Silver is important

[Pharaoh]

If you are concerned about a world wide disaster then water, food, and ammo are going to be more valuable than gold and silver. 

[AnonyMint]

If you are concerned about a world wide disaster then water, food, and ammo are going to be more valuable than gold and silver. 

What about vagina? I can't live without that 

[Gator-hex]

They mine silver for $5-$7 an ounce, it's was pumped and dumped just like Bitcoin is now, by the same people!  

Always find the production cost and don't pay much more than that.

[AnonyMint]

They mine silver for $5-$7 an ounce, it's was pumped and dumped just like Bitcoin is now, by the same people!  

Always find the production cost and don't pay much more than that.

Hey good point! What is the miner's cost?

The difficulty is going to raise by a factor of 10 - 100 once the ASICs are released, so I am calculating something like 1/10 to 1 coins per day on a $1299 investment, with 25 - 50 cents of electric costs per day.

http://www.bitcoinx.com/profit/

To pay off $1299 in one year on Windows calculator (scientific mode) is 1299 (inv key) (x ^ y key) = $1 per day. Add the electric costs.

I am assuming only 1 year because not only facing Moore's Law, but also dedicated hardware advances on hashing (but if ASICs is the last big leap, then we could factor in Moore's law for say a 5 year declining income on the same investment).

So it looks like the cost to produce 1 coin is in the range of $1 - $10. That is very rough estimate given only a few minutes of my time invested. Someone else could do a more exhaustive study.

-----------------------------

However there is another way of looking at this. The difficulty tends to rise until the cost of production gets very close to the value of the coins.  Because as long as mining is profitable, then more miners enter the market, until the total computational power in the system scales up the difficulty until the cost of mining is nearly equal to the value of the coins mined. This is the prisoner's dilemma flaw of the Bitcoin design.


The absurdity of Bitcoin is the supply is arbitrary and artificially limited. There is no way this can stand in a free market. The creator of Bitcoin must have known what he was doing. And this is probably why he remained anonymous. He has probably cashed in on $millions or will.

He knew very well he would create a ponzi scheme and that he would rich on it.

The creator Bitcoin was another Bernie Madoff. He is not a hero!

You've all been hoodwinked!

Yeah the design is genius, for the creator. The rest of you (who did not get in early) will be victims at the end.

Thanks for inspiring me to write the following:

http://bitcoin.stackexchange.com/questions/8671/any-counter-proof-that-satoshi-nakamoto-did-not-design-a-ponzi-scheme-on-purpose

[Fressac]

Specifically the failure of the powers that be to provide us with a stable and usable currency. Fiat money is going the way of toilet paper.

How is silver going to be helpful in that scenario? I assume you are talking about a serious currency meltdown such that cross border payments become difficult/impossible.

The same way it helped people in Zimbabwe, Germany and Argentina when their currencies value shot to zero, it was something that people could use as trade.

OK, understood. But that only helps in meatspace situations. BTC is nice because you can still trade with anyone in the world, including meatspace transactions, provided of course there is internet connectivity.

What are they trading these days with in Cyprus? They still have internet there in spite of their extended "holiday" period.

[Drewbert]

What about vagina? I can't live without that 

I'm having trouble finding the BTC-Vagina exchange rate. I guess it varies by location?

[SilverBull]

Collect silver after you have enough

• Food
• Water processing capability and supply
• Weapons and Ammo
• Medical Supplies

Because these things will not be available if we get to a state where Silver is required.  I can tell you I would not sell my items for all the silver in the world if I became dependent on the.  A Fifth of Jack Daniels will go a lot further than an ounce or two of silver and it costs about the same.

Silver can purify water.

[davidgdg]

They mine silver for $5-$7 an ounce, it's was pumped and dumped just like Bitcoin is now, by the same people!  

Always find the production cost and don't pay much more than that.

The absurdity of Bitcoin is the supply is arbitrary and artificially limited.

It's a feature not a bug.

[davidgdg]

I like "junk" silver coins. They are quite easy to find at the spot price, don't take up too much room and have good historic associations. However, unless/until we get to a hyper-inflationary scenario, I don't see the silver price doing much. So they are very much a long-term hold, like gold.

[Joe_Bauers]

As far as Bitcoins' silver is concerned - Litecoin is probably a great investment right now. If/..yes when  the day ever comes where ASIC's start making GPU mining a waste of time for BTC mining - I'm guessing that many miners will migrate over to scrypt, rather than close down shop.

[mj112588]

How do you define a "wide spread disaster"?

Specifically the failure of the powers that be to provide us with a stable and usable currency. Fiat money is going the way of toilet paper.

IDK why, I must be getting tired, but I read the previous comment as, "The failure of the powers to provide us with a stable and usable toilet paper"  I was like wait a sec... I guess that is a wide spread disaster   

[mj112588]

a wide spread disaster is defined as when there is no supply of quality toilet paper!

LoL in response to my post I guess someone did already post this and I wasn't really seeing things lol..

[cryptogoldstandard]

So how does one go about purifying water with a silver coin?

[carebear]

See you at $32,000 silver? 

https://bitcointalk.org/index.php?topic=156993.msg1668244#msg1668244

Do you remember that guy? 

Bitcoin is becoming the same. We await our 2008 crash after hitting maybe $1000 or whatever the ponzi gods have decided.

a wide spread disaster is defined as when there is no supply of quality toilet paper!

I gave up on that several years ago in the Philippines, so I learned how to wipe with the hand and water and then wash the hand. I rather prefer it now. Doesn't leave that residue on the arse that starts itching when (as a programmer) you don't take showers for a month.

so gross=))

[Stringer Bell]

So how does one go about purifying water with a silver coin?

You can pass a low voltage thru 2 silver wires in pure water, creating Colloidal Silver (many guides online).

Then you can add this to your water for purification (from bacteria, virus, parasite etc), filtering particles you'd still need to do.

[nailedit]

Then you can add this to your water for purification (from bacteria, virus, parasite etc), filtering particles you'd still need to do.

I thought this would be false but wikipedia says

Electrolytically-dissolved silver has been used as a water disinfecting agent, for example, the drinking water supplies of the Russian Mir orbital station and the International Space Station.[45] Many modern hospitals filter hot water through copper-silver filters to defeat MRSA and legionella infections

learn something new every day

[Stringer Bell]

Electrolytically-dissolved silver has been used as a water disinfecting agent, for example, the drinking water supplies of the Russian Mir orbital station and the International Space Station.[45] Many modern hospitals filter hot water through copper-silver filters to defeat MRSA and legionella infections

learn something new every day

Yup, it's one of the few (only?) claims that can legally be made when selling Colloidal Silver in Australia. Good for water purification.

[El Dude]

silver and gold are long term investments.

[cryptogoldstandard]

So how does one go about purifying water with a silver coin?

You can pass a low voltage thru 2 silver wires in pure water, creating Colloidal Silver (many guides online).

Then you can add this to your water for purification (from bacteria, virus, parasite etc), filtering particles you'd still need to do.

You learn something new everyday. Thanks for reply.

[AnonyMint]

Only one correct way to make colloidal silver so it can't make your skin blue and is effective:

http://www.cgcsforum.com/

You need to consume 200+ml per day, not spoons only.