Not much interest towards PM's today, guys! Ha ha ha It's all crypto-fiat mania today! And we seem to be enjoying it... When there's profit to be made, people seem to like the currencies, whatever they are. By the way: gold and silver dropped further... Sub-20 $ silver might be ahead AGAIN.
Pissed off? As it is just a digital currency, Bitcoin could go down to $0... silver and gold won't! PMs will always be worth something to someone. A virtual currency could disappear overnight. Good luck to all the Bitcoin investors, but I am happy with my physical stack. (I also like looking at things that I own. I can't do that with Bitcoins, so as a collecting hobby it isn't much good either!)
Hi from one of the Neanderthal prehistoric type. I wish you bitcoinians the best of luck as you are going to need it. I an neither jealous or disappointed to be outside the crypto pseudo currency. When there is a rush to convert to $ or goods the price will fall out the bottom. I agree I am averse to change and putting my savings into a concocted crypto-"something" that has been around for 2 years is against my better judgement. I usually don't buy something that I cant see, feel, taste or hold. Despite the pull back in PM I am far more comfortable holding my 1973KR that cost me $200 or something like that. Sure I have bought bullion at higher prices than today as have we all, but us prehistoric types have 5000 years to back us. Bullion will regain its lustre - bitcoin and its many partners will burn.
Someone was clever to make a storage vessel for BitCoin an actual silver medallion. So a 1 oz silver iteration of Bit Coin like this is worth how much today? Not so easily answered because it depends on a number of factors including how many (if any) BitCoin are actually parked in the account this represents, yes? Depends on the price of a BitCoin today. Depends on who you are asking to value it....if a stacker interested only in metals value, then the most important factor is the spot price of silver. I'd pay spot for this coin. As for BitCoin, in my view, it has way too much potential to crash into zero. [rwq
I've not been here in a year. I've been stacking my silver over the past year. I knew about BTC before I joined up here, and I thought it'd never reach three digits. I was wrong. Can the bubble burst, now, please? Yes, I am jealous. I had a few liquid thousand at the beginning of this year, and I was tempted. I don't know the ins and outs like I do precious metals, but I am jealous of the charts. SILVER GO BACK UP TO THE $30s
The photo clearly shows it's a 10BTC coin (or round, if you prefer), which at current prices is worth about US$7000 (Mt. Gox price). Hmm ... US$7000 or 1oz of silver, which would you prefer?
Trew, that's a valid concern and I guess nobody can guarantee a new coin won't take over, or more likely, Govcoin! For the time being though, I rest ok about bitcoin because being P2P it creates, and gets it's resilience to attack from, a very powerful network. Reddit says "Bitcoin network is now 210 times faster than top 500 supercomputers combined", so that is a fairly big stumbling block that contenders have to compete with, beyond the first-mover advantage.
What I'd read, and perhaps the person who had written it was mistaken, is that the medallion is merely a storage device in which someone who has a BitCoin can store it in (for that particular medallion, up to 10 BitCoins). But just now I read a page from the maker of that medallion and apparently, it already comes with BitCoin(s) code stored under the hologram. So, whether or not additional BitCoins can be parked onto such a medallion I have no idea...and frankly it is of very little interest to me. There's nothing about BitCoin's current price that has me 1 iota jealous. I get no thrill from the prospect that any electronic sequence of numbers is being offered for sale for any amount of money. I wonder how many vendors will wish they never accepted BitCoin when the bottom falls out. At least with precious metals, if the bottom falls out, you are still left with a physical product that will not just be replaced with another electronic crypto mathematical algorithm. .
The code for the Bitcoin lies underneath the hologram. If the hologram is breached it just a 1 oz empty silver container. The value is in the scrap of paper. Unfortunately some helpful hackers demonstrated that the hologram can be removed (and then replaced) by injecting a solvent - so any hypo marks and it's stuffed. I'm sure the guy who makes 'em is less than happy at that revelation. I think that assuming Bitcoin will just die one day is misled. It seems more likely that problems will arise that are solved by code rewrites, until the day arrives that the core crypto is overturned (quantum computing?). Most (if not all) altcoins are pretty much based on the original concept, but there are signs of evolution, and I would posit that crypto currencies will evolve out of trouble (including such issues as selfish miners et cetera). There are an awful lot of eyes on the code, and this tends to limit exploits.
Its widely acknowledged bitcoin was designed by someone with a rich imagination for the purchase of the original economic product known as "widget".
