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Author Topic: Will precious metal coins return as everyday currency?  (Read 267 times)
Jet Cash
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August 28, 2018, 07:28:51 AM
Merited by BitBustah (1)
 #1

I understand that they have already returned in Venezuela - a chicken costs 1/4oz of silver. I bought a bag of old silver three pence pieces a while ago, and I believe they are 98% silver. I can see coins like these entering into daily use in countries like Turkey, and others with high inflation rates and a devaluing currency. The Euro must be at risk with Deutschebank on the verge of collapse, and no apparent long term rescue in sight. In fact some of the other EU countries have similar banking problems, and I can see crypto and precious metal coins being used as the Euro becomes worthless. Thank goodness the UK didn't sign up to use the Euro, although our treasonous unicorn politicians are doing their best to push Sterling down to give the Euro a few more months of life.

So, do you think that precious metal coins will return as a stop gap until the new crypto currencies replace the dying fiat currencies?
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bitmover
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August 28, 2018, 08:59:29 PM
Merited by Jet Cash (2)
 #2

What is happening in Venezuela and Turkey are temporary(hopefully) and desperate situations.
Trading chicken for silver is also probably illegal there ...

I don't believe metals will be used as a currency again, like in middle age.  Unless there is some sort of apocalyptic future (nuclear war, zombie attack, socialism).
Even without being used as a currency, gold/silver are a safe haven against crisis and can be an amazing investment.

If I were to buy metals (I hope I can buy some in future) I would probably buy an ETF, which can be easily traded at anytime. I believe there is no way back to silver/chicken pairs. Internet changed things forever.

With ETF I cannot get scammed, no one can steal it from me..
There are many downsides that we all know (centralization, coercion, government may take it away form me etc)... But those risks are somewhat lower than negotiating directly the physical coins. How do you know your coins are 98% silver and not 91%? Where will you store 10k usd silver? I am not a specialist and I could get scammed easily

If you are buying metal as a hedge against a total collapse, physical metal like your coins are way better.
If someone from Turkey had some Turkish silver ETF (if that even exists) they are probably fucked up, but I doubt countries like US or UK will have this kind of problems.

In Venezuela every financial asset became worthless because government use fake conversations rates against usd (like 1000x higher than in the dark market, which is now the real market).

What do you think? Why didn't you bought silver ETF?
Jet Cash
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August 29, 2018, 06:44:37 AM
 #3

I don't like ETFs as most of them are ETNs ( Exchange traded notes), and are not backed by any real assets. For example, many people think that BAAKT will be great for Bitcoin as it has "physical" backing, but if you read the small print, then it allows for hypothecation, and that will increase the apparent supply of Bitcoin above the 21 million cap. I believe that will be bad for Bitcoin. It is also run by the globalist bankers, and I believe that they have realised that they cannot destroy Bitcoin, but they can render it useless for the public by removing most of the coins from the market place, and escalating its price to extreme levels.

Any financial instrument that can be settled in fiat currency is a bad risk in my opinion. All fiat currencies eventually settle at their real value, which is zero. History illustrates this. Zimbabwe is another example, and when their fiat currency collapsed, the government more or less stated that people could use whatever they wanted to to trade. The UK still has gold and silver coins that are legal tender, although the nominal value is far lower than the real value. The gold Britannia has a nominal value of £100, but if you want to buy one from the royal mint, it will cost around £1,000. These physical assets are much safer as a protection of wealth, than any instrument created or controlled by the central banks in my opinion. Bitcoin is a fairly unique product, and I consider it to be a modern equivalent to gold. Of course there is still a risk associated with it, but I believe that the banking elite are collecting as much as they can, and they will eventually push up the price to levels where they can use it as asset backing for other products.
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September 24, 2018, 10:21:24 PM
 #4

So, do you think that precious metal coins will return as a stop gap until the new crypto currencies replace the dying fiat currencies?

Nope, the politicians cannot play their game issuing as much gold as they want to win the elections leaving the bill for the nations, so taxes will be paid in fiat, accounting will be enforced in fiat, ergo fiat will be used as always.

Quite a creative thought anyway.
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January 17, 2019, 06:11:44 AM
 #5

 Bitmover: "What do you think? Why didn't you bought silver ETF? "

There are plenty of other ETFs to invest in.
Precious metals are the rare physical assets that you can hold and manage yourself.
You can start off as small as silver coins or fractional gold bars and move forward from there.
Also don't {ever} buy shares in metals where they store it for you.



Jet Cash,
I don't think it would return as a currency but I am a fan of owning physical metals
and usually check the price on it averaging about 2x daily.
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January 17, 2019, 09:26:20 PM
 #6

I'd like to see precious metals being used as currency. I think it'd be quite nice. Although paying half an ounce of silver for something with only 1 ounce bars I can see might be of an issue but it's like pennies now.
paxmao
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January 21, 2019, 12:43:37 PM
 #7

...but if you read the small print, then it allows for hypothecation, and that will increase the apparent supply of Bitcoin above the 21 million cap...

