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I expect this could be the world money of the future .
Note my message board avatar.
1923 Hyperinflation in Germany: A woman burns German marks in the furnace to heat the home during the peak of the Weimar Germany hyperinflation. The currency had devalued so much, it was cheaper to burn the German mark than to use it to buy coal or firewood. So their currency was more valuable as mere paper (to be burned) than as a money (to be spent).
On our news last Night they said the three most reliable future currencies in the world are Chinese ,Indian and Canadian .
Apparently the rest are so far down they did not even recommend them .
Not one of your better ideas Nick.
The “digital currency” is so volatile as to be worth something one day and worth nothing the next.
What’s worse? Volatility (up and down) or a 100-year track record of just down.
Its an interesting idea for a currency but I don’t think its a very good “store of value”. At the end of the day its still fiat.
It is more like gold than fiat in that it can’t be printed.
Actually, I don’t see too many differences between gold and bitcoins.
I haven’t seen gold loose 80% of its value in a few hours like I did bitcoin.
That’s how people go bankrupt.
That’s true. Gold has never been zero. All fiat money in human history has gone to zero (worthless) and the U.S. dollar doesn’t appear to be an exception:
Gold you can hold. I researched bitcoins some time ago and did not find to much positive info. Any good links available to learn good and TRUE stuff about it?
I think we all agree we prefer gold over bitcoins. But how about bitcoins over dollars?
Bitcoins are pretty close to gold in a number of ways. Their main downside is that they’re very new, so there’s no historical value and they’re subject to serious price fluctuation. The upside is that bitcoins are digital, which is a huge benefit in a global economy—I can trade quickly and easily with anyone using bitcoins, but not so much with gold. When the price of gold went down, Nick went out looking to buy, but was confronted with the fact that no one had much gold to sell at that price. On the other hand, when bitcoins were at $17, I was able to buy a bunch immediately.
If any of you are thinking of transacting in bitcoins or profiting from speculation with out tax consequences you need to see your tax accountant NOW.
Bitcoin exchanges, processors, and wallets have all been hacked multiple times causing real dollar losses. Something that can not occur with gold or silver in hand. That and my wife will not wear bitcoin jewelry.
You give your girlfriend bitcoins… I’ll give your girlfriend gold. Let’s see if you can keep her.
A girlfriend would cost me at least half of what I have worked a lifetime to accumulate. Not a wise strategy imo. I will happily keep my wife.
Good financial plan.