Brendan, you've dodged and dived on this over the course of three years of discussion here. It's beside this specific point at hand as to whether you think gold is not like bitcoin.Bitcoin is not like gold
It is much closer to speculating in gold than betting on horses. Buying bitcoin has really very little in common with investing in gold. Gold has an intrinsic value - bitcoin has none Gold is difficult to value - it's hard to justify $1,300 per oz. But Bitcoin is easy to value - it's...www.askaboutmoney.com
Brendan - you set this thread out on the basis of 'digital gold' and a discussion in that context. That's what we're doing here. What you've just stated is your opinion - it's not fact.There is a whole thread which I linked to explaining why there is no comparison between gold and a bag of hot air.
Ok, so lets have a look at exactly that. You recommend the purchase of gold yet you scream bloody blue murder at the notion of someone buying bitcoin. Gold is at $1,878/oz. right now. Should I buy? If I wake up in the morning - and it's $3,000/oz., should I buy?I have recommended investment in gold. I don't understand how it's valued.
Sure I can - it's valued in the same way as gold....and if that's not to your liking, lets see if you scream blue bloody murder at gold bugs - I'll bet my last bitcoin you won't.You can't come up with any explanation of the why BTC is worth $100, $1,000 or $20,000.
And you say that will happen in 20 years, right?It's just more nonsense and it will take you some time and the crash in BTC to zero to appreciate that.
Indeed they would - as they would with some of the dialogue right here. People claiming that the cutting of bitcoin mining reward is not a reduction (!!). Meanwhile, gold has just become less scarce with the announcement of the worlds latest gold discovery (and the worlds largest gold mine).What you need to understand about gold is that it gets dug out of the ground in Africa…..then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
$2.5 billion worth of shovels and melters by all accounts.Guess they'll have to find more melters, a bigger hole, more shovels, more security guards.....
Tecare, please stop talking about bitcoin just because you studied it deeply and made money investing on it, and start learning from those who wouldn’t touch it with a barge pole and fake laugh with grinding teeth for missing the opportunity of the centuryLet me address that long diatribe very simply - tell everyone what the fair value of gold is?
And before there's any suggestion to the contrary, it's entirely relevant to this discussion.
Yer dead right , i mean that's what I thought I was doing, awaiting the enlightenment but life will always disappoint Gus. I mean, I'm told I'll call myself stupid when bitcoin fails even though Ive said I'm counting on that as a potential outcome.please stop talking about bitcoin . . . and start learning from those who wouldn’t touch it with a barge pole
You recommend the purchase of gold yet you scream bloody blue murder at the notion of someone buying bitcoin.
didn’t you also recommend investment in real estate up until 2008? Am i wrong?
An amusing clip. I presume you are the little white girl. Let me suggest a sequel. A glass of juice is put in front of you. Then Max adds 2 teaspoonfuls of juice and asks you is there now more or less. You say more. Then Gus adds 1 more teaspoonful and asks the same question. You now say less. Wolfie asks why you gave that answer. You say because 1 teaspoonful is less than 2. Do you see what I’m getting at? Or is that just another diatribe?I had this on in the background today whilst working away.
Still, it could be woImagine the poor creatur who isn't open to all the possibilities.
Gus is totally out of order here. Not just because he is wrong. He abuses his anonymity to attack your real life persona. If you have made comments in these fora they are fair game. Things said in your real life should be out of bounds. An offence compounded by his erroneously speculating as to what he thought you said.Irrelevant, but completely wrong.
Brendan
Straight question Max. Is the supply of bitcoin increasing or decreasing after the halving?Indeed. Red flowers are red and all that. This open esprit - or lack thereof - also reminds me of Charlie Duell from the US Patent Office. Back in the day, he figured that the patent office would soon shrink in size, and eventually close, because "everything that can be invented has been invented".
Go figure.
Pity that the Duke of Marmalade seems to be engaging in personalised attacks on those with open minds. I think that the expression of different opinions should generally be welcomed and embraced.
Straight question Max.
That was a typo in my post. I have never recommended investment in gold.
I discovered the hard way that I know very little about commodities: I incurred significant losses on Tullow Oil and Barrick Gold (a Canadian mining company), believing about two years ago – wrongly as it transpired – that oil and gold had hit rock bottom. I cut my losses on both stocks in 2015. I have resolved to stick to stock-picking in future and not try to predict macro trends, whether in commodities, currencies, or in the overall level of the market..
Let us know how your calculation was arrived at - in that instance.
Just the sort of answer at which @tecate excels. No wonder s/he was quick off the blocks with the slap on the back. S/he also probably buys into your faux indignation at what you term personalised attacks.More than happy to answer but as the stoic Savoyard, Michel Barnier, has emphasised many a time - step by step.
There are outstanding questions on your side of the court. When Brendan and yourself answer these, I'll be delighted to reply.
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