Asamkhyeya (OP)
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June 11, 2011, 02:58:58 AM
Last edit: June 11, 2011, 03:10:35 AM by Asamkhyeya |
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I just don't understand why people who are smart enough to invest in precious metals on average either can't comprehend or flat out hate bitcoin citing the weakest excuses... First I thought this was guy burning up in his apartment from his mining rigs, but I guess it turns out investing in silver right now makes one unable to afford air conditioning... http://www.youtube.com/watch?v=boCmR46nUtE&feature=email&email=comment_reply_received |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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rezin777
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June 11, 2011, 03:03:29 AM |
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I like bullion. I like bitcoins. Each has it's advantages.
I think people get stuck. They don't think for themselves.
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MacFall
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Agorist
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June 11, 2011, 03:04:35 AM |
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I'm investing in both. It's foolish not to diversify.
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Maxxx
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June 11, 2011, 03:06:22 AM |
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I think people get stuck. They don't think for themselves.
That is exactly what it is. I stack metals and I stack Bitcoin. |
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Bazil
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June 11, 2011, 03:07:46 AM |
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I think many of them feel bad about not diving in when bitcoin was <$1 so they come up with excuses too convince themselves bitcoin is a bad thing.
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17Bo9a6YpXN2SbwY8mXLCD43Wup9ZE4rwm
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finnthecelt
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June 11, 2011, 03:49:41 AM |
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I think many of them feel bad about not diving in when bitcoin was <$1 so they come up with excuses too convince themselves bitcoin is a bad thing.
That's probably true to a degree. I've been in the PM's for about 3 years, mainly silver. I looked at bitcoin about a year ago and dismissed it. Recently I've looked at it again and having studied the metals and currencies extensively I have a new appreciation for bitcoin. The philosophy and goals of it are very worthy of merit and I'm a strong supporter of it and want to learn more. The biggest downfall for the "outsiders" (not in bitcoin, NO technical wherewithal [which is cool]) is trying to understand it. I think first you have to understand the nature of money and why people use it; then you can understand bitcoin. It's quite an educational process and there's a long way to go. I've been teaching people a lot about currencies and I've made them money in the markets. They listen to me about bitcoin because they respect me. They listen to me the same way a 4th grader listens to a Phd. Interesting but very confusing!  So I'm not discouraged that I didn't get in a year ago (more bummed). I'm still going after this aggressively now and will teach people about it the same as I did with the metals. What will keep people from this now is the cost of rigging and understanding why they would convert fiat to bitcoins to spend. Why not just spend the fiat? That's the challenge. |
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finnthecelt
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June 11, 2011, 03:59:14 AM |
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When Bitcoin passes parity with silver they are going to cry.
That is, unless they also have some Bitcoin.
The people that will cry are those with neither silver or bitcoin. I see both steadily climbing in value for many years. The advantage silver presently has though is it's readily established. More people are likely to buy it and take it off the market than bc. Some may look at bitcoin and just say screw it, I'm buying silver. Just being fair. |
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Asamkhyeya (OP)
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June 11, 2011, 04:07:50 AM |
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All great points thanks.
For the record I own both Silver and BTC, I have to admit I was initially a bit surprised to see so many selling silver for BTC. I have bought silver with BTC but am left wondering if this is was the right move. If BTC is ever even mildly successful over the next two years wouldn't BTC far out pace Silver? Is thinking it could be on par with Silver within a week or two outlandish? I don't think it is. Would this not be a bearish influence on Silver?
I think of what it would take for Silver to trade as freely as BTC and images of "who run barter town" come to mind... Talk of "Silver just needs to top $40 $45 $50 to break the J.P. Morgan paper short position" (still waiting) With the Silver market so throughly manipulated would it not trade freely until the US formally defaults?
I wonder out loud what the effect would be if more long time stackers decide to diversify into BTC? I'll guess the outcome could be what many Silver investors have been hoping for as long as I can remember, the wrenching of control of the money supply from the FED and protecting ones hard assets in the process. There has been a constant drumbeat, growing louder over that last few years a patriotic drumbeat to "buy Silver to save America", I am beginning to believe it should read: "buy BTC to save America"...
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Alex Thornton
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June 11, 2011, 04:10:03 AM |
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I think first you have to understand the nature of money and why people use it; then you can understand bitcoin. It's quite an educational process and there's a long way to go. I've been teaching people a lot about currencies and I've made them money in the markets. They listen to me about bitcoin because they respect me. They listen to me the same way a 4th grader listens to a Phd. Interesting but very confusing! So I'm not discouraged that I didn't get in a year ago (more bummed). I'm still going after this aggressively now and will teach people about it the same as I did with the metals. What will keep people from this now is the cost of rigging and understanding why they would convert fiat to bitcoins to spend. Why not just spend the fiat? That's the challenge. +1 On topic: I personally own some gold coins that were given to me as presents back when gold was a lot cheaper. I'm thinking selling them to buy more Bitcoins  |
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finnthecelt
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June 11, 2011, 04:15:44 AM |
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I think first you have to understand the nature of money and why people use it; then you can understand bitcoin. It's quite an educational process and there's a long way to go. I've been teaching people a lot about currencies and I've made them money in the markets. They listen to me about bitcoin because they respect me. They listen to me the same way a 4th grader listens to a Phd. Interesting but very confusing! So I'm not discouraged that I didn't get in a year ago (more bummed). I'm still going after this aggressively now and will teach people about it the same as I did with the metals. What will keep people from this now is the cost of rigging and understanding why they would convert fiat to bitcoins to spend. Why not just spend the fiat? That's the challenge. +1 On topic: I personally own some gold coins that were given to me as presents back when gold was a lot cheaper. I'm thinking selling them to buy more Bitcoins Keep them and buy bitcoins with your fiat. Diversity is the key. No one should own one thing and only one thing of anything....imo. |
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bitcool
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Live and enjoy experiments
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June 11, 2011, 04:38:20 AM |
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People converted to gold silver bugs for all sorts of reasons, for some, it's not easy to have an open mind.
