milquetoast1 Posted February 26, 2014 Share Posted February 26, 2014 I have gold and silver bullion, at least I can touch and feel my investment rather than worry about any digital currency disappearing or worth zero. And you can touch notes and coins too, but value is still what we attribute to it. What happens to your gold bullion if China suddenly decide to admit to having 100,000 tonnes of reserves, or if scientists invent a nuclear fusion solution to our energy supply that turns lead into gold? Just watch my lead bullion rocket in value! Link to comment Share on other sites More sharing options...
Ghozer Posted February 26, 2014 Share Posted February 26, 2014 Well at least you arent that fella who lost over £4m worth of bit coins when he dumped his hdd with them on. Oh and what SH said about their value applies to every currency, so what cyclone said. That's sort of what's happened... the wallet is stored locally (me not knowing this, as you log into their server(s) when mining) thought it would be ok.... so, I mined away, requested to send 390 coins to my wallet (storred locally) but it never made it - and never cashed out, the screen shot I have is the 50btc "Payouts" screen saying "390 - Pending" and that was the last... Link to comment Share on other sites More sharing options...
999tigger Posted February 26, 2014 Share Posted February 26, 2014 Sorry to hear it happened anyway. I dont think anyone ever expected them to become so popular. Link to comment Share on other sites More sharing options...
Phanerothyme Posted February 26, 2014 Share Posted February 26, 2014 I have gold and silver bullion, at least I can touch and feel my investment rather than worry about any digital currency disappearing or worth zero. How do you transfer it to other people, or do you just sit there and fondle it? Link to comment Share on other sites More sharing options...
Vague_Boy Posted February 27, 2014 Share Posted February 27, 2014 They're only valuable because people think they're worth something Cash since the abolition of the gold standard works in exactly the same way. fiat money noun noun: fiat money 1. inconvertible paper money made legal tender by a government decree. Link to comment Share on other sites More sharing options...
DeathAxe Posted February 27, 2014 Share Posted February 27, 2014 They're only valuable because people think they're worth something, it seems people are starting to believe they're worthless so guess the rest. Just like the British pound then. Link to comment Share on other sites More sharing options...
Cyclone Posted February 27, 2014 Share Posted February 27, 2014 And the dollar and the yen. Like all fiat currency, as I already said. Link to comment Share on other sites More sharing options...
Mozilla Posted February 28, 2014 Share Posted February 28, 2014 Well at least you arent that fella who lost over £4m worth of bit coins when he dumped his hdd with them on. Oh and what SH said about their value applies to every currency, so what cyclone said. He dumped his hdd because it had no value. He only lost what he paid for... Its easy in hindsight. If he knew it had value at what point would you sell...started at £1 doubled to £2....then £32...back to £1....zero Its value was mainly driven by criminals (drugs ) and now the media. Its a Ponzi scheme ---------- Post added 28-02-2014 at 21:15 ---------- And you can touch notes and coins too, but value is still what we attribute to it. What happens to your gold bullion if China suddenly decide to admit to having 100,000 tonnes of reserves, or if scientists invent a nuclear fusion solution to our energy supply that turns lead into gold? Just watch my lead bullion rocket in value! Like oil there is no shortage of gold. Again like both 90% is paper. China dumped paper gold at $19 - middle of the night If you think the world going to end then gold wont be much value....also you cant eat it ps I wish i kept that penny black doh! Link to comment Share on other sites More sharing options...
geared Posted February 28, 2014 Share Posted February 28, 2014 Unless my understanding of a Ponzi Scheme is incorrect then BitCoins aren't a ponzi scheme. Link to comment Share on other sites More sharing options...
Waldo Posted February 28, 2014 Share Posted February 28, 2014 I would have thought, gold is more substantial than regular money. There is a finite limited amount of the stuff; whereas money is an abstract made-up thing. As such, it's subject to all kinds of esoteric manipulations. Which, is great if you're the one in the know and doing the manipulating in your own favour; but for the regular guy, this a real weakness to money (i.e. you're not in the know, while the people who are, they're pulling the strings and screwing your left right and centre, usually in ways too obscure for regular Joe to be aware of). Link to comment Share on other sites More sharing options...
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