I saw there was a silver crash flash crash the other day, hopefully you were out before having to stomach that!
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I saw there was a silver crash flash crash the other day, hopefully you were out before having to stomach that!
I still have a couple hundred ounces nothing much. I had too much anyway! It is way too bulky, you have to keep it in a safety deposit box. I am 40 and the funniest thing is explaining crypto to my parents in their early 70's. Just funny!
That is hilarious! I have the same problem when I try to explain crypto to my parents. They probably think I'm crazy haha.
I too bought in heavily to the precious metals craze in 2011 or so. The world was full of doom and gloomers and I was going to make a fortune! The problem with precious metals is to make that fortune you have to pray for world anarchy (Zombie apocalypse). With crypto that is not the case as the newer more efficient currencies are starting to be a faster, cheaper way to do business and not just a store of wealth. (my own personal experience of this is the difference between using crypto to send money overseas vs going down to my local bank. You will lose at least $20 and your mind doing it!) My parents would certainly have understood that.
I am 50 and I keep my gold and silver and grow my crypto balances by converting paper into crypto. I think both have value but for different reasons.
If I may, please allow me to dispute a couple of your assertions. First of all what you describe is chaos, not anarchy which is a condition of self-governance. It literally means without "archy" or systematized rule such as monarchy, oligarchy, whatever. See here:http://www.dictionary.com/browse/-archy Secondly, chaos is not necessary for silver and gold to reflect their true values. All that is necessary is a free and fair market without intervention from the globalist banking cartel. I'm not against cryptocurrencies. What is appealing about cryptos is that they are equity based, not debt based like all the central bank currencies of the world today. If you don't know what that means then you should investigate it. A good place to start would be www.positivemoney.org Beyond this, cryptos are, at least for now now, outside the globalist banking cartel's control. But that will change when derivative contracts start trading on cryptos and when central banks start buying it or issuing their own. The LAST thing crypto investors should want is any kind of involvement by the banking cartel because it will only be for the purpose of infiltrating, compromising and controlling it, putting humanity right back in the cartel-controlled box.
I'm glad that you brought this up. I remember reading years back how major banking institutions would adopt the block chain and I though to myself, well that's bitter sweet. Although, I think that crypto and the block chain were designed as a way to break free from central and global banking mafias, it's almost inevitable that both parties will merge. However, this doesn't have to be a bad thing and I am glad to see the people shaping the demand for transparency and sustainability which is simultaneously forcing institutions to reinstate their value systems they should've had a long time ago.
Touché @Maxam. I understand that modern currencies are underwritten by debt however I do not see why Digital currencies are necessarily equity based . I will look up the link you provided thank you. As for precious metals being manipulated I would 100% agree particularly silver. However It is still better to have it than not because in the unlikely event that the current "Archy" folds then PM prices will float without interference. So it is a perfect hedge. They are artificially holding the price low and we are acquiring a physical commodity cheaply. I just don't wish for the time when we will profit from it.
Cryptocurrencies are "equity based" because their creation is the result of work and investment - algorithm solutions, mining equipment investment and electricity. Bank created currencies are debt based. They exist only because someone somewhere took out a loan from a bank. The money received from that loan is simultaneously the borrower's debt and the bank's asset. The borrower then pays someone else from the money borrowed, thereby doubling the amount of money in the banking system. This new deposit will be used as an accounting entry reserve which will be used to justify additional loans to create additional debt money. And the process continues ad infinitum, creating enormous bank profits out of thin air from this fractional reserve, debt based, bank money system. In our present system, all money is debt. Welcome to systematized enslavement by debt.