Bitcoin

[bullet08]

I still prefer gold, silver, platinum and real estate. Something that I can touch and won't disappear when someone thinks his trophy wife's gonna blow someone else. First it was paper, then stock.. Now bitcoins?

I do admit, if you are good at the game, stock and other make believe craps will get you filthy rich.

 

[VDL_Piper]

Real estate is the most leveraged asset and coincidentally leverage levels are approaching the same levels as when Bear Sterns et al when bust so do with that what you will!

 

[BingBong]

Just arrived, the 5th in the collection. I do like tangibles.

 

[jpmcwjr]

Next time you write about NVIDIA, could you please do so in English??



Great report/analysis! If I were younger I'd take time to understand all the jargon.

 

[VDL_Piper]

Well Nvidia is all the talk in the markets these last few days and I suspect that chatter will continue with U. S. govt agencies probing the books. This is the same chart as I've posted before just zoomed in and you can see my area of interest around the 0.618 line (area of great interest). I shorted this from $131 and so far so good. See what the week closes like and then I will move my stops accordingly but into some profit now.

 

[Mitski]

I'm somewhat comfortable keeping my money in bitcoin because it's convenient for me to place bets to play that way. You know, this is the age of technology and crypto, so you have to adapt to the current environment.

 

[Sigmund]

I simply dont have any trust in the entities that control bitcoin. Yes, Im older but all my life I have enjoyed technology and its advancements. I simply dont view digital currency as something that is legit. Ive no problem if someone else does but honestly, I dont see it as being more flexible than "Real Currency" (whatever that is). These days traditional currecny is very fluid and just as flexible. One could say that all currency now is digital. However, traditional currency is at least backed by something substantial. If traditional currency fails becuase the governements behind them crumble a can of beans will be the new currency.

Also, having value that is also so fluid it is not what I consider a sound investment. Sure a lot of people have made a fortune. At the same time a lot have lost.

Bets...I dont intentionally make bets (of course investments are bets too). If I was inclined to gamble I guess it might be handy but I sure wouldnt put a lot of money in it.

 

[Briar Lee]

Man is governed by his passions.

The first man, Adam, had no need of anything. He lived in paradise and didn’t have to labor. He could play all day, eat, drink, hunt and fish to his heart’s content.

But he wanted a woman, he got his wish, and although he wasn’t killed over the deal he lost the home place and had a wife and passel of kids to keep housed and fed.

The ability to earn an income in whatever is the currency of the realm is by far the best measure of true wealth.

Would you like to be wealthy?

Get an education and a piece of paper that makes you employable.

Would you like to live in a wealthy nation?

Find one where everybody from a peasant to royalty is well educated in free public schools.

All currency, even silver and gold, are tokens representing accumulated income.

If you live in Europe you’d better hoard Euros, in England Pounds Sterling, in America dollars.

The best long term investments all over the world are shares in income producing businesses.

That way others earn the income, that makes your investment ever more valuable.

Crypto never earns anything.

The last fool holding the token will cry bitter tears.

 

[BingBong]

However, traditional currency is at least backed by something substantial. If traditional currency fails becuase the governements behind them crumble a can of beans will be the new currency.

The only substantial thing backing fiat currencies is debt, huge amounts of it. Physical silver and gold will go back to being the only money if or rather when it all falls apart. Cryptos are great until the next X20 solar flare.

 

[sablebrush52]

Bitcoin is essentially a Ponzi Scheme, so tread carefully. Investment banks are propping it up to fleece the suckers. It’s not their money tied up in it.
The markets have been bouncing around, something that happens with every national election. Market Experts are contradicting each other every nanosecond, which means they really don’t know diddly squat, but like a broken clock will appear to be correct every once in a while.
Just keep in mind that Sturgeon’s Law applies here in spades. You may or may not get rich but you won’t be surprised.

 

[Briar Lee]

The only substantial thing backing fiat currencies is debt, huge amounts of it. Physical silver and gold will go back to being the only money if or rather when it all falls apart. Cryptos are great until the next X20 solar flare.

One of the most fortunate things that ever happened to me was to grow up in the Humansville school district.

It was there, in the seventh grade, Miss Charlotte taught us kids about fiat currency.

