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Post by BrewDaddy on Jan 3, 2021 6:26:22 GMT
Bitcoin crossed the $34,000 threshold earlier....
This is insanity.... but it's all about the demand...
bd
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Post by BrewDaddy on Jan 3, 2021 6:30:36 GMT
I just remembered when I was a kid one of my uncles had several 3# coffee cans full of silver dollars. I saw that collection numerous times over the years, don’t think he ever stopped collecting. Wonder what that would be worth now?! 😳 Just a couple days ago I happened to be having a chat with the 81 year old park manager, who happened to know one of the owners of a really old old casino in Vegas.... It seems the guy had a thing for silver dollars and collected them... had a bunch of restaurant fridges repurposed at his place to store his collection. When he passed away they moved to collection to somewhere else, and it took FOUR Brinks trucks loaded to near over capacity to do it.... THAT's a lot of silver dollars and a LOT of money going down the road.... bd
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Post by wildhorseluvr on Jan 3, 2021 7:06:02 GMT
😳😳😳 Whoa!!
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Post by sawmilljim on Jan 3, 2021 15:36:20 GMT
Bitcoin crossed the $34,000 threshold earlier.... This is insanity.... but it's all about the demand... bd When demand for a worse illusion than the dollar comes along one should know things are about to get really bad.
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Post by sawmilljim on Jan 3, 2021 15:38:41 GMT
Yep at around $20.00 fiat dollar per silver dollar that’s a lot of loot. Notice that silver dollar will purchase about the same today as it would the day it was minted.
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Post by Ozarks Tom on Jan 3, 2021 15:57:27 GMT
wildhorseluvr, Don't know how many coins your uncle had, but they'd probably be worth a late model used car about now. Just my opinion, but pre-1965 silver coins (not nickles) are the best to keep on hand for small purchases and bartering. I've stayed away from bars and rounds due to the proliferation of counterfeits from China and N Korea. Testing for authenticity is something not everyone can do, whereas junk silver isn't worth their time to counterfeit. Storing more substantial sums would be the purpose of gold coins. You'll pay a bit of a premium, but 1/10th ounce Gold Eagles are a good choice for large purchases, although 1 ounce Gold Eagles could be kept for large purchases. Right now be prepared to pay anywhere from 20 to 25 times face value for junk silver depending on the quantity you might buy. We've never purchased online, preferring to keep a lower profile, but dickering with local sellers with the knowledge of what's being offered online is useful. My go-to site for pricing information is JM Bullion www.jmbullion.com/?gclid=EAIaIQobChMI4cKt9o-A7gIVkuHACh3Dzw9GEAAYASAAEgJU-vD_BwEPM me if you have any questions, I might not have all the answers, but precious metals are something I've looked into quite a bit.
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Post by Ozarks Tom on Jan 3, 2021 16:49:45 GMT
I'm not a fan of Bitcoin. I can't think of anything more intangible than pixels on a computer screen.
In addition, it's vulnerable to theft, manipulation, and purposeful hype. It reminds me of the Dutch Tulip Mania of the 1600's.
Several digital coin operations have been hacked and cleaned out. My gosh, if our entire defense department can be hacked, does anyone think those same people aren't smart enough to hack Bitcoin?
In the event of an economic collapse, what do you do with your pixels? They have no historical relationship to essential commodities.
Maybe I'm just an old fogey who doesn't understand a wonderful opportunity, but I'll just stick with what I can hold in my hand.
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Post by sawmilljim on Jan 3, 2021 17:00:33 GMT
Tom I agree totally even with a dollar crash as long as the dollar stays backed by the gun it would maintain some value.
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Post by BrewDaddy on Jan 3, 2021 20:36:39 GMT
I have no intention of converting my retirement savings over to crypto, that's for sure.
I only really decided to try Bitcoin just to have another fish bowl to watch in addition to keeping track of the DOW, PM spot prices....
I wouldn't recommend crypto currencies to anyone at least if they had investment in mind. My $140 just happened to do well, twice now, and I've got (based on current spot prices) $343 in PM's. Plus with my remaining BTC I could go grab another 4 or so ounces worth.
And even if I got hacked or the whole thing just vaporized, I'd say I've got my monies worth out of this experience.
I was tempted about a year ago when BTC was holding steady around 6k to go back to my source with an offer to buy more from her, but never got around to it. Not much, just another $100-$200, just to have it. THAT ain't gonna happen anytime soon...
