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Mon Jun 19, 2017, 09:02 AM

Someone who knows please give me the skinny on Bitcoin. To buy or not to buy. Limited funds.

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Reply Someone who knows please give me the skinny on Bitcoin. To buy or not to buy. Limited funds. (Original post)
nikibatts Jun 19 OP
LexVegas Jun 19 #1
Sancho Jun 19 #2
sarah FAILIN Jun 19 #3
DetlefK Jun 19 #6
marybourg Jun 19 #10
DetlefK Jun 19 #14
WinkyDink Jun 19 #15
Victor_c3 Jun 19 #11
Adrahil Jun 19 #4
Historic NY Jun 19 #5
WinkyDink Jun 19 #16
Initech Jun 19 #7
n2doc Jun 19 #8
Lee-Lee Jun 19 #9
Wounded Bear Jun 19 #12
Go Vols Jun 19 #13
Flaleftist Jun 19 #17
AmandaRuth Jun 19 #18

Response to nikibatts (Original post)

Mon Jun 19, 2017, 09:04 AM

1. Savings account. nt

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 09:10 AM

3. I would not, especially if you have limited funds

A friend of mine is looking into this and I told him the same thing because he is more subject to being swindled. He has also "bought" gold and silver through a foreign company that is holding onto the said gold and silver. Love the guy like a brother but I can't make him see what is really going to happen when he needs this money. If the economy collapses, it won't do him any good anyway.

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Response to sarah FAILIN (Reply #3)

Mon Jun 19, 2017, 09:52 AM

6. There is way more gold being traded and sold than actually exists.

Fort Knox is basically empty. That's why they refuse to let anybody so much as SEE the gold: People would immediately realize that the numbers don't add up.

About a year ago, Germany wanted to see the gold they have stored in Fort Knox. The US refused. The reason? There is no visitor's room where they could stay at Fort Knox. The Germans eventually gave in and left.
Why? Presumably because they are playing the same game: They have sold more german gold than there is german gold.

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Response to DetlefK (Reply #6)

Mon Jun 19, 2017, 10:44 AM

10. Source for this? Otherwise sounds like fake news.

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Response to marybourg (Reply #10)

Mon Jun 19, 2017, 02:29 PM

14. No hard facts, just educated guess by journalists.

It was really weird that they wouldn't let the german delegation take a look at THEIR OWN GOLD.
AFAIR they were shown some gold, but not the whole german stash.
Germany wanted to relocate a part of its gold from Fort Knox back to Germany, and the fact that they just quietly dropped this plan is a strong hint that all they got from the US was a "IOU a pot-o-gold".

In the wake of these events, multiple articles were written, speculating how the gold-reserves of countries are being sold and used as collaterals in volumes way beyond the physical amount of gold the countries have available. Which would be totally fine as long as only a portion of the "fiscal" gold on the market has to be available as "real" gold in vaults.


EDIT:
Sorry for the hyperbole in my previous post.

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Response to marybourg (Reply #10)

Mon Jun 19, 2017, 02:36 PM

15. Exactly.

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Response to DetlefK (Reply #6)

Mon Jun 19, 2017, 11:19 AM

11. I personally can assure you Fort Knox has gold

I used to work for the department of treasury from 2010-2015. I was a chemist and one of two people whose job it was to test the purity of the precious metals the government owns. There are vaults that are roughly floor to ceilings my high stacked of gold bars I have been in them many times.

The nation keeps roughly 1/3 of the gold at Fort Knox, another 1/3 at West Point, and the rest in the federal reserve bank vaults in manhattan.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 09:10 AM

4. What do you want it for?

As a currency? Forget it.

As an investment? It's very volatile, so understand that you'll be at risk. Also understand that it represents literally nothing... not a commodity, not a part of a company... nothing. I would not risk any money on it that you cannot afford to lose. IMO, it's not likely to drop to zero, and so far it has come back from every bit of news that would have killed anything else, so if you can park the money, you'll probably recoup your losses given enough time.

I don't get it, personally, though I did make a few bucks on it strictly as a curiosity. To me, it's not viable for what it was intended for, so I'm not sure purpose it serves, but there ya go... some people seem pretty invested it... both financially and emotionally.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 09:25 AM

5. Buy US Savings bonds.

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Response to Historic NY (Reply #5)

Mon Jun 19, 2017, 02:37 PM

16. Amazon. Last Friday I added 8 shares to my 12, and it's up since then.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 09:57 AM

7. Don't buy.

There's no accountability or oversight for bitcoins and they're one of the most easily stolen currencies around.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 09:57 AM

8. It's a casino

So your chances of making money are about the same.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 09:58 AM

9. Don't buy with any money you can't afford to lose totally

If you have the funds to gamble then do your research.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 11:23 AM

12. Sounds like a high risk way to launder money and finance illegal activities.

I wouldn't.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 12:05 PM

13. Bought 10, 2 years ago

for $2300.00.Today worth right at $26,000.00.

Plus you can pay with them at a number of places,New Egg,whole foods, target,subway,amazon and the list goes on.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 04:33 PM

17. You should consider it a high-risk investment.

So don't buy more than you can afford to lose. I do a little trading/investing in various cryptocurrencies. I bought some BTC back when it was around $300 and have done quite well. I have no plans on selling anytime soon. It is growing in popularity and more businesses are beginning to accept it as a form of payment. There is a finite supply so as long as demand increases, so will the price. That doesn't mean the price won't crash. There are some issues regarding transaction times and fees that need to be worked out and there is some disagreement in the community as to how to deal with it. Bitcoin could remain on top or it could be overtaken by another crypto. There are also lots of other cryptocurrencies. Ethereum and Litecoin are a couple popular ones that have also grown tremendously. If you get in at the right time, you can make massive gains. If you buy at the wrong time, you risk losing big. If anyone else here is involved in trading crypto, check out Bitbay. It's a lowcap that I am holding long and I believe has good potential.

If you want to learn more about Bitcoin and other cryptocurrencies, come over to https://bitcointalk.org.

And again I stress, do not buy any cyrptocurrency with money that you can not afford to lose.

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Response to nikibatts (Original post)

Mon Jun 19, 2017, 04:42 PM

18. The Sacramento Kings

Accept bitcoin, if that will help in your decision 😀😇😀

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