Then only the Swiss had gold backed currency and now the Swiss are like the other 194 nations on earth.

Every nation on this earth has a population that wants to earn income to raise families, pay for housing, and buy stuff in general.

The government declares a certain token is money.

If the government prints unlimited amounts of it the currency becomes almost but not quite worthless.

So all wealthy nations have independent central banks free from political manipulation that raise and lower interest rates charged to member banks to regulate the currency supply.

So long as Jerome Powell remains able to raise and lower interest rates, the money supply will be stable.

But if he woke up evil one morning,,,,it would be bad, you know?

But like control of nuclear weapons, there’s not any other way to do it than put all our eggs in one basket.

 

[jpmcwjr]

The only substantial thing backing fiat currencies is debt, huge amounts of it. Physical silver and gold will go back to being the only money if or rather when it all falls apart. Cryptos are great until the next X20 solar flare.

What really backs the US dollar, for instance, is the ability of the economy to prosper and grow.

I won't touch cryptos.

 

[Sigmund]

Exactly.
While one can argue its all illusion, the currency with the most power is the one people have faith will endure.

 

[Briar Lee]

What really backs the US dollar, for instance, is the ability of the economy to prosper and grow.

I won't touch cryptos.

When I was young, my old grandmother had laid out “that damned old Roosevelt” for commandeering all the gold so much I wondered what our world would be like if he’d not done that,

But when I was in college, almost fifty years ago now, I slowly decided Roosevelt saved not just us, but the entire world.

Roosevelt put all the gold in reserve in Fort Knox and in the Federal Reserve Bank in New York. It’s all still there. Theoretically it’s possible to go right back to the gold standard, but we never will.

Even fifty years ago the true wealth of the United States dwarfed the amount of all the above ground gold ever mined in the world, and today our wealth is many times more.

Which reminded me of another verse my grandmother taught me:

I gave you a land for which you did not labor, and cities which you did not build, and you live in them; you eat from vineyards and olive groves which you did not plant.

 

[Servant King]

Interesting timing...Bitcoin has sold off considerably since this thread began, and gold keeps hitting all-time highs, including today ($2,665/oz. as I type this). That's 36 record highs it has set just in this calendar year alone. Of course, anyone with even a cursory understanding of economics knows it's not gold that's going up, it's the dollar that's going down relative to it. Which is inevitable when the printing machine keeps running at a record pace.

But if he woke up evil one morning,,,,it would be bad, you know?

You mean like all the other mornings?

 

[brian64]

Interesting timing...Bitcoin has sold off considerably since this thread began, and gold keeps hitting all-time highs, including today ($2,665/oz. as I type this). That's 36 record highs it has set just in this calendar year alone. Of course, anyone with even a cursory understanding of economics knows it's not gold that's going up, it's the dollar that's going down relative to it. Which is inevitable when the printing machine keeps running at a record pace.


You mean like all the other mornings?

And don't forget the other notable all time high...the interest alone on the national debt tops 1 TRILLION now.

Absolute sci-fi cuckoo land insanity.

And yet there is somehow still billions and billions to give away to other countries to kill people with while our infrastructure continues to degenerate and crumble. And all this after decades of offshoring most of our manufacturing.

What a f*cked up planet and species.

 

[Servant King]

And don't forget the other notable all time high...the interest alone on the national debt tops 1 TRILLION now.

Absolute sci-fi cuckoo land insanity.

And yet there is somehow still billions and billions to give away to other countries to kill people with while our infrastructure continues to degenerate and crumble. And all this after decades of offshoring most of our manufacturing.

What a f*cked up planet and species.

Oh yeah, that one. I tend to forget all about it, seeing as it is just an absurdly high number that will only get higher, and never even be paid down, let alone paid off. It's amusing to unravel the whole debt scam; the only way to pay off the debt and the interest is to...take on more debt (and therefore, more interest)!

I always say that Kafka never died, he merely changed jobs--he's the script writer for this planet.

 

[samb]

Bitcoin did my dirty, lost all $50 I invested. And my Bitcoin trader went under and got hacked. No plan to take part in that conspiracy again.

 

[jpmcwjr]

Sorry to hear that.

But the topic is covered I think, so closing.