Gold is Losing Buyers to Bitcoin

Discussion of the Gold portion of the Permanent Portfolio

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Kriegsspiel
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Re: Gold is Losing Buyers to Bitcoin

Post by Kriegsspiel » Thu Nov 30, 2017 11:03 am

dualstow wrote:
eufo wrote:I'm waiting for a muggle to ask me about Bitcoin. That's when I'm calling a top.
I get the Harry Potter reference, but does that mean a non investor?
I believe muggle is what Goldman Sachs calls their customers now that muppet is out of fashion.
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Re: Gold is Losing Buyers to Bitcoin

Post by dualstow » Thu Nov 30, 2017 11:32 am

O0
RIP Marcello Gandini
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Re: Gold is Losing Buyers to Bitcoin

Post by eufo » Thu Nov 30, 2017 5:14 pm

dualstow wrote:
eufo wrote:I'm waiting for a muggle to ask me about Bitcoin. That's when I'm calling a top.
I get the Harry Potter reference, but does that mean a non investor?
Yes. I have a few friends that fit this mold and always seem to ask about things right as they've hit their maximum exposure. Not sure why I call them muggles... maybe because I feel like I'm magical? Lol!
Don't agree with me too strongly or I'm going to change my mind
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Re: Gold is Losing Buyers to Bitcoin

Post by buddtholomew » Thu Nov 30, 2017 7:32 pm

Libertarian666 wrote:
buddtholomew wrote:So tired of Gold...honestly look at the alternative, now BTc 13K, AU can't even hit 1300.
Perhaps you should sell all your gold and buy Bitcoin.

It can only go up!
I would sell if it ever went up.
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Re: Gold is Losing Buyers to Bitcoin

Post by Libertarian666 » Thu Nov 30, 2017 8:44 pm

buddtholomew wrote:
Libertarian666 wrote:
buddtholomew wrote:So tired of Gold...honestly look at the alternative, now BTc 13K, AU can't even hit 1300.
Perhaps you should sell all your gold and buy Bitcoin.

It can only go up!
I would sell if it ever went up.
Then you're all set. It's going up every second!
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Re: Gold is Losing Buyers to Bitcoin

Post by dualstow » Thu Nov 30, 2017 9:46 pm

I think he means the gold.
RIP Marcello Gandini
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Re: Gold is Losing Buyers to Bitcoin

Post by Libertarian666 » Thu Nov 30, 2017 10:09 pm

dualstow wrote:I think he means the gold.
It doesn't matter. Since gold never goes up and Bitcoin always goes up, he should sell gold and buy Bitcoin!
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Re: Gold is Losing Buyers to Bitcoin

Post by Kriegsspiel » Fri Dec 01, 2017 9:03 am

eufo wrote:
dualstow wrote:
eufo wrote:I'm waiting for a muggle to ask me about Bitcoin. That's when I'm calling a top.
I get the Harry Potter reference, but does that mean a non investor?
Yes. I have a few friends that fit this mold and always seem to ask about things right as they've hit their maximum exposure. Not sure why I call them muggles... maybe because I feel like I'm magical? Lol!
And you call them muggles? Sounds like they actually have a bit of magic in them.
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Re: Gold is Losing Buyers to Bitcoin

Post by buddtholomew » Fri Dec 01, 2017 1:51 pm

dualstow wrote:I think he means the gold.
He still doesn’t get it, thanks for trying.
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Re: Gold is Losing Buyers to Bitcoin

Post by dualstow » Fri Dec 01, 2017 2:06 pm

Valuethinker is essentially making the same joke over at bogleheads. O0
RIP Marcello Gandini
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Re: Gold is Losing Buyers to Bitcoin

Post by Libertarian666 » Fri Dec 01, 2017 7:25 pm

buddtholomew wrote:
dualstow wrote:I think he means the gold.
He still doesn’t get it, thanks for trying.
Oh, I get it all right.

You hate gold.

Who is making you hold it?
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Re: Gold is Losing Buyers to Bitcoin

Post by Kriegsspiel » Thu Dec 07, 2017 1:35 pm

Xan wrote:
Kriegsspiel wrote:Something I was mulling over. Say you're a internet business who accepts btc. A while ago, something that cost a btc would also cost like, $10. Now...
On May 22, 2010, Laszlo Hanyecz paid a fellow early adopter 10,000 bitcoin to order him two Papa John's pizzas. In those days that was more or less a fair-value exchange. Today 10,000 bitcoin is worth $12.8 million or so, and one bitcoin will buy a few more than two pizzas.
How do businesses respond to massive appreciation in a currency? Did all the businesses reduce their prices, in btc, to match what the prices were in dollars (0.00137 btc/$10 as of now)? What if the btc/$ rate drops, and they're left holding btc? All their expenses are in dollars. The only real advantage is that the business could avoid the transaction fee credit companies impose, and the possibility to evade taxes. Accepting btc seems incredibly risky for businesses, unless I'm missing something.
I assume that they immediately convert received bitcoins to dollars. As you say, their expenses are in dollars. Unless they are choosing to speculate in bitcoins by holding them, in which case that's really a separate "business" from the real one.
Steam has stopped accepting BTC because they're too volatile/fees.
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Re: Gold is Losing Buyers to Bitcoin

Post by eufo » Thu Dec 07, 2017 5:03 pm

eufo wrote:I'm waiting for a muggle to ask me about Bitcoin. That's when I'm calling a top.
It happened today... I'm calling the top @ $16,000/Bitcoin.

