Bitcoin v. PMs
Welcome guest, is this your first visit?
Member
Discoveries
 
Page 1 of 2 12 LastLast
Results 1 to 15 of 29
Like Tree14Likes

Thread: Bitcoin v. PMs

« Prev Thread | Next Thread »
  1. #1

    Apr 2008
    3,627
    457 times

    Bitcoin v. PM's

    I remember back when Bitcoin was running past 1000 people were saying Bitcoin was a better alternative than PM's. Nowadays I laugh when I think of those "smart" folks.

    I actually would prefer virtually any paper asset to bitcoin since bitcoin has all the negative attributes us PM bugs give to "paper" based assets but at least most of those paper backed assets have something behind them (full faith and credit of a national gov, widespread acceptance, etc.).

    Just my opinion.

    Hundreds of Millions of Dollars Vanish After Bitcoin Exchange Closes / Sputnik International

    Jim
    Marchas45 and enochsea7 like this.
    R.I.P. Rich Hartford

  2. #2
    Charter Member
    us
    Mar 2009
    A Place In Heaven
    Excalibur 1000, Garrett Scorpion.
    2,034
    373 times
    All Types Of Treasure Hunting
    Good link Jim, I'm surprised there is not much being said about this in the PM and Bitcoin circles. Mmmmmmm maybe another dive down coming.

  3. #3
    us
    Silver Fiend

    Oct 2009
    9,357
    8930 times
    All Types Of Treasure Hunting
    bitcoin is a scam
    Peyton Manning likes this.
    You can follow me in other places.
    My Blog
    My YouTube
    My Twitter
    My Instagram
    My Facebook

  4. #4
    us
    Feb 2006
    Tennessee
    Minelab EXPLORER SE
    4,107
    327 times
    Banner Finds (2)
    Kind of like investing in Beenie babies. LOL
    Loco-Digger likes this.

  5. #5
    Charter Member
    us
    Diggin up TEXAS!

    Sep 2009
    Fort Worth,Texas
    CTX 3030 / AT PRO / Etrac w/ NEL
    6,008
    3716 times
    All Types Of Treasure Hunting
    Quote Originally Posted by Dman View Post
    Kind of like investing in Beenie babies. LOL


    Name:  eeeeeew.jpg
Views: 338
Size:  14.6 KB

  6. #6
    us
    Dec 2014
    Deep in the woods in South Central Pa.
    Fisher CZ7 Pro
    866
    869 times
    All Types Of Treasure Hunting
    I have been involved in Bitcoin and a multitude of other crypto-currencies for years. Actually ,,, It is NOT a get rich quick scheme and like every other currency,,, you have your scams. (remember Bernie Madoff ? ) .
    Same as every thing,,, there are ripoffs and mis-managment. Due diligence and do your homework before getting involved. I have done OK with it,,, not rich or even well to do but I have made enough to help support several of my more expensive hobbies.

    The issues surrounding crypto-currencies are what big-brother hates. The banking cartels and taxes,, just to name the two most obvious. Then there is tracking the movements of said currencies. It is just 1s and zeroes folks,, and if the transactions are done correctly,,there is no tracking where the "money" went or where it came from. And that really gets big-brother in a tizzy.

    As far as the "darknet" and the underground markets like Silk Road,,, personally I think its wonderful to have the option to buy whatever you want,,, when you want,,, and not have any hassles. The markets have assuredly all the "negative" items we all see in the headlines but also you can buy EVERY item you can get from your local WallMart to. Electronics,,,groceries,,clothing,,you name it. The ONLY TIME that Bitcoin is ever in the news in any fashion is when something negative
    occurs.This of course is exactly what the bought and paid for news outlets live for. I DESPISE the current banking cartels and also feel that we are being taxed out of existence. So by my using this adopted form of "payment" I am showing my personal displeasure with the current financial situation of the world.

    It has been estimated that 10% of the worlds business may be using "alternative" currencies. Just remember,,,there is NOTHING backing the all mighty dollar,,,"VALUE" is assigned to ANYTHING when all parties involved agree on a "worth" of an object.

    Just my personal years worth of experience with this payment system.

    Hit
    Marchas45 likes this.

  7. #7

    Apr 2008
    3,627
    457 times
    Quote Originally Posted by Hitndahed View Post
    I have been involved in Bitcoin and a multitude of other crypto-currencies for years. Actually ,,, It is NOT a get rich quick scheme and like every other currency,,, you have your scams. (remember Bernie Madoff ? ) .
    Same as every thing,,, there are ripoffs and mis-managment. Due diligence and do your homework before getting involved. I have done OK with it,,, not rich or even well to do but I have made enough to help support several of my more expensive hobbies.

    The issues surrounding crypto-currencies are what big-brother hates. The banking cartels and taxes,, just to name the two most obvious. Then there is tracking the movements of said currencies. It is just 1s and zeroes folks,, and if the transactions are done correctly,,there is no tracking where the "money" went or where it came from. And that really gets big-brother in a tizzy.

