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Bitcoin

It’s all going to ZERO. When that happens, you won’t be able to get out. The network isn’t capable of handling the transactions. I think this is worse than a Ponzi scheme, and there are anti democratic forces at work within the crypto world, but that’s probably best left for another time and place.. but when you hear about Russia creating a metals backed crypto, you might want to ask why…
 
I haven’t invested in crypto because I don’t understand it. Blockchain, yada, yada, yada. How many times have crypto investors gotten robbed blind? Mt. Gox ring a bell? FTX is just the latest debacle in this world. That being said Bitcoin seems to have found a floor here in the 16,000 range. I wonder how many buyers of Bitcoin who waded into he waters north of 30,000 per coin during it’s meteoric rise are holding on rather than puke their holdings, unwilling to admit or accept defeat.
I think the biggest threat to the crypto world will be twofold. First, regulatory agencies sticking their noses into something they don’t understand and trying to control it as a commodity and or a security. The second threat is the central banks who have long been looking at issuing their own “CBDC” or Central bank digital currencies. They cannot allow an unregulated alternate currency to threaten their control on global markets.
Maybe I will take a flyer one day, but until this market shakes out, I will sit on my hands.
 
Lazarus Long said:
It’s all going to ZERO. When that happens, you won’t be able to get out. The network isn’t capable of handling the transactions. I think this is worse than a Ponzi scheme, and there are anti democratic forces at work within the crypto world, but that’s probably best left for another time and place.. but when you hear about Russia creating a metals backed crypto, you might want to ask why…
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A friend of my brother's is a huge Bitcoin believer. I just found out last week that the reason for it is that he really has no (very little) SS, no pension, and no other sources of retirement income. So all of his eggs are in the Bitcoin basket. It's all or nothing for him. He's still ok because he would still sell at a profit today (he's been in for quite a while). But though I bought fairly cheap, he was unable to afford to buy very much. Shoulda sold at $70k.

I'm not a fan. It's only strength is blockchain, which is really something else that can be applied to many other things. It gets ALL of its value from faith. You can't even plant it to produce a tulip.
 
RT Fan said:
I haven’t invested in crypto because I don’t understand it. Blockchain, yada, yada, yada. How many times have crypto investors gotten robbed blind? Mt. Gox ring a bell? FTX is just the latest debacle in this world. That being said Bitcoin seems to have found a floor here in the 16,000 range. I wonder how many buyers of Bitcoin who waded into he waters north of 30,000 per coin during it’s meteoric rise are holding on rather than puke their holdings, unwilling to admit or accept defeat.
I think the biggest threat to the crypto world will be twofold. First, regulatory agencies sticking their noses into something they don’t understand and trying to control it as a commodity and or a security. The second threat is the central banks who have long been looking at issuing their own “CBDC” or Central bank digital currencies. They cannot allow an unregulated alternate currency to threaten their control on global markets.
Maybe I will take a flyer one day, but until this market shakes out, I will sit on my hands.
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I still think FTX is the beginning of the end for Crypto not based on fiat currencies.
 
juncers said:
Google tulip mania. You'll find there everything you need to know about bitcoin. I've been an investment banker for 35 years. Risk is my business. If you're a short term speculator and used to the roller coaster ride -- it's fine. If you're a normal person and want to sleep at night -- move on.
Ray
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Not a savvy investor here, but the parallels to the tulip mania seem obvious. Seems like it only has value if the next guy buys into it. Seems to me that it is just as possible that the majority of people will decide there's nothing there of any real value and it will all crash.
 
You don't see Warren Buffet buying crypto.....

I don't understand it nor do I want to understand it.
I do understand the waste of natural resources spent mining it.
 
It always cracks me up when I see Bitcoin represented as a fancy, large, thick, very shiny gold coin. It's marketing. It is not a physical entity. But if they were to use a wooden chip to represent it, it wouldn't seem as valuable.

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RT Fan said:
@RobRoy as they say on the precious metals boards and elsewhere, If you can’t hold it, you don’t own it!
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he premium for PHYSICAL silver eagles is almost 100%. That's nuts. It implies the actual price of PM's has nothing to do with the spot price.
 
RobRoy said:
It always cracks me up when I see Bitcoin represented as a fancy, large, thick, very shiny gold coin. It's marketing. It is not a physical entity. But if they were to use a wooden chip to represent it, it wouldn't seem as valuable.

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RobRoy said:
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he premium for PHYSICAL silver eagles is almost 100%. That's nuts. It implies the actual price of PM's has nothing to do with the spot price.
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Agreed! The premium is ridiculous. Even generic rounds and bars are at a bare minimum 25-35% which translates to the need for a huge move in the Spot price to come even close to breaking even on the trade. Silvertowne & Scottsdale Silver have really been pummeling their customers.
 
RT Fan said:
Agreed! The premium is ridiculous. Even generic rounds and bars are at a bare minimum 25-35% which translates to the need for a huge move in the Spot price to come even close to breaking even on the trade. Silvertowne & Scottsdale Silver have really been pummeling their customers.
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Makes me glad that have held onto my bag of pre-1964 US quarters. Bought them in 2002, and just put them away...

Regards,
Gordon.
 
Have about 15# of assorted Morgan, Peace silver dollars and Franklin and Liberty halves. The coins are worth quite a bit more than melt value. No super rare ones tho.
 
RobRoy said:
I still think FTX is the beginning of the end for Crypto not based on fiat currencies.
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I commented three years ago in this thread. My crypto thoughts have evolved in light of recent events. Crypto is based on distrust of fiat currency. It has no intrinsic value. It is not backed by natural resource, real economic activity, or military strength. The greatest irony is that crypto strives to replace fiat and yet derives value from convertability to fiat. Proof is operation and failure of exchanges. When exchanges run out of fiat currency, they fail. IMO, the whole sector is a scam and should be outlawed.
 
Way way back I was given 25 bitcoin by a family member who got into crypto very early. Lost them in a hack in 2012 and never really cared. Of course having them when they were worth 30+ grand would have been nice. I don't really get how the value works and I don't really care. My stepdad is invested in Bitcoin now but I'm not sure how much he has.
 
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