Poll: With increasing use of crypto, does the idea of having gold as an alternative to currencies become obsolete?

[P7M13]

Out of all proportion relative to the general economy, not to mention having no backing.

Kind of like Tesla stock. At least they're now turning a profit based on product sales.

 

[gmerkt]

Kind of like Tesla stock. At least they're now turning a profit based on product sales.

Well, yes, another highly hyped bandwagon phenomenon. The change-over to electric cars is already in progress, there is little doubt that there will be success in this enterprise in future. Heavy government thrust, lots of big investment by some major, heretofore conventional companies. But not that long ago, Tesla was building cars in tents. There is also the personality cult thing surrounding Elon Musk. The car itself is spawning a cult following outside of reason. You can look at a lot of metrics to measure the performance (and value) of a company. The bottom line metric for me is the debt to revenue ratio. On that score, against comparable businesses, Tesla does worst. Ford has more than ten times the debt Tesla has, but it's debt to revenue ratio is about ten times higher.

Debt to equity ratio, that's smoke and mirrors. Tesla gets good marks on that because their stock is over-valued and in my own inexpert opinion, diluted by new issues. Issuing new shares to starry-eyed enthusiasts is a way of staving off more borrowing.

Re. crypto currencies, I think I get the blockchain thing. BUT. Blockchain documents the history of a cyber something, but it doesn't create any intrinsic value. I don't see how it legitimizes the "asset." At the end of the day, the digital currency still doesn't have any value other that what human minds assign to it at any given moment.

Then there are the so-called digital assets called "non fungible tokens." Nothing more than electronic equivalent of baseball cards. People have really gone around the bend when they put much money in these.

 

[FourTeeFive]

Then there are the so-called digital assets called "non fungible tokens." Nothing more than electronic equivalent of baseball cards. People have really gone around the bend when they put much money in these.

The whole NFT thing almost seems to be a joke. Trolling for suckers. And some people are trying to point that out.

An NFT from Signal's founder will look like a poop emoji when someone owns it

Know what you're getting into when you bid on an NFT.

www.engadget.com

 

[Gunner3456]

I think of the $USD as vaporware. I have significant deposits in my bank account but they can't show it to me. It's just some numbers credited to me. It's just some numbers in the bank's liability column.

It shows as a liability to the bank in their general ledger because they supposedly owe it to me. The loans owed to the bank are their supposed assets.

But in the end, where is my money?

 

[FourTeeFive]

It shows as a liability to the bank in their general ledger because they supposedly owe it to me. The loans owed to the bank are their supposed assets.

To that end, is there any gold still inside of Fort Knox?

 

[Member 34319]

A friend of mine who buys a lot of silver and gold, ironically always says, "All the gold and silver I buy won't do me jack **** if someone won't sell me anything for it."

In other words your fancy gold coin really might be worthless in end of days. So really it's only valuable in terms of DOLLARS now because, well I'm not really sure honest. Probably history, gold used as currency for generations.

Truly speaking, world goes to $*** barter will reign supreme.

It's called a shot for a reason. One traded a shot (cartridge) for a whiskey.

 

[ma96782]

Gold won't turn to dust in the wind when the Government decides to flip the crypto-switch to OFF.

Like in China?

Aloha, Mark

PS....but you know something? I need crypto to conduct business.

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But, I'm legit. I got nothing to worry about. Rrrrrright?

The Justice Department Has a New Team of Crypto Cops

The U.S. Justice Department has announced the launch of a new investigative team focused on disrupting “criminal misuse” of cryptocurrency. Dubbed the National Cryptocurrency Enforcement Team, or NCET, for short, the team will target crooked crypto exchanges, money launderers, and other...

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[Siglvr]

I believe that use of crypto will depress the price of gold, not saying that gold will decline, I do not believe that, rather, that much of the potential increase of gold pricing will be reduced as that money flows into crypto.

 

[AlaskinAssasin]

Like in China?

Aloha, Mark

PS....but you know something? I need crypto to conduct business.

Feds Join Mass Arrest of 150 People in Connection With Dark Net Drug Dealing

Authorities in the U.S. and Europe have arrested droves of people in connection to dark web drug peddling, the U.S. Justice Department announced on Tuesday. The coordinated police operation, dubbed “Dark HunTor,” involved a large number of law enforcement agencies, including the Justice...

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Crypto scares governments because they can't "regulate" it. Everyone said that bitcoin would fail because of China because most miners were there... now it's over 60k. My crypto has outpaced my modern stock investments by over 10000 percent in just the last year. I'm definitely not saying it's going to be worth anything when the shtf, but I'm using my profits to increase my investment in freedom seeds and components .

 

[ma96782]

Don't get me wrong.......
Even my son invests in Crypto.

Not me though.
I just don't see myself betting on, "nothing but a number in space".

Aloha, Mark

PS....I'd have more confidence IF Crypto gains and losses (and Taxes) were treated just like my stock trades.

