GOLD vs BITCOIN

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SilverDoge
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GOLD vs BITCOIN

Postby SilverDoge » Thu May 11, 2017

First let me state that I am a fan of both gold and bitcoin (and crypto in general). I hold both. What gets to me sometimes is that there is often a negative perception between communities. One calls the other a scam, and the other retorts with an old relic with minimal use case in the 21st century... blah blah.

Oftentimes what brings people to either asset (or currency) are the same arguments. The corrupt monetary system, the bankers in control of money supply instead of the people (elected leaders), the dilution of wealth through inflation, etc.

Both assets have downside risks, depending on HOW you hold it. Hold any gold in the GLD ETF - risky in my opinion. Maybe in a bank safety deposit box? Some risk there too. A home safe has obvious risks as well. There is no risk free option. And just because a neighbor was robbed of his gold, or a scammer is selling fakes to local pawn shops, doesn't mean that your gold is any less valuable and secure.

Bitcoin is similar. You can hold your coin on an exchange, a local wallet, a paper wallet, or an offline cold storage device. How you hold it only effects your level of counter party risk, and how much personal responsibility you choose to take in regards to control over your own wealth. But even if there is a crypto exchange that gets hacked, that does not create a situation where my bitcoin in my secure wallet is worthless.

Bitcoin and gold are both similar solutions to the same problems. But they also serve unique purposes. Gold is the "gold standard" of safe haven assets bar none. Gold is money, it just isn't used in that way much anymore. Bitcoin is evolving into the digital gold but can and will still be used as currency. Now people aren't going to use bitcoin to buy a cup of coffee at Starbucks, but they may use it to transact when large volumes of wealth need to change hands. And need I remind you there will only ever be 21 million whole bitcoins. By owning even a single bitcoin, you could be in a unique position that few in the world will ever be able to claim.

I believe that crypto and blockchain technology is the way of the future. Silver and gold have their obvious place, and I own both long term. But unless the economy collapses into Mad Max, there will still be a need to exchange value between people, and the convenience of digital transactions is NOT going away. So the next time you're going to buy that 1 oz gold eagle, instead buy the 1/2 oz and then get a third of a bitcoin too (or less depending on when you read this).

Cheers.
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Bucketeer
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Re: GOLD vs BITCOIN

Postby Bucketeer » Thu May 11, 2017

Here's Peter Schiff's latest opinion on this topic.

I could easily refute every point he is trying to make. I wonder how many subscribers he's lost. since he has been bashing Bitcoin for a long time.

https://www.youtube.com/watch?v=m1z1Fv6q4X4&feature=youtu.be&t=12m58s
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silverpv
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Re: GOLD vs BITCOIN

Postby silverpv » Thu May 11, 2017

I also think they share more similarities than not on a usage level. The practicality serves different purposes and as new technology, it serves as a viable alternative, which is not an easy task since it's literally taking on the whole world without a defacto leader. I think it should really be more GOLD & Bitcoin just like the internet augments life, internet money makes sense.

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Bucketeer
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Re: GOLD vs BITCOIN

Postby Bucketeer » Fri May 12, 2017

Took some Bitcoin profits this morning and bought a mixed-date roll of 50 BU 1/10 oz Gold Eagles from Provident. I've been wanting a roll of Gold Eagles for a long time, and Bitcoin made it happen. I think my Eagles cost me $875. Thank you Bitcoin!

Where all the true gold-bugs and Bitcoin-haters? Haven't heard a single comment from them yet.

Anybody got a good source for 50 air-tites!
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Bucketeer
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Re: GOLD vs BITCOIN

Postby Bucketeer » Fri May 12, 2017

Well what do ya know - Air-Tites.com

Now I just need to source a purple Crown Royal bag to store them in. Send me a clean Crown Royal bag and I'll send you a 1 oz silver round. Who's up for this offer? The bag must be "mint".
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BotanicusRex
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Re: GOLD vs BITCOIN

Postby BotanicusRex » Fri May 12, 2017

>>>Where all the true gold-bugs and Bitcoin-haters? Haven't heard a single comment from them yet.<<<

Comments:
-You were wise to buy gold.
-A handful of gold is much more satisfying than a handful of bytes.
-True bit-bugs contend that 'diversification is for doubters'. True?
"You have a choice between the natural stability of gold, and the honesty and intelligence of the members of government. Vote for Gold."........ George Bernard Shaw

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Re: GOLD vs BITCOIN

Postby silverpv » Fri May 12, 2017

Bucketeer wrote:Took some Bitcoin profits this morning and bought a mixed-date roll of 50 BU 1/10 oz Gold Eagles from Provident. I've been wanting a roll of Gold Eagles for a long time, and Bitcoin made it happen. I think my Eagles cost me $875. Thank you Bitcoin!

Where all the true gold-bugs and Bitcoin-haters? Haven't heard a single comment from them yet.

Anybody got a good source for 50 air-tites!


Seems like a good move to lock in some profits. Can't be that with a stick. I think between the two.

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Bucketeer
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Re: GOLD vs BITCOIN

Postby Bucketeer » Fri May 12, 2017

BotanicusRex wrote:>>>Where all the true gold-bugs and Bitcoin-haters? Haven't heard a single comment from them yet.<<<


Comments:
-You were wise to buy gold. Thank you. I'm right-sized in silver, but under-weighted in gold.
-A handful of gold is much more satisfying than a handful of bytes. There is nothing like holding a gold coin.
-True bit-bugs contend that 'diversification is for doubters'. True? False. Most of them like precious metals.
-----------------------
The primary reason I sold some Bitcoin is because it had risen so much in price that it became over 60% of my "current assets". That is insane, and no matter how much I believe in Bitcoin, the proportion was too over-weighed. I wasn't sleeping well with that much Bitcoin. My anxiety level has dropped 30 points already.

