Bitcoin Crashes, Loses Half Of Its Value In Two Days

reply to post by combatmaster


I don't use ETF's and never do online commerse or investment.
(Which is primarily why BTC doesn't make my life any easier)
I just buy the metal where ever I can.
I try to stay away from collector's coins as I am only interested in the pure metal content and not the inflated collectors value but every now and then....
I take junk silver where ever I can find it and have it melted into small ingots.
I've even found a few pieces at garage sales.
Around these parts, silver coins or gold might also be found at post offices, money lenders, pawn shops, antique stores, specialty shops and even banks...but I never buy from banks...screw them.
Platinum & Palladium are like "seasonal" purchases for me as gold is expensive enough as it is...though maybe not in recent days. I don't have much of it but was considering purchases when gold had eclipsed platinum's price...at that point it, became "why NOT buy platinum, it's cheaper?". Most of my platinum is in the form of "baby spoons" and similar non-coin items.
I only have the one lil' tiny sliver of Palladium.
Silver & Gold make up the bulk of my PM's.

As always I am a firm believer in "Buying the Dip" and always try to increase my purchases when prices drop. I hope gold drops in value even further because I know when everything starts to fall apart (as we all know it will) it's value will re-adjust (skyrocket) towards it's actual value. maybe even higher than $5K/Oz...but some guests on Max Keiser assert that even now...gold should be closer to $10K or even $20K. Personally, I have no idea what they are smoking but even if 25% of what they claim comes true, I'll theorhetically be okay...unforseen medical costs notwithstanding.
As far as I'm concerned, I am buying PM's not for today but for my retirement...not that anyone actually can afford to retire anymore.
My PM's in 20 years will hopefully be able to supplement the retirement pension that is just as likely not to be there for me when I need it.
The way I see it, it's like I'm collecting precious stones on a deserted island in the hopes that one day...I might be rescued.
I'm not some investment professional.
This is not what I do for a living.
I'm not applying some obscure economics equation.
I'm just a stubborn old man.

-Peace-

reply to post by Eryiedes


Thanks for the helpful input.... i will consider this way of thought in the given context!

Thanx again

reply to post by combatmaster


Well, by contrast I won't be considering BTC for anything.

-Peace-

Morning,

Well, all of you out there that think socialism is the wave of the future and feel BTC has a place in it might want to take a second look.
Norway (socialist leader) now openly says and I quote:

"Scandinavia’s richest nation says virtual currency not real money"

Of course Keiser is belittling them for openly saying what most of us are already thinking.

"Sorry Max, only non-fiat currencies get to be Starkist."

You can decide for yourselves...

www.maxkeiser.com...

-Peace-

reply to post by Eryiedes


What is gold backed by?

What if gold becomes obselete one day? our tech isnt that far off!

reply to post by combatmaster


Gold is a rare earth metal...a precious metal.
It is the standard of value by which all things have been measured because it doesn't come from Earth.
It's formed in stars and landed here after a supernova went off somehwere in the distant universe.
What is Gold backed by?
You have it reversed.
Gold does the backing.
So if I am given a choice...I choose the one backed up by an exploding star and not the digital wallet kind.
Guess I'm just funny that way.

-Peace-

reply to post by Eryiedes


There is alrady a way to replicate gold at 100% purity.... the catch = an immense amount of power is needed. More than the gold that is produced can pay for or more than is even humanly possible with current conventional tech, so it is not worth doing it.

However, that is not impossible. If we gain cold fusion or another form of unlimited energy then we are a go!

What im saying is that we (humanity) are slowly but surely getting to a stage that reveals that technology, science, nature are all rolled into one. One day we will be able to manipulate every facet of nature, this is called a type 3 civilization!

reply to post by combatmaster


Congratulations.
You just answered your own question for me.
BECAUSE it takes so much energy to replicate the process is not profitable so we aren't going to be seeing a lot of that unless there is some kind of gold emergency.
Y'know...like JPM having to give back all of Germany's gold within a decade.
Aside from that, this process is only going to see the inside of a closet.