    As far as the "darknet" and the underground markets like Silk Road,,, personally I think its wonderful to have the option to buy whatever you want,,, when you want,,, and not have any hassles. The markets have assuredly all the "negative" items we all see in the headlines but also you can buy EVERY item you can get from your local WallMart to. Electronics,,,groceries,,clothing,,you name it. The ONLY TIME that Bitcoin is ever in the news in any fashion is when something negative
    occurs.This of course is exactly what the bought and paid for news outlets live for. I DESPISE the current banking cartels and also feel that we are being taxed out of existence. So by my using this adopted form of "payment" I am showing my personal displeasure with the current financial situation of the world.

    It has been estimated that 10% of the worlds business may be using "alternative" currencies. Just remember,,,there is NOTHING backing the all mighty dollar,,,"VALUE" is assigned to ANYTHING when all parties involved agree on a "worth" of an object.

    Just my personal years worth of experience with this payment system.

    Hit

    The problem with the virtual currencies or e currencies is whom is responsible for them when a system gets hacked and the e coins get stolen? Who is regulating it? All of the pros of virtual currencies also fit physical PM's or physical anything that can be traded, etc. The cons of virtual currencies are the same as fiat and other paper assets, without a known company or entity to go after should a problem arise.

    Some people obviously made a deal of profit as their e currencies rose in value, but so have people who play pink sheet stocks, although they are probably not reliable for long term either.

    With all the access the world governments have to the internet, etc (silk road was taken down with no problems it seems), why would someone think they could ever use e currencies to escape the gov's reach? The gov was able to get some of the offshore banks to turn over tax records of Americans with money abroad, so I would think anything "online" is within their reach if they want it bad enough. Some conspiracy theorists have surmised that "dark nets" and e currencies are actually created by world gov's to help keep an eye on things better. I don't know if that is true or not.

    To me, e currencies are just a another version of fiat currencies, but are being run by unknown private individuals or unknown companies instead of world gov's. You want to trust those unknown folks with your wealth? I don't know much about e currencies so maybe my views are wrong, but I have not seen anything to the contrary yet.


    Just my opinion.


    Jim
    Hitndahed likes this.
    R.I.P. Rich Hartford

  8. #8
    us
    Surrender the Booty

    Apr 2011
    Royal Palm Beach, Fl
    Minelab CTX-3030, Minelab Exalibur II, Garrett AT Pro
    570
    427 times
    Beach and Shallow Water Hunting
    Well, PM's will never becomes the mainstream currency. Crypto currencies may one day replace fiat currency. It lends itself to commence and decentralizing control of the currency. The value of the dollar has been on such a decline its days are numbered. I think thats why so many of you enjoy PM's. But PM's are not practical for a day to day commerce. So how do you fix currency?
    Hitndahed likes this.
    Hardest working man on the beach

  9. #9
    Charter Member
    us
    Mar 2009
    A Place In Heaven
    Excalibur 1000, Garrett Scorpion.
    2,034
    373 times
    All Types Of Treasure Hunting
    Silver Dimes, Silver Quarters, Silver Halfs, Silver Dollars? Made out of PM's? Lol By the way Bradley what happened to your post concerning the dollar not being backed by anything? I thought it was a truthful thought. Keep Stacking

  10. #10

    Apr 2008
    3,627
    457 times
    Quote Originally Posted by signal View Post
    Well, PM's will never becomes the mainstream currency. Crypto currencies may one day replace fiat currency. It lends itself to commence and decentralizing control of the currency. The value of the dollar has been on such a decline its days are numbered. I think thats why so many of you enjoy PM's. But PM's are not practical for a day to day commerce. So how do you fix currency?

    Gov's won't ever allow crypto currencies to take over unless said Gov's are in charge of the crypto currencies, but if that happens I guess they aren't crypto. Since the dawn of time it has always been the privilege of the crown or rulers to mint/control currency (also see seigniorage). It is how they can control the way they do, etc.

    If there ever is a mass power outage or the internet goes down, how will those crypto currencies hold up then?

    PS There are also laws in the US that prohibits persons from creating "private currency" that is intended to replace the mighty dollar. Although there are private currencies that exist such as bartering, etc, if the gov decides you are a problem they will go after you. Look at Bernard Von Nothaus Libery dollar. They got him just for this. Nobody in their right mind can argue his Liberty dollars were meant to fool people as being real US currency (like if you printed fake US bills). That is why he didn't get any time for his conviction in the end. see below older article (a few years before Bernard's sentencing).

    http://www.nytimes.com/2012/10/25/us...anted=all&_r=0

    Just my opinion.

    Jim
    Last edited by jim4silver; Feb 13, 2015 at 02:00 PM.
    Hitndahed likes this.
    R.I.P. Rich Hartford

  11. #11
    us
    Surrender the Booty

    Apr 2011
    Royal Palm Beach, Fl
    Minelab CTX-3030, Minelab Exalibur II, Garrett AT Pro
    570
    427 times
    Beach and Shallow Water Hunting
    crypto currencies are in use today, that ship has already sailed. Whether they will gain more market share who knows. With interesting payment options out there now like apple pay, the possibilities are endless.

