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Author Topic: Why Bitcoin is Superior to Precious Metals  (Read 905 times)
GoWest
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July 18, 2011, 05:29:06 AM
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https://www.kitcomm.com/showthread.php?t=87613

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I went into my lcs [local coin shop] yesterday, & the owner told me last week some guy came in with 138 1 ozs of silver, he said over 100 of them were COUNTERFIET!

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July 18, 2011, 05:19:30 PM
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He should have purchased from a reputable dealer or performed an assay. This doesn't mean Bitcoin is "superior" to precious metals. With silver, I can hold a tangible currency in my hand, trade it without Internet connectivity, etc. I can't lose it due to data corruption or a virus, and if I want, I can melt it down into something useful.

Don't get me wrong, I'm all for Bitcoin, but it has its ups (e.g. can't counterfeit them) and downs just like anything else. Both have their place.

In the end, silver is money (i.e. a store of value) and Bitcoin is a currency (i.e. a convenient means of exchange).

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July 18, 2011, 05:37:11 PM
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Pure silver weighs 10.49 g/cm^3 - since the ability to measure weight and volume should be within anyone's reach, it shouldn't be all that hard to not get scammed... Archimedes' principle folks, read your science/history because you never know when it'll come in handy.

Even if you don't have the density of silver/gold/whatever memorized, just measure a "known good" sample against the suspect. If you're going to buy "x ounces" of something and you don't trust the dealer 100% you should have a scale with you anyway - just add a method for measuring volume (calipers and math work just as well as a graduated cylinder and water).

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