 

[GWS]

Now. People use dollars.

Not correct.
Are you saying I cannot sell an ounce of gold for dollars?

 

[CountryGent]

I suppose what you are preparing for and both have some pluses and minuses. But all things being equal, I would lean toward gold and silver being the better store of value, if for no other reason based upon the length of time precious metals have been used for said. Crypto is here to stay, but there just isn't as long a track record to point to, to put it very mildly.

 

[Certaindeaf]

Not correct.
Are you saying I cannot sell an ounce of gold for dollars?

Go fill up your gas tank with a wad a gold and get back to me.

 

[GWS]

Go fill up your gas tank with a wad a gold and get back to me.

Wrong again.
I don't need to use the gold directly. I can simply sell an ounce for cash. It HAS value. There's probably 50 shops within 20 miles of me that would happily take a gold coin and give me cash in return.

And if s does htf, I'm betting there will be a guy who will trade gas for gold simply because gold has value.

 

[mrblond]

since we are talking about a SHTF moment here.. imagine this.. 4 guys come up to you wanting X,Y and Z.. one has a thumb drive with $1,000,000 in bit coin. the other has $1,000,000 in gold, the 3rd has $1,000,000 in cash and the last has a box of 9mm and a bottle of Jack.. which would you take in trade.

 

[gmerkt]

now it's over 60k

Are you confident enough in it to buy at that level?

 

[ma96782]

since we are talking about a SHTF moment here.. imagine this.. 4 guys come up to you wanting X,Y and Z.. one has a thumb drive with $1,000,000 in bit coin. the other has $1,000,000 in gold, the 3rd has $1,000,000 in cash and the last has a box of 9mm and a bottle of Jack.. which would you take in trade.

SHTF and then I got to thinking?
(start at 2:06)

Aloha, Mark

 

[GWS]

since we are talking about a SHTF moment here.. imagine this.. 4 guys come up to you wanting X,Y and Z.. one has a thumb drive with $1,000,000 in bit coin. the other has $1,000,000 in gold, the 3rd has $1,000,000 in cash and the last has a box of 9mm and a bottle of Jack.. which would you take in trade.

Easy, If I'm willing to part with X, Y or Z.
The gold
I don't drink and I have plenty of 9mm

 

[Burt Gummer]

The people that run the show, the 'elite' as some call them, or better defined the owners of the Federal Reserve have no intention of non-official crypto torpedoing what they have built up since 1913.

My expectation is some 'incident' as in a FF will happen and it will be claimed some enemy such as Iran financed it via BC or other. That gives the social controllers a huge win. BC and others are deemed 'illegal' and transactions are now a felony. A new US/other government-backed Crypto will be created where you are to trade in your paper or digital dollars for; applies to other countries and their fiat currencies also.

Private/secret transactions = financial freedom and the controllers will never let that stand. Most people that have profited from Crypto never paid the IRS/bankers their cut. They is like slapping Tony Soprano while he is at your door.

Gold is a real commodity you hold in your hand. Can it also be made illegal or restricted, yes. But there is a huge difference.
It cannot simply be removed with a keystroke.

Gold/Silver is likely not to be set up in the above FF scenario for obvious logistic reasons. A story about an incident where the perp was paid in gold bars would sound ridiculous. Hard to make precious metals out to be a danger because bad people are been paid with Kuggerands.

The controllers are far more interested in crushing competition to their fractional reserve banking system and our debt based economy. Side-stepping their banks will not be allowed long term. Once Crypto becomes large enough it will be dealt with appropriately. I remember a pro-Crypto expert said Bitcoin is totally safe because it would take about 400 million in resources to hack it, distort it, bring it down.

To our controlling banksters that is a fart in the wind. They have many trillions as they print all they want and have for decades without answering to audits or governments. The polls yearly about who are the wealthiest people on Earth that list guys like Bezos or Gates are laughable. Those are bums pushing a cart vs the true monetary masters, the banking elite families.

 

[Camelfilter]

since we are talking about a SHTF moment here.. imagine this.. 4 guys come up to you wanting X,Y and Z.. one has a thumb drive with $1,000,000 in bit coin. the other has $1,000,000 in gold, the 3rd has $1,000,000 in cash and the last has a box of 9mm and a bottle of Jack.. which would you take in trade.

Were we in the trading business, which we don't plan on, and had excess X,Y and Z...AND could trade our excess safely.

Gold.

Not for its value DURING an economic/societal upheaval.

For its value AFTERWARDS. Simply a store of wealth is all. Another basket, if you will.

Crypto seems like the current day Tulip Bulb scheme of old. To me. Yes, folks can make a profit on such, if they know what they are doing & do so wisely. Folks can also lose, & lose a lot.

If any of the various Cryptos, or a new one were to replace physical bills &/or coinage, Globally or Nationally, there would likely be a revaluation of said. -100%, onwards towards truly unfathomable by most folks de-valuation (-1000's towards -Trillions of %)...

IMO.