Cryptocurrency

[milanbenes]

Buy low, sell high.

you got it

Milan.

[FrontEnder]

no, they're holding them as the ultimate life insurance policy like gold, and they think gold is passe, and when the nuclear war or whatever comes, and there's no electricity they're going to find that their hard disk with a gazillion bitcoins on it is only good for a propping up their bed in their cave

Milan.

Where has this comparison to gold come from? I don't think anyone expects it to replace gold.

[milanbenes]

Where has this comparison to gold come from? I don't think anyone expects it to replace gold.

Lance does,

"you don't understand Bitcoins, nor the 'last fool' principle which keeps gold at a certain value. Neither have inherent value."


Gold has a certain value because it is physical.


Milan.

[northernladyuk]

Lance does,

"you don't understand Bitcoins, nor the 'last fool' principle which keeps gold at a certain value. Neither have inherent value."


Gold has a certain value because it is physical.


Milan.

Gold is a funny beast. But it has acted as a store of wealth for thousands of years ('a barbarous relic'), so we should probably see it as an exception. Any idea that another exception can be created, no matter how clever the mechanism for limiting supply, is at high risk of producing a speculative bubble.

[milanbenes]

Gold is a funny beast. But it has acted as a store of wealth for thousands of years ('a barbarous relic'), so we should probably see it as an exception. Any idea that another exception can be created, no matter how clever the mechanism for limiting supply, is at high risk of producing a speculative bubble.

what do you do with your BitCoins when there's a power cut ?

Milan.

[northernladyuk]

what do you do with your BitCoins when there's a power cut ?

Milan.

I don't have any. But I assume they are backed up on tape

[scooterscot]

Scoots are you back into BTC yet? Almost a 40% correction off the recent highs but there's no support until around $2000.

No. But got more LiteCoin and Ripple. LC now $41 - strong buy at minute.

[ChimpMaster]

No. But got more LiteCoin and Ripple. LC now $41 - strong buy at minute.

Everything looks relatively cheap compared to a week ago. But compared to 6 months ago everything looks vastly overvalued.

XLM is down 30% today to $0.10.

Be careful Scoots. I hope you managed to park a lot of your gains.

[Jog On]

Where has this comparison to gold come from? I don't think anyone expects it to replace gold.

It's because of the 'finite amount' element that there will only (apparently) be x amount of bitcoins in circulation after they have all been mined and we won't be able to print more of it like we can with FIAT currency.

While gold has a physical finite amount available it can't be watered down by central banks creating more of it. I'd be interested to see how a limit on bitcoin mining is enforced - especially if banks and governments get any kind of control over it. If it's just virtual technology what's to stop them just changing the code to keep mining more with virtual printing presses?

I was in Yosemite during the summer and got chatting to a couple of gold panners who still find it on their land. The US government are very strict on what you can and can't do on land you own with regard to mining for gold, you can pan streams that run through your property and keep any you find lying around (they find nuggets on the ground still) but any digging or use of machinery and you're in big trouble - and they send round inspectors to check...

According to these guys the vast majority of gold is still in the ground.

[Lance]

I don't have any. But I assume they are backed up on tape

encrypt them and store on Onedrive