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-   -   Why the hell is a bitcoin $608 right now? (https://www.survivalistboards.com/showthread.php?t=581649)

DontPanic 09-17-2016 02:23 AM

Why the hell is a bitcoin $608 right now?
 
Kind of frustrated. How the hell is a digital unit of bs worth $608 right now? If there's anything that should be around that price, it definitely should be silver.

margaritaman 09-17-2016 08:17 AM

What's a Federal Reserve Note worth?

txprep 09-17-2016 08:44 AM

supply and demand..

Glockpride 09-17-2016 09:12 AM

I thought Bitcoin was done? I thought that they were hacked and forced to shutdown and had other legal issues?

txprep 09-17-2016 09:25 AM

bitcoin has not been hacked. companies that hold bitcoins (like a bank) have been hacked and the bitcoins stolen.

Praestes 09-17-2016 11:25 AM

Quote:

Originally Posted by Glockpride (Post 11525465)
I thought Bitcoin was done? I thought that they were hacked and forced to shutdown and had other legal issues?



Nope, not done. We actually have a couple of those Bitcoin machines in Houston - like a reverse ATM and many more vendors will take Bitcoin than people realize, they just don't advertise that fact and you have to ask or make arrangements with the owner. I've used the machines before for OPSEC, but now they are actually under constant surveillance (the machines, not the stores) by the DEA now(and maybe local LEO, don't know if they have the funding for that). Even one of my accountants and one of my lawyers take (and prefer) Bitcoin, and no-they aren't shady that I know of and I don't do shady.

I find Bitcoin way too volatile for my investment tastes and use it just for transactions.


Sent from my iPhone using Tapatalk

willthrill81 09-17-2016 12:29 PM

Quote:

Originally Posted by DontPanic (Post 11523961)
Kind of frustrated. How the hell is a digital unit of bs worth $608 right now? If there's anything that should be around that price, it definitely should be silver.

It's that price for the same reason that your Federal Reserve notes can buy anything: that is the equilibrium point between people who think that it's worth more than that and the people who think that it's worth less than that. Economics 101.

The dollar, like any other debt-backed fiat currency, is only valuable because people think it is.

Rope, sticks, shells, salt, and many other items have been used as currency throughout history. Nothing tangible is actually needed though, as digital 'dollars' and Bitcoin both illustrate. All currencies serve as a kind of tally system to track who has what.

Precious metals have some industrial value, but that alone is not sufficient to hold their prices at their current level.

Quote:

Originally Posted by Praestes (Post 11526401)
I've used the machines before for OPSEC, but now they are actually under constant surveillance (the machines, not the stores) by the DEA now(and maybe local LEO, don't know if they have the funding for that). Even one of my accountants and one of my lawyers take (and prefer) Bitcoin, and no-they aren't shady that I know of and I don't do shady.

It's sad that in our current environment, if someone wants genuine privacy with any aspect of their life, they are looked at with suspicion of wrongdoing. Especially with the 4th amendment.

The good thing about Bitcoin is that it can be completely opaque to the Feds or anyone. They don't know who has what, and that scares the crap out of them.

I personally hope that Bitcoin continues to succeed, and I'm watching it rather closely, but I haven't decided to buy into it yet. A 51% attack by the big Russian consortium concerns me.

DayAfterTomorrow 09-17-2016 01:03 PM

I can understand people using crypto-currencies. I don't understand people facination with gold and silver.

ImStillHere 09-17-2016 01:10 PM

The Sept 30 global monetary banking changes, the IMF is going to hold higher status.

240Geezer 09-17-2016 01:12 PM

Quote:

Originally Posted by DayAfterTomorrow (Post 11527409)
I can understand people using crypto-currencies. I don't understand people facination with gold and silver.

How bout lead. I like lead. And brass.
I like lead and brass. Together. As a unit.

DayAfterTomorrow 09-17-2016 01:16 PM

Quote:

Originally Posted by 240Geezer (Post 11527513)
How bout lead. I like lead. And brass.
I like lead and brass. Together. As a unit.

