BITCOIN is now = to 1 oz of Gold

[3MTA3]

Good one!

I remember a guy asking me quite a few years ago about the "Iraqi Dinar." I said, "Sure, if you want to buy a fiat currency printed by a war-ravaged, destitute country with no stable government and various factions fighting for control of a piece of it then go right ahead. But I think there are better things to spend your money on." I think he already had bought some, but he never said. I can't believe the Iraqi Dinar thing is still out there being promoted after all this time. But apparently it is.

My Mother in Law's ex Husband went looooooooong on Iraqi Dinars. They are now patiently waiting to become millionaires and making lists of the things they will do with the money. Likely it will increase dramatically against the soon to be Wiemar like dollar, but it will still take a wheelbarrow full of either to buy a loaf of bread.

 

[EZLivin]

Good luck to them. I just don't get it. Some people make a lot of money currency trading, but they are the professionals who do it for a living. I have to admit I haven't followed any of the Iraqi Dinar stuff since looking into it years back when that guy asked me about it, but if it is still being pushed by people then wow... amazing. A stealth currency play that has been going on for a decade or two, one that people who are not in the currency trading business are participating in, and they believe they will get rich? Doesn't make any sense.

 

[slimmer13]

Make your own conclusions

Head of Online Currency Exchange Found Dead in Singapore - NBC News

 

[Burt Gummer]

People that have faith in banks and the dollar are almost as bad.

http://www.alt-market.com/articles/2041-deluded-currency-cultists-believe-the-dollar-is-invincible

 

[YOURSUPREMECOMMANDER]

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.

I have a degree in computer programming. The internet CAN be shut down by our government. I got my degree over 35 years ago. I was there at the birth of (DARPANET) the internet, and watched the development of TCP/IP protocols.

 

[LostChain]

BTC still going strong, almost $1800. Shoulda bought the dip...

 

[3MTA3]

BTC will eventually leave you with nothing. It's even more imaginary than the dollar.

 

[HuckleberryFun]

Cool! I will immediately stop adding to my small (tiny..really tiny...nothing to see here) hoard of gold and silver and instead use my smart phone to buy stuff at the End of The World.
(Sarcasm thrown in free)

 

[mrblond]

I must be getting old.. I just cant seem to get my mind around the idea of something that does not really exist having any value at all.

I mean its nothing but 1s and 0s in this magic place called the internet and as soon as it is turned off, its gone.

 

[Bushman]

Here's a simple reason: if it's not in your hands, it's not yours.

You do realize the vast majority of wealth owned by Mark Zuckerberg, Bill Gates, Paul Allen, the famed Warren B. worth more than 80 BILLION, etc. is in billions of dollars of electronic currency known as stock?

 

[3MTA3]

You do realize the vast majority of Mark Zuckerberg, Bill Gates, Paul Allen, the famed Warren B., etc. is in billions of dollars of electronic currency known as stock?

That is based on a valuation of their companies - companies that actually produce products and services and has FAR more substance than BTC.

BTC values are based solely on the supply of coins (electronically mined by solving math problems) and the number of people who desire them. If you couldn't use them to make anonymous (and often illegal) purchases on the darknet they would have no use at all.

BTC reminds me the 17th Century Tulip Mania (Tulip mania - Wikipedia). One day people just decided that tulips just weren't that big a deal, and, poof, overnight prices fell astronomically. As soon as people decide they don't want to play BTC will be worth their weight in nothing.

 

[Bushman]

That is based on a valuation of their companies - companies that actually produce products and services and has FAR more substance than BTC.

BTC values are based solely on the supply of coins (electronically mined by solving math problems) and the number of people who desire them. If you couldn't use them to make anonymous (and often illegal) purchases on the darknet they would have no use at all.

BTC reminds me the 17th Century Tulip Mania (Tulip mania - Wikipedia). One day people just decided that tulips just weren't that big a deal, and, poof, overnight prices fell astronomically. As soon as people decide they don't want to play BTC will be worth their weight in nothing.

You're missing the point. The stock certificates are electronic currency. Without those electronic records, you have nothing. All that money belongs to the owners of the companies.

Here is another one for ya. If you had invested $100 in bitcoin when it started, what would it be worth now?

Now tell me it's not worth anything. And please, let's not try with these it can't be converted to dollars argument. It can buy physical goods, which have dollar value.

 

[3MTA3]

You're missing the point. The stock certificates are electronic currency. Without those electronic records, you have nothing. All that money belongs to the owners of the companies.

Here is another one for ya. If you had invested $100 in bitcoin when it started, what would it be worth now?

Now tell me it's not worth anything. And please, let's not try with these it can't be converted to dollars argument. It can buy physical goods, which have dollar value.

Certainly they currently have value, but its all vapor that can go away in the blink of an eye. You may certainly do what you wish with your money, though you might ask yourself why can I spend dollars to purchase BTC, but later can't get my dollars out?

 

[DunRanull]

A "bitcoin" worth an ounce of gold? OK, you take the bitcoin and I'll take the gold!

 

[jbett98]

My nephew tried real hard for me to invest in the old style Iraqi Dinars some years ago.
His $1,000 dollar investment was going to make him a millionaire some day.
Glad I didn't fall for that one.

 

[LostChain]

Cool! I will immediately stop adding to my small (tiny..really tiny...nothing to see here) hoard of gold and silver and instead use my smart phone to buy stuff at the End of The World.
(Sarcasm thrown in free)

Hey so out of curiosity, can you take a look at your purchase price vs todays spot price and let us know how your investment is doing? Percentage gain/loss is the only number that matters.

Probably the best I ever did on bullion was around 75% gain with some very good timing, Real estate i have lost 15% before and also gained %40.3, %82.65 on 3 transactions i could find the data for quickly.

For BTC I did 5900%

To buy something large from someone using BTC, a couple of clicks on the laptop, and the transaction occurs almost instantly and with no financial system involvement whatsoever.

You try to buy something large from me, and you show up with a bar of gold, the first thing im gonna do is say, lets have that bar assayed because i'm not gonna take your tungsten filled Chinese good delivery bar on your good looks.

Physical bullion has a place in a portfolio, but if that is the only asset you have, outside of a total financial system collapse your money isn't doing much for you......

 

[Member 5605]

If you couldn't use them to make anonymous (and often illegal) purchases on the darknet they would have no use at all.

Exactly.

 

[Certaindeaf]

"BITCOIN is now = to 1 oz of Gold".!
Yeabut my left nut is now = to a firkin yawn.

 

[billdeserthills]

I must be getting old.. I just cant seem to get my mind around the idea of something that does not really exist having any value at all.

I mean its nothing but 1s and 0s in this magic place called the internet and as soon as it is turned off, its gone.

Have you heard of insurance?

 

[PBinWA]

btc ~ $1850 atm.

Litecoin looks like a fun ride if anyone is interested in gambling on digital currency. Coinbase now sells it so buying and selling is pretty easy. Up ~ $7 in the last week to around $30 a coin.