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.
I have some Tulip Bulbs to sell them.
Let’s see...
We started with the Gold Standard...
When Nixon took us off it we had run away inflation...
So Nixon along with Kissinger established the “Petro Dollar” to stabilize our currency by promising the Arab oil producing countries military protection.
Which worked until Carter reneged on the deal and left Iran collapse and again we had run away inflation.
Reagan stabilized our currency by rebuilding our military which lasted until Clinton came along.
Clinton created a big facade by changing the “cost of living” computation in 1992 and then played the gold futures using the US currency stabilization fund. (According to Dartmouth college research, Social Security benefits would have been 75% higher in 2007 if the cost of living (inflation) indexes were not changed by Clinton)
Bush (W) attacked Saddam Hussein as Saddam was selling Iraq’s oil for Euro’s and Yen which would undermine our dollar as the Petro dollar for world oil transactions.
To keep the facade going under Bush (W) and Obama, the Federal Reserve began purchasing our US Debt by printing more phony money. When that didn’t work any longer, the Federal Reserve began investing in the Stock Market to keep the illusion going.
We are in a hot air bubble that is far bigger and far more dangerous than the Hindenburg.
I find it ironic that the motto on our money is “In God We Trust” as a reminder that we can’t trust the currency we are using.
I went to Best Buy tonight to grab a compact flash card for a full spectrum camera.
Outside, were a bunch of grim, shivering people, bundled up against the cold and snow, some in lawn chairs, some sitting on the freezing pavement.
I asked the door guard WTF? and he said a new Nintendo was being put out at midnight.
The guy back in the computer department told me that the boxes were all pre-order only, only 3 or 4 had been released to that store, and, whether the pre-order buyers were even there or not, they were guaranteed their unit.
He also said Nintendo intentionally creates an artificial “shortage” by releasing very few units, at first.
So, effectively, the other dozen or so nerdsicles were wasting their time.
That reminds me of this.
Ridiculous geeks.
Are the “currency rules” legitimate?
That's all I need to know. A bitcoin is nothing. It's ones and zeros. It's not for nothing people worry it's a Ponzi scheme.
Talk Radio ads, every day, all day
In a SHTF scenario, ammunition will be the most valuable commodity.
Tulip bulbs?
I’m always amused by the gold hounds. As if they would be able to slap a bar of gold on the counter to buy milk and bread after a TEOTWAWKI event. In a post apocalypse society, all forms of money will be temporarily useless and we will have a barter society for a while.
If you do not have skills to barter with, such as carpentry, medicine, mechanical, etc., you are just an useless mouth to feed. It will be the skill sets that you bring to the table that will determine your worth to a post apocalypse society, not how much bitcoin, gold or dollars you had stashed away.
Ammunition, yes. I also plan to store whiskey, coffee, and medicines to barter with.
“TulipMania”:
http://www.economist.com/blogs/freeexchange/2013/10/economic-history
https://en.wikipedia.org/wiki/Tulip_mania
Meanwhile back in Cryptocurrency land, I should have sold my TrumpCoin holdings at 51 cents: https://coinmarketcap.com/currencies/trumpcoin/
Whole crypto market: https://coinmarketcap.com
Silly comment. You wouldn’t, but plenty of other people would. You’re not the only person in the market.
So, let me make sure I understand this correctly.
Now, absolutely nothing is worth more than an ounce of something (in this case gold).
I am confused.
Think of a BitCoin as something like a Federal Reserve Note, only better in that it has inflation protection built in.
Good time to sell. REALLY bad time to buy.
And what are they backed by? Faith?
HAHAHAHAHAHAHAHAHAHA!
A bitcoin is worth whatever people will pay for it. Same goes for a piece of gold. Same goes for your paycheck.
Bitcoins are fiat money that are not even backed by any country. They can fail and, well, it’s like owning stock in a company that failed.
i.e. fiat money is backed by something of substance. Bitcoins don’t even have that. They are a pyramid scheme.
A bitcoin is worth whatever people will pay for it. Same goes for a piece of gold. Same goes for your paycheck.
Bitcoins are fiat money that are not even backed by any country. They can fail and, well, it’s like owning stock in a company that failed.
i.e. fiat money is backed by something of substance. Bitcoins don’t even have that. They are a pyramid scheme.
Regular money would turn into Confederate money overnight as well.
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