WFTW Trackchair Auction - Saturday May 30 @ 8pm EDT - PREVIEW

GOLD vs BITCOIN

Discussion of all things crypto and blockchain.
User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Mon Jan 29, 2018

Long John wrote:So Clif High sees $23K Bitcoin in 2018... and also gold at 25% of Bitcoin in 2018. I'm assuming he does not mean $5,750 gold this year, so is he forecasting Bitcoin will see both extreme highs in the spring and extreme lows at a different point?

Also, you said "other crazy stuff." Which of the highlights mentioned is considered crazy? I hope not the rosy Bitcoin predictions.


You really have to give it a full listen. In regards to the gold pricing, he didn't seem as confident but said the "value" is there even though the "price" isn't - or something along those lines based on his linguistics. I'd have to listen a second time to dig into it exactly.

He also spoke about conspiracies about Antarctica, free energy, some carbon edible thing, additional uses for silver, etc.
Image

User avatar
Long John
Posts: 3885
Joined: Sun Feb 14, 2016
Location: Northeast

Re: GOLD vs BITCOIN

Postby Long John » Mon Jan 29, 2018

SilverDoge wrote:You really have to give it a full listen.

You spoiled me with highlights ... the, uh, Clif Notes, so to speak. Perfectly reasonable to say "If this needs further explanation, listen yourself."

Silversummit
Turtle Supporter
Posts: 573
Joined: Sun Aug 21, 2016

Re: GOLD vs BITCOIN

Postby Silversummit » Mon Jan 29, 2018

Long John wrote:
SilverDoge wrote:You really have to give it a full listen.

You spoiled me with highlights ... the, uh, Clif Notes, so to speak. Perfectly reasonable to say "If this needs further explanation, listen yourself."

Here is an interview with Cliff from last night.

https://m.youtube.com/watch?v=C7nrLkUEhPI

And here is the 3 amigos live feed from Saturday

https://m.youtube.com/watch?v=VJqfGGk468c
:duck:

User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Sat Mar 03, 2018

SilverDoge wrote:
Recluse wrote:
SilverDoge wrote:Another positive point, when you pay in bitcoin with APMEX they ship next day.


Regarding payment with bitcoin, do you suppose it is considered a "cash equivalent" and subject to Apmex filing Form 8300 for transactions over $10000? Of course I am not suggesting that someone might forget to report a windfall from bitcoin :D


I have no clue how APMEX is handling it. The IRS has deemed bitcoin property (commodity) so I don't know how they could call that a "cash equivalent" when they won't deem it a "real" currency. Would buying gold with fine art be considered a cash equivalent?

This was my largest single purchase of PMs. I have an accountant who will do my taxes for me as well.


Quick follow-up. APMEX did not send me a Form 8300 for this purchase.
Image

Recluse
Gold Supporter
Posts: 1481
Joined: Sun Jan 26, 2014
Location: Illinois

Re: GOLD vs BITCOIN

Postby Recluse » Sat Mar 03, 2018

SilverDoge wrote:
SilverDoge wrote:
Recluse wrote:
SilverDoge wrote:Another positive point, when you pay in bitcoin with APMEX they ship next day.


Regarding payment with bitcoin, do you suppose it is considered a "cash equivalent" and subject to Apmex filing Form 8300 for transactions over $10000? Of course I am not suggesting that someone might forget to report a windfall from bitcoin :D


I have no clue how APMEX is handling it. The IRS has deemed bitcoin property (commodity) so I don't know how they could call that a "cash equivalent" when they won't deem it a "real" currency. Would buying gold with fine art be considered a cash equivalent?

This was my largest single purchase of PMs. I have an accountant who will do my taxes for me as well.


Quick follow-up. APMEX did not send me a Form 8300 for this purchase.


They wouldn't send it to you. They would file it with the IRS. I think Apmex would let you know if they did.
https://www.irs.gov/businesses/small-bu ... over-10000

User avatar
Long John
Posts: 3885
Joined: Sun Feb 14, 2016
Location: Northeast

Re: GOLD vs BITCOIN

Postby Long John » Sat Mar 03, 2018

SilverDoge wrote:Quick follow-up. APMEX did not send me a Form 8300 for this purchase.

