ECON Gold and Silver news
- Thread starter Doc1
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alchemike
Veteran Member
Such a good thread so I'll try to revive it for more...
I'm constantly trying to come up with better/different ways to describe what Bitcoin is...here's the latest:
Bitcoin is not an investment, or even money. It’s a global property system with a radical form of individual ownership built on top of global consensus and the most secure computer network on earth. It ensures that no person, no entity, no state can steal it from you.
I find that extremely valuable.
And for the record, I own not nearly enough gold as I wish I did and more silver than I wish I did. I hold them all.
That's a common misunderstanding about Bitcoin - that you cannot custody your own. You certainly can and should.
I'm constantly trying to come up with better/different ways to describe what Bitcoin is...here's the latest:
Bitcoin is not an investment, or even money. It’s a global property system with a radical form of individual ownership built on top of global consensus and the most secure computer network on earth. It ensures that no person, no entity, no state can steal it from you.
I find that extremely valuable.
And for the record, I own not nearly enough gold as I wish I did and more silver than I wish I did. I hold them all.
That's a common misunderstanding about Bitcoin - that you cannot custody your own. You certainly can and should.
Loretta Van Riet
Trying to hang out with the cool kids.
Not trying to turn this thread into a "crypto" thread, BUT... I do have my limited wealth distributed into several asset classes. PM's, of course, but my crypto of choice is XRP, because it is ISO 20022 compliant, and still affordable.
Johnny Twoguns
Senior Member
A simple search using "how much bitcoin has been stolen and how" brings up several results. Such as:
"The hack involved about 2,000 unauthorized transfers of bitcoin—then worth about $71 million—to an outside account. Over the years, the value of the stolen cryptocurrency ballooned, reaching $4.5 billion at the time the two defendants were arrested in February"
As a friend of mine said about cryptos/metals/stocks/etc. "If you have money to invest in one, you have money to invest in all of them."
Maybe something like one payday put your "disposable" cash into metals, the next crypto, etc. There's no rule that you can only invest in one. That old saying about eggs and a basket applies...
Maybe something like one payday put your "disposable" cash into metals, the next crypto, etc. There's no rule that you can only invest in one. That old saying about eggs and a basket applies...
That is because they kept it on an exchange. No different than if you have bank or investment account and someone gets a hold of your credentials. They can make that money go pooof! as well.
But if you have a "cold wallet", it is essentially a safe. You transfer you cryptos to that, and pretty much unless someone gains physical control of it, it cannot be stolen. Just like PMs, money, etc. If you don't physically hold it, do you REALLY own it?
Here is one example (and there are many):
Johnny Twoguns
Senior Member
I know all that. But you still have to go to an exchange, most anyway, unless you are big enough to do direct trades. But it is stolen. And it can be confiscated. And in most cases unless a trade the payoff still needs to go through a bank.
You keep your cold wallet at home, then it is possible to get took during a home invasion if the home jackers know you have cryptos. Same as gold and silver and guns and............
I'm not saying don't own or deal in it, but it is not a panacea; there are still risks involved.
Loretta Van Riet
Trying to hang out with the cool kids.
$2158
Johnny Twoguns
Senior Member
It got up to $2160.40. Let's see if it survives the usual Sunday night short. But as others have said, when the time comes the Big Boys are going to go long in a big way, wipe out remaining shorts, and let it run. To the moon Alice, to the Moon.
You buy it on an exchange and transfer it off as soon as possible. If off the exchange it Cannot be confiscated, at least not for Bitcoin. That is the whole point of Bitcoin. And I can go to about 20 Bitcoin ATMs and buy it right there and put in on hot wallet (basically an App on a phone). And in about an hour do anything I want to with it (like transfer it to my cold wallet as explained above. No big corporate exchange involved. Granted there is a significantly higher fee for doing so (anywhere from 8-20%), but major Gas/Convenience stores and even Costcos have those ATMs here in Central MD.
It's also possible for you to get carjacked on your way to the grocery store and get your wallet/phone/car stolen. Anything is possible. I can buy cryptos anonymously, just like walking into coin store and buying PMs, nobody has to know I have a thing.
edited to add- I'm not trying to over explain for you Johnny. If you get it, Awesome! I'm doing it because there might be some people who read this who don't understand all of it.
It's also possible for you to get carjacked on your way to the grocery store and get your wallet/phone/car stolen. Anything is possible. I can buy cryptos anonymously, just like walking into coin store and buying PMs, nobody has to know I have a thing.
edited to add- I'm not trying to over explain for you Johnny. If you get it, Awesome! I'm doing it because there might be some people who read this who don't understand all of it.
Johnny Twoguns
Senior Member
NP. I understand all that. BTW, by confiscation I meant by the FED or State authorities for whatever reason. Same way they just take your cash on the HW if they find you carrying a good chunk of it around with you.