I think that is not correct. The fact that you can create "paper" instruments around bitcoin does not change the fact that bitcoin is limited. One classic historical example were the rice markets. You can generate options and futures from millions of tons, but that does not increase the amount of rice in the silo.

Regarding the Euro about to fall and Europe collapsing... well it is fine to have an ideology, but I suggest you just try to put forward some facts and figures to support such generic assertions. I mean, even just a little. Otherwise, you will be only writing for the already convinced or the fools. Even if you think that you are just working for the cause, spreading the views and saturating the media and all that, people are now so aware of how opinion is being manipulated on the internet that anything not having some factual support produces the opposite effect.
BitBustah
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January 21, 2019, 06:14:39 PM
 #8

Sorry paxmao but I can't buy into the whole limited bitcoin reasoning.. Other cryptos are holding value quite well and there will be more in the future with better technology.  You can just create endless forks and coins.

Good luck trying to create more precious metals, it requires a lot of effort to mine and there is nothing like gold.
bitmover
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January 21, 2019, 06:23:01 PM
 #9

You can just create endless forks and coins.

But you can´t force people to buy your endless forks.

Price is determined by supply and demand. You can make an ilimited supply through forks, but there will be no demand for them, so the price will be zero (or close to that, like almost all of those forks).

On the other hand, as bitcoin supply is limited and it is widely used across the world, mined by thousands/millions of computers, thousands of transactions per day, etc, it is valueable and has some demand.
BitBustah
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January 21, 2019, 06:35:42 PM
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You can just create endless forks and coins.

But you can´t force people to buy your endless forks.

Price is determined by supply and demand. You can make an ilimited supply through forks, but there will be no demand for them, so the price will be zero (or close to that, like almost all of those forks).

On the other hand, as bitcoin supply is limited and it is widely used across the world, mined by thousands/millions of computers, thousands of transactions per day, etc, it is valueable and has some demand.

Why wouldn't there be demand?  I remember people said ethereum was a scam and called it worthless at the beginning. 

As much as people hate bitcoincash its still a top 5 coin so there is obviously some demand.  Dogecoin is a memecoin copy off bitcoin and still has a huge marketcap.  Not sure why you are saying there will be no demand.  Even ripple a true shitcoin which isn't even a real crypto is worth billions.
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January 21, 2019, 07:11:53 PM
 #11

Why wouldn't there be demand?  I remember people said ethereum was a scam and called it worthless at the beginning. 

Ethereum has partnerships worldwide, with the biggest companies in the world.

Take a look at this:
https://entethalliance.org/members/

"The  EEA (Ethereum Enterprise Alliance) is a member-driven organization whose fundamental charter is to develop a set of open-source, standards-based blockchain specifications that can be trusted and utilized globally for the betterment of all businesses and consumers."
Some members: Microsoft, Shell, BP, Cisco, JP Morgan....

Quote
Even ripple a true shitcoin which isn't even a real crypto is worth billions.

A true shitcoin? Ripple is a company with more 100 bank partnerships, that is offering services for banks using the blockchain technology. You may not like banks, but calling it a shitcoin is highly inaccurate .

Take a look at Ripple investors:
Satander, Google, Seagate, CME...

Maybe you call it a shitcoin because it is centralized. But companies do not need to be decentralized as bitcoin is to be a serious project and solve problems for people or banks.

Now take a look at bitcoin forks. BTX, BTCP, BTG, BCA, BCH SV, BCH ABC... what do they offer? fast transactions? those are  the real shitcoins. And most of them are worth cents of dollars... only bch was able to survive more than a year, let´s see how long will it last...
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January 21, 2019, 07:53:34 PM
 #12

Lite coin is a surprising coin in this regard. Its outperformed a lot of coins just from being a bitcoin that has a block every minute. It's blocksize is tiny in comparison too at 10gb.



Ripple is a bit of a phenomenon, the lack of anonymity makes it favourible to companies as they have a company they can legally blame if they're voted against.
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January 23, 2019, 04:47:13 AM
 #13

I would say in countries where the technology is insufficient to implement mass-adoption for cryptocurrencies will be the countries that are likely to adopt the usage of precious metals at similar times due to some large-scale event that causes a domino effect of countries currencies to collapse and become unusable. I think we're likely to see a return to precious metals being utilized as currency at some point in the future, but it's years away in most developed countries if it's ever going to happen.
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February 03, 2019, 04:15:57 PM
 #14

The way I see it precious metal has a high possibility rate of returning as a everyday currency. fait currencies (euro, USD etc) have failed as a currency. We all know the future of money is digitalization. Now what better way to achieve that then going with the physical form before accepting the digital form not forgeting they're all coins.
Here's my predictios, precious metal return as a day to day currency then the people wants something better which can be easily access/spend then cryptocurrency comes into the picture
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February 16, 2019, 01:15:13 AM
 #15

I have a long enough while wishing for silver/gold coming back as currency but i would rather have a small combination between silver and bitcoin for example, I love the satori chips model, making coins of silver with small easy to peel coins by the say market where you buying which can later be refunded and set into circulation by the same company that unpeeled them, whatever is left can easily be sent on a "dust address" or perhaps a small silver wallet (like the unobtanium silver bar)
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