I’ve got doubts about these for the same reason as crypto, which is the ability to pay with it.
Whereas they once constituted a widely accepted medium of exchange, by now the world has moved on from that. The idea of clipping & weighing blocks of metal in exchange for goods & services seems wildly outlandish at this point.
Would also see lots of counterfeiting.
Trouble is, that has been true for 8 years. People back in 2012 & 2013 didn’t want to play the game for the same reason.
What reliable indicators show that now is the time to expect a collapse that were not showing it before?
The risk of sitting on a ton of cash is that your savings will lose purchasing power rapidly as the stock market continues its (nominal) climb & US dollars continue or accelerate their erosion of buying power.
Yeah, the boomers of the CH forum community have reliably convinced me of a classic maxim: old dogs will not learn new tricks.
Here we are, at a time where stocks, bonds, & real estate are the most overvalued they have ever been and cash is in extreme danger of rapid inflation. And yet you folks will not even consider putting a small amount of money into a cryptographic innovation that is inherently deflationary & decentralized (both traits being totally antithetical to the root causes of Big Finance’s corruption).
You all declared it dead in the water three years ago, and now it is worth 90% more than its previous peak, and has multiplied by 11 from its interim low. 11 years ago it was worth a fraction of a penny…today $37.9K.
I’m not even going to try to persuade you. Suffice to say, I am impressed at your stubbornness & closedmindedness.
I don’t invest in things I don’t understand, Crypto is at the top of that list.
Obviously no stock is ‘safe’ but I’d be looking for value stocks if I were adding to my positions. And if you can find a value stock that pays a nice dividend that’s even better, I might take a hard look at ATT when I get time.
A good strategy. You should understand how something makes money before investing in it. MoviePass comes to mind.
LOL that completely misses my point. Nonsequitur.
Refusing to research or investigate it nets you the same result as knowing about it & not investing.
Again, this is not about attacking you personally. You are just representing the boomer skeptics’ characteristic willing ignorance & avoidance of things they do not understand.
I’ve talked to people who invest in crypto, no one I’ve talked to can explain it in a way that makes logical sense to me. It’s an issue where I don’t know, what I don’t know. I don’t understand it enough to know what questions to ask. I hope you do well with it. It’s just not for me.
I recently read an article stating that an estimated 20% of bitcoins is considered abandoned because the owners lost or forgot their passwords.
I’m pretty careful with my passwords, but any investment that can be permanently lost based on a lost password seems a bit sketchy to me.
I think bitcoin wallet passwords are 64 characters in length. The FBI claims that they have been able to trace bitcoin transfers, but I don’t know how.
I have 50-60 user id, password combinations. I’ve had to write them down because some are for places I don’t log in very often. I keep the list on a flash drive in our safety deposit box and the one paper copy is in in a mislabeled folder in the file cabinet. If I lose that paper, I’m toast until I can get to the bank.
This is one article about it:
Normally you trace the address ID. PEople leave enough hints to eventually track it to a person.
Could be. There are 2 ways to store your virtual wallet. The cold storage method is stored on a hard drive or memory stick. If you lose your hard drive or it becomes corrupted then you are SOL.
I have researched it a lot recently. Nothing that I am throwing my money in anytime soon. There are many things that are going to stop the Bitcoin market. Every single government wants to squash it. When the government loses control of the money, they lose their power over the people. All elected officials want to tax this action. As soon as the figure out the formula to catch people, they will start locking them up for tax evasion. When this happens the value will basically go to zero. I was in college during the Napster days. It was awesome until the OSBI (Oklahoma State Bureau of Investigation) shows up to your door in the dorm and seize your computer. This happened to one of my friends. That was chilling and pretty much stopped the pirate music pretty quickly. He ended up getting a slap on the wrist but it was enough to stop the downloads.
On your 2020 tax return there is a new question if you own, transfer, sold, ect any virtual currency. I suspect this is to set a trap. Currently you are suppose to track your basis in each purchase and sale of your currency much like you do in stocks and all gains are taxed at ordinary income.
Don’t have to. The can be bought in rolls of small amounts. But the main idea is to liquidate them for fiat money when needed.
As I have told you before, the dividend is artificially high on AT%T because the stock has plummeted. Why has it plummeted? The company bungles acquisitions it pays a lot of money for. The latest was Time Warner. Stocks have high dividends for a reason. A while back I lost everything In SeaDrill, which has a very high dividend. But you are a person who thinks you know everything, so go right ahead and buy that T.
That’s a very fair point. I have had the good fortune of being in the company of people who could articulate this stuff well, and I realize that not all of us have had that experience.
I would never ask anyone to simply take my word for it. But I do hope that when the opportunity does present itself, people will treat it with the curiosity it deserves, rather than dismiss it offhand.
Meh. I can’t feature that. If we enter a collapsed fiat scenario, resembling Interwar Germany, then the entire economy will be in such shambles that the idea of liquidating will be equally outlandish as clipping & weighing. Thinking of the wheelbarrows full of cash at the grocery store.
Just my $0.02. I’m not knocking metals…I just can’t agree they have superior utility. I see them as roughly equal to crypto at this point, in that they have much potential but lack widespread acceptance.
I don’t envision hyperinflation. I envision easily 10% a year, possibly as high as 20% at these deficit levels. We have probably already seen that in real estate, as people rush to hedge for inflation.
The dollar will not just collapse. So one month you may receive $75 for your pennyweight of gold, then 6 months later you might get $85.
But if all your money is electronic, they got you trapped, and you will lose cash buying power at the rate of inflation. There is a reason politicians want a cashless society. But the main reason I deal in cash is anonymity. It is none of the government’s business how I spend my money.
That’s what Big Finance thinks as well. They want transactions to be reversible. Ostensibly this is to guard against “money laundering” & “terrorism” & “drug dealing” etc…but these initiatives are politically abused over time, and mission creep occurs.
One of Bitcoin’s fundamental traits is to be completely resistant to hegemonic manipulation for just these reasons. It would be nice to allow reversible transactions, lost passwords, etc, but once you open that door, you are also allowing for the aforementioned sort of abuses.
Other crypto coins will certainly have provisions addressing this, but it comes at a trade-off.