Speaking of money going "poof" from a bank account. Everyone should educate themselves about how much fraud takes place through app's like CashApp and if someone gets your routing number off of a check you write.
Most banks are now trying to educate their commercial clients on that type of fraud ... it is millions and millions of dollars ... but the information is still filtering through to non-business clients.
If you still write old-style checks, please be extremely careful. This is also true of things like wire transfers and the like. Anything where anyone can get your routing number. It is a bigger problem than credit card fraud.
Wyominglarry
Veteran Member
More and more people are stating on TV, You Tube, X, etc. that the US is broke and will never repay the money we borrowed to finance out lifestyles. Many so called "experts" are predicting many bank failures this year. Even the evil Fed is with drawing the easy money that banks were borrowing to stay solvent. Once that happens many will fail as no one including the huge banks will loan them any money for short or long term. People are waking up to what happens if our dollar fails. Buy land, food, bullets, PMs, or a one way ticket to Romania.
psychgirl
Has No Life - Lives on TB
We’re now at 2160$ again!
Bet it hits 2200.00 tomorrow
West
Senior
psychgirl
Has No Life - Lives on TB
That would be crazy.
But not unusual to happen on a Friday
People need to stop getting so excited and feeding into the frenzy. These types of movements have been predicted for years ... decades even. Calmly initiate any of your plans and then be careful you don't jump the gun.
Hey, it's fun to watch! I've watched metals long enough to know it could pull back a couple hundred, or maybe even crash back to $1600 or so. No biggie... but it's an interesting bellwether to keep an eye on.
Summerthyme
Summerthyme
Johnny Twoguns
Senior Member
Too Late!!!!
Who wrote "It's only just begun"? The Carpenters?
We are just beginning the
IRRATIONAL EXUBERANCE AND THE MADNESS OF CROWDS.
Too late to stop it, not too late to think on how to best use the madness as it comes.
Attachments
Southside
Has No Life - Lives on TB
Soon, it won't matter how much it cost.
Only how much you have.
Amen Brother
psychgirl
Has No Life - Lives on TB
2178$
I keep track because I make jewelry, love gold jewelry, and have a couple of things I’ve been waiting to sell.
Also because I know if it shoots to the moon then something is up, geopolitically
It’s a gamble if I wait to sell.
A gamble if I sell now. That’s why I follow prices.
I keep track because I make jewelry, love gold jewelry, and have a couple of things I’ve been waiting to sell.
Also because I know if it shoots to the moon then something is up, geopolitically
It’s a gamble if I wait to sell.
A gamble if I sell now. That’s why I follow prices.
Loretta Van Riet
Trying to hang out with the cool kids.
$ 2181
Yep gold just hit 2200Bet you a fiat dollar it doesn't!
DazedandConfused
Veteran Member
2204
bracketquant
Veteran Member
"Bitcoin is not an investment, or even money"
So, what you're really trying to avoid saying, is that Bitcoin is the individual ownership of nothing?
And, that you put extreme value on finding that nobody can steal that nothing from you?
Without Bitcoin, I too have nothing, that nobody can steal. My way is easier, as it avoids the delusional step.
Johnny Twoguns
Senior Member
Great bit of logic as long as you ignore that speculators are making bank on bitcoin right now, and it won't stop until the real fiat crash comes; at that point you won't be able to sell it. Maybe after whatever 'new' system comes in. Maybe but it will probably be banned by then.
The new system is going to be gold based, possibly also using silver. How do I know? Because every Central Bank and most countries have been the ones scarfing up record amounts of GOLD the last 5 years. In numbers never seen before.
That's how I know.
Johnny Twoguns
Senior Member
Andy Sheckman says people are not calling up to sell their gold even though many have waited since 2011 to get close to what they bought it for.
I'm watching Ron's Basement; his guest said Stock Market is at an all time high; Gold is at an all time high; is silver at an all time high?
Adjusted for inflation $2200 has the purchasing power of $524 in 1979.
Adjusted for inflation silver would have to get to $209.92 to have the purchasing power of the 1979 high for silver.
(using the Fed's calculator, I'm sure inflation is worse in real life)
Keep that in mind before you get too excited. I'm not sure there was even a $billion US FRNs in existence in the late 1970's. There are now quadrillions.
Galbraith wrote a book on Irrational Exuberance and the Madness of Crowds. People go literally irrational when severe FOMO sets in. This time it will be world wide. Those who have pooo pooohed silver all these years are definitely going to MO this time.
Johnny Twoguns
Senior Member
$3539 gold today would roughly have the purchasing power of $835 in 1980.
When it passes that it will really be at an all time high; adjusted for inflation.
Of course this is all a moving target
When it passes that it will really be at an all time high; adjusted for inflation.
Of course this is all a moving target
Johnny Twoguns
Senior Member
$2191 on kitco 40 seconds ago