Not trying to turn this thread into a "crypto" thread, BUT... I do have my limited wealth distributed into several asset classes. PM's, of course, but my crypto of choice is XRP, because it is ISO 20022 compliant, and still affordable.Such a good thread so I'll try to revive it for more...
I'm constantly trying to come up with better/different ways to describe what Bitcoin is...here's the latest:
Bitcoin is not an investment, or even money. It’s a global property system with a radical form of individual ownership built on top of global consensus and the most secure computer network on earth. It ensures that no person, no entity, no state can steal it from you.
I find that extremely valuable.
And for the record, I own not nearly enough gold as I wish I did and more silver than I wish I did. I hold them all.
That's a common misunderstanding about Bitcoin - that you cannot custody your own. You certainly can and should.
A simple search using "how much bitcoin has been stolen and how" brings up several results. Such as:Such a good thread so I'll try to revive it for more...
I'm constantly trying to come up with better/different ways to describe what Bitcoin is...here's the latest:
Bitcoin is not an investment, or even money. It’s a global property system with a radical form of individual ownership built on top of global consensus and the most secure computer network on earth. It ensures that no person, no entity, no state can steal it from you.
I find that extremely valuable.
And for the record, I own not nearly enough gold as I wish I did and more silver than I wish I did. I hold them all.
That's a common misunderstanding about Bitcoin - that you cannot custody your own. You certainly can and should.
That is because they kept it on an exchange. No different than if you have bank or investment account and someone gets a hold of your credentials. They can make that money go pooof! as well.A simple search using "how much bitcoin has been stolen and how" brings up several results. Such as:
"The hack involved about 2,000 unauthorized transfers of bitcoin—then worth about $71 million—to an outside account. Over the years, the value of the stolen cryptocurrency ballooned, reaching $4.5 billion at the time the two defendants were arrested in February"
I know all that. But you still have to go to an exchange, most anyway, unless you are big enough to do direct trades. But it is stolen. And it can be confiscated. And in most cases unless a trade the payoff still needs to go through a bank.That is because they kept it on an exchange. No different than if you have bank or investment account and someone gets a hold of your credentials. They can make that money go pooof! as well.
But if you have a "cold wallet", it is essentially a safe. You transfer you cryptos to that, and pretty much unless someone gains physical control of it, it cannot be stolen. Just like PMs, money, etc. If you don't physically hold it, do you REALLY own it?
Here is one example (and there are many):
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trezor.io
It got up to $2160.40. Let's see if it survives the usual Sunday night short. But as others have said, when the time comes the Big Boys are going to go long in a big way, wipe out remaining shorts, and let it run. To the moon Alice, to the Moon.$2158
NP. I understand all that. BTW, by confiscation I meant by the FED or State authorities for whatever reason. Same way they just take your cash on the HW if they find you carrying a good chunk of it around with you.You buy it on an exchange and transfer it off as soon as possible. If off the exchange it Cannot be confiscated, at least not for Bitcoin. That is the whole point of Bitcoin. And I can go to about 20 Bitcoin ATMs and buy it right there and put in on hot wallet (basically an App on a phone). And in about an hour do anything I want to with it (like transfer it to my cold wallet as explained above. No big corporate exchange involved. Granted there is a significantly higher fee for doing so (anywhere from 8-20%), but major Gas/Convenience stores and even Costcos have those ATMs here in Central MD.
It's also possible for you to get carjacked on your way to the grocery store and get your wallet/phone/car stolen. Anything is possible. I can buy cryptos anonymously, just like walking into coin store and buying PMs, nobody has to know I have a thing.
edited to add- I'm not trying to over explain for you Johnny. If you get it, Awesome! I'm doing it because there might be some people who read this who don't understand all of it.
That is because they kept it on an exchange. No different than if you have bank or investment account and someone gets a hold of your credentials. They can make that money go pooof! as well.
But if you have a "cold wallet", it is essentially a safe. You transfer you cryptos to that, and pretty much unless someone gains physical control of it, it cannot be stolen. Just like PMs, money, etc. If you don't physically hold it, do you REALLY own it?
Here is one example (and there are many):
Loading…
trezor.io
We’re now at 2160$ again!It got up to $2160.40. Let's see if it survives the usual Sunday night short. But as others have said, when the time comes the Big Boys are going to go long in a big way, wipe out remaining shorts, and let it run. To the moon Alice, to the Moon.
Bet it hits 2200.00 tomorrowWe’re now at 2160$ again!
That would be crazy.Bet it hits 2200.00 tomorrow
Too Late!!!!People need to stop getting so excited and feeding into the frenzy. These types of movements have been predicted for years ... decades even. Calmly initiate any of your plans and then be careful you don't jump the gun.
Soon, it won't matter how much it cost.Settling down a bit now. This afternoon should be interesting.
Soon, it won't matter how much it cost.
Only how much you have.
Yep gold just hit 2200Bet you a fiat dollar it doesn't!
Such a good thread so I'll try to revive it for more...
I'm constantly trying to come up with better/different ways to describe what Bitcoin is...here's the latest:
Bitcoin is not an investment, or even money. It’s a global property system with a radical form of individual ownership built on top of global consensus and the most secure computer network on earth. It ensures that no person, no entity, no state can steal it from you.
I find that extremely valuable.
And for the record, I own not nearly enough gold as I wish I did and more silver than I wish I did. I hold them all.
That's a common misunderstanding about Bitcoin - that you cannot custody your own. You certainly can and should.
Great bit of logic as long as you ignore that speculators are making bank on bitcoin right now, and it won't stop until the real fiat crash comes; at that point you won't be able to sell it. Maybe after whatever 'new' system comes in. Maybe but it will probably be banned by then."Bitcoin is not an investment, or even money"
So, what you're really trying to avoid saying, is that Bitcoin is the individual ownership of nothing?
And, that you put extreme value on finding that nobody can steal that nothing from you?
Without Bitcoin, I too have nothing, that nobody can steal. My way is easier, as it avoids the delusional step.
Andy Sheckman says people are not calling up to sell their gold even though many have waited since 2011 to get close to what they bought it for.On a daily chart, it is looking a lot like a "blow-off" top.
Probably time for some profit taking.
That is, if things are "normal"
Maybe they're not, anymore.
$2191 on kitco 40 seconds agoI'm not seeing $2200 anywhere. Maybe people are seeing the futures price. Spot now at around $2180.00