Posted on 03/02/2017 11:08:41 PM PST by aquila48
Fueled by speculation that a bitcoin ETF could be approved by the Securities and Exchange Commission in the next week or so, the price of bitcoin has risen steadily, finally surpassing the cost of an ounce of gold on Thursday.
As of press time, one Bitcoin was worth $1,273 according to CoinDesk's Bitcoin Price Index, and an ounce of gold was worth $1,244, according to precious metals retailer APMEX.
The market capitalization of all outstanding bitcoin also surpassed $20 billion for the first time in bitcoin's history, according to Coinmarketcap.
The SEC is expected to make a decision on a bitcoin ETF proposed by Tyler and Cameron Winklevoss, the former Olympians who now run the cryptocurrency exchange Gemini and venture fund Winklevoss Capital, by March 11.
U.S. investors currently have limited options for obtaining exposure to bitcoin in their investment portfolios, particularly in tax-advantaged accounts. Recent studies have shown it to be uncorrelated to other asset classes, indicating it could help diversify a portfolio.
"It’s primarily high net worth individuals and family offices that are buying right now," says Spencer Bogart, head of research at Blockchain Capital, a cryptocurrency venture firm. "Their thesis is this is their opportunity to get in on a hot IPO before it goes public" -- if the ETF is approved.
You wouldn’t, but plenty of other people would. You’re not the only person in the market.
#38 & #39 Posting inflation...just cut the value of your post in half!! ;-) Bitcoin was mostly created as a fee free (no banks-no Western Union) means of anonymous value/money transfer...like world-wide barter. (Came in handy for Greece & Venezuela residents). And you can buy directly: http://spendbitcoins.com
So if I had put $10k in bitcoin in 2013 I could sell them today for $650k. I hope some folks got rich doing this, wish I would have. I wanted to, but it seemed risky.
What happens when there is an electronic transfer disruption and they go “poof” in an invisible digital cloud?
If I land as a refugee in some new place, I’d rather have real gold than a slip of paper saying I used to “own” bitcoins.
Try selling that slip of paper to buy a gun or a boat.
Folks will trade with boxes of ammo during that stage. Later, they will buy homes and estates with the gold.
The complete blockchain record is duplicated on hundreds of thousands of hard drives, memory sticks, etc. across the world, doubtful that EMP would get all of them. Gold has it’s purposes, but if you need to get money to your friend thousands of miles away in a different country instantly & anonymously Bitcoin or another cryptocurrency is the way to go. You could even use http://www.trumpcoin.com ! ;-)
I seem to be hoarding firewood to barter with. Actually it is just the result of my ongoing project to clean up all the big Oak and Hickory trees that Matthew brought down on the eighth of October 2016. You can’t give away firewood here, not only is there a glut of it but we have had far above normal temperatures since all those trees blew down. Now we are having a dry spell so I don’t dare to even burn it outside.
Do you have any idea how much a Mom would pay you for TP, tampons, pads, or hard candy, honey, milk for her children? Toothbrushes, toothpaste (you can make). Bartering inst that hard. Glad you are playing too.
“Do you have any idea how much a Mom would pay you...”
My wife has no idea of the bags of kid’s clothing I have stored in the attic! BUT - if the SHTF, it will be nice to barter with. Or give away to our neighbor’s in need.
Please can someone kindly explain in simple terms what the heck a bitcoin is? Please no flaming. Thanks.
No time, I have to head out/log out...but here is a starter intro to Bitcoin: http://www.coindesk.com/bitcoin-explained-five-year-old/
Sure, it’ll work while it works.
But in the end, it’s cyber digits, not gold in your pocket.
Bitcoins or gold eagles? Yeh, gold eagles. :-)
That happened to Boss Hogg once. The Duke Boys outsmarted him again!
I figure 10 rounds of .22LR will get me a bottle of rum when the time comes. 1 or 2 .45ACP for the same.
“I am confused.”
Yes you are.
Not so much fake news as fake money.
Well at least it’s not government controlled.
Actually a friend of mine bought five when they were selling for $200. Wish I had followed his example.
If he wants to exchange them today for dollars all he has to do is go to an exchange and do it. It’s no more difficult than buying or selling a share in the stock market.
So what’s the moral of your story?
Bunch of nonsense. They are worth nothing.
This is the South Sea bubble/ Tulip mania of
our time.
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