I got lucky and like you said, in a crash etc trying to use pixels could be a big problem, but that's why I'm converting it to PM's while I can. And who knows - maybe BTC will just keep going up and up. I doubt it, but I also never thought I'd see BTC hit 34,000 either...
It's all about the demand, real or perceived value. No one ever really thought twice about toilet paper until we started seeing people on the floor fighting over it. It's just toilet paper - but oh the demand....
bd
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Post by blackfeather on Jan 3, 2021 21:02:12 GMT
So what's the big difference between money printed and/or digitally created by the government and a cryptocurrency that will never be tangible? The argument is bitcoin is fixed in the total amount that can be generated where as the government can print (or click into existence) as much as they want. My problem is they are both fiat currencies, neither has anything really backing them. I have dipped into Kinesis coins, they are gold and silver traded on a block chain, spendable with a debit card. For each digital coin there is a real gram (gold) or ounce (silver) in a vault somewhere counted twice a year by an independent auditor. You are basically trading the titles to that gold or silver not the actual metals. If one accumulates enough metal to make it worthwhile you can get that real gold or silver sent to you. They won't do it for small amounts though. Kinesis is used by a some small governments around the world now for money transfer which makes it more reputable than a coin shunned by governments. The founders of it were trying to make an alternative form of money usable across national boundaries. It has found favor with some Asian and African nations. The Europeans can use it with a debit card if they wish and recently the United states can use it with debit card on Apple or Google pay. They are working on a real plastic card instead of electronic now. I look at this a having some eggs in a different basket. My money is outside the dollar, yet spendable with a debit card (google pay) if I need it. This is only good if the internet still functions so I wouldn't want to put too much in it. I have enough to pay the taxes for one year. If you remember when Venezuela had all their problems people were forced to switch to crypto currencies to survive because their Bolivar inflated. So I thought having a bit in metal backed crypto would be a good idea. besides it is stable not rapidly changing values like unbacked bitcoin plus metals will keep up with inflation. I saw this as a desirable alternative than carrying actual metal around. Walk into a store with a bag of silver and your a target for mugging. A debit card not so much. If I pay taxes with a debit card it raises no flags but drop a gold coin on the table and you'll be the talk of the town and target for others who want to see if you have any more of those coins.
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Post by BrewDaddy on Jan 3, 2021 21:41:14 GMT
So what's the big difference between money printed and/or digitally created by the government and a cryptocurrency that will never be tangible? The argument is bitcoin is fixed in the total amount that can be generated where as the government can print (or click into existence) as much as they want. My problem is they are both fiat currencies, neither has anything really backing them. I have dipped into Kinesis coins, they are gold and silver traded on a block chain, spendable with a debit card. For each digital coin there is a real gram (gold) or ounce (silver) in a vault somewhere counted twice a year by an independent auditor. You are basically trading the titles to that gold or silver not the actual metals. If one accumulates enough metal to make it worthwhile you can get that real gold or silver sent to you. They won't do it for small amounts though. Kinesis is used by a some small governments around the world now for money transfer which makes it more reputable than a coin shunned by governments. The founders of it were trying to make an alternative form of money usable across national boundaries. It has found favor with some Asian and African nations. The Europeans can use it with a debit card if they wish and recently the United states can use it with debit card on Apple or Google pay. They are working on a real plastic card instead of electronic now. I look at this a having some eggs in a different basket. My money is outside the dollar, yet spendable with a debit card (google pay) if I need it. This is only good if the internet still functions so I wouldn't want to put too much in it. I have enough to pay the taxes for one year. If you remember when Venezuela had all their problems people were forced to switch to crypto currencies to survive because their Bolivar inflated. So I thought having a bit in metal backed crypto would be a good idea. besides it is stable not rapidly changing values like unbacked bitcoin plus metals will keep up with inflation. I saw this as a desirable alternative than carrying actual metal around. Walk into a store with a bag of silver and your a target for mugging. A debit card not so much. If I pay taxes with a debit card it raises no flags but drop a gold coin on the table and you'll be the talk of the town and target for others who want to see if you have any more of those coins. Interesting.... I hadn't heard of this and believe it or not I'm not THAT into crypto despite my recent posts. blackfeather I did some quick research thinking I might want to dabble a wee bit with this. Like you said, having eggs in a different basket... I see there's a referral thing based on transaction fees. If you can get me started in the right direction with this I can put you down as my refer-person. I'm posting this here rather than as a PM like I wanted to on the off chance there are others here that might want to look into this. bd