Ditto. But in my case it was sent from an IRS-reporting source (Coinbase) and was recorded as a taxable event on that end. If it had been sent from a private wallet or a foreign exchange, it wouldn't have.

Edit: I was wrong, my BTC was sent to Provident from Bittrex, not Coinbase. Bittrex has not sent me anything at all regarding my extensive activities there in 2017.

Recluse
Gold Supporter
Posts: 1481
Joined: Sun Jan 26, 2014
Location: Illinois

Re: GOLD vs BITCOIN

Postby Recluse » Sat Mar 03, 2018

Long John wrote:
SilverDoge wrote:Quick follow-up. APMEX did not send me a Form 8300 for this purchase.

Ditto. But in my case it was sent from an IRS-reporting source (Coinbase) and was recorded as a taxable event on that end. If it had been sent from a private wallet or a foreign exchange, it wouldn't have.

Edit: I was wrong, my BTC was sent to Provident from Bittrex, not Coinbase. Bittrex has not sent me anything at all regarding my extensive activities there in 2017.


Form 8300 is something that the irs requires a business to file when someone makes a purchase using 10,000 or more in cash or cash equivalent. I was questioning if bitcoin is considered as a cash equivalent that would result in form 8300 being filed to the irs. Check the link below for more information.

User avatar
joefro
Ninja Turtle Tech
Posts: 3570
Joined: Fri Jan 06, 2012

Re: GOLD vs BITCOIN

Postby joefro » Sat Mar 03, 2018

I believe the IRS stated that cryptocurrencies are NOT cash equivalents and are instead considered property.

User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Mon May 20, 2019

The top comment is by Mike Maloney on this video...."some gold people get it."


My favorite comment: "Crypto + Precious Metals = Security"
Image

User avatar
Bucketeer
Bearish Supporter
Posts: 5181
Joined: Sat Aug 23, 2014
Location: Warily watching the herd.

Re: GOLD vs BITCOIN

Postby Bucketeer » Mon May 20, 2019

joefro wrote:I believe the IRS stated that cryptocurrencies are NOT cash equivalents and are instead considered property.


You are correct, but the US Treasury considers Bitcoin as currency.
Gentlemen prefer Engelhard.

AURUM MULTO MAGIS ANIMAS PERDIDIT QUAM FERRUM CORPORA CECIDIT

User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Sat Oct 12, 2019

This looks interesting...

Image

User avatar
Bucketeer
Bearish Supporter
Posts: 5181
Joined: Sat Aug 23, 2014
Location: Warily watching the herd.

Re: GOLD vs BITCOIN

Postby Bucketeer » Sat Oct 12, 2019

Interesting....good post.
Gentlemen prefer Engelhard.

AURUM MULTO MAGIS ANIMAS PERDIDIT QUAM FERRUM CORPORA CECIDIT

User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Sun Oct 20, 2019

SilverDoge wrote:This looks interesting...



I signed up for this for $1 for 3 months. There have been two exceptional interviews. The best one is with an anonymous institutional investor from Europe, who on Twitter is called "Plan B" called "THE QUANTITATIVE CASE FOR BITCOIN"

https://www.realvision.com/tv/shows/interviews/videos/the-quantitative-case-for-bitcoin
These two interviews may require a signup*

His twitter feed is here: https://twitter.com/100trillionUSD

The second best interview was this one with Robert Breedlove, called "UNDERSTANDING BITCOIN, GOLD, AND MONETARY ANCHORS"
https://www.realvision.com/tv/shows/the-expert-view/videos/understanding-bitcoin-gold-and-monetary-anchors

There are plenty more videos discussing the history of money, gold, bitcoin, etc. Well worth the $1 signup.
Image

User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Wed May 20, 2020

I posted this comment today on Steve St Angelo's site, since I made a prediction about this 2 months ago....

