Discussion in 'General Precious Metals Discussion' started by millededge, Jun 11, 2016.
Well the common consensus is that Schiff is an idiot. So...
What’s your point?
my point is demand and perceived value is more important than actual supply. Same with stocks, unlimited stocks and cryptos are created, yet the price keeps going up. Marketing is more important then actual supply. Diamonds are plentiful yet more precious than silver.
The theory of marginal utility explains the diamond/water paradox.
haha, could still remember queuing for this to amuse wifey. Had to buy mac meal to buy them and it changes every week. That was about the time I eat mac. But they are overrated, very poor material. Threw them all away last year when we cleaned up the storeroom.
Yes i know, that's why i don't understand why you said "just to show how undervalued platinum and silver really are". Silver has no increasing perceived value and there is an over supply, so what would cause the price to go up? Rhodium is an example of price going up due to a shortage and true demand, while Bitcoin is an example of price going up due to speculation, scams and pipe dreams.
Did you miss out on buying back in?
Rule 1: Just because something is making you money, doesn't mean you have to believe the BS.
For silver, for the medium term (5-10 years) I’m looking at a return of silver backed currency in the form of crypto silver backed by payment gateways wallets. For the long term, silver and gold are both popular in India which is the next market after China.
So you didn't get back in?
Edit to add: I can't think of any investment I own where I first haven't done my homework on the fundamentals and come to the conclusion that I accept them.
PM backed cryptos = pointless.
I got more BTC in 2019 for about $3-5k USD. Could i have put more in? sure. But i didn't due to me still not being convinced on the fundamentals. Still happy to ride the FOMO Tether scam wave. If you think these prices are based on fundamentals then you're smoking some good stuff.
People buying BTC now at $30k+ are the same people that thought it was shit in 2019 for $3k. So yea, i have little confidence that these prices will stay high once these same people find something better to flip/scam.
Yes, I know but still better than cash. Thought i converted all my usd but forgot the usd in my pp. Their exchange rate sucks so i left it there. If they had silver or gold crypto, i would convert all of it to pm crypto. I don't need the cash to appreciate but at least offset some inflation over the long run. There's a huge market for this, much much bigger than bitcoin.
Yes, there's SLV and GLD ETF, but the feeling is different from "savings". ETF is still a speculation. Same like having physical silver bar is different from ETF. The value is suppose to be the same, but the bar gives satisfaction whereas ETF is just some numbers on the browser that jumps up and down.
Then I’m smoking good stuff.
I think the technology alone brings it the value. Doesn’t need backing by anything.
You don't think the idea of blockchain verified metal reserves has merit? It sure beats "self audit" reports.
There’s a place for unbacked (fiat) and there’s a place for backed. I agree you can have both. There are advantages for unbacked since if you can’t put a value on it, there’s no limit in upside value, but likewise, it can become worthless once the dynamics changes.
No I don’t actually.
DLT solves the problem of verifying transactions without the need for a 3rd party verifying the transfer of assets.
Trying to use DLT to verify holdings as opposed to transactions can’t work as far as I can see as it still requires a 3rd party to audit holdings eg TUSD etc to ensure the token remains fully backed. Anyone issuing a silver backed token can still sell the silver on the side and token holders would be none the wiser. In other words it’s not “trustless” so a PM backed DLT token doesn’t bring any solution to the market.
A blockchain only verifies someone doing a self audit verifies there is enough physical backing the claim. In other words it does nothing but add another layer. At the end point you have to trust a human and no blockchain can fix that.
Tether is a good example of this. You have to trust the Tether people that they really have enough USD backing Tether. And my guess is they don't.
We better not turn this into a crypto thread.
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