Jayco you seem to be doing your own research on Bitcoin and I would advise you to continue down that path. Listen to what people like Lyn Alden, Saffidean Amous, Michael Saylor (Bitcoin Maxis) have to say and also listen to the skeptics like Peter Schiff, Warren Buffett and others and also like at primary sources of ninformation and then draw your own conclusions.
How much is digital sex worth? Or a digital house? What about digital oil?
I don't think this "logic" about the primacy of digital goods is very logical.
Jewelry only exists because it is a form of money; gold isn't valuable because of jewelry - its the other way around.
Money isn't more valuable if it can be consumed, since money itself can purchase literally anything that needs to be consumed.
You could, but what are you buying with a kruggerand? Have you ever spent one?
The guy that waited for $6 bitcoin instead of buying at $12
Yeah, admit even I cringed at this -- and I'm in the "cult!"
The slippage with gold is astronomical in a real transaction (not a coin shop). Ask @GoodShepherd
Better off carrying US $100 bills for "internet down" private transactions and drug deals. Accepted everywhere from Argentina to Uzbekistan with no slippage (and probably a premium vs local fiat)
Better off carrying US $100 bills for "internet down" private transactions and drug deals. Accepted everywhere from Argentina to Uzbekistan with no slippage (and probably a premium vs local fiat)
The biggest risk has always been not owning BTC. The Sortino ratio and Omega comparisons on it crush all other assets.
The guy literally came here having realized what BTC is and admitted he went from skeptic to no longer being able to deny its utility, value and future. I didn't need to flatter anyone, he already figured it out.
Where do you get this stuff from?
It reminds me of when DaVinci Jeremie saw that BTC has solved the double spend problem and knew instantly it was "gold." Solving that/the trustless portion is literally the invention of not just one, but many lifetimes. An all time, historic discovery.
I disagree gold slippage varies greatly as does Bitcoin slippage. There are popular exchanges where a round trip buying and selling Bitcoin will cost you 4% when you factor in fees + slippage. Of course there are lower cost options just as there are with gold.
Depending on where you live you can buy low premium gold bullion (e.g. gold bars) for a 1% premium to spot from your local bullion dealer and then later sell them for spot or 1% below spot on the secondary market (physical transaction with a private buyer who you communicate with on online precious metals forums). That is only a 1% - 2% round trip transaction cost and if you do it all in cash the tax authorities are none the wiser that you purchased and then sold gold.....
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Years ago one time I traded with a guy and gave him a bunch of old books/course notes and he gave me psychical gold in exchange.
Other than that I have purchased and sold physical gold for fiat (cash) several times over the years trading with other individuals.
I actually feel like one day they're going to invent technology to extract gold from the depths of the Earth's crust. Perhaps they'll get all the way down to the core where most of the gold is. Or they can extract the thousands of tons dissolved in the Earth's oceans.
The price will tumble so much as to make it effectively worthless. Then Bitcoin will reign supreme. But Bitcoin is limited to 21 million, it will never have this issue.
The price will tumble so much as to make it effectively worthless. Then Bitcoin will reign supreme. But Bitcoin is limited to 21 million, it will never have this issue.
Yes but it’s always also possible new forms of money can be invented in the future that can displace Bitcoin. Not a big risk in the foreseeable future though.
The problems with gold have always been that they already found a way to subvert it with paper, because it has a centralization issue in general. It's not bad to have a small amount for "just in case" type stuff, but then it always begs the question that if you have to have physical gold there are a lot better and more useful things to have for living (guns, booze, cigarettes) in the dire scenarios for practical trading. That's why it's generally an opportunity cost waste, and it provides you no real insurance on the whole state cancelling, debanking, civil liberty/travel insurance to get to other jurisdictions and be a foreigner no one wants to help without any tradeable material, "money" or connections otherwise.
As I see it now, and I've said gold would do well, it seems pretty clear it'll do well and then people will rotate out of it, jettison it as predicted, for many reasons, but mostly because it is quite frankly less practical, less useful, and overall clearly inferior to BTC at this point in time, which is the point of evaluation = now and into the future. "What is the best thing to own?" has already been answered.
As I see it now, and I've said gold would do well, it seems pretty clear it'll do well and then people will rotate out of it, jettison it as predicted, for many reasons, but mostly because it is quite frankly less practical, less useful, and overall clearly inferior to BTC at this point in time, which is the point of evaluation = now and into the future. "What is the best thing to own?" has already been answered.
Gold is gold for a reason. All the other traditional barter goods while they can be used in emergencies they have their own problems.
The first being durability. Most are not long term durable. You cannot store most alcohol or cigarettes etc for 20 years.
Guns are durable but it’s not always legal to sell guns to other people depending on the licensing requirements and where you live.
There is also the value density to consider. For example you can easily fit $2 million dollars of gold into a small backpack if you ever need to flee. Obviously with guns, booze cigarettes etc $2 million dollars worth would weigh a lot and take up a huge amount of space.
With alcohol it's easy and depending on the type, will remain for that long as a disinfectant in general, even. Tobacco is a bit trickier, but with modern tech and vacuuming, I'd guess there's a shot at it when in the past, you're right it wasn't realistic.
The portability thing isn't really a thing at all anymore with gold, given the layout of the world and how borders, surveillance and travel go. BTC is the "gold standard."
