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BITCOIN - How do you compare it to Silver and Gold? - Page 8
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Thread: BITCOIN - How do you compare it to Silver and Gold?

  1. #71
    Join Date
    Dec 2008
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    Zionot, Squashkenazi
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    Exclamation The FEDCOIN: A BITCOIN for the sheeple

    "I foresee little future in 'the price of silver', I see a huge future for 'the price in silver'." - heartbone
    "The truth is called hate by those who hate the truth." - K

  2. #72
    Join Date
    Jan 2010
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    Funny nobody Pro-Bitcoin has answered the simple questions on Cyber attacks , Gov. shutdowns, or an EMP burst.
    Gb

    LUCK favors the PREPARED darling. - "Edna Mole"

    ATTENTION Liberals and Progressives - The path to HELL is paved with good intentions.
    ( The USA is certainly spiraling in that direction)

    "The future ain't what it used to be". - Yogi Berra

    .

  3. #73
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    Jun 2009
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    564

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    Quote Originally Posted by Goldbrix View Post
    Funny nobody Pro-Bitcoin has answered the simple questions on Cyber attacks , Gov. shutdowns, or an EMP burst.

    Is there a specific aspect of, you need to be answered... as all answers are within dollars history and probable future.

  4. #74
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    Jan 2010
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    737

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    Quote Originally Posted by Silvature View Post
    Is there a specific aspect of, you need to be answered... as all answers are within dollars history and probable future.
    Uh, Yeah, What happens to Your bitcoins held in cyberspace or a computer if/when there is an EMP Burst(s) or Government(s) shut down the internet, confiscates your computer or your computer is highjacked in a cyber attack ? Are they like the old Tech Bubble Cos. ? One minute the bitcoins are there, the next minute the bitcoins are gone. The commodity/fiat in your hand vs the bitcoin in the (cyber-world) bush ?
    Gb

    LUCK favors the PREPARED darling. - "Edna Mole"

    ATTENTION Liberals and Progressives - The path to HELL is paved with good intentions.
    ( The USA is certainly spiraling in that direction)

    "The future ain't what it used to be". - Yogi Berra

    .

  5. #75
    Join Date
    Apr 2012
    Location
    Scottsdale, Arizona
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    Default

    Digital 'bitcoin' currency surpasses 20 national currencies in value

    By Maxim Lott
    Published March 29, 2013
    FoxNews.com


    Read more: http://www.foxnews.com/tech/2013/03/...#ixzz2Ozizy64s
    "If you don't know where you're going, you might end up some place else."
    - Yogi Berra

  6. #76
    Join Date
    May 2007
    Location
    Atlanta
    Posts
    10,577

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    Quote Originally Posted by Xizang View Post
    Digital 'bitcoin' currency surpasses 20 national currencies in value

    By Maxim Lott
    Published March 29, 2013
    FoxNews.com


    Read more: http://www.foxnews.com/tech/2013/03/...#ixzz2Ozizy64s

    Kind of like buying Silver futures contracts when it's on a run. A real killing to be had, except for those that jump in late and get caught in a landslide.

    Good luck to all that venture into Bitcoin.

    I've had a couple illegal credit cards opened in my name and they didn't cost me a dime.

    I've had several bogus charges against my cards over the years and they were easily removed.

    I even had someone buy a new car and used my credit card in the process for automatic payments. Didn't cost me a dime.

    I did have to have my credit card replaced twice over the years for other charges that people were trying to make using my information and the credit card company caught it before they could even be accepted.

    The only thing that has ever been a real pain in the a$$ to take care of was automatic payments against my bank account for AOL. They started about a year after I dropped their services. I had to have the bank reverse the charges for something like three months in a row and the bank said they couldn't stop the charges since I had given them permission once. My only option was to close the account and open a new one.

    Forget about an EMP attack, I wonder how that will work in the Bitcoin world when something runs amuck? Will someone make everything good, if your information is stolen and your account emptied?

    Right now someone has to take my key ring, not too difficult. But it has multiple safe deposit box keys on it and no numbers on the keys or to which bank they belong or to which box in those banks. Then they have to tell someone at the bank which box they want into and sign in so my signature can be verified against their card file. It's not likely that anyone could get by these girls trying to pass as me, as most of them know me by name without having to see my id. I still have to sign in and go through the procedure, but I don't think anyone else would get away with it.

    My only concern is, what if the world turns upside down, how long will it take to get my currency out of these boxes and converted into something else while it's still viable? That goes for my Silver as well, how long before I can get it out to sell if the floor is dropping like a rock. Actually that's a bogus question, I really can't see selling it in a panic situation, I'm more likely to go against my plan and actually buy more Silver if things were to get bad enough in the Silver market. But I think they would have to get really bad, like down into the single digits. I know, it'll never happen. I sure hope not as I want to sell some Silver and increase the value of the rest of my holdings, not increase my stack that has become worth far less. I don't have another 20 years to wait around for things to get better before retirement time.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  7. #77
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    Apr 2012
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    Valerb, I agree with you on the BitCoin thing. That's why I started this thread here - because I too prefer tangible, precious metals, and having physical possession of them. I don't trust banks. What happens when they decide to one day take everyone by surprise and declare a bank holiday? The front doors to the bank are kept locked. Even the janitor can't get in. Do you really think you're going to have access to your safe deposit boxes? Really?

