BITCOIN is now = to 1 oz of Gold

[SmawGunner]

I remember people saying it was going to crash when it hit 30. Then it hit 60. Then it hit 130. Then it hit 240. Now its 1240. Is the bubble going to burst this time?

Read More

 

[drew]

It's interesting but I think it is pure speculation or wanting to get into a virtual currency. It's gained support recently too. I'm still worried about how governments will treat it.

Financial advisors will say gold and silver are speculative but you know they have a floor and will always have value.

 

[jrprich]

BITCOIN is now = to 1 oz of Gold..........unless you want to actually bury some for safe keeping ;^)

 

[mrblond]

I have snarfs that, like bit coin, does not exist and i'll sell you all you want for a meer 500$ each.

 

[Mark W.]

as long as you have access to the net

 

[LostChain]

Bitcoin is only just beginning to gain momentum. If it were to be adopted in any meaningful way the conversion from BTC to USD would be many thousands per BTC..

I have had people tell me that it is a fad, like Myspace and Facebook, and will die out. But I don't see where a currency that can be transfered across borders,person to person, with no central control or regulation will become suddenly "boring" and people will pine for the "good old days" of a Federal Reserve controlled banking regime.

Bitcoin is a fad no more that the Internet was a fad in the early 90s

That being said, I have bitcoin, and there is only one thing I would be willing to trade my BTC for.... GUNS.

PM me if interested.

 

[Certaindeaf]

I'd cash out.. for cash. that's what it's worth
If it's "equal to 1oz gold" it's equal to $1250 or whatever cash dollars on the barrelhead.

 

[EZLivin]

...But I don't see where a currency that can be transfered across borders,person to person, with no central control or regulation will become suddenly "boring" and people will pine for the "good old days" of a Federal Reserve controlled banking regime.

One theory (makes sense to me) is that BTC is allowed to continue functioning because it conditions the public to use a true cashless currency. But government(s) must control a currency for taxation reasons, so at some future point they will either pull the plug on BTC and replace it with their own, or, take control of it and use it as the foundation for their cashless system.

 

[LostChain]

There may be some truth to that EZLivin, however if you really think about it, people are already completely conditioned to a cashless society. How much of the general populace really deals with cash any more? Direct Deposit of wages is the norm, Visa Debit cards are ubiquitous, hell even welfare is all electronically disbursed these days. All of it is tied to your SS# and the banking system. At least with Bitcoin, that central tie back to the banking system is removed.

 

[tunus]

There may be some truth to that EZLivin, however if you really think about it, people are already completely conditioned to a cashless society. How much of the general populace really deals with cash any more? Direct Deposit of wages is the norm, Visa Debit cards are ubiquitous, hell even welfare is all electronically disbursed these days. All of it is tied to your SS# and the banking system. At least with Bitcoin, that central tie back to the banking system is removed.

An important difference is that much like cash and unlike plastic cards, you can still pay anonymously with Bitcoins.

 

[EZLivin]

Just my opinion, but, anonymity and no central bank control is the reason I think it is doomed in its present form. By "doomed" I mean it is going to morph into something else that can be controlled for taxation purposes. Governments are intent on squeezing every dollar they can from people, and they are likely to get even more greedy as we enter the next phase of the crisis (upcoming pension funding crisis). I'll be surprised if BTC is around in its present form (will be controlled in some form) by the end of 2015/2016 as the crisis deepens here in the US. This is/has been a fascinating one to watch though.

 

[KTM530XCW]

I remember people saying it was going to crash when it hit 30. Then it hit 60. Then it hit 130. Then it hit 240. Now its 1240. Is the bubble going to burst this time?

This is the most irrelevant fact in the history of NWFirearms.

 

[LostChain]

Just my opinion, but, anonymity and no central bank control is the reason I think it is doomed in its present form. By "doomed" I mean it is going to morph into something else that can be controlled for taxation purposes. Governments are intent on squeezing every dollar they can from people, and they are likely to get even more greedy as we enter the next phase of the crisis (upcoming pension funding crisis). I'll be surprised if BTC is around (is not controlled in some form) by the end of 2015/2016 as the crisis deepens here in the US. This is/has been a fascinating one to watch though.

The government can no sooner "control" or "shut off" Bitcoin than they can stop online movie pirating. The decentralised nature of the internet guarantees this. There is no techinal ability, nor legal framework in the US to stop individual nodes on the internet talking on the Bitcoin protocol. Any attack the government used would be immediatly worked around. If you don't believe this, go take a read on the BitTorrent P2P file sharing protocol, there have been numerous revisions to the protocol itself, and the methods for desseminating the .torrent files.

Aside from the technical details, Bitcoin is a global system, used in countries that have absolutely no reguard for US cyber crime/finance laws.

 

[erudne]

I'll buy all the physical gold you can sell me for bitcoins, my unicorn is laden with them

 

[cookie]

The difference between a [IMHO] bitcoin and a US dollar bill is when the bitcoin and the Dollar bill drop to 0 value the dollar bill can be used to start a fire or wipe your behind.

 

[cookie]

This is the most irrelevant fact in the history of NWFirearms.

The stock market will never fall either.

 

[Grunwald]

Sorry but bitcoin is worth as much as Monopoly money.
It is the internet's version of beanie babies.
If you think that bitcoin transactions are completely anonymous you are fooling yourself.
They are currently not decryptable, but eventually and very likely in not that distant future the government will have enough computing horsepower to crack the encryption and then they will track down all those past transactions.

What happens next? Hello money laundering and tax evasion charges, good bye your digital wallet.

 

[EZLivin]

...
What happens next? Hello money laundering and tax evasion charges, good bye your digital wallet.

I'm all for alternative currencies, but yes indeed, Gov (and bankers) will eventually shut down anything that seriously cuts into their revenues. Or as in the case of the ill-fated "Liberty Dollar," shut it down even if it wasn't going to have any impact. "Tax evasion" and "money laundering" would certainly do it; if you can't shut down the source go after the ones using it. Maybe not possible in places like Zimbabwe, but it can be done in the West. If it continues to operate the Western world there will be a reason "they" allow it to do so. Personally, I don't see a reason to own another fiat currency of any kind, but I applaud those who have the guts to do so.

 

[Grunwald]

I'm all for alternative currencies, but yes indeed, Gov (and bankers) will eventually shut down anything that seriously cuts into their revenues. Or as in the case of the ill-fated "Liberty Dollar," shut it down even if it wasn't going to have any impact. "Tax evasion" and "money laundering" would certainly do it; if you can't shut down the source go after the ones using it. Maybe not possible in places like Zimbabwe, but it can be done in the West. If it continues to operate the Western world there will be a reason "they" allow it to do so. Personally, I don't see a reason to own another fiat currency of any kind, but I applaud those who have the guts to do so.

Let's see which is still around in 10 years.
I will go with real gold, silver, platinum, diamonds, rubies, emeralds etc.
You know, those things that have been highly prized throughout the ages.

 

[EZLivin]

Yes. Things that don't melt (easily) or burn.

Edited: Or in whole or in part disappear with a keystroke.