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.
There’s not enough gold to replace the money anyway. In the end ALL money (even gold) get their value from people’s willingness to trade it for goods and services. Right now bitcoin isn’t money, it’s an investment commodity, because people are mostly just trading it for money. It might become money, but probably not. Between how little of it there is, the amount of effort it takes to actually trade them, and the trading price (really how the heck am I supposed to buy groceries with a non-fractional currency “worth” $1200 buck) it’s just not usable. But hey, most of our stock, commodity and bond markets now are ruled by the bigger fool philosophy (being sure that somebody out there will pay more for this than you’re paying) and actual value is basically meaningless, so good for bitcoin.
“So what’s the moral of your story?”
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.
The moral of the story is that we are in an illusion that our presumed wealth will give us power to survive into the future, when in reality it is an illusion and our real power is only found when we crash and burn and enter the dark-night-of-the-soul as a result of the illusion balloon being popped.
Our true strength only comes through our weakness.
Well of course it is.
“Our true strength only comes through our weakness.”
Obviously that makes no sense.
I could go along with the idea that our true strength is revealed at our darkest hour or at the time of greatest challenge.
Even so, how does knowing that help us in everyday life? How do you apply that in today’s financial situation that you are so worried about? In other words how are you personally coping with your doom and gloom view of the world?
So yes you could potentially buy something for 0.0203 bit coins, but how confusing would that be?
In some dystopian future where a bit coin is worth $1,045,634 are you being ripped off if your burger costs 0.0000405 bitcoins rather than the 0.0000404 you're "used to" paying?
Apparently they are fraction, down to like 100 million parts. But yeah, that’s gonna be even weirder.
Six words:
That is only two words.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
There are only three kinds of people in the world.
Those who can count and those who can’t count.
(We appear to be among the latter).
Glad to be part of that club. If only there were some way of finding out how big a club it is, but such things are beyond me ...
"Obviously that makes no sense."
It is only when you are totally empty and weak that you have room for God... It's exactly how Jesus taught us in His Sermon on the Mount.
But it doesn’t seem to be working with all the homeless, desperate addicts and the downtrodden.
Even death itself is but a learning experience for the soul. The physical possessions or even the body itself really does not matter in the grande scheme of things as they are very temporary. But the things of the soul are permanent.
That does not mean that physical life is not precious. It is precious as the forum or stage that facilitates the souls growth.
That is the purpose of life here on earth. We are souls, placed here as seeds to grow. Love is the glue that holds the soul together and facilitates growth.
Matthew 13:36 Then Jesus left the crowd and went into the house. His disciples came to him and said, “Explain to us the parable of the weeds in the field.”
37 He answered, “The one who sowed the good seed is the Son of Man. 38 The field is the world, and the good seed stands for the people of the kingdom.
Love is far more important than all of the physical possessions combined. For only Love will take us to Heaven. Fear, anger and greed shackle the soul.
I am a Christian and have accepted Jesus as my Savior. But I have also died and gone to Heaven in this lifetime and returned to my physical body. Having experienced Heaven and having already met Jesus, there is no longer a sting of death for myself, but a welcome open door to a far better existence than here on earth.
Yes, there is evil here on earth, but God is in charge and His Divine plan is unfolding. In the end, all will be better than just ok, it will be fabulous; no matter the bumps in the road for the interim. I've seen it and experienced it already and await my joyous return.
It will be exactly as the Bible describes it. :
Now when Jesus saw the crowds, he went up on a mountainside and sat down. His disciples came to him, and he began to teach them.
He said:
3 “Blessed are the poor in spirit, for theirs is the kingdom of heaven.
4 Blessed are those who mourn, for they will be comforted.
5 Blessed are the meek, for they will inherit the earth.
6 Blessed are those who hunger and thirst for righteousness, for they will be filled.
7 Blessed are the merciful, for they will be shown mercy.
8 Blessed are the pure in heart, for they will see God.
9 Blessed are the peacemakers, for they will be called children of God.
10 Blessed are those who are persecuted because of righteousness, for theirs is the kingdom of heaven.
11 “Blessed are you when people insult you, persecute you and falsely say all kinds of evil against you because of me.
12 Rejoice and be glad, because great is your reward in heaven, for in the same way they persecuted the prophets who were before you.
In the grande scheme of things, all the gold and silver, or even the Bitcoins are worthless.
I’d wager 1 in 50 wouldn’t either.
So? Actually that would be huge. That’s a market of 6 million people just here in the US and 140 million worldwide. I doubt there are THAT many people interested in bitcoins. There probably aren’t that many that own Apple stocks.
The point is that if you own bitcoins you could sell them right now in seconds for $1270 each.
You’re letting your prejudices cloud your view of reality. That’s never a good move.
So how do you store these bitcoins, and how do you spend them? Can I use bitcoins to buy a 6-pack at the local quicky-mart?
One if you aim properly.
Not exactly. I’m not denigrating all the peeps into bitcoin. I know little about it but enough to understand the mining operations with fast computers and massive electric power usage. Someone thinks it’s worth the investment. Great.
What I’m saying is if I have an Oz of gold I know I can keep it, sell it, trade it for something else. I know the hour to hour value. If I traded for bitcoin, I don’t sense that liquidity or fungibility. Perhaps it exists, but I don’t sense it.
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