monkeys beware, many coins are expected to drop to zero

This is an opportunity, I'm buying when they hit Zero, I have just enough play money to make that investment.

Rancher

 

Meh.... isn't the first speculative market that had assumed silly, crazy, popularity before it crashed, taking many investors' wealth with it...nor will it be the last. Think 'Tulipmania' and 'The South Sea Bubble'.

Suckers and their money are easily parted, particularly if the marks' greed and vanity are being appealed to. The only thing needed is to come up with a succesful gimmick to attract the gullible punters.

 

Didn't they put the Hunt Brothers in jail for doing something like this back in the 70's?

Rancher

 

You know, Sometimes I'm glad I'm a mossy back Squatch as Melbo calls me, Never was interested in the Bit-con craze!

 

Yep, it's a craze. It's just 1's and 0's.
If you have them and don't know what to do with them.
Open up your Bitcoin Wallet and send the balance to me
bitcoin:15y51PPcoZV773CtxnjnHhjmakLVSZNQR3


I'll safely dispose of them.

 

But that is to preserve the counterfeiting for only the US Gov.

 

Bitcoins and all their electronic kin are nothing more than future promises. They have no inherent value, no tangible existence, and they only exist as long as other people agree they exist.

They only have value when others are willing to pay money for them. Hopefully, more than you did.

That makes them, to my mind, a much less reliable store of wealth than Beanie Babies.

The wheeling and dealing of Bitcoins, from the mining to the sale, is purely a matter of finding a bigger fool to unload them on. But when all the insiders cash our and leave their worthless "currency" revealed as the sham it is, the only holders left will be the biggest of the bigger fools.

I knew long before the first large Bitcoin heists that Bitcoins were not secure. Not in the Cloud, not in Bitcoin Banks, and not even on the hard drive of your computer. That's the problem with pretend-money: at any moment everyone else can quit pretending.

Bitcoins have been, to date, a classic pump&dump operation. When they get down to $50.00 each I suspect they'll get pumped again. And then dumped again.

 

Yup must I look really stupid buying gold and silver.

 

Gold and silver are no different than this stuff that at one time was all used for Money gold and silver is ever where no different than lead stainless steel it's a metal that came from the Earth

View attachment deerhide.jpg

 

The company I work for has over the years lost a lot of money to the "bankruptcy scam", and the "government debt scam" and the "calling of loan scam". Once the government gets involved, nothing is safe. The courts can make you pay to a judge money you received as payment for goods that were delivered and then order those good sold and the money be given to the "senior debtor" usually a bank or a government entity. They can cancel contract leaving you holding the bag or force you to finish deliveries and then pay you 10 cents on the dollar five years later. They can "call your loan" and demand you pay it off in in total in x days and seize your property even though you have never missed a payment or may have paid in advance. They can seize your bank accounts, car, house, 401K, business, etc, and it is up to you to prove them wrong. Seeing that they have control of all your assets, their lawyers work for free and they write the laws and staff the courts, you are going to lose. This is not tin foil hat paranoia, it is happening every day and has for all my life. The latest scam is the court ordering you into a nursing home for your own good, and then everything you worked for all your life disappears at $300 a day and up or in a hospital at thousands a day. Bit coin, US currency, rental properties, 401K, Social Security, etc, only have value as long as you are allowed to use them. Enjoy life to fullest, play the game as best you can, be as grey as you can, learn all the skills you can, don't buy tulips or bitcoins, etc, always try to have potatoes, firewood, and your health. Money is mostly used as markers in some weird social game in the US and in the long run most of the players lose. If you are warm, full, and healthy, does it really make any difference how many markers you have? I personally would rather watch Bishop play with his dog or Uncle Morgan's latest ball game at a school than all the posturing by the politicians or Gates or the latest internet billionaire.

 

Or as I have warned my Kids, "It's not how much you make but how much you get to keep".

 

HK-User, that is the golden rule for personal finances, all else is just details.

 

Stainless steel is a man made alloy.

And as much as Central Banks despise gold, it's not lead or copper or salt they hoard in their vaults.

I'm not going to convince you what money is, and isn't. But time will.

 

According to CNN an apple is equal to a banana...

 

Keeping bag loads of Confederate paper money wasn't worth much except as inferior bum fodder or for lighting cigars with

 

Gold and silver have had value for as long as civilization has existed.
That's a pretty good track record.

 

That, I have no doubt....now. But at the time, it was worth less than it was as a unit of exchange during "reconstruction".

Some 160 years post bellum, its value due to its relative rarity is only that which a collector might be prepared to part with shekels with actual value for. Unlike silver and gold which can be rendered into...jewelry or teeth that has, throughout history been acceptable as reasonably portable means of wealth exchange.