bitcoin vs. gold

[lamboguy]

lately all you hear about is how the bitcoin is going to replace currency. i had always thought that gold is the ultimate currency, it has been for about 5000 years so far. i am not quite so sure how one would go about making a bitcoin, but it is described as being a cryptocurrency.

what i really wonder about is will they ever give out the winning medal at the olympics and call it a bitcoin medal, or use it as a wedding ring instead of gold.

you run into everything in this world, the other day i was out in a restaurant for breakfast and a guy asked me if i wanted to buy 100 bitcoin's for $600 a piece.

supposedly they were worth $1000 each. i asked the guy why do you only want $600 for them, he said because you can't turn them into cash and that is what he needed at this point and all you can do with bitcoins is buy things with them.

the way i look at things is in order to move these things you need to find suckers to exchange them with you.

i said i am not interested, and then the guy said he was up against it, he will take $450 for them. i told him i am busted and leave me alone already.

[ManU918]

First, you should know BTC is not a medal. So it will never be used at the Olympics or as jewelry. When you receive a physical version of BTC... The outside is not worth anything. It needs to be broken open so you can retrieve the private key within the BTC.

1BTC is now worth around $820 dollars... give or take a few dollars depending on the time. If he really had 1BTC that he was willing to sell for about $450 you could have made money. You can use a site like 24change (or a similar site). Those type of sites will wire you cash in exchange for your BTC. For example, right now 24change will wire you 761 USD into your paypal account for 1BTC (they charge an exchange fee). That guy was either extremely desperate or a scammer. Sounds like a scammer because if he said you "can not turn them into cash" then he clearly doesn't know what he is talking about.

[sammy the sage]

anything FAKE w/nothing TO BACK it...can be DEVALUED w/but a keystroke...

Actually they already HAVE...said they wouldn't do it anymore....sounds like a forever stamp at the post office....

[ManU918]

anything FAKE w/nothing TO BACK it...can be DEVALUED w/but a keystroke...

Actually they already HAVE...said they wouldn't do it anymore....sounds like a forever stamp at the post office....

Overstock.com whose 2012 revenue totaled $1.1 billion is starting to accept BTC. They are just the first of the bigger names... A lot more big names will follow suit.

[Saratoga_Mike]

Overstock.com whose 2012 revenue totaled $1.1 billion is starting to accept BTC. They are just the first of the bigger names... A lot more big names will follow suit.

Have you ever listened to the rantings of the nut that runs this company (think he's just chairman now)?

[Saratoga_Mike]

anything FAKE w/nothing TO BACK it...can be DEVALUED w/but a keystroke...

Actually they already HAVE...said they wouldn't do it anymore....sounds like a forever stamp at the post office....

Isn't this obvious? Amazing to watch suckers buy into this crap.

[Valuist]

This is not a healthy looking chart. Another bubble that has started to burst:

https://coinbase.com/charts

[ManU918]

Isn't this obvious? Amazing to watch suckers buy into this crap.

Whats your prediction? Bitcoin will no longer be in existence... by when?

[Saratoga_Mike]

Whats your prediction? Bitcoin will no longer be in existence... by when?

See Sammy's post.

[Greyfox]

Isn't this obvious? Amazing to watch suckers buy into this crap.

You're talking about the American dollar right??

Even Paypal takes bitcoin.

[_______]

http://www.bloomberg.com/news/2013-12-31/bitcoin-is-a-high-tech-dinosaur-soon-to-be-extinct.html

[JustRalph]

http://www.theverge.com/2013/12/23/5238764/news-anchor-receives-bitcoin-as-a-christmas-gift-on-air-stolen-promptly

Bit coins are "mined" by solving mathematical problems via computer

There are only 21 million available if my memory serves me right.

Every time a bit coin is mined and goes into circulation the math gets harder.

Eventually they will run out.

http://startbitcoin.com

I have not vetted the above site. Warning!

Read the comments on the above site for more info

[Saratoga_Mike]

You're talking about the American dollar right??

Even Paypal takes bitcoin.

Right - something that traded for around $20 a little over a yr ago is now worth $850 - makes complete sense. The US dollar has clearly lost that much value in the past yr or so.

[ManU918]

This is not a healthy looking chart. Another bubble that has started to burst:

https://coinbase.com/charts

http://finance.yahoo.com/news/bitcoin-price-back-above-1-064801666.html?soc_src=mediacontentsharebuttons

[Valuist]

The chart still isn't healthy. Anything that goes up parabolically, tends to burst in spectacular fashion. Gold > Bitcoin. That ain't changing anytime soon.

[lamboguy]

The chart still isn't healthy. Anything that goes up parabolically, tends to burst in spectacular fashion. Gold > Bitcoin. That ain't changing anytime soon.i don't know much about Bitcoin, what i do know is that every safe haven asset class, diamonds, art, and oil have all either held up well or have gone up in value, while precious metals have all be in serious declines, gold was down 28% last year.

i own gold and have done very well with the fall in prices over the last 15 months. i no longer am hedged, but do see a shot for gold to drop to $1050.

[RaceBookJoe]

Not sure what happened in gold earlier but it had a wild move. Looked like it dropped $30 in seconds, then had a bounce. /GC is a bit too wild for my blood anymore.

[lamboguy]

Not sure what happened in gold earlier but it had a wild move. Looked like it dropped $30 in seconds, then had a bounce. /GC is a bit too wild for my blood anymore.i think someone hit the wrong button, it caught some stops

[Valuist]

i don't know much about Bitcoin, what i do know is that every safe haven asset class, diamonds, art, and oil have all either held up well or have gone up in value, while precious metals have all be in serious declines, gold was down 28% last year.

i own gold and have done very well with the fall in prices over the last 15 months. i no longer am hedged, but do see a shot for gold to drop to $1050.

Gold appears to have put in a bottom. Its taken basically two years. I don't believe the Fed will continue to taper. They will try to start and when the bond and stock markets collapse, they will realize they can't stop the printing presses. Then we can see gold go to new highs.

[lamboguy]

Gold appears to have put in a bottom. Its taken basically two years. I don't believe the Fed will continue to taper. They will try to start and when the bond and stock markets collapse, they will realize they can't stop the printing presses. Then we can see gold go to new highs.i don't really know how much an effect tapering will have on POG.

i thought Bernanke did a great job during his terms. he delayed absolute pain and gave this country a chance to catch up with his moves. there is now plenty of natural gas and oil to sell. i would love to know if he is leaving on his own or was asked to leave by this administration?

[lamboguy]

Not sure what happened in gold earlier but it had a wild move. Looked like it dropped $30 in seconds, then had a bounce. /GC is a bit too wild for my blood anymore.http://www.zerohedge.com/news/2014-01-06/gold-flash-crashes-halts-trading

[RaceBookJoe]

http://www.zerohedge.com/news/2014-01-06/gold-flash-crashes-halts-trading

Good call, just catching up and say it scroll on cnbc a few minutes ago. Was one heck of a move though, too fast for me.

[classhandicapper]

I don't understand bitcoin, but intuitively I don't trust anything that doesn't have physical backing. I'll hold my gold.