If you also think gold is better than Bitcoin...

Discussion in 'Gold' started by TreasureHunter, Nov 4, 2017.

  1. Seven of nine

    Seven of nine Active Member

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    My question is, where the hell can you use it in Australia ????? Bitcoin is not accepted everywhere, so it's no good to me as money. All I know about it, is that some people mine it using software using lots of electricity, and the price is going through the roof. I totally agree with this video.
     
  2. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    Rickards is right, Bitcoin is the biggest ponzi scheme with no one in charge.
     
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  3. JulieW

    JulieW Well-Known Member Silver Stacker

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    In 1969 I heard my parents talking about "buying Poseidon" but they couldn't afford to lose any money, so no investment. That was when an inside tip to "buy" was at $35. (about half my dad's weekly wage at the time). We watched in amazement as the price went to over $100 and then just kept climbing. One family acquaintance was doing very well having given "the tip" and who'd bought in somewhere round $10-20 apparently (the shares started out in the 70c range from memory). I don't know if his fortune fell when Poseidon collapsed, but many rode it up and down, and many just bought in at the hundreds of dollars price and lost it all. Trading was suspended and reality resumed.

    Which is my take on Crypto. Go to the casino if you want, there's probably a fortune to be made, but keep in mind how much you're prepared to lose.

     
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  4. dozerz

    dozerz Well-Known Member Silver Stacker

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  5. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    Sooner or later it's bye bye bitcoin -

     
  6. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    Gold has dropped about 6 percent since touching a one-year high on Sept. 8, cutting this year’s gain to 11 percent.
    Bitcoin jumped more than seven fold this year and more than 13 times the advance of the best-performing commodity tracked by Bloomberg.

    owned.jpg
     
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  7. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    ^ yeah that's why it's the biggest ponzi scheme backed by nothing. Well done to all those that capitalized off it and converted profits to something tangible.
     
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  8. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    No offence skyrocket but you really need to research and understand what a Ponzi actually is, what is happening with BTC has nothing to do with a Ponzi. Two examples you could research are the original by Charles Ponzi or the biggest and most recent to my recollection being Bernie Madoff's
     
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  9. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    BTC is a ponzi and we can revisit this thread/post within a few years to see who is right.
     
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  10. Altima

    Altima Well-Known Member Silver Stacker

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    Hmm, I guess you can add that to this chart then:

    [​IMG]
     
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  11. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    No need to wait a few years as you are wrong right now. You CLEARLY don't understand what a Ponzi actually is.
    If you had of called "fake" or "scam" we wouldnt be having this discussion.

    A ponzi is a type of scam but not all scams are ponzi's. If btc is even a scam it certainly isnt a Ponzi. If you had of bothered researching what I provided you would know this.
    As the saying goes you can lead a horse to water but you cant make it drink.

    Essentially all you are doing is trolling now by choosing to ignore evidence contrary to your opinion. Billy would be disappointed in you. ;)
     
    Last edited: Nov 15, 2017
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  12. Seven of nine

    Seven of nine Active Member

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    What goes up must come down, and that also applies to cryptocurrencies. As with everything in life ( investment wise ) you have to be lucky to choose the investment that will make good returns. That is, know when to buy ( low hopefully ) and know when to sell ( when the price is high hopefully ). It's all a game of winners and losers. Good luck to you if you've made good returns, maybe now is the time to put that money to good use elsewhere.
     
  13. JNS

    JNS Active Member Silver Stacker

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    IMO, If it possible to play and trade in both, i will do so. But never i will put any of my core savings to Bitcoins.
    Those in form of gold in my hands hate to exchange them to trade in bitcoins. Bitcoins that in my hand, i will convert them to Gold.
     
  14. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    See how BTC and other crytpo's do in the next GFC.

    And I had to give you a like for mentioning Billy ;)
     
  15. Silverling

    Silverling Well-Known Member Silver Stacker

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    If another GFC came it would most probably crash just like shares did. The All Ords crashed 55% at the worst point. Everyone will be scrambling for cash and take it from anywhere they can.

    In the mean time I keep a couple of K in my cryptos. It is very easy to buy and sell bullion with. What I do is let it run up in value and then I buy some bullion and bring it back down again, essentially lowering my entry price each time.

    My hope and wish is that eventually it will all settle down to just a handful of cryptos and form a new stable world currency that can be used for buying goods anywhere, anytime without interference's from governments, exchange rates or excessive fees. Right now Bitcoin fees are out of control and transactions are taking longer, needs to be sorted.
     
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  16. TreasureHunter

    TreasureHunter Well-Known Member

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    Bitcoin is a fantastic self-perpetuating, self-growing pseudo-asset. In other words: a bubble-blowing mechanism. Probably the biggest bubble the world has ever seen.

    But if there's no real economic force behind it, but only exists for the sake of speculation then we will see the reverse of this "growth" phenomenon as well.

    Most people you'll encounter on forums or in media are either buying it "because it'll go up" or "to get rich" or "to invest" or any other version of it.

    There's really not much else to do with it.

    If the Fed/IMF/China/BRICS came up with their own globally-recognized cryptocurrency... and if they invested billions of dollars in it... that would be BIG!
     
  17. Altima

    Altima Well-Known Member Silver Stacker

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    Meanwhile...

    Bitcoin broke 8000 USD! :cool:
     
  18. TreasureHunter

    TreasureHunter Well-Known Member

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    ^
    Measuring Bitcoin's value in USD proves the fact that people are after dollars, in the end.

    And more: when speculators sell their Bitcoins, it will indeed generate a demand for fiat money (USD/EUR/etc.) and will contribute to the velocity of that particular currency.
     
  19. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    It is amusing to hear people arguing about this without understanding what they're talking about.

    You are comparing apples to oranges. Gold is a store of wealth. Bitcoin was designed to be a currency but has mutated into a speculative asset. They are worlds apart and comparisons are ridiculous.
     
  20. Altima

    Altima Well-Known Member Silver Stacker

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    Sorry, should I have said this instead?

    1 Bitcoin is now worth 6 oz of gold!
     

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