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Impressive. Limited amount too! I can fly and leave the country and take it all with me as well without the scanners beeping. Nothing parabolic here in my eyes. Gold, hmm , nobody is rushing for it, miners are scrambling and pouring like mad and supply shortage is where? Just my ramble and tired of the yellow again.
Not wanting to start a tiff, but here are my reasons for not investing in Bitcoin (or any other digital currency for that matter). They are created out of nothing with nothing backing their value. They have no intrinsic value whatsoever. Gold can be used for industry, jewelry, etc. Even the USD has the backing of the USA (full faith and credit) and is the world’s reserve currency. Maybe I am old school and totally wrong here.
You are old school and totally wrong, my friend !
I am old school and great gold bug, too, but I looked into blockchain technology and studied it for 4 years now.
Don’t be lazy and look into it.
Market says 50’000 $ Bitcoin !!
Market is never wrong !!
Don’t you think you’re missing something ?
Probably, but still worried. What happens when countries issue their own digital currencies? What happens overnight if an accord is reached among nations that too much illegal activity occurs with Bitcoin and individuals who try to use it are prosecuted? (so they don’t compete with newly issued national currencies) Sorry, too many unanswered questions to make me feel comfortable.
Good luck to you though, you and all here who do invest in Digital currencies. You will most likely do fine.
My thoughts are that we should not project the longevity of blockchain onto Bitcoin or any crypto.
Saying Bitcoin is infallible because of blockchain is like saying in 1999 that AOL was invincible because the internet was so incredible.
I am on side with KENS, any donkey can create a crypto currency, so what gives cryptos the quality of scarcity?
And just like gold was made illegal to own in 1933, so can they do the same with crytptos today.
Clearly, they are starting along that path by linking bitcoins supposedly nefarious use to undermine US economy by the enemies of the State; Russia, China and Iran.
This the narrative that will take crypto down.
People argue that governments cant stop crypto.
But the day govt’s declare it illegal, billions will pour out from banks, hedge funds, ETF’s and ‘law abiding citizens’.
What will be left is a shell with much less value.
The other negative with cryptos vs PM’s is once mind and minted into a coin, PM’s have virtually zero cost to maintain and is not dependent on any networks or electricity. Cryptos value is dependent on the networks maintenance and that involves buying and maintaining super computers in multiple locations around the world and endless supply of electricity. Last I read the network consumes 120 gigabytes per second to maintain the bitcoin network (63 terawatt-hours (TWh) per year). Who’s liability is that? The holders of bitcoin, that’s who. Mined gold has no such liability: network nor electrical.
My take is this is a bubble. Take the ride and make money… but always stay super close to the exit door.
Gold and Silver’s day is coming and when it gets here, hold on to your toupee.
IMHO of course 🙂
“My take is this is a bubble. Take the ride and make money… but always stay super close to the exit door.”
To clear here, I was referring to the Cryptos and not PM’s.
Final thought: in 1933, gold backed money. Gold was money. Govts needed to devalue the currency and they confiscated it for that reason. That is why they made it illegal. Today gold has been detached completely and is not a threat in that way.
Cryptos are a threat to govt currencies. They challenge the countries monopoly on paper money, a forum that govts use to forcibly collect taxes. They will not allow it to continue just like they did not allow gold ownership in 1933.
Welcome to the Tent Sir Walnut
Great insights and points well taken.
Bingo, Mr. Walnut. What can you use crypto for if the various governments declare it illegal? Whenever I ask the question, I’m told it doesn’t matter. Well I think it does matter. The car dealer won’t sell me a car to be purchased with illegal currency. So, of what use will it be?
Bitcoin is our historical equivalent of Dutch “tulip bulbs”. That mania was profitable for those who got in early and lucky or smart enough to get out early. Despite the useful technology associated with bitcoin (blockchain) the bitcoins themselves are no more useful than tulip bulbs.(At least they gave you a beautiful flower)