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Post by blackfeather on Jan 3, 2021 22:25:25 GMT
The argument is bitcoin is fixed in the total amount that can be generated where as the government can print (or click into existence) as much as they want. My problem is they are both fiat currencies, neither has anything really backing them. I have dipped into Kinesis coins, they are gold and silver traded on a block chain, spendable with a debit card. For each digital coin there is a real gram (gold) or ounce (silver) in a vault somewhere counted twice a year by an independent auditor. You are basically trading the titles to that gold or silver not the actual metals. If one accumulates enough metal to make it worthwhile you can get that real gold or silver sent to you. They won't do it for small amounts though. Kinesis is used by a some small governments around the world now for money transfer which makes it more reputable than a coin shunned by governments. The founders of it were trying to make an alternative form of money usable across national boundaries. It has found favor with some Asian and African nations. The Europeans can use it with a debit card if they wish and recently the United states can use it with debit card on Apple or Google pay. They are working on a real plastic card instead of electronic now. I look at this a having some eggs in a different basket. My money is outside the dollar, yet spendable with a debit card (google pay) if I need it. This is only good if the internet still functions so I wouldn't want to put too much in it. I have enough to pay the taxes for one year. If you remember when Venezuela had all their problems people were forced to switch to crypto currencies to survive because their Bolivar inflated. So I thought having a bit in metal backed crypto would be a good idea. besides it is stable not rapidly changing values like unbacked bitcoin plus metals will keep up with inflation. I saw this as a desirable alternative than carrying actual metal around. Walk into a store with a bag of silver and your a target for mugging. A debit card not so much. If I pay taxes with a debit card it raises no flags but drop a gold coin on the table and you'll be the talk of the town and target for others who want to see if you have any more of those coins. Interesting.... I hadn't heard of this and believe it or not I'm not THAT into crypto despite my recent posts. blackfeather I did some quick research thinking I might want to dabble a wee bit with this. Like you said, having eggs in a different basket... I see there's a referral thing based on transaction fees. If you can get me started in the right direction with this I can put you down as my refer-person. I'm posting this here rather than as a PM like I wanted to on the off chance there are others here that might want to look into this. bd My referral link: kms.kinesis.money/signup?referrer=KM13451344 to read up on it kinesis.money/precious-metals/kinesis.money/As of now The major draw back is getting money into your account. Since they are based in Europe, Australia and other places you either have to wire money to an Australian bank or buy crypto and send it to your wallet on their site. Here is how I do it I opened up a coinbase account, send money directly from my bank account to coin base after a few days the money clears only then do I buy crypto, either Ethereum or Bitcoin then immediately send my crypto to Kinesis and once there (only a few minutes) I then immediately buy kinesis coins with it. I avoid week ends for this since the gold market is shut down on week ends. The reason for doing all this at once is you risk a change in crypto price if you wait. Once I had my Ethereum drop by quite a bit by buying it and finding I couldn't send it off the coinbase site till my money cleared fortunately I gained most of it back while I waited for it to clear. On coinbase you can fill your account with debit card but you pay the 3 or 4 percent credit card fee plus sometimes the card clears though London where you also have to pay the international fee. Where as if you have the money ACH transferred directly from your checking account the fee is only about 1.5% The other way I haven't tried is to wire money from your bank to the Australian bank key bank wants 35 dollars for doing this and the receiving bank can charge about 9 dollars If you send enough money it is cheaper than the fees to transfer from bank to coin base and the fee coin base charges to send money to your kinesis account. (I generally use Ethereum since gas to send it is cheap) but for me who only does a couple of hundred at a time going the Ethereum route has the least fees though a bit convoluted.
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Post by BrewDaddy on Jan 3, 2021 22:48:45 GMT
I was going to post for the curious about the fun and games and one of the major drawbacks to getting into crypto...
Converting fiat currency into crypto, and crypto into fiat.
I've spent my crypto at places that take it and never tried to get it back into cash.
That's why that kiosk at the mall was so amusing to me - insert cash into it like a vending machine, you do the QR code scan thing and it prints you a receipt. And just like that you've turned cash into crypto, though you pay a hefty transaction fee for that convenience.
Having a debit card that is actually spending in crypto sounds like a really nice feature.
bd
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