Gold does not have "a long held imaginary belief in its value". In has intrinsic value in so such that it is DESIRED by many people for its beauty and use, NOT because they think it will rise in value. Yes, you CAN do something with jewelry - you can trade it for goods that the other person is willing to trade. Crypto currency is IMAGINARY - it has NO TANGIBLE FORM and can only be sold to someone else who THINKS that it will go up in value. I think it IS a ponzi scheme, and from the research that I have done on it, I would not INVEST in it, however, if I felt like gambling, it has a better short term chance of turning a profit than other GAMBLES, like the lottery.
No, I'm saying gold/silver have shown to hold value for centuries. Veerrry long term historic trend data available. The odds of it becoming worthless tomorrow are practically nil. what are the odds a bit coin could become almost worthless almost overnight? What new competing bit coin might emerge tomorrow knocking down the value of a good one today?
No. I'm saying it already had inherently high value which it has had for centuries. Today, more modern applications only increase that value, and those modern applications are increasing in both number and world market share.
people still want bling as they have for centuries, but now they also want cell phones and an internet-of-things. To imply gold is riskier is to imply people on a global scale will suddenly 1) not see value in bling and 2) give up their technology.
-rvb
Beauty is subjective. There no standard understanding of beauty. If you're attaching the idea of beauty to the idea of intrinsic value, then we clearly have two definitions of "intrinsic value." I find it odd that you mention jewelry, as that is of equally subjective value. If Leonard Di Vinci used a mold to cast a pin made of gold, and you used the same cast, and also made a pin, by your logic both should be worth the same amount, right. Noting that Both pins are exactly alike, do you believe that both would be worth the same amount, and equally desired? In my opinion, the Di Vinci piece would hold exponentially more value, simply because most trust that it would. Heck, if Di Vinci had created a silver, bronze, even a wood pin it would still hold more value than the gold one you created. Today, at this very moment, which would you rather have for understood value?... a wooden pin made by Di Vinci, or a gold one made by you?
This isn't about cryptos right now, this about your belief in the intrinsic value of gold. It's hard for me to explain it to you because, and I'm not trying to be insulting, I don't think you really understand intrinsic value, evidenced by listing beauty and jewelry as traits of such value.
I like to gamble. The question is; Is this a good gamble?
It seems complicated with a need to keep a close eye on it?
You are proving my point. REAL things will always have SOME value, to someone, be it a wooden pin made by someone famous or a gold pin made by me. A BELIEF (such as in crypto) can lose ALL of its value as soon as people lose faith in its income generating potential.
Bloodbath for the past several days on all Cryptos.
I have some LiteCoin and it's way down.
Reason for the downswing?
Chinese banning crypto exchanges at the end of the month, along with some influential financial people running their mouths.
So i just buy them through there and they go up like stocks?
As soon as the estate of my dead Nigerian Uncle sends me that cash I might look into cryptocoins...but I doubt it.
It's that emotional surge in greed followed by the huge sucking sound.
Best wishes, good luck, many bikinis and may you conquer Jamie Diamond.
I messed up this morning. LiteCoin went all the way down to $33.90, and I thought to myself, I will check tonight around 6-7pm when the Chinese wake up and begin selling off again, probably be even cheaper, and I will buy another 100 coins. Well, 4 hours later it was up to $57 and climbing. I really thought this would keep going down for the next several days. You can't predict this stuff at all. Oh well.