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

On what?

The Dutch tulip bubble lasted a matter of weeks. People were trading futures contracts on tulip bulbs yet to be grown and the market went crazy. It boomed and busted in such a short time frame no actual bulbs could be delivered.

Bitcoin, by contrast, has been available to the public for 12 years, and on commercial public exchanges for 10. So it usually goes:
BTC $5: This is tulips!
BTC $50: This is tulips!
BTC $500: This is tulips!
BTC $5,000: This is tulips!
BTC $50,000: This is tulips!
And so on.

Buy it or don't, but posting nocoiner cope is just sad.

A numbered account sends another numbered account some bitcoin—the blockchain, open so everyone can see the transaction occurred, certifies the transaction. Nobody know who the number accounts belong too.
There was a hack but it occurred to an exchange—the exchange lost its bitcoin.
At a dollar a bitcoin some people were careless with their passwords and seed phrase-nowadays not so much.

Try as I might I can't understand crypto currency but in July I bought stock in RIOT BLOCKCHAIN a company that focuses on BITCOIN. It is up 1990% since I bought it. I could kick myself for not buying 20,000 shares instead of the 200 I bought. I understand the value of gold but I can only buy paper gold for an IRA. At least that's what I've been told. In 1933 billions of dollars in paper gold was stolen by the U.S. government so I don't trust it too much. I agree with Stickfight about the tulip analogy, it doesn't fit. Like the ostrich craze it is hard to make a fortune on something that reproduces that fast. Limited supply and incorruptibility (and ease of transport) create value in something used as money. Because of unlimited creation of new money U.S. currency seems to me to be the one headed for a cliff that it cannot avoid.

Here is the best ...

You also have to have an account for using bitcoin, and if you forget the password, you only get so many attempts before it wipes your account out.

This guy has a quarter million bucks and 2 guesses left... BWHAHAHAHAHA ...

Read it for yourself -

https://www.bbc.com/news/technology-55645408

If you make money on it, good for you. A couple years ago, when it was going straight up, like it is now, everyone made the same claims. Then it went down 80%. If you go back further, there are other such crashes of 60-75%. Bottom line, wait until it crashes again because it probably will.

I don't know whether to sell or not. I've never had another stock go up 2000% in 7 months. If it seems too good to be true.

Oldtrapper: I only wish I had bought "Bit-Coin" when it was $1.00 (one dollar!) a coin!
It simply reiterates that "I" can NOT see into the future.
Life (everything!) would be easier if we could.
I would not even dare to predict which would be a better investment of ones monies, starting today - gold or Bit-Coin.
Hold into the wind
VarmintGuy

You do not know what you are talking about.

Everyone who predicts a market crash is eventually right. There is no skill to it.

OK, tell us what makes it intrinsically valuable. I understand what makes wheat valuable, or a house, but what makes blips on a computer valuable, and do spare us the name calling. Thanks

I'm not the best guy to explain it but for one thing its fairly rare, there is a limited supply so that is one thing that makes it valuable. It also isn't controlled by any one entity who can manipulate the price. Properly stored, its very difficult for anyone to access it against your will, or restrict your use of it.

And then you get in. The point is not predicting it, but waiting for it to happen.

I don’t understand it. I’ve read all about the farming and everything else about what it is ect...

I just can’t wrap my head around how it becomes of value, and then how that value increases.

Not that the current ways of the stock market are much different.

The only time I’ve ever seen it have actual value was when hackers held the companies computers and servers hostage and demanded payment in Bitcoin. For that one short period it had value equal to the replacement cost of our servers and computers, but that was a fairly short timeframe.

Those are good qualities, but I do not see the value like a buck knife or a box of .22 shells. How is it different than if I start the same thing tomorrow and call it bits of money? And if everyone did that why wouldn't it inflate the value of bit coin? In fact, it appears such things are happening. How is it that those things don't just turn into so many electrons? Things that are artificially scarce because they are made to be scarce cause me suspicions. just saying.

To me stock is more understandable because you are owning a piece of an entity that creates consumer desired goods and services. And, if they do a good job of it their value goes up. I get that.

I am not saying that I know bit coin is a scam or anything. I am saying, like you, that I cannot see the intrinsic value of it. Maybe someone can and can explain it. ???

H&R Block asked if I had bought or sold any cryptocurrency.

I don't much about Bitcoin. A buddy invested $10K in and it went up tp $70K, he took his original $10K out and it going to let the rest ride. He says I may end up a millionaire or with nothing, but I 'm going to let it play out!

The value of bitcoin is driven only by the people who want to be 'in the club' and are willing to pay today's price to join. A country club with fluctuating membership charges.

I never claimed BTC has Intrinsic Value. Like gold, Bitcoin does not generate a cash flow therefore it is not possible for it to have Intrinsic Value.

And I won't be sparing anyone anything they've earned. The guy I quoted didn't even understand the article he linked yet he felt compelled to reveal that by posting to the thread. People like him should be asking questions, not answering them, and I believe that if more people pointed out dumb people they'd go back into hiding and the signal to noise ratio of the entire internet would increase.

That question is near the top of the 1040 forms this year.