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Reason to aviod cryptocurrency

This is a discussion on Reason to aviod cryptocurrency within the Economic, Precious Metals, Investing, Finance forums, part of the General Discussion category; Originally Posted by StratMaster Smitty, gold is the single most traded commodity on the planet. Check out the monster global exchanges daily. ALL of the ...

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Thread: Reason to aviod cryptocurrency

  1. #41
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    Quote Originally Posted by StratMaster View Post
    Smitty, gold is the single most traded commodity on the planet. Check out the monster global exchanges daily. ALL of the big boys know gold and silver are money. There are no gold backed currencies like we had when we were both younger, but every nation (except the USA) is stockpiling gold. China and India have been purchasing metric tons every year. This stockpiling can only mean one thing: anticipation of a gold backed currency in the future. The has been MUCH chatter about a gold backed Yuan which would instantly become the world's reserve currency... and obliterate our worthless, printed debt based dollars. Ditto a gold backed Dinar... going all the way back to the demise of Gaddafi.

    https://www.globalresearch.ca/hillar...rrency/5594742

    Everyone is in business UNTIL there is a catastrophic change. Buying and selling of ALL commodities: gold, silver, pork bellies, OJ, oil, futures... it all goes on until it crashes. While gold dealers DO have their own PERSONAL stockpile of gold and silver, much of what they are exchanging is INVENTORY. A Car dealership , for example, does not OWN every car on the lot outright: they are collateralized assets, some by the dealerships worth, some by loans based on a track record of sales. Gold is no different. It's a commodity these guys TRADE in, but do not own their entire stock/inventory outright. They pay bills, they maintain a businesses, they pay employee salaries... in federal reserve notes, not gold. To run the gold business, like any other, you have to produce a cash flow.
    Please understand: buying gold will NOT make anyone rich. If one oz. of gold today ($1260) buys one widget... then when gold goes to $50,000 per ounce it will STILL only buy one widget. The gold's value only went sky high in relation to the hyper-inflating dollars... and a widget in a hyper inflated monetary system would be priced at $50,000. Purchasing power remains the same. Nobody got rich. But nobody holding gold lost everything to digital ones and zeroes in a bank computer, or in a pile of worthless paper.
    I bought much of my gold at $200 oz. I didn't get excited when it went nearly to $1900, and I don't frown when it goes down in price. Its a hedge, not an investment... an insurance policy only. I could bore you with a lengthy opinion on why I think SILVER will be a great investment, but that's just OPINION based on my own years of being heavily involved in it. Regardless, its still a hedge. No way for me to lose, even if things chug along just fine and we never have an economic SHTF. Gold and silver have been money since civilization started, and will continue to be so. As the most highly traded commodity on the planet, there's no time when you can't sell if you wish.

    AND its not for everyone. Unless you have hundreds of thousands of excess dollars AFTER fully prepping in every other imaginable manner, then it's a moot argument anyway. I found myself with far too many federal reserve notes than I am comfortable holding... too many of my hard earned eggs in ONE suspect basket. It's not for people without fairly large assets, or who live paycheck to paycheck. It's to insure accumulated wealth.
    I get it been around awhile. Saw the last time people lost everything in gold and then silver. It is still a marketing scam. Buy gold if a person wants just don't buy the false market they create. Buying gold make the people selling it filthy rich. If people fall for is so be it. That is how the market works.
    New life as a house husband, major shift in duties.

    Karl Marx said, "Destroy their culture, rewrite their history. Ruin their art and literature, and defame their heroes, by offering fabrications to scandalize that which they considered good.
    After reading this Obama said I am on it.

