Home Forums Hunting & Shooting Hunter's Campfire Is Bitcoin the new gold?

It seems to be going crazy as faith in other assets, like the dollar, decreases. Just asking.

No, Bitcoin will fail someday, due to the way it is structured. If you own Bitcoins and lose the password or die, the currency isn't recoverable as I understand it. Gold being a physical commodity will always have a value, be it up and down at times. Bitcoin seems to me to be another pyramid scheme along the lines of the stock market. I will dabble in the stock market, bit I'm not smart enough to try and make any money with Bitcoins.

Golds value has been relatively constant for over 5000 years. A physical commodity.

Bitcoin is a collapse waiting to happen.

Sounds like someone has some bitcoin they want to sell ...

Not like gold at all. More like a counterfeiting pyramid scheme. And like every pyramid scheme, the earlier you get in, the more money you will make by screwing other people who get in later. Of course, it really boils down to whether you can get your value out of the Bitcoin before the pyramid collapses.

A lot of guys think Tesla buying into BtC means it has gained even more stability. I see the opposite. I think Tesla and its sham founder are nothing but propaganda pushers.

It's more like tulips---IMO

Damn, Bob! You beat me by 3 minutes.

I was going to write the same thing, but I had to check the month and day first (February 1637, by the way...)

John (somewhat of student of history!)

Great minds think a like

Some folks here at The Campfire seems to have done really well with Bitcoin.

Stickfight has led some good discussions on it.

It’s an interesting concept.

That.

There is always money to be made by some in any pyramid scheme. It's about timing.

Yet to be seen.

If you bought Bitcoin for $1 in 2009 and sold it today for $48,000 a unit, that's a good profit even for the high rollers on the Campfire.

I think alot of people don't really know what a pyramid scheme is. If you want to know about Bitcoin or cryptocurrency in general, find people who actually know more about it than just surface level stuff.

Yessir. This.

My son and his nerdy friends convinced me to buy some Bitcoin last year. I wish I’d have bought more. They buy a little bit every week.

Bit Coin . . . . . . You bit, now they got your coin. 😁

I don't have any but find the phenomenon fascinating. Tulips have a shelf life. Anything is worth what the market says it is. It appears the only thing Bitcoin represents is scarcity. If gravel was made up of gold, its value would be that of gravel, so scarcity is the main element of gold too. The whole concept is fascinating and once again I wind up more in the Trump camp that says it does not represent any tangible asset. Of course, more and more the full faith and credit of the US govt seems like a Ponzi scheme as well.

Maybe vodka?

Musical chairs i think.

I have tried to understand block chain and bitcoin by watching videos and tutorials. I guess I'm just too old and stupid to get it. If you boil it down to it's overly simplistic basis...I keep coming back to you take your US paper money (which seems to have no tangible value, it's based on trust, or a vague promise) trade it for another form of currency represented by little tiny switches that make 1's or 0's, in a memory bank, held someplace no one knows where or by who, again on the promise that it is worth something. Do I have this right, kinda, sorta? So, could you say the entire monetary system, paper or 1's and 0's is based on faith and tradition? Spud farmer accepts paper money for his spuds, because he pays his operating expenses with paper, tradition. How does a wildly fluctuating electronic currency break that tradition? What if the spud farmer's power company won't accept bitcoin for the irrigation bill? I just don't get it.