    A currency not controlled by a government would be a good thing. The Fed is so corrupt, it controls our currency, and its not even government. They just make money and don't offer transparency to the american people, biggest scam ever to take over the wealth of this country and was quite successful. Now someone has to come and try to take it back.
    Hardest working man on the beach

  12. #12

    Mar 2013
    Bounty Hunter
    557
    288 times
    All Types Of Treasure Hunting
    If you think the "Fed" or a "national government" is corrupted , even though it has a constitutional mandate to create currency and regulate markets and accountable to society is more corrupt than a system set up by a private individual or corporation or local warlord or a barter system, would be a real lesson in enslavement

  13. #13

    Apr 2008
    3,627
    457 times
    Quote Originally Posted by kayakpat View Post
    If you think the "Fed" or a "national government" is corrupted , even though it has a constitutional mandate to create currency and regulate markets and accountable to society is more corrupt than a system set up by a private individual or corporation or local warlord or a barter system, would be a real lesson in enslavement

    Although I don't like the whole Bitcoin idea, your post has some flaws. The Constitution does mandate the gov to create currency, but unfortunately that has been delegated (in part) to the Fed reserve, which is NOT a part of the federal gov (look at your paper money- it is a Federal Reserve Note NOT a US dollar anymore), I won't go into why this matters or not.

    The fed reserve does have some Gov appointees running various high level posts, but at the end of the day it is private institution that has stock held by the private banks who are part of it. You can look that up I am correct. As one pundit used to say, the Federal reserve is no more federal than federal express. That is why some politicians keep trying to pass bills to "audit the fed" but those keep failing.

    The Fed Reserve website says about whether or not they are a private corporation:

    "The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year."

    The above quote is straight from the Federal Reserve's own website. What I am curious about is how much do those member banks earn on those 6% dividends? And from what cash flow does the 6% dividend emanate? Can anyone here answer these questions, I really would like to know.

    Also, there is no "Constitutional" mandate to regulate markets. However, it is interesting that after the 1987 crash, Reagan signed an executive order creating what is often referred to as the "plunge protection team" but is really called Working Group on Financial Markets and is supposed to to help stabilize markets. What is often reported on but I cannot show proof of is that this "team" intervenes in the market to help keep things from crashing at various times. However this is not a Constitutional directive in any way that I am aware of.

    Working Group on Financial Markets - Wikipedia, the free encyclopedia

    Just my opinion.

    Jim
    Last edited by jim4silver; Feb 21, 2015 at 08:19 AM.
    Marchas45 likes this.
    R.I.P. Rich Hartford

  14. #14

    Apr 2008
    3,627
    457 times
    Looks like according to this article the governments will one day have their own version of "bitcoin". If that ever happens, they will all probably ban "bitcoin" and say it is counterfeit or something like that, just like they would do if a person tried to start a competing currency to the dollar. Many think that counterfeit means making copy dollars that try to fool people, but the law related to counterfeiting is more broad. For example, if someone tried to create a private currency in the US to compete with the dollar, that would be illegal (some private currencies like barter and such that don't try to compete with the dollar are allowed). That is how they could go after Liberty Dollar and get a conviction. I would imagine in time if they ever did come up with an official gov e money system like bitcoin, they would try to outlaw the competing ones.

    I would bet if they did come up with such an e currency, over time they would eliminate or seek to eliminate paper currency as well. The reason being because they would be seeking to tax all they can, and it is hard to tax cash to cash transactions. Maybe 10 years or so and I can see this happening.

    Just my opinion.


    RED ALERT ? IBM Moves to Create a Centralized, Central Bank Controlled Blockchain for Currency Control | Liberty Blitzkrieg


    Jim
    R.I.P. Rich Hartford

  15. #15

    Apr 2008
    3,627
    457 times
    What a surprise something like this would happen. I guess nobody could see that having non-physical (electronic) private system money being held by some 3rd party as being a risky choice?

    Just my opinion.

    Bitcoin Scammers Run Off With $12 Million: ?Going to The Caribbean? Hope You Guys Understand? | The Daily Sheeple


    Jim
    Hitndahed and Goose-0 like this.
    R.I.P. Rich Hartford

 

 
Page 1 of 2 12 LastLast

Sponsored Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. Bitcoin Graffiti
    By gman7665 in forum Stocks, Investments & Markets
    Replies: 0
    Last Post: Mar 13, 2014, 02:13 PM
  2. Bitcoin Bank "Flexcoin" Looses 896 bitcoin, worth around $600,000 to theft
    By jeff of pa in forum Stocks, Investments & Markets
    Replies: 4
    Last Post: Mar 04, 2014, 02:06 PM
  3. Bitcoin
    By ken(Toronto) in forum Stocks, Investments & Markets
    Replies: 7
    Last Post: Dec 20, 2013, 12:00 AM
  4. Replies: 1
    Last Post: Oct 09, 2013, 04:40 PM
  5. Bitcoin
    By BigChief14 in forum Precious Metal Prices
    Replies: 7
    Last Post: Apr 04, 2013, 09:16 PM
Powered by vBadvanced CMPS v4.3.0