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CRYPTOCURRENCY Chit Chat Thread

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Unfair

Unfair

3rd Gear
  On 12/19/2017 at 12:29 AM, Kusje said:

I'm aware of the gold standard, bretton woods, etc.

 

My question is actually more simple: what makes gold valuable? 

 

Its been accepted over the years that gold is valuable by all countries and they hold it as currency.

Same like why your paper printed money is valuable. 

 

People recognize that this currency is backed by the countries and their governments.

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Kusje

Kusje

Supersonic
(edited)
  On 12/19/2017 at 1:42 AM, Unfair said:

Its been accepted over the years that gold is valuable by all countries and they hold it as currency.

Same like why your paper printed money is valuable. 

 

People recognize that this currency is backed by the countries and their governments.

 

So what you're saying is that gold is valuable because people think it is valuable?

 

Edited by Kusje
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Angcheek

Angcheek

Hypersonic
  On 12/19/2017 at 12:29 AM, Kusje said:

I'm aware of the gold standard, bretton woods, etc.

 

My question is actually more simple: what makes gold valuable? 

 

Items that cannot be reproduced , rare  .... been shinny does help though   :D  

 

COE is exceptional.  <_<  

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Enye

Enye

Hypersonic
  On 12/19/2017 at 4:59 AM, Kusje said:

So what you're saying is that gold is valuable because people think it is valuable?

i suggest you go back to barter trade

 

 

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kdash

kdash

Supersonic
  On 12/19/2017 at 4:59 AM, Kusje said:

So what you're saying is that gold is valuable because people think it is valuable?

its probably a combination of perceived and intrinsic value.

 

for diamond, percentage of perceived value should be much higher...

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meowc4tz

meowc4tz

3rd Gear

Watched some video back when one reporter took a gold bar to shops to make payment for goods. Even though it was a gold bar, none of the shops accept it. Meanwhile, some shops allow Bitcoin to be used for payment.

 

Both gold and Bitcoin have limited supply. Both have no real intrinsic value for general public. Both are controlled by the financial systems and if one day these systems declare them as useless, they will have no value. 

 

Bitcoin is the new gold. The value may crash, or it may continue to be bullish. Nobody can really predict the future.

 

Using the same monkey analogy, buy from employee $700, then sell $800 to other people who are willing to buy. Earn $100 first, which is certain, as opposed to $300, which is uncertain.

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Unfair

Unfair

3rd Gear
  On 12/19/2017 at 4:59 AM, Kusje said:

So what you're saying is that gold is valuable because people think it is valuable?

 

Yes, because its valued by countries and governments. If all of them stop wanting it, its price drops drastically.

 

Bitcoin is backed by people who you cannot verify. Dont get caught with your pants down.

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Icedbs

Icedbs

Turbocharged
  On 12/19/2017 at 12:29 AM, Kusje said:

I'm aware of the gold standard, bretton woods, etc.

 

My question is actually more simple: what makes gold valuable? 

 

Bro..it is in the link I gave you : http://www.kelseywilliamsgold.com/gold-real-money/

 

To be real money it has to have some characteristics. 

 

The banks while telling you that gold has no "use", are also filling up their vaults with gold. Every central bank has vault filled with tonnes of gold. If gold has no meaning and no value, they might as well bury all their gold in the ground and save some vault spaces. 

 

Gold has lasted thousand of years.......I am not sure about bitcoin though. 

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Cheesey74

Cheesey74

6th Gear
  On 12/19/2017 at 5:18 AM, meowc4tz said:

Watched some video back when one reporter took a gold bar to shops to make payment for goods. Even though it was a gold bar, none of the shops accept it. Meanwhile, some shops allow Bitcoin to be used for payment.

 

Both gold and Bitcoin have limited supply. Both have no real intrinsic value for general public. Both are controlled by the financial systems and if one day these systems declare them as useless, they will have no value. 

 

Bitcoin is the new gold. The value may crash, or it may continue to be bullish. Nobody can really predict the future.

 

Using the same monkey analogy, buy from employee $700, then sell $800 to other people who are willing to buy. Earn $100 first, which is certain, as opposed to $300, which is uncertain.

 

U should bring both gold & bitcoin to bank for sale n see which one is the real deal... It's really that simple.

 

One is back by government n one is back by ah beng ah seng, u say which 1 is more secure n reliable?

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Icedbs

Icedbs

Turbocharged
  On 12/19/2017 at 5:18 AM, meowc4tz said:

Watched some video back when one reporter took a gold bar to shops to make payment for goods. Even though it was a gold bar, none of the shops accept it. Meanwhile, some shops allow Bitcoin to be used for payment.

 

 

They don't accept it probably due to many factors : Ignorance, hassle to exchange, no place to safely store the gold,  not sure how to give back change, not sure the value for that gold in the first place or not sure if the gold is even real! 

 

 If I am just a shop employee, I wouldn't want to accept either......so much hassle....

 

Same like when I offer Brunei dollars to a shop before and they refuse to take even when I say it is the same value. They just want SGD.

 

But their reluctance has nothing to do with the value of gold or in my case the value of Brunei dollars.

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Kurumanbo

Kurumanbo

3rd Gear

well, for all those saying bitcoin is finite. That is true...

 

However, don't forget there's a dozen new crytocurrencies being released every month.

 

As for trading and investment, I think everyone here is matured enough to make your own decision. There's no right and wrong in this, just do it within your means.

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Throttle2

Throttle2

Supersonic
  On 12/19/2017 at 5:18 AM, meowc4tz said:

Watched some video back when one reporter took a gold bar to shops to make payment for goods. Even though it was a gold bar, none of the shops accept it. Meanwhile, some shops allow Bitcoin to be used for payment.

 

Both gold and Bitcoin have limited supply. Both have no real intrinsic value for general public. Both are controlled by the financial systems and if one day these systems declare them as useless, they will have no value.

 

Bitcoin is the new gold. The value may crash, or it may continue to be bullish. Nobody can really predict the future.

 

Using the same monkey analogy, buy from employee $700, then sell $800 to other people who are willing to buy. Earn $100 first, which is certain, as opposed to $300, which is uncertain.

Bitcoin cannot be physically smelted into becoming my Rolex watch.

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Throttle2

Throttle2

Supersonic
  On 12/19/2017 at 6:45 AM, meowc4tz said:

Don't buy Rolex la. Casio can le. [laugh]

 

 

Don't buy Rolex la. Casio can le. [laugh]

 

 

Don't buy Rolex la. Casio can le. [laugh]

 

 

Don't buy Rolex la. Casio can le. [laugh]

 

 

Don't buy Rolex la. Casio can le. [laugh]

 

 

Don't buy Rolex la. Casio can le. [laugh]

Wah lau, dont repeat so many times leh.

 

Answer is Cannot

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