I agree, I'm a fan of things that are useful. In a real SHTF scenario a ton of gold won't be worth a can of beans or a box of shells.

A few like minded coworkers have invested in gold and silver, they are currently upside down in said investment.

I wish I would have bought 100$ worth of bitcoin 6 years ago, it would be worth 10 figures right now. There was a time when a single bitcoin was worth 1/10th of a cent.

crow.t.robot 09-17-2016 02:10 PM

Quote:

Originally Posted by DayAfterTomorrow (Post 11527553)
I wish I would have bought 100$ worth of bitcoin 6 years ago, it would be worth 10 figures right now. There was a time when a single bitcoin was worth 1/10th of a cent.

I think the same thing all the time. I wasted a LOT of coins playing online poker back when they were worthless for anything else. Just have to remind myself that hindsight is 20/20.

$100 worth of btc bought 2 months ago would be worth $80 now.

DayAfterTomorrow 09-17-2016 02:35 PM

Quote:

Originally Posted by crow.t.robot (Post 11528105)
I think the same thing all the time. I wasted a LOT of coins playing online poker back when they were worthless for anything else. Just have to remind myself that hindsight is 20/20.

$100 worth of btc bought 2 months ago would be worth $80 now.

I remember hearing about it from an IT guy in 2010, I though to myself "that will never work".

You win some you lose some.

DontPanic 09-17-2016 02:43 PM

Quote:

Originally Posted by DayAfterTomorrow (Post 11527553)
I agree, I'm a fan of things that are useful. In a real SHTF scenario a ton of gold won't be worth a can of beans or a box of shells.

A few like minded coworkers have invested in gold and silver, they are currently upside down in said investment.

I wish I would have bought 100$ worth of bitcoin 6 years ago, it would be worth 10 figures right now. There was a time when a single bitcoin was worth 1/10th of a cent.

Word is Venezuela is going through a crisis right now where 1oz of silver will buy you 6 months of food.

willthrill81 09-17-2016 03:18 PM

Quote:

Originally Posted by crow.t.robot (Post 11528105)
$100 worth of btc bought 2 months ago would be worth $80 now.

If you had bought $100 worth of BTC a year ago, it would now be worth about $262.

It all depends on when you buy and sell.

For all those that are so quick to dismiss BTC altogether, remember that the price has gone from 10,000 BTC to buy a pizza to over $600 for 1 BTC over the process of several years, though with a lot of fluctuation along the way.

Nomad, 2nd 09-17-2016 03:34 PM

Quote:

Originally Posted by DayAfterTomorrow (Post 11527553)
I agree, I'm a fan of things that are useful. In a real SHTF scenario a ton of gold won't be worth a can of beans or a box of shells.

t.

All of recorded human history says your opinion is incorrect...

willthrill81 09-17-2016 03:44 PM

Quote:

Originally Posted by Nomad, 2nd (Post 11529105)
All of recorded human history says your opinion is incorrect...

I wonder if he's paid in beans and bullets?

Nomad, 2nd 09-17-2016 03:52 PM

Quote:

Originally Posted by willthrill81 (Post 11529217)
I wonder if he's paid in beans and bullets?

Probably another guy who "can't afford gold" (can, but has a 60" as a higher priority) buy says he'll get all he wants for a can of beans "because it's worthless":
(Not understanding he is showing the hole in his arguement.)

Slowbro 09-17-2016 04:08 PM

BTC had much demand during the 2013 Cyprus island banking crisis. Cyprians demanded the currency because they could transfer their wealth out of the greedy hands of local banks.

BTC and related cryptocurrencies will continue to have demand for reasons such as these. It's a kind of freedom and as such, will remain in demand.

DayAfterTomorrow 09-17-2016 04:23 PM

Quote:

Originally Posted by Nomad, 2nd (Post 11529105)
All of recorded human history says your opinion is incorrect...

If were both on the brink of starving to death and I have a some food and you have some gold, who's richer?

Gold only has value because people keep insisting its valuable. Just like anything else. I understand trading gold and silver as an investment, physically owning gold seems silly.


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