all. :tex:
 

Silver Art

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#9
No, you're no exception Mr. Wales Jr. You just bought poor mans gold is all. :tex:

Fair enough. I am glad that I got out of most of my crypto positions when I did and bought '70's silver art bars when I did because cryptos are much lower in price and silver is slightly higher from the point that I took some crypto profits earlier this month.

The only crypto investment that I have now is my Bitshares (BTS). I am not worred about BTS going down further since it is all "house money". When I sold a part of my bitshares crypto investment for the 1st time last year I got my original investment back plus profit. When I sold another portion of my BTS investment earlier this month (Jan 2, 2018), it was all profit. BTS could go down to $0.0001 and I would still have a profit.
 

newmisty

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#11
The greedy goldbugs started getting white knuckles on the Cryto Coaster and headed for more stable ground.
 

Silver Art

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#13
The greedy goldbugs started getting white knuckles on the Cryto Coaster and headed for more stable ground.

The kind of wild price % swings that the bitcoin is showing makes silver seem like a stable investment in comparison. Besides '70's silver art bars are much prettier to look at than cryptos (i.e. digits on a computer screen).

:belly laugh:
 

newmisty

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#14
The kind of wild price % swings that the bitcoin is showing makes silver seem like a stable investment in comparison. Besides '70's silver art bars are much prettier to look at than cryptos (i.e. digits on a computer screen).

:belly laugh:
Plus ya can't fondle a cryto coin. ;)
 

newmisty

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#16
Great point!
 

oldgaranddad

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#17
I'm teaching myself about Ethereum blockchain contracts for a project at work to use Ethereum contracts for insurance. I work for a commercial truck-bus-limo-fleet insurer that is investigating this.

I keep shaking my head trying to figure out a way to explain to management that they are going to get dinged for adding, removing, exercising, expiring, revoking a contract. Basically if you breath it is going to cost you some wei (sub units of the Ethereum -- think pocket change). While in the real world it already happens the costs are so hidden with depreciation, overhead, amortization etc. that the executives just don't see the costs in detail but with these blockchain technologies it shoves the costs of doing business right in their faces and they don't like it.

These people are not ignorant. Some of the insurance and re-insurance contracts I have seen border on rocket science yet there seems to be a divide between the business mindset and the underlying technology of these blockchains.

Until the IT world can get a P.T. Barnum or Carl Sagan to get the average Joe to understand this I think the upside of these crypto currencies is going to be somewhat limited. True there will be people who can put a smiley face wrapper on this smoke and mirrors voodoo but ultimately I think most people will still shy away and distrust the technology until they can understand it on a Sesame Street level or obfuscate it from the public that they don't realize they are using it just like people have no clue that when they use Siri, Alexa or Hey! Google that they are using some form of AI.
 

Buck

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#18
This could be an ultimate dividing line between "technology" and certain people
this "lack of understanding"

It's been with us since the beginning, probably went like this:
What's that?
Rock!
What's Rock?
"BONK"
Ughhhhh

Eventually, it went from controlling a horse and buggy to not wanting to learn to drive an automobile, to not knowing how to set the clock on your VCR machine to having a cell phone to having a need to take one away from someone because they do criminal acts with it, sheeeeeeesh

How many folks, in society, when they have an issue with their computer, have nowhere to go, no idea what to do, etc
Some even make it worse by trying to fix it themselves or with some on-line guru's help and their bank account number
They have no computer, but they do have a cell phone, until they can't pay for it:computer:

Cryptos are a very narrow market, very narrow, all of them
as has been posted, lots of folks don't even know what a crypto currency, a misnomer, is

Low Volatility can create havoc through the trade of one individual
etc, ad nauseum

Buy Low, Sell High
what happens when it's not as high as it used to be?
What do the crypto followers do?

If it were gold, and I was a stacker, I'd just keep buying the dip:beer:







but it isn't
in fact, crypto is actually nothing,
nothing at all :blew up:
 

newmisty

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#19
in fact, crypto is actually nothing,
nothing at all :blew up:
Careful Buck, I nearly got mobbed by a group of cryptonuts for intimating as much.
 

stAGgering

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#21
I'm teaching myself about Ethereum blockchain contracts for a project at work to use Ethereum contracts for insurance. I work for a commercial truck-bus-limo-fleet insurer that is investigating this.

I keep shaking my head trying to figure out a way to explain to management that they are going to get dinged for adding, removing, exercising, expiring, revoking a contract. Basically if you breath it is going to cost you some wei (sub units of the Ethereum -- think pocket change). While in the real world it already happens the costs are so hidden with depreciation, overhead, amortization etc. that the executives just don't see the costs in detail but with these blockchain technologies it shoves the costs of doing business right in their faces and they don't like it.

These people are not ignorant. Some of the insurance and re-insurance contracts I have seen border on rocket science yet there seems to be a divide between the business mindset and the underlying technology of these blockchains.

Until the IT world can get a P.T. Barnum or Carl Sagan to get the average Joe to understand this I think the upside of these crypto currencies is going to be somewhat limited. True there will be people who can put a smiley face wrapper on this smoke and mirrors voodoo but ultimately I think most people will still shy away and distrust the technology until they can understand it on a Sesame Street level or obfuscate it from the public that they don't realize they are using it just like people have no clue that when they use Siri, Alexa or Hey! Google that they are using some form of AI.
Take a listen: https://www.corbettreport.com
"The Bitcoin Psyop"
 

pay dirt

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#22
European Union administrator recently said that investors in bitcoin should expect it to be worth nothing soon as they will ban it. Probably a lot of Euro are not taking any chances and moving into the shiny stuff without the VAT.
 

oldgaranddad

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#23