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Re: Gold is Losing Buyers to Bitcoin
Posted: Wed Nov 29, 2017 11:22 am
by Kriegsspiel
Investors who bought Bitcoin just ahead of Thanksgiving certainly have something to be thankful for. Bitcoin prices breached $11,300 Wednesday for the first time, representing a rise of over $3,100 in a week.
It’s a stunning rise for the cryptocurrency, which only just broke the psychologically important milestone of $10,000 hours earlier
snip
... both Nasdaq and Cantor Fitzgerald are looking to launch bitcoin derivatives.
http://fortune.com/2017/11/29/bitcoin-p ... e-futures/
Seems legit.
Re: Gold is Losing Buyers to Bitcoin
Posted: Wed Nov 29, 2017 11:37 am
by Cortopassi
No bubble here, not at all.
I am sure some people are making out like bandits. And there's probably still a good amount of time to do it even now.
But a huge number of people are going to be screwed. I will not be one of them.
I liked the offhanded comment on gold here, making it sound bad...
“Bitcoin has no underlying rate of return,” said Bogle at a Council on Foreign Relations event on Tuesday, as reported by Bloomberg. “You know bonds have an interest coupon, stocks have earnings and dividends, gold has nothing. There is nothing to support Bitcoin except the hope that you will sell it to someone for more than you paid for it.”
Re: Gold is Losing Buyers to Bitcoin
Posted: Wed Nov 29, 2017 11:41 am
by buddtholomew
So tired of Gold...honestly look at the alternative, now BTc 13K, AU can't even hit 1300.
Re: Gold is Losing Buyers to Bitcoin
Posted: Wed Nov 29, 2017 11:43 am
by dualstow
buddtholomew wrote:So tired of Gold...honestly look at the alternative, now BTc 13K, AU can't even hit 1300.
I hope gold prices stay low until I can buy some more from selling stocks.
Re: Gold is Losing Buyers to Bitcoin
Posted: Wed Nov 29, 2017 11:46 am
by buddtholomew
There's no reason to sell stocks, EVER.
Re: Gold is Losing Buyers to Bitcoin
Posted: Wed Nov 29, 2017 12:02 pm
by dualstow
buddtholomew wrote:There's no reason to sell stocks, EVER.
I sell to rebalance, but of course with stocks going up like this it feels funny.
I have also sold individual stocks this year, but since my total stocks (pp + vp) feel so low (40%?), I swapped them out for some Vanguard Total Stock Market. That's something I don't mind buying "at the top."
Re: Gold is Losing Buyers to Bitcoin
Posted: Wed Nov 29, 2017 9:43 pm
by Libertarian666
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!
Re: Gold is Losing Buyers to Bitcoin
Posted: Wed Nov 29, 2017 9:55 pm
by eufo
I'm waiting for a muggle to ask me about Bitcoin. That's when I'm calling a top.
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Nov 30, 2017 9:39 am
by dualstow
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?
By the way, Craig was right:
https://motherboard.vice.com/en_us/arti ... itcoin-tax
Well, fine with me. Better the IRS than hackers.
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Nov 30, 2017 11:03 am
by Kriegsspiel
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.
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Nov 30, 2017 11:32 am
by dualstow
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Nov 30, 2017 5:14 pm
by eufo
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!
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Nov 30, 2017 7:32 pm
by buddtholomew
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.
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Nov 30, 2017 8:44 pm
by Libertarian666
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!
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Nov 30, 2017 9:46 pm
by dualstow
I think he means the gold.
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Nov 30, 2017 10:09 pm
by Libertarian666
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!
Re: Gold is Losing Buyers to Bitcoin
Posted: Fri Dec 01, 2017 9:03 am
by Kriegsspiel
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.
Re: Gold is Losing Buyers to Bitcoin
Posted: Fri Dec 01, 2017 1:51 pm
by buddtholomew
dualstow wrote:I think he means the gold.
He still doesn’t get it, thanks for trying.
Re: Gold is Losing Buyers to Bitcoin
Posted: Fri Dec 01, 2017 2:06 pm
by dualstow
Valuethinker is essentially making the same joke over at bogleheads.
Re: Gold is Losing Buyers to Bitcoin
Posted: Fri Dec 01, 2017 7:25 pm
by Libertarian666
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?
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Dec 07, 2017 1:35 pm
by Kriegsspiel
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.
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Dec 07, 2017 5:03 pm
by eufo
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.
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Dec 07, 2017 5:14 pm
by Libertarian666
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!
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Dec 07, 2017 8:26 pm
by Kriegsspiel
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?
Re: Gold is Losing Buyers to Bitcoin
Posted: Thu Dec 07, 2017 8:37 pm
by dualstow
My waitress at dinner, tonight. (Well, ethereum). Is this the start of a revolution or the proverbial shoe shine boy warning sign?