    So let's suppose the sh!t hits the fan, the banks close, paper currency is losing value by the minute. Do you suppose having boxes stuffed with US $100 bills will keep their value? How many will it take to fill your gas tank or buy a week's worth of groceries? That gold and Silver on the other hand: everyone's going to be wanting it. Bring out your real silver quarters, halves, dollars and 1-ounce silver bullion and see which buys your gas or groceries first.
    "If you don't know where you're going, you might end up some place else."
    - Yogi Berra

  8. #78
    Join Date
    May 2007
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    Atlanta
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    Quote Originally Posted by Xizang View Post
    Valerb, I agree with you on the BitCoin thing. That's why I started this thread here - because I too prefer tangible, precious metals, and having physical possession of them. I don't trust banks. What happens when they decide to one day take everyone by surprise and declare a bank holiday? The front doors to the bank are kept locked. Even the janitor can't get in. Do you really think you're going to have access to your safe deposit boxes? Really?

    So let's suppose the sh!t hits the fan, the banks close, paper currency is losing value by the minute. Do you suppose having boxes stuffed with US $100 bills will keep their value? How many will it take to fill your gas tank or buy a week's worth of groceries? That gold and Silver on the other hand: everyone's going to be wanting it. Bring out your real silver quarters, halves, dollars and 1-ounce silver bullion and see which buys your gas or groceries first.

    Your assuming they will just shut the doors, versus putting a limit on withdrawals to stop a run on the banks. A banking crisis may also be seen coming from a few thousand miles away, if one starts in Europe. Your also assuming that a banking crisis will be accompanied by hyper-inflation. You know the Euro hasn't fallen in value in Greece or Cypress due to their banking crisis yet. Only those with large account balances in Cypress have seen their version of instant high inflation, which is still different that hyper-inflation. As far as not being able to beat the clock to my, mostly $20 bills, I don't want to get caught with $100 bills in a time of trouble, that's a gamble I'm willing to take versus trying to hide it in my house. Which also goes for my Swiss Francs and Silver. I haven't been stock piling Swiss Francs as well as FRN's for nothing, I hope. It's not likely both would fail at the same time and it gives me an added layer of protection against any currency failures. That's a life time of savings and it's not peanuts by any means. To easy to be stolen or lost by natural disaster. I like my odds with the banking system versus the alternatives and I have slept better for years now that it's been tucked away in safe deposit boxes.

    You mention the value of those FRN's going down during a banking crisis and my not being able to get my hands on them. What about the value of Silver tanking another 50% or more in a few week period of time. During a world wide financial crisis, everyone expects Gold and Silver to be the king of currencies. Maybe and maybe not. It may very well tank right along with everything else, in spite of what the Silver hawkers would like us to believe. I just remember 2008 and that was not anywhere near a depression type crash, let alone the kind of crisis your talking about. The Dollar didn't crash, but Gold and Silver sure as hell did and it could have been worse. Short of the Government stealing the contents of my safe deposit boxes, there isn't much that can happen in the world that will leave us in a bad way financially. Obviously if any of us knew what was really going to happen in the future with any investments or currencies, we would be rich. So I'd rather spread my savings around to protect us from any and everything I can, short of going into the stock market. I'm not going to kick myself if the price of Silver goes ballistic, because I didn't triple down on my Silver investment. That's what gets people into trouble when their investments go the wrong way and they get caught with their pants down. Greed really screws with a lot of people, they are afraid their investment will take off without owning everything they can of that item. And the Silver hawkers do a damn fine job of selling that point. I'm also not going to kick myself if I get caught in a currency crisis, as we have ample Silver to keep us happy.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  9. #79
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    Valerb, I love ya, man. You're a fellow veteran and you're into silver. That alone makes you OK in my book. But for some reason, when you talk about your thoughts on diversification, I feel the urge to go out and buy more silver!
    "If you don't know where you're going, you might end up some place else."
    - Yogi Berra

  10. #80
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    Atlanta
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    Quote Originally Posted by Xizang View Post
    Valerb, I love ya, man. You're a fellow veteran and you're into silver. That alone makes you OK in my book. But for some reason, when you talk about your thoughts on diversification, I feel the urge to go out and buy more silver!

    It's tough to kick that I need more habit and diversify, I know, I've been there myself and when Silver was rising. That feeling of wanting all you can get so it will turn into that much more as it keep rising is tough to control. Of course the spot price controls that urge for you over time as you see the ups and downs. Some people can never control it and will go with Silver's flow whatever it does to or for them. I also love the idea of what it can do for me, but I also fear what it can do to me.

    Anyone that completely rules out the possibility of the government confiscating Silver and making it illegal to own and sell, well that's just wearing blinders. The government doesn't have to give us the going rate for our Silver in a confiscation, especially if they have forced the price down because of it. And I'm too old to be going to jail trying to hide my stash, especially since there are paper trails leading back to me for a good portion of it. You can never say never, but when they have you up against the wall, it's fool hardy to try and go against the system, at least for what they have any kind of a trail leading to you.

    If and when Silver ever does take off and go beyond the $50 range, I plan to diversify into Gold from Silver for most of my stack, simply because that's where all the real money is at and Silver is prone to drop like rock after a huge gain. It's not a matter of making even more money off of Silver, but protecting the gains I've made, by diversifying into Gold. Kind of like selling off part of the Stack as it rises in price, except I want to turn it into Gold that I hope will maintain it's value. I already have cash, I need PM to be diversified, so I have to stay in the metals.

    The one exception that I've always considered is if the metals were to really go on a terror streak, I might sell some off to buy real estate that is 100% paid for. You know, the kind of upscale home that people in my income range live in, but don't own any Silver or Gold, because they spent all their money paying for that life style. Yes sir, in 20 years when the visiting nurse comes to fix my meal and change by diaper, she'll be doing it in a plush setting!!!
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

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