I could be wrong, but here we go.
Don't agree with me too strongly or I'm going to change my mind
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Re: Gold is Losing Buyers to Bitcoin

Post by Libertarian666 » Thu Dec 07, 2017 5:14 pm

eufo wrote:
eufo wrote:I'm waiting for a muggle to ask me about Bitcoin. That's when I'm calling a top.
It happened today... I'm calling the top @ $16,000/Bitcoin.

I could be wrong, but here we go.
When this crashes, we had better hope that we don't find out that the banks have "invested" in it and want to be bailed out... again.

It could certainly bring down the commodities exchanges due to busted transactions where the loser can't pay.

And that is even without leverage!
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Re: Gold is Losing Buyers to Bitcoin

Post by Kriegsspiel » Thu Dec 07, 2017 8:26 pm

Libertarian666 wrote: When this crashes, we had better hope that we don't find out that the banks have "invested" in it and want to be bailed out... again.

It could certainly bring down the commodities exchanges due to busted transactions where the loser can't pay.

And that is even without leverage!
I mean, that's gotta be it, right? Who else is buying these goddamn things?
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Re: Gold is Losing Buyers to Bitcoin

Post by dualstow » Thu Dec 07, 2017 8:37 pm

My waitress at dinner, tonight. (Well, ethereum). Is this the start of a revolution or the proverbial shoe shine boy warning sign?
RIP Marcello Gandini
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Re: Gold is Losing Buyers to Bitcoin

Post by Libertarian666 » Thu Dec 07, 2017 8:53 pm

dualstow wrote:My waitress at dinner, tonight. (Well, ethereum). Is this the start of a revolution or the proverbial shoe shine boy warning sign?
I'm going with the shoeshine boy.

Also there was a poster on bogleheads who said he works in a Fortune 500 manufacturing company, and EVERYONE he talks to at work has gotten in.

This is so insane that I expect something to break sometime in the next month or two.
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Re: Gold is Losing Buyers to Bitcoin

Post by Kriegsspiel » Thu Dec 07, 2017 9:01 pm

All those Fortune 500 people have 401k's also, but you don't see stock indices gaining 1,000% in a year. I don't trust whatever's happening with cryptocurrencies right now either.
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Re: Gold is Losing Buyers to Bitcoin

Post by Libertarian666 » Thu Dec 07, 2017 9:05 pm

Kriegsspiel wrote:All those Fortune 500 people have 401k's also, but you don't see stock indices gaining 1,000% in a year. I don't trust whatever's happening with cryptocurrencies right now either.
This is the 1979/1980 silver bubble on steroids.
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Re: Gold is Losing Buyers to Bitcoin

Post by Kriegsspiel » Thu Dec 07, 2017 9:08 pm

Maybe those guys got wind that their corporation was buying up BTC, since they didn't have anything better to do with their money :P
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Re: Gold is Losing Buyers to Bitcoin

Post by Kriegsspiel » Fri Dec 22, 2017 8:45 pm

http://fortune.com/2017/12/22/bitcoin-value-loss/

"Michael Novogratz, the former Goldman Sachs Group Inc. and Fortress Investment Group LLC macro trader, said he’s shelving plans to start a cryptocurrency hedge fund and predicted that bitcoin may extend its plunge to $8,000.

“We didn’t like market conditions and we wanted to re-evaluate what we’re doing,” Novogratz said in a phone interview. He predicted last week that bitcoin could reach $40,000 within a few months."

Thanks dualstow for putting breaking news in your sig line.
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Re: Gold is Losing Buyers to Bitcoin

Post by bitcoininthevp » Tue Jan 02, 2018 7:50 pm

dualstow wrote:By the way, that would be funny if bitcoininthevp and Marc were the same person...
...

Not the same person. :)
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Re: Gold is Losing Buyers to Bitcoin

Post by Kriegsspiel » Thu Jan 18, 2018 10:23 am

Long Island Iced Tea shares went gangbusters after changing its name to Long Blockchain

Taking a page out of the 60's "*tronic" and 90's ".com" playbook.
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Re: Gold is Losing Buyers to Bitcoin

Post by Libertarian666 » Tue Jan 23, 2018 5:26 am

Kriegsspiel wrote:Long Island Iced Tea shares went gangbusters after changing its name to Long Blockchain

Taking a page out of the 60's "*tronic" and 90's ".com" playbook.
I remember those well.

But this time it will be different! :P
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Re: Gold is Losing Buyers to Bitcoin

Post by bitcoininthevp » Thu Jan 25, 2018 2:09 pm

Kriegsspiel wrote:Long Island Iced Tea shares went gangbusters after changing its name to Long Blockchain

Taking a page out of the 60's "*tronic" and 90's ".com" playbook.
Dont forget Kodakcoin and the Kodak Bitcoin Mining Hardware. Yes, THAT Kodak!

https://www.kodak.com/kodakone/default.htm
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