Bitcoins

dryhat

What is gold backed by anyway?

I know why it is highly valued and why it is good as money, but what is backing it?

dryhat

grey_gym_sock wrote: »

i suspect you're upset that bitcoin has been going up ....

This is the reason behind many people's antagonism towards Bitcoin.

They couldn't and still refuse to see past the "funny internet money" idea.

DiggerUK

BoracicLint wrote: »

......How would you even measure golds worth....how many coffee plantations can I get for my ounces.......

I am speaking out against the nonsense that your hard earned cash should be invested in bitcons. And using all means possible to justify my opinion.
I'll be a little Socratic, and put this to you....if after a serious financial black swan you went to my Ghanaian coffee farmer and offered 'new' $US, gold, or Bitcons.....which would be laughed off the table straight away.

Bitcon propaganda is touting the currency as an untainted means of exchange with worldwide potential, and fantastic return potential. That's bunkum.
..._

DiggerUK

dryhat wrote: »

What is gold backed by anyway?I know why it is highly valued and why it is good as money, but what is backing it?

Nothing, absolutely nothing.
It can't be created or destroyed, it's a lump of elemental metal.
..._

BoracicLint

DiggerUK wrote: »

How would you value it......the high price of bitcons is measured in the major reserve currencies, and the new kids on the block.
But bitcons are not backed by any assets other than it's fiat value.
The $US is at least backed by value in the land and infrastructure of the USA at the end of the day. Bitcon has never had this type of value, it's only comparable value is as a fashion item....all the rage today.

I don't care how many exchanges are opened in China, Chile, or Antarctica.......it is insignificant in the scale of things. Fools and their money went with Icelandic savings a/c's....seem they have all gone to bitcon now.
..._

To think the $US is backed by anything more than a promise of a bunch of greedy profiteers in wall street is ludicrous. How can you say USD is backed by value in land and infrastructure? Its currently being printed at a rate of £85 Billion every month by the federal reserve...it comes out of thin air! More and more people are waking up to the long term affects this hyperinflation will have (both in the UK and US I might add) and this is another in the long list of valid reasons why it is a good idea to put a little (note I said 'little') money into Bitcoins.

grey_gym_sock

DiggerUK wrote: »

I am speaking out against the nonsense that your hard earned cash should be invested in bitcons.

... after previously encouraging ppl to put their hard-earned cash in gold.

which is completely hypocritical.

it is reckless for anybody to put a significant sum of money (for them) into bitcoin, into gold, or into any other single commodity.

DiggerUK

grey_gym_sock wrote: »

......I suspect you're upset that bitcoin has been going up while gold has been going down......

I at least comprehend why gold has tanked; what is beyond me, is why such an obvious farce as bitcon should grab hold of some peoples support.
It smacks of desperate people in search of the new Icelandic savings a/c.
..._

dryhat

DiggerUK wrote: »

I at least comprehend why gold has tanked; what is beyond me, is why such an obvious farce as bitcon should grab hold of some peoples support.
It smacks of desperate people in search of the new Icelandic savings a/c.
..._

I don't know how much gold you have or when you bought it so I can't put a £ figure on it...

... but if you had sold just 3 ounces at the peak price in 2011 and bought bitcoins, you would be a multi-millionaire now.

Not bad for funny internet money.

DiggerUK

BoracicLint wrote: »

........ How can you say USD is backed by value in land and infrastructure? Its currently being printed at a rate of £85 Billion every month.......

Because it is, and no matter how far they debase the currency, even to the point of needing to reissue a new one, they will still have that land, infrastructure and other assets behind it.

Bitcon has nothing behind it but trust. Fiat has a lot more than just trust, as flawed a coin as it is, it has a nation state behind it.

Don't waste your money with bitcon, spend it on a holiday to Iceland instead.
... _

dryhat

Watch the world's currencies flow into Bitcoin in real time...

http://fiatleak.com/