Thanks to Silverdoge for his sage advice. We had discussed this privately.

If you don't own Bitcoin, buy some. You don't need to buy a lot - spend $100, but get into it and get comfortable with it. It will become part of your life at some point. Be there now.

Still need a mint Crown Royal bag, c'mon guys.
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jareksdad
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Re: GOLD vs BITCOIN

Postby jareksdad » Fri May 12, 2017

I have a nice purple CR bag if ya really are offering.
Lmk!
D

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Brick's
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Re: GOLD vs BITCOIN

Postby Brick's » Fri May 12, 2017

I like gold. It has a history. Money is gold or rather gold is money. Truly it is the gold standard of money. And for all the reasons Doger mentions above, I'm behind. I've been studying gold since I first read Howard Ruff's book, How to Prosper During the Coming Bad Years: A Crash Course in Personal Financial Survival (1978). I'm still studying gold and don't feel like I know enough.

I'm liking cryptocurrency but, they have no history. However, for all the reasons Doger mentions above I'm behind them. Power is money or rather money is power. I'm for most all things that decentralize the power the elites in politics and business are centralizing. Unfortunately, I know way less about cryptocurrency than I do gold. Add to the fact there seem to be dozens of dozens of them, I'm fairly sure I won't be able to keep up. This is one I fancy taking the risk on, but will leave it up to the younger generation (my son Duncan) to do the homework and research and ultimately make the acquirements of. And as long as there is electricity and internet, there will be cryptocurrency . . . of all kinds.

These are grand if not risky times.

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BigBamboula
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Re: GOLD vs BITCOIN

Postby BigBamboula » Fri May 12, 2017

Bucketeer wrote:Took some Bitcoin profits this morning and bought a mixed-date roll of 50 BU 1/10 oz Gold Eagles from Provident.


You traded currency for money, good job :thumbup:
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what's done in the dark will be brought to the light."

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SilverDoge
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Re: GOLD vs BITCOIN

Postby SilverDoge » Sat May 13, 2017

Bucketeer wrote:Took some Bitcoin profits this morning and bought a mixed-date roll of 50 BU 1/10 oz Gold Eagles from Provident. I've been wanting a roll of Gold Eagles for a long time, and Bitcoin made it happen. I think my Eagles cost me $875. Thank you Bitcoin!


Congrats. I assume you bought directly with the bitcoin?
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Bucketeer
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Re: GOLD vs BITCOIN

Postby Bucketeer » Sat May 13, 2017

jareksdad wrote:I have a nice purple CR bag if ya really are offering.
Lmk!
D


Another member beat you to the offer, but thanks.
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Bucketeer
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Re: GOLD vs BITCOIN

Postby Bucketeer » Sat May 13, 2017

BigBamboula wrote:
Bucketeer wrote:Took some Bitcoin profits this morning and bought a mixed-date roll of 50 BU 1/10 oz Gold Eagles from Provident.


You traded currency for money, good job :thumbup:


Paid with Bitcoin at Provident, and received a discount since it was Bitcoin.
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SilverDoge
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Re: GOLD vs BITCOIN

Postby SilverDoge » Sat May 13, 2017

Brick's wrote:I like gold. It has a history. Money is gold or rather gold is money. Truly it is the gold standard of money. And for all the reasons Doger mentions above, I'm behind. I've been studying gold since I first read Howard Ruff's book, How to Prosper During the Coming Bad Years: A Crash Course in Personal Financial Survival (1978). I'm still studying gold and don't feel like I know enough.

I'm liking cryptocurrency but, they have no history. However, for all the reasons Doger mentions above I'm behind them. Power is money or rather money is power. I'm for most all things that decentralize the power the elites in politics and business are centralizing. Unfortunately, I know way less about cryptocurrency than I do gold. Add to the fact there seem to be dozens of dozens of them, I'm fairly sure I won't be able to keep up. This is one I fancy taking the risk on, but will leave it up to the younger generation (my son Duncan) to do the homework and research and ultimately make the acquirements of. And as long as there is electricity and internet, there will be cryptocurrency . . . of all kinds.

These are grand if not risky times.


Hey, if you're gonna outsource your research, it's a smart move to outsource to your own kids :clap:

I tried to get my parents into crypto very gently, but honestly I'm just glad I convinced them to buy a bit of physical silver.
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fredzoyt
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Re: GOLD vs BITCOIN

Postby fredzoyt » Sat May 13, 2017

I can't wait to buy some bitcoin. Just can't right now. I also wouldn't know where to begin, so I'll be revisiting threads like this and some of you will be getting pm's. :)

Dave

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Re: GOLD vs BITCOIN

Postby grantwoodisgold » Sat May 13, 2017

fredzoyt wrote:I can't wait to buy some bitcoin. Just can't right now. I also wouldn't know where to begin, so I'll be revisiting threads like this and some of you will be getting pm's. :)

Dave


Please post the hand holding in a thread so your fellow crypto noobs (<--I look like that remark) can learn too

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Re: GOLD vs BITCOIN

Postby Zugzwang » Sat May 13, 2017

I thought there was a newbie bitcoin how-to thread, but now I can't seem to find it. Maybe not?
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Bucketeer
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Re: GOLD vs BITCOIN

Postby Bucketeer » Sun May 14, 2017

Goto: Bitcoins Fad or Trend? It is this major topic thread. Go back 20 pages and start reading. That should explain everything you need.
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fredzoyt
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Re: GOLD vs BITCOIN

Postby fredzoyt » Sun May 14, 2017

What are the good BC wallets you guys in the know would recommend? Which one(s) do you use?

Is this a good article:

https://bitcoinmagazine.com/articles/bitcoin-wallet-options-1330928976/

Dave


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