2 months ago I said bitcoin would outperform gold & silver in the comments thread on your 19MAR20 post titled “WHAT’S HAPPENING WITH THE GOLD & SILVER MARKET”
Results 2 months later since my comment on 20MAR20:
Bitcoin: from $6,144 to $9,771 = 59% return
Gold spot: from $1,483.20 to $1,748.20 = 17.8% return
Gold physical AGE: from 1,585.13 to $1,880.30 = 18.6% return
Gold physical 1 oz bar: from $1,530.13 to $1,810.30 = 18.3% return
Silver spot: from $12.42 to $17.53 = 41.1% return
Silver physical ASE: from $17.80 to $27.29 = 53.3% return
Silver physical 1 oz round: from $15.10 to $20.46 = 35.5% return

Bitcoin is the clear winner. Silver ASE is second, but we all know that if I buy physical ASE from JM Bullion for this listed price at $27.29 (100 quantity), the spread is HUGE. Their ASE buyback price is listed at $21.65. So if one needed to liquidate their recent ASE purchase, the real return in the past 2 months isn’t 53.3%, in reality it is ($21.65-$17.80/$17.80 = 21.6%). Bitcoin is easier to transact, no holding & shipping costs, no bullion dealer spread bull$hit killing your real return, and better overall short and long term returns.

One year from today it will be an even clearer winner.

https://srsroccoreport.com/two-months-of-new-currency-in-circulation-could-buy-a-stunning-amount-of-silver-gold/#comments
Image

User avatar
tdtwedt
Gold Supporter
Posts: 16134
Joined: Sat Nov 01, 2014
Location: South Mississippi

Re: GOLD vs BITCOIN

Postby tdtwedt » Wed May 20, 2020

Why do central banks around the world buy gold and steer clear of owning any Bitcoin??

:pop:
There are more ways than one to skin a cat.

User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Wed May 20, 2020

tdtwedt wrote:Why do central banks around the world buy gold and steer clear of owning any Bitcoin??

:pop:


How would you know if central banks are buying bitcoin or not? This is irrelevant anyways. Bitcoin is the people's money. Voluntarily held, voluntarily transacted. Not given its worth by government decree.
Image

User avatar
tdtwedt
Gold Supporter
Posts: 16134
Joined: Sat Nov 01, 2014
Location: South Mississippi

Re: GOLD vs BITCOIN

Postby tdtwedt » Wed May 20, 2020

Gold has been "people's money" for thousands of years. :roll:
There are more ways than one to skin a cat.

User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Wed May 20, 2020

tdtwedt wrote:Gold has been "people's money" for thousands of years. :roll:


Kind of. When the government dictates the gold USD price, and pegs a GSR regardless of market forces, then outlaws it and threatens prison time for holding gold, and devalues against the USD from $20 to $35 stealing the citizen's wealth.....is it still the "people's money"? In principle, yes, in practicality - not really.
Image

User avatar
tdtwedt
Gold Supporter
Posts: 16134
Joined: Sat Nov 01, 2014
Location: South Mississippi

Re: GOLD vs BITCOIN

Postby tdtwedt » Wed May 20, 2020

Couldn't the government outlaw bitcoin exchanges and prevent stores from accepting any bitcoin?

:pop:
There are more ways than one to skin a cat.

User avatar
SilverDoge
Constitutional Supporter
Posts: 5128
Joined: Mon Apr 21, 2014
Location: Kansas

Re: GOLD vs BITCOIN

Postby SilverDoge » Wed May 20, 2020

tdtwedt wrote:Couldn't the government outlaw bitcoin exchanges and prevent stores from accepting any bitcoin?

:pop:


Anything's possible. Our government can't outlaw overseas exchanges or decentralized exchanges though. They can prevent US stores from accepting bitcoin. Online stores overseas will be happy to take the business though.
Image


Return to “Bitcoin/Crypto/Blockchain”

Who is online

Users browsing this forum: No registered users and 1 guest