  2. #42
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    Quote Originally Posted by Smitty901 View Post
    I get it been around awhile. Saw the last time people lost everything in gold and then silver. It is still a marketing scam. Buy gold if a person wants just don't buy the false market they create. Buying gold make the people selling it filthy rich. If people fall for is so be it. That is how the market works.
    Well, I think we've already been over that, and are going in circles. It's likely a moot point anyway. 99.9% of people are not in a position where it could be useful to them. But there are hucksters in EVERY area of commerce... gold, silver, contracts, banking, stocks, real estate, pork bellies, corn futures, anything you could name. Because someone somewhere made it into a scam, doesn't mean the commodity itself is therefore useless. But I think you've jumped to an association of which I will prove powerless to correct, and there's really no incentive for me to do so.
    "It Can't be fixed".
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  3. #43
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    Quote Originally Posted by StratMaster View Post
    Well, I think we've already been over that, and are going in circles. It's likely a moot point anyway. 99.9% of people are not in a position where it could be useful to them. But there are hucksters in EVERY area of commerce... gold, silver, contracts, banking, stocks, real estate, pork bellies, corn futures, anything you could name. Because someone somewhere made it into a scam, doesn't mean the commodity itself is therefore useless. But I think you've jumped to an association of which I will prove powerless to correct, and there's really no incentive for me to do so.
    There is nothing to correct. Some very wealth people have gold or paper representing gold. They want to make you a deal and sell it to you. In return they will take your soon to be worthless cash. They are doing this out of the kindness of their heart.
    Gold has value likely will until a government takes it . The last big gold rush investment scam cost a lot of people every thing . I was not one of them. This one will do the same. People need to hear the other side. Buyer beware, in all things.
    New life as a house husband, major shift in duties.

    Karl Marx said, "Destroy their culture, rewrite their history. Ruin their art and literature, and defame their heroes, by offering fabrications to scandalize that which they considered good.
    After reading this Obama said I am on it.

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  5. #44
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    Quote Originally Posted by Smitty901 View Post
    There is nothing to correct. Some very wealth people have gold or paper representing gold. They want to make you a deal and sell it to you. In return they will take your soon to be worthless cash. They are doing this out of the kindness of their heart.
    Gold has value likely will until a government takes it . The last big gold rush investment scam cost a lot of people every thing . I was not one of them. This one will do the same. People need to hear the other side. Buyer beware, in all things.
    You're certainly welcome to your opinion. And again, this is now a second rehash of what was already explained: that just because there are gold BARKERS and hucksters out there, doesn't mean gold and silver are a scam. You've made an unjustified association, of which I already said NO ONE will ever be able to disavow you of. Now you seem to need to say it again. You have.
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  6. #45
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    Quote Originally Posted by rice paddy daddy View Post
    But the US dollar in my pocket can be spent anywhere in the US.
    To buy gasoline, guns, ammo, illegal drugs, prostitutes, Subway sandwiches, just about anything. Try that with bitcoin. "Hey, man, I'll give you this here bitcoin for a pound of weed." Yeah, right!

    The US dollar is backed by the government. Bitcoin is only "worth" something if someone says it is.
    How much for a lb?

    I mean 10 oz, that are legal in a certain state of mind
    Last edited by AquaHull; 02-07-2019 at 06:59 PM.
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  7. #46
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  8. #47
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    If you want it buy it. I have bought silver when the price was low and I was happy with the amounts of brass, lead, and beans I had on hand. I also sold some when it was around $30 an ounce, bought more when it came back down. I don't think I have ever lost any money on it, and it gives me some piece of mind. I don't buy it from any of the places advertising on TV, usually APMEX, or JM Bullion, depending on who has the best deal at the time. No one can predict what the circumstances will be if TSHTF, so I diversify to try to cover the most possibilities that I can. Worst case I could always cast bullets with it like the Lone Ranger.
    StratMaster and A Watchman like this.
    "A man convinced against his will, is of the same opinion still."- The wise words of Benjamin Franklin.

  9. #48
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    Crypto currency has always seemed like a scam to me. I wouldn't touch it with a 10 foot pole.
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  10. #49
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    Quote Originally Posted by NotTooProudToHide View Post
    Crypto currency has always seemed like a scam to me. I wouldn't touch it with a 10 foot pole.
    Bought this vinyl when it first came out, ya I'm an old effer
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  11. #50
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    She woodn't do it butt her sister will
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