131–140 of 153 posts
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Pretty sure that if you ask the cashier to exchange your gold nugget with a toothbrush you will have no problem proceeding with the transaction.
I'm pretty sure that if you try to buy a two dollar tube of toothpaste with a two dollar speck of gold, they'll say no thanks.
The people in this thread hating on crypto are missing the point. Complaining that you can't go into CVS and buy something with Bitcoin right now is like complaining that all you can do with the Internet is send "electronic mail", which nobody reads, in 1990, or like complaining that Facebook is nothing but a glorified campus directory in 2006. The truth is, you can't buy things with Bitcoin at CVS because the techno…
You can't go into CVS and buy things with gold either.
Pedantry: US Gold eagle coins are actually legal tender US currency with a $50 face value.
So while it would be exceedingly foolish to treat an ounce of gold like a $50 coin, you could.
Where this becomes slightly interesting is the $10k limit on foreign currency declarations in international travel ... since these are $50 coins of US legal tender, you should be able to travel with 199 of them (worth about $200k) without declaring anything.
YMMV. IANAL.
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Considering the price its trading at, that is probably what people want . Bitcoin is crypto gold. It has been valued by markets as cryptogold for 5+ years. Nobody wants to turn it into crypto money now, because that would destroy the valuation for its scarcity and clunkiness. The alogirthms for cryptomoney are going to be different, and the fact nobody has written a compelling implementation yet (ie, can handle prepo…
Ripple has written a compelling implementation. It can handle massive transaction volume, is building a network internationally with established banks, is slowly releasing more currency into the wild resulting in inflation, and is pre-mined to avoid having to do proof of work.
Furthermore, their transaction costs are currently at a minimum an order of magnitude more than what a Bitcoin transaction costs, running to 2-3 orders of magnitudes. It's a replacement for the SWIFT network, which is all great but not really directly competing with Bitcoin.
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Selling ~7M ETH is easy without affecting the markets too much. Kraken and Poloniex each do an average weekly volume of 3M ETH on the ETH/BTC pair: https://cryptowat.ch/poloniex/ethbtc/1w If he spread the sale over 10 weeks he would only increase their weekly volume by 10%. That's not even talking about alternate ways to transfer his wealth out of ETH (eg. approaching his billionaire friend: "how about you sell me th…
It will affect the market. The weekly volume is irrelevant because that is gross sum of all trades taken place. What you are proposing is that he occupies nearly 23% of all "asks" on these exchanges which will be difficult to achieve. And again off exchange block/bulk sales tend to go for lower than market price. They are rarely, if ever, executed at market price. So most probably he will have to offer 100k ETH, 4.8m…
"4.8mil, for a ~4 mil mansion" I agree and that's totally reasonable. Only a 20% hit. Pxtl was saying something much more dramatic ("he'd never be able to get a decent fraction of its worth").
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You can't go into CVS and buy things with gold either.
Pretty sure that if you ask the cashier to exchange your gold nugget with a toothbrush you will have no problem proceeding with the transaction.
The people in this thread hating on crypto are missing the point. Complaining that you can't go into CVS and buy something with Bitcoin right now is like complaining that all you can do with the Internet is send "electronic mail", which nobody reads, in 1990, or like complaining that Facebook is nothing but a glorified campus directory in 2006. The truth is, you can't buy things with Bitcoin at CVS because the techno…
You may be right, but judging from the clumsy and pretentious analogy about email that you think proves them wrong, you also are missing a lot of points.
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>Not a billionaire, but also trying to keep some percentage of my net worth in cryptocurrencies. Worked great so far. 10% seems to be about right. I don't see how people can look at cryptocurrencies as investments over the long term. It's like saying you have all your money in Swiss Francs in a checking account that returns no interest because you think the Swiss are doing a stellar job at setting up an economy/banki…
> I look at the value of my stock holdings in euros only because it's also my day to day currency Until it isn't and it's replaced by a new one. Less than 20 years ago Euros didn't exist. It's entirely possible that in 20 years time they won't exist either... You've played your hand by saying you look at your stock holdings in fiat. What happens if fiat fails you? i.e. if hyperinflation kicks in or the powers that be…
Are we having a discussion or playing poker? What hand did I play?
> What happens if fiat fails you? i.e. if hyperinflation kicks in or the powers that be decide to restrict access to your fiat? I realise it sounds tinfoil hat-esque but if investing to safeguard your future, these are possible doomsday scenarios... (just ask people of Venezuela)
I'll just sell my stocks for another fiat currency or even bitcoin if/when I want to. You're missing the point completely. My stock holdings are shares of companies not fiat currency. I can look at them in whatever currency I want. I can also see the value of my holdings in dollars or yen or bitcoin and it's just as valid. I'm not storing value in euros, only using them as the unit when doing valuation of my holding of companies. The same applies to cryptocurrencies, they're not valuable in themselves, only as a means of exchange.
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>Not a billionaire, but also trying to keep some percentage of my net worth in cryptocurrencies. Worked great so far. 10% seems to be about right. I don't see how people can look at cryptocurrencies as investments over the long term. It's like saying you have all your money in Swiss Francs in a checking account that returns no interest because you think the Swiss are doing a stellar job at setting up an economy/banki…
> Anyone have a good source for that number? You can get close with a few ETFs: US market and bonds, Ex-US global market and bonds: http://www.pragcap.com/a-simple-four-fund-global-financial-a...
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>Not a billionaire, but also trying to keep some percentage of my net worth in cryptocurrencies. Worked great so far. 10% seems to be about right. I don't see how people can look at cryptocurrencies as investments over the long term. It's like saying you have all your money in Swiss Francs in a checking account that returns no interest because you think the Swiss are doing a stellar job at setting up an economy/banki…
Bitcoin should be seen as digital gold. It has no value in itself, but its likely that you will be able to use it for payment even if all else fails.