:1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh

You are assuming everyone in the world is buying gold out of fear due to guys like Schiff and Beck. And as usual, you are wrong. But I'll let all the central banks and nations know they are wasting their time with this useless metal. I'm sure they will be grateful. A pornographer saves the day once again.

Jewelry? :1orglaugh:1orglaugh:1orglaugh

Is that what you think is happening in Asia? As I said before, your comments prove you've never been anywhere. A total fraud as I expected. Jewelry. Best laugh I've had all day, thanks.

I will, thank you. Right after you start another VDbucks backfire thread where you cry about your missing fake Filipino "friend" that you care so much about.

Yes but you're missing my point entirely - it's about buying gold as compared to other investment products. If you invested your wad a few months ago in gold - you would have lost 25 percent of your wealth. There is nothing propping up gold except lack of confidence in the stocks, bonds, and commodities markets. (Fear)

Do I predict gold will drop to 300 bucks anytime soon? No. Could it? Yes

Gold has nothing backing it - the discussion here is about intrinsic value - and gold has almost none...if we had an amazing economy for the next 10 years - gold would continue to drop drastically..probably below 500 an ounce.

So when you have something that is ONLY based on the economy tanking - then you get assholes like Shiff and Glenn Beck who will do and say anything to tank the economy to make a profit.

As an optimist I don't like gold for those reasons.

Whats hilarious about Shiff's comparing Bitcoin to Tulip mania is that this gold bubble is almost the same thing: For proof just look at a 30 year graph

from the 80's till about 2005 gold hovered around $400 an ounce - thats where it should be. This bubble (thats now popping) is exactly the same phenomenon as the Tulip.

He says your fiat money is infinite and worthless and the only use for dollars is paying taxes. Reminds me of this guy:





Who would buy bitcoins now to hold forever? The volatility is the whole point of trading them.

http://www.usagold.com/reference/prices/2002.html

You really want to believe a guy who says BUY GOLD! hahaha yea right for $1300 an ounce...11 years ago it was $270 and could go right back there

great vid but bitcoin does have value its anonymous currency.

Yet nations and banks own the bulk of it, and continue to buy it at any price.

Gold has value because the world decided a long time ago that it has value. They could have decided grey rocks had value, but they didn't. So that is what backs gold, the belief of the entire world that it has value. So long as that belief exists, gold lives. That's all there is to it.

If you have an amazing economy for the next 10 years, gold still lives. If you all end up in a soup line, gold still lives. The price goes up and down, but it will still have value no matter what the price is. Gold (or other precious metals) will never go to $0 because it has value. It doesn't matter who is selling it, or where it is being sold, it always has been and always will be exactly what it is, gold. And just about everyone in the planet agrees that it is worth something. Saying "gold has nothing backing it" is ridiculous. It is backed by the citizens and governments of planet Earth.

Yes this is a good point. The definition of the word "Intrinsic" is very fluid and like many other words in the English language it must necessarily adapt to changing conditions - as in the invention and worldwide (nearly) adoption of the World Wide Web.

The concept of intrinsic value has been characterized above in terms of the value that something has “in itself,” or “for its own sake,” or “as such,” or “in its own right.” The custom has been not to distinguish between the meanings of these terms, but we will see that there is reason to think that there may in fact be more than one concept at issue here. For the moment, though, let us ignore this complication and focus on what it means to say that something is valuable for its own sake as opposed to being valuable for the sake of something else to which it is related in some way.
http://plato.stanford.edu/entries/va...sic-extrinsic/

So Bitcoin has value based on three main criteria:

1. It takes work (resources) to acquire.
2. It is finite in supply.
3. It can be transferred anonymously, with no oversight or taxation from any Government or agency.

Of course if the internet went down globally it would lose it's value but for the sake of discussion we assume the net stays alive.

To those holding the currency that have the desire to trade wealth anonymously, as long as there is someone out there with the desire to trade in the currency, there is value in that...Intrinsic no longer matters in this new paradigm. You can't send gold to someone instantly and for free, so it changes the actual definition of value. To many, digital currency may become more useful - thus valuable- than gold.

