Posted on 11/09/2013 10:20:58 AM PST by Errant
There will be more of this until the illusion of free market is reestablished in metals...
or actually, like orlin Grabbe’s rand
Nope, cyptocurrency requires work to generate them, and the difficulty goes up as more processors are added in an effort to generated the limited number that can ever be mined.
Sure: https://www.mtgox.com/
Or, you can turn them into Gold or Silver here: http://amagimetals.com/
I think his cronies will play the market, trying to manipulate prices. For instance, buying in a certain way as to drive up the price then dumping all at once. Unlike other assets such as stocks, ETFs and etc., the current markets where cryptocurrency is traded, will not allow you to sale BTCs or LTCs unless you actually own them. So I expect this fact will lessen price manipulation like we see with gold and silver for example. I’ve read reports that COMDEX has as many as 59 owners for the same ounce of gold. The number of GLD paper contracts verses actual physical is astounding.
That would fit his prior established behavior too.
Probably some way to see indicators of such activity as well.
I admit I’m not too knowledgeable on the subject.
I'm intrigued by Bitcoin, but bear in mind that it is a fiat currrency. Its inflation is controlled, but it's backed by nothing. I hope you've researched that.
I just want to say one word to you...Just one word...Are you listening?...Tulips.
If you cash out now and use the Fedcoins for a trip to Paris, you'll always have that.
You can exchange it for dollars, many people buy bit coins, you need to do research of your own, it is quite fascinating, a man in Europe recently cashed 12 bit coins he bought in 2009 for over 800,000 dollars, as reported right here on FR. Check it out for yourself, there is not much about it yet, but it is worth looking at, the sooner the better.
It works pretty much the same as owning stock, check it out for yourself, do a google search, in your search you will find many who say it is a scam, decide for yourself, I think it is legit, not to say it will not have its ups and downs but, that’s the nature of investing.
BTW I do not own any, but I will soon, like anything else no risk, no reward, it could turn out to be a total bust.
Cryptocurrency isn't fiat money. It is a new form of money that hasn't existed before the age of computers.
Fiat moneyis:
Fiat money has been defined variously as:
Any money declared by a government to be legal tender.
State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.
Money without intrinsic value.
The term derives from the Latin fiat ("let it be done", "it shall be").
Cyrptocurreny requires "work" to bring it into existence. The US dollar is said to be based on debt, and future promise to pay that debt. We all know that the US can never repay its debt. Then what about the trillions the Fed has loaned to European banks. Where did that money come from? Also, the Fed isn't a US government agency, it's a conglomeration of independent banks and wealthy investors who remain anonymous.
Btc isn't gold or silver, granted, but it isn't fiat either. It's a new kind of money.
$395 one minute, $310 the next... Alright, I exaggerate, it took 10 hours. But an hour later back up to $340.
The big banks can manipulate the price of gold with paper trickery, but they haven't figure out how to manipulate BitCoin. Yet.
I don’t see bit coin buying gold or silver there?
Can I cash it in? Where?
That’s why I’m asking you. Where?
Okay sorry, two places to get started with information are:
There is more available both Pro and Con you really need to research for yourself just google bitcoin.
Caveat emptor!
Me, too. It isn't over yet, and there seem to have been a lot of things going on to lure the money into the markets and out of the mattress, one way or another. I view this as another market, and with one zot somewhere, one which won't even leave it's buyers holding a piece of paper or a chunk of metal.
While the idea that it is easier to store than food or metals, harder to detect (on your person--because it isn't there), and theoretically more transportable, it relies on systems which may or may not continue to function in less than optimal future circumstances.
Scroll down to the bottom of their webpage and you will see icons representing the different forms of payment they will accept. To make it easier for you, here's the link to the their payment page: http://www.amagimetals.com/policy/payment
Yep, and what would the interest rate be now if it too was not being manipulated. Without ZIRP, our economy would crash immediately and every tax dollar would have to be used to pay just the interest on the debt our government has burdened the nation with.
Taking your price range and timeline as correct that represents a 21% price swing in 10 hours.
Now way on earth a sane man would put a nickle there.
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