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NghtRppr
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June 11, 2011, 04:39:42 AM |
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BTC is a commodity. Bitcoin is a proof-of-work system. It's useful because it proves that you've spent resources generating BTC. This means someone can charge for otherwise relatively free actions such as signing up to a website, posting on a forum or sending an email. This forces spammers to incur higher costs, making spam less profitable and reducing the overall amount.
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str4wm4n
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June 11, 2011, 04:43:37 AM |
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I want to part with some Oz. for some more BTC! Please get at me if interested!
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finnthecelt
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June 11, 2011, 04:46:36 AM |
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BTC is a commodity. Bitcoin is a proof-of-work system. It's useful because it proves that you've spent resources generating BTC. This means someone can charge for otherwise relatively free actions such as signing up to a website, posting on a forum or sending an email. This forces spammers to incur higher costs, making spam less profitable and reducing the overall amount.
Agree. I've been coming up with some pretty decent analogies to explain the value of bitcoin to people. Briefly: the world has no money, God drops a big mountain on the earth and says, "there's gold in them thar hills". A bunch of guys with pick axes go and get the "money". The time, capital, etc to get the gold is the inherent value in it. Otherwise it really has no value. The same can be said of bitcoin. I then explain to people to imagine looking at their online banking statement. I explain that it's only digital; it's not really there. If all that bank's customers went to the bank not everyone would get their money even though the register says they have it. IT'S DIGITAL. It starts to dawn on them. |
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finnthecelt
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June 11, 2011, 04:49:40 AM |
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I want to part with some Oz. for some more BTC! Please get at me if interested!
Now that would be interesting. BTC for silver? Clearcoin as go between..... Will have to think on it. I actually sold silver and gold miners (ha!) to buy my first rigs. They've all went down since  Send me a PM and we'll keep it out there. |
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tbeau1
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June 11, 2011, 05:21:20 AM |
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I must be an exception... I had been investing in silver as heavily as I could since it was at $20. But when I discovered Bitcoin just two weeks ago, I realized I needed to get in quickly. I'm not currently selling silver to buy BTC, but may consider selling some of it after JP Morgan has to cover their short.
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Atheros
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June 11, 2011, 08:56:16 AM |
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I have been watching and reading about silver manipulation for months; and weeks ago I decided to sell some of my silver to go into bitcoin. I think I'm going to sell the rest. I've realized I am unconvinced that JPMorgan will ever be short squeezed to the point that their manipulation finally fails anytime soon. Don't you think they would be aware of the risk of being so short? Wouldn't they make sure they are in control of the situation? They've shown that they can easily pop bubbles.
Silver bugs would be thrilled if silver could manage $51. But which is more likely? Silver at $51 or bitcoin at $51?
And is silver going to $200 anytime soon? I don't think so. But no one would be shocked if bitcoin did.
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BM-GteJMPqvHRUdUHHa1u7dtYnfDaH5ogeY Bitmessage.org - Decentralized, trustless, encrypted, authenticated messaging protocol and client. |
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ChupacabraHunter
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Chupacabra = Corrupt Gov't,Lies and Fraud
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June 11, 2011, 09:17:12 AM |
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I have been watching and reading about silver manipulation for months; and weeks ago I decided to sell some of my silver to go into bitcoin. I think I'm going to sell the rest. I've realized I am unconvinced that JPMorgan will ever be short squeezed to the point that their manipulation finally fails anytime soon. Don't you think they would be aware of the risk of being so short? Wouldn't they make sure they are in control of the situation? They've shown that they can easily pop bubbles.
I have to agree! I would much rather be 'swindled' by my buddy computer/tech enthusiasts than a bunch of banking goons and silver manipulators.  |
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Atheros
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June 11, 2011, 09:43:04 AM |
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I have to agree! I would much rather be 'swindled' by my buddy computer/tech enthusiasts than a bunch of banking goons and silver manipulators. Ha! I find the "at least if you lose all your money, it goes to computer nerds rather than bankers" argument actually pretty compelling! |
BM-GteJMPqvHRUdUHHa1u7dtYnfDaH5ogeY Bitmessage.org - Decentralized, trustless, encrypted, authenticated messaging protocol and client. |
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finnthecelt
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June 11, 2011, 02:35:20 PM |
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Anyone who has bough silver because of a JP Morgan possible default is sorely misguided. There are many more reasons to to be involved in silver than that. For example it's industrial uses. Study palladium and rhodium and you will learn about possibilities....e.g., currency debasement, etc., etc.
That being the foundation of your reasoning, you should also investigate why it is that you are involved in bitcoin. You'll lose your nerve for bitcoin as well if your foundation is not grounded.
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