I sincerely hope that you do well with this experiment. It never hurts to take a risk with a small amount of capital. I'll follow this with interest, but for now I'd have trouble parting with two mint rolls of silver in exchange for ownership of a prime number :)
Sounds good belangp, but we both know you prefer gold! So in this instance let's call it 19 grams of gold :) Dang, just saying that does make me miss those 19 grams - doh. Choices, choices.
HP, Nothing wrong with experimentation by any means. You are doing it the right way. I'm one of those that is thoroughly against digital currencies though because of a myriad of factors...Blind Faith being the biggest reason to be against it. With PM's we have Faith based on evidence of thousands of years of their value. BitCoin is new in comparison and you have to take by faith with nothing backing it up that it will only be limited to 21 million coins. The govt supposedly can't touch it or track it. But, don't underestimate governments and more importantly, don't underestimate manipulation. You can't manipulate a finite recourse such as PMs. Again, nothing wrong with experimentation as you are doing. But, I'd rather take my chance on a physical PM device or numismatics. ;)
Yeah, I agree with you Salivate. Definitely need to have a PM stack first. My understanding is that the 21 million limit is based on a mathematical algorithm/protocol and not on one guy in a basement somewhere releasing blocks of bitcoins to miners. As to the govt trackability - we all know their capabilities are vast so I won't assume they can't track it if they really wanted to, but it does create a layer of anonymity that you definitely don't get when using a bank.
While I'm avoiding Bitcoin myself, I am fascinated by it. It seems like an awful 'store of wealth', but a fun gamble/experiment. Best of luck to you, and I'm looking forward to seeing how it goes for you!
Thanks for the sentiments Bigstack. This is a common meme among PM investors - and my initial reaction/thought process as well when I first heard of bitcoin. I will keep the community informed as interesting developments occur. Cheers.
I am really happy to see that some predominant members in the silver community looking into crypto-currencies! I am glad to be apart of a community not afraid to experiment! And with all things knowledge is power and there is no better way to learn than roll up your sleeves and get your hand dirty :) Great video!
Thanks! You are spot on in regards to learning by doing. It is the best way to figure out something new, including crypto currencies. I am by no means an expert, but I did enough research to feel comfortable with creating a wallet and opening a bitcoin account to see what it is all about. So far so good.
While I concede that we do not know who made Bitcoin, many of the other crytos list their creators. The difference is that this is a Global Market not restricted to the U.S. Markets/Exchanges. Cryto exchanges never close. Dont we as stackers buy minted coins by World Governments that we know are manipulated? That does not stop us from stacking them.
I disagree on one point.. based on the recent take down of the Silk Road and the Fed seizure, it is not as private of an investment as some might think it is. That said, I agree it might be a good to learn about it in case it is the future.
You may have a good argument there. I've not looked in depth into the Silk Road case so I don't know if the case was sniffed out via bitcoin or the illegal drug operation. Either way, I never assume I have 100% anonymity with the NSA out there, but it's gotta be better than typical banks and the use of credit cards where your every purchase is tracked by big brother.
ddd made an excellent point! Bitcoin is extremely limited to the internet! Is not well known enough nor trusted enough to be of any real use to the average person! Say a natural disaster occurred. How would you buy supplies or pay for anything for that matter? Just my opinion but sticking to physical precious metals are your best bet in any case. But good video!
I personally would rather put my money in PM rather than in Bitcoin. With that said, I would MINE for it (my computer is on anyways) ... just like how I would grow tomatoes to sell. The slight nagging issues that I have with crypto currency is there is nothing to stop me or another person from inventing another one. Worst is if the central banks get smart and decide to get in on this and invent their own crypto currency that is free of any nation! It's good that Bitcoin is the first one out the door so acceptance of it is better than some of the newer ones (ie Litecoin). In the end, I'll treat it like any other stock.
Forgive me, not trying to spam. I stack PMs to preserve my wealth and counting on them for a gain in the long term. I believe cryto currencies can offer a more short term means of building wealth to pay off bills and increase the stack of PMs. Of course with speculative monies.