Of course in any discussions of a paradigm this new we are projecting ideas that may take decades to be fully realized. Digital Currency is so new as to be considered in it's infancy. Bitcoin will very likely fail and be replaced by other more stable, less problematic, Digital Currencies.

:1orglaugh:1orglaugh:thumbsup

Profit is taxed.

Right - you sell your Bitcoins at a profit then you claim the profit and pay taxes on the income. (unless you live in a nation with no income tax) Thats not the context with which I was referring to. Bitcoin is used as a trading vehicle as well as an investment vehicle - you don't get taxed (fees) when trading with it - like you would if you needed to send money though the banking system, pay pal, etc.

You can trade gold with another individual with no fees, but you would expend resources (time, locomotion, labor) to do so.

With Digital Currencies there is the negligible costs of internet access and electricity but that's infinitesimally small compared to gold and other trading vehicles. Thus value gained by using them.

You do have a very good point, there. I know that much of the current dollar value of gold is fear driven. I don't know how gold is similar to tulip mania, really, but I do see the similarity between that and bitcoin.

Gold should not cost in dollars what it cost from the eighties to '05 -- A lot has happened since then -- the whole world is finally learning to not trust our dollars. If they ever manage to trade oil for other currencies, I think we're done.

That was a big reason the dollar was so valuable. It backed other currencies. These other countries are learning their lesson about that an the only reason they don't dump all of their dollars tomorrow is because it'd crash their own currencies.

I still agree that the dollar price is way too high- you burn a LOT of them buying into gold and as you also were saying, I think that was you, most people don't even take actual delivery when they buy gold anyway.

If we're arguing linguistics here I'd say that bitcoin has more EXtrinsic value than INtrinsic value
http://www.merriam-webster.com/dictionary/extrinsic

Good points.

Here's the thing about linguistics: They change.

The English Language evolves and new words are added (twerk?) and meanings of words are modified or expanded, some words lose their original meanings in the myriad ways with which they become used.

Agreed, but for the record, I never have liked that "new word"... "twerk".. what a word, eh? I prefer to say "Bitch shaking her ass", myself :1orglaugh

yea. ugly fucking word

Intrinsic is a nice clean word - but the meaning is become very vague with this interwebs shit.

this is the secret to trading crypto currency

http://i.imgur.com/VZDt9o4l.jpg
gary busey approved

Anyone curious to know what this so called "Economist" has to say about shit:
Dead wrong on inflation. Dead wrong on interest rates. Dead wrong on the recovery. Dead wrong on gold.

Total fucking Charlatan :1orglaugh:1orglaugh:1orglaugh

last year he predicted gold going to $5000 per ounce



If this total fucking con artist EVER had a job as an Economist - he would have been fired a long time ago.

I fail to see why people feel compelled to fight over this??

Bitcoin is not for everybody ... so if you have no interest in it, just move along little doggie ... that's it!!

Likewise, precious metals are not for everybody either ...

Some will, some won't, WHO THE FUCK CARES, ... and next! :thumbsup

Arguing the merits of bitcoins to a hardline conformist, is sort of like trying to discuss the Bible with an atheist .... for the most part A WASTE OF TIME!!!

Technically bitcoins have been around for a couple of years now and have weathered many storms already. There's a lot of users on this very forum who were saying bitcoins would be worth nothing right now or weren't worth putting money in and now look at where they are at! I wouldn't trust any user on here with investment advice or advice on what you should do with your money.

Always cracks me up when people waste their time telling others how not to waste time.

fyi, a dollar bill is instrinsically worthless too, news @ 11.

exactly.

why anyone would place any importance on that word is stupid as fuck.

whats worse is a con artist trying to tell you to buy gold at $1300 per ounce BECAUSE it has intrinsic value.

Gold is however many dollars per ounce because the DOLLARS are not worth anything.. and because of some other factors you and others had mentioned. Dollars have whatever "value" they have based on some factors I mentioned.

They should back bitcoins with gold or silver.

This actually cracks me up more...

https://gfy.com/showthread.php?t=938776