-Peace-

reply to post by Eryiedes


True. But..... this process is not a secret, it is an open scientific discovery. One that is only waiting for the energy part to be done. The second that an unlimited form of energy is in human hands and workable. I can guarantee you that gold will be replicated on mass! this is why im asking what is the next real backing for human value transactions!??

reply to post by combatmaster


No.
Gold may be replicated for industrial purposes where the process may have advantages but as far as regular wealth goes? You've a better chance of seeing a Unicorn.
In addition...as you claim...the mass production of gold would only eliminate its standing as a precious metal and foul up the entire basis by which humanity accumulates and protects wealth.
No...there won't be any "mass productions" as you describe.

-Peace-

reply to post by Eryiedes

I don't dispute that's how BTC is now, but for this to become the true replacement to paper fiat, the Establishment would insist that the digital currency be taxable, tracable, trackable and confiscatable. It won't get final State sanction without it.

-Peace-

I agree that the state will control BitCoin if it wants to.

However, BitCoin doesn't need the state in any way, except that BitCoin remain legal to use.

An uplifting fact about free market phenomena is that they don't need officialdom of any kind. They are naturally occurring. If advice or security is sought then advisors and insurance can become an industry-- instead of a bureaucracy

The price of BitCoin goes up when people want to buy more Bitcoins than currently exist.


Over time, after the supply of BitCoins has grown (and the equivalent amount of investment into BitCoin of course), there should be much less volatility from big buyers coming and going.

I suppose the value of BitCoin will steadily increase, given the inflationary model of every national currency in the world.

reply to post by Eryiedes


I got an idea....


BUY MORE GOLD..hahahahahaha

reply to post by AltMotive

What the heck made the price rise so dramatically so quickly anyway?

Mark Thornton at the Von Mises Institute said on RT that the Chinese industrialists wanted a hedge against
1) the devaluation of the Chinese currency
2) various rule changes the Chinese Government might institute.

So a lot of the BitCoin surge was from the Chinese.

Mark Thornton on RT
www.youtube.com...






dead link

reply to post by Semicollegiate


Don't misunderstand me.
I don't mind Max Keiser.
He has some great insights into the precious metals market.
BUT...
He & Stacy also think humans are responsible for ALL global warming.

STEEE-RIKE ONE!!!

He is supporting a digital fiat currency that he is heavily invested in...claiming it's superior to a different fiat currency.

STEEE-RIKE TWO!!!

So in this respect, I think I would rather take financial advice from Peter Schiff.

-Peace-

reply to post by Eryiedes


Who is Stacy?

The media "mentioned" man-made-global-warming so often that now any reference to global warming, from any cause, is assumed to be about man-made global warming. Pavlovian subliminals abound in our culture.

bitcoin isn't a fiat currency.

1) BTC is not backed by debt.
2) BTC is backed by exchange of real worth.
3) no government can make (inflate) bitcoins .

I'm having a bad to mediocre internet connection, thanks for the heads up. I didn't know what the black box meant.

What is Peter Schiff's advice?

Semicollegiate
reply to post by Eryiedes

 

Who is Stacy?

His wife.

The media "mentioned" man-made-global-warming so often that now any reference to global warming, from any cause, is assumed to be about man-made global warming. Pavlovian subliminals abound in our culture.

No.
Both he and Stacy are VERY adamant in their claims that it's all man-made.
Nothing to do with solar cycles.
Nothing to do with normal Earth variations.
That for me is a serious and possibly fatal flaw in his reasoning.

bitcoin isn't a fiat currency.

I'm sorry but BTC isn't backed by anything except the faith of the people that use it.

What is Peter Schiff's advice?

PM's all day, sir.

-Peace-

The latest on BTC.
It's supporters claim it's a secure currency...but here's an article on how to steal BTC in three easy steps...

www.zerohedge.com...

The following exerpt is taken from the article:

Victims of credit card theft can cancel a card or reverse fraudulent transactions, but Bitcoin is attractive to thieves because its transactions are irreversible. “Bitcoin is like cash,” says Nicolas Christin, an assistant research professor at Carnegie Mellon University who has done extensive analysis of Bitcoin. “The only way to get it back is by tracking you down and basically beating you up with a lead pipe.”

So apparently thieves love BTC...and can you blame them?

-Peace-