I think it was a good move on your part. Testing the waters is how I looked at it as well. Cryptsy.com is the place where most folks trade Bitcoin for other (cheaper) crypto-currencies.. Great vid HP.
I feel it's possible we missed the large move in Bitcoin already. Don't want to miss it with some of the others, if they ever go big. Definitely riskier, but worth the gamble since they are so cheap. Take Care.
Bitcoin and some other Cryto-Currencies are here to stay. Value does not have to be completely tangible but also in the properties and services it can provide. I am going to do a vid on this myself.
Your tone in this video is almost guilty or apologetic at the beginning, or am I misreading you? I think bitcoin is a huge gamble, and as we research it, we feel that it could be good for a in/out whenever it crashes and rebounds with no more than 1% of ones portfolio allocated to it at any given time. Rawdog as a contra-indicator = ROFL :)
Maybe? Perhaps it is just my normal voice or perhaps I anticipated some of the feedback from the PM crowd subconsciously. It isn't always easy making a video in one take, and hitting all the points you intended to, and sometimes my voice or intonation may reflect that too (with my mind in both the present as I speak and in the near-term future as I am anticipating a point). 1% is not a bad ratio. I wouldn't go higher than 5%. Rawdog as a contra indicator indeed :)
Great video HP!
Thanks!
I sincerely hope that you do well with this experiment. It never hurts to take a risk with a small amount of capital. I'll follow this with interest, but for now I'd have trouble parting with two mint rolls of silver in exchange for ownership of a prime number :)
Sounds good belangp, but we both know you prefer gold! So in this instance let's call it 19 grams of gold :) Dang, just saying that does make me miss those 19 grams - doh. Choices, choices.
You can use those ammo containers for geocaching!
Indeed, though I do have other plans for them.
HP, Nothing wrong with experimentation by any means. You are doing it the right way. I'm one of those that is thoroughly against digital currencies though because of a myriad of factors...Blind Faith being the biggest reason to be against it. With PM's we have Faith based on evidence of thousands of years of their value. BitCoin is new in comparison and you have to take by faith with nothing backing it up that it will only be limited to 21 million coins. The govt supposedly can't touch it or track it. But, don't underestimate governments and more importantly, don't underestimate manipulation. You can't manipulate a finite recourse such as PMs. Again, nothing wrong with experimentation as you are doing. But, I'd rather take my chance on a physical PM device or numismatics. ;)
Yeah, I agree with you Salivate. Definitely need to have a PM stack first. My understanding is that the 21 million limit is based on a mathematical algorithm/protocol and not on one guy in a basement somewhere releasing blocks of bitcoins to miners. As to the govt trackability - we all know their capabilities are vast so I won't assume they can't track it if they really wanted to, but it does create a layer of anonymity that you definitely don't get when using a bank.
While I'm avoiding Bitcoin myself, I am fascinated by it. It seems like an awful 'store of wealth', but a fun gamble/experiment. Best of luck to you, and I'm looking forward to seeing how it goes for you!
Thanks for the sentiments Bigstack. This is a common meme among PM investors - and my initial reaction/thought process as well when I first heard of bitcoin. I will keep the community informed as interesting developments occur. Cheers.
The experiment is over brother, it is here to stay. As for myself I am speculating in bitcoin and many other cryptos.
Very good move man!
I am really happy to see that some predominant members in the silver community looking into crypto-currencies! I am glad to be apart of a community not afraid to experiment! And with all things knowledge is power and there is no better way to learn than roll up your sleeves and get your hand dirty :) Great video!
Thanks! You are spot on in regards to learning by doing. It is the best way to figure out something new, including crypto currencies. I am by no means an expert, but I did enough research to feel comfortable with creating a wallet and opening a bitcoin account to see what it is all about. So far so good.
In a few months bitcoin will be most likely 5000-7000 USD.
While I concede that we do not know who made Bitcoin, many of the other crytos list their creators. The difference is that this is a Global Market not restricted to the U.S. Markets/Exchanges. Cryto exchanges never close. Dont we as stackers buy minted coins by World Governments that we know are manipulated? That does not stop us from stacking them.
If you can remember your private key, or print it on paper, then you can save bitcoint without a hard drive.
Quite true.
Diversification buddy. Good on ya. I'm still building my stack but I will be buying bitcoin at some point maybe 5-10 of then.
Congrats and keep building the stack!
I disagree on one point.. based on the recent take down of the Silk Road and the Fed seizure, it is not as private of an investment as some might think it is. That said, I agree it might be a good to learn about it in case it is the future.
You may have a good argument there. I've not looked in depth into the Silk Road case so I don't know if the case was sniffed out via bitcoin or the illegal drug operation. Either way, I never assume I have 100% anonymity with the NSA out there, but it's gotta be better than typical banks and the use of credit cards where your every purchase is tracked by big brother.
I do know this.. the Bitcoins were seized by the Feds...so they can track them and they can take them.
ddd made an excellent point! Bitcoin is extremely limited to the internet! Is not well known enough nor trusted enough to be of any real use to the average person! Say a natural disaster occurred. How would you buy supplies or pay for anything for that matter? Just my opinion but sticking to physical precious metals are your best bet in any case. But good video!
I agree. Stack emergency supplies and precious metals first. Then, and only then if you want to dabble in bitcoin, feel free.
good luck with your gamble, i prefer more tangible assets
I wont get a bit coin but seems like people like it for some reason. I don't understand why people like it.
Anyways God Bless.
I personally would rather put my money in PM rather than in Bitcoin. With that said, I would MINE for it (my computer is on anyways) ... just like how I would grow tomatoes to sell. The slight nagging issues that I have with crypto currency is there is nothing to stop me or another person from inventing another one. Worst is if the central banks get smart and decide to get in on this and invent their own crypto currency that is free of any nation! It's good that Bitcoin is the first one out the door so acceptance of it is better than some of the newer ones (ie Litecoin). In the end, I'll treat it like any other stock.
Thanks for the input. Mining might be an option. I know you need some serious computing power to really make it worthwhile though.
dont understand the dislikes
Forgive me, not trying to spam. I stack PMs to preserve my wealth and counting on them for a gain in the long term. I believe cryto currencies can offer a more short term means of building wealth to pay off bills and increase the stack of PMs. Of course with speculative monies.
Been their done that, check out Elacoin!!!
LBMA = PMs Wouldnt call early adopter after it his been all over the news
Do you still own that Bitcoin or did you sell it last December 2017 for $20,000 ??
I think it was a good move on your part. Testing the waters is how I looked at it as well.
Cryptsy.com is the place where most folks trade Bitcoin for other (cheaper) crypto-currencies..
Great vid HP.
Thanks lowpross. I might look into some alt coins and see how it goes. Definitely a riskier move but could pay off.
I feel it's possible we missed the large move in Bitcoin already. Don't want to miss it with some of the others, if they ever go big. Definitely riskier, but worth the gamble since they are so cheap. Take Care.
Bitcoin and some other Cryto-Currencies are here to stay. Value does not have to be completely tangible but also in the properties and services it can provide. I am going to do a vid on this myself.
Sweet, I look forward to it.
not for me.
Fair enough.
NOOOOOOOOOO....... lol
It's okay, I haven't forgotten about my stack :)
Your tone in this video is almost guilty or apologetic at the beginning, or am I misreading you? I think bitcoin is a huge gamble, and as we research it, we feel that it could be good for a in/out whenever it crashes and rebounds with no more than 1% of ones portfolio allocated to it at any given time. Rawdog as a contra-indicator = ROFL :)
Maybe? Perhaps it is just my normal voice or perhaps I anticipated some of the feedback from the PM crowd subconsciously. It isn't always easy making a video in one take, and hitting all the points you intended to, and sometimes my voice or intonation may reflect that too (with my mind in both the present as I speak and in the near-term future as I am anticipating a point). 1% is not a bad ratio. I wouldn't go higher than 5%. Rawdog as a contra indicator indeed :)
Very interesting videos. I'm just a little to skeptical of crypto currency to put my money in it but it is interesting.
First