Is Silver next?

[asevans]

And backed by nothing. It is by definition a fiat currency.

Bitcoin is backed by the energy that it took to mine each bitcoin.
Just like the gold is backed by the energy of men and machine that it took to dig it up and refine it into a coin or jewelry.
It is also backed by the computer network that verifies each block, keeps track of the ledger, and finalizes transactions.

 

[DoggyDaddy]

Bitcoin is backed by the energy that it took to mine each bitcoin.
Just like the gold is backed by the energy of men and machine that it took to dig it up and refine it into a coin or jewelry.
It is also backed by the computer network that verifies each block, keeps track of the ledger, and finalizes transactions.

"Energy". So an intangible thing is backed by another intangible thing. That is not backing. How many joules of energy is a bitcoin worth?

 

[Mij]

"Energy". So an intangible thing is backed by another intangible thing. That is not backing. How many joules of energy is a bitcoin worth?

Would that be how many FRN’s does it cost to produce one joule of energy?

“Implied purple “

 

[asevans]

"Energy". So an intangible thing is backed by another intangible thing. That is not backing. How many joules of energy is a bitcoin worth?

Hey I get it.
It’s hard to understand. It take hours of learning about money, technology, fiat, hard Money, history of money.
Most will never understand it.
Just like most don’t understand how the internet works. They just use it cause it works.

 

[DoggyDaddy]

Hey I get it.
It’s hard to understand. It take hours of learning about money, technology, fiat, hard Money, history of money.
Most will never understand it.
Just like most don’t understand how the internet works. They just use it cause it works.

Your condescension notwithstanding, best of luck to you.

 

[blain]

Your condescension notwithstanding, best of luck to you.

You've got to get with the program, man.
Some day we'll sit down over a cup of joe, and I'll fill you in on how the internets work.

 

[DoggyDaddy]

You've got to get with the program, man.
Some day we'll sit down over a cup of joe, and I'll fill you in on how the internets work.

View attachment 323717

Oh golly, I'm afraid that's just way too complicated for little old me to possibly understand!

 

[nra4ever]

Some will understand and the others will miss out.

 

[DoggyDaddy]

Kitco is down:
"Our website is currently experiencing a disruption due to a cyber security incident. Our team is actively working to resolve this issue as quickly as possible. We are committed to ensuring the security and integrity of our services and apologize for any inconvenience this may cause."

They're still not back to normal yet. It's going on a month now. I wonder what the heck happened to basically wipe out their entire website functionality (that they've been slowly trying to rebuild). Must have been catastrophic for it to take this long, or they're not good at backing up their stuff.

 

[Mij]

They're still not back to normal yet. It's going on a month now. I wonder what the heck happened to basically wipe out their entire website functionality (that they've been slowly trying to rebuild). Must have been catastrophic for it to take this long, or they're not good at backing up their stuff.

I was thinking they were being held hostage. Just don’t want to acknowledge that to the public. It would cause substantial damage to their business. Just a hunch.

 

[nra4ever]

 

[nra4ever]

They're still not back to normal yet. It's going on a month now. I wonder what the heck happened to basically wipe out their entire website functionality (that they've been slowly trying to rebuild). Must have been catastrophic for it to take this long, or they're not good at backing up their stuff.

Probably ransom ware and the irony is the only payment is bitcoin.

 

[DoggyDaddy]

Probably ransom ware and the irony is the only payment is bitcoin.

There's precious little information out there about it, that's for sure.

 

[snorko]

Current spot ratio using Monument Metals is 92:1, highest it's been in a long time. Dipped below $22.00/tr oz. I had been contemplating selling off a large part of my silver to fund an investment but it is frustrating. One year chart below at least shows a relatively stable market.

 

[buckwacker]

Anyone else notice premiums are shrinking? Dont get me wrong, I enjoy not paying extra, but thought it somewhat odd since demand still seems to be high.

 

[asevans]

I believe demand is down quite a bit right now. I think people are out of money.

 

[snorko]

Demand is fickle and weird. I had a conversation with my LCS owner a while back at a point when prices were significantly up. I said in passing it must be slow and he said no, to the contrary. People tended to buy more when prices were rising and sell on the downturns. I guess a large segment of the public just reacts thinking whatever is happening RIGHT NOW will continue.

But premiums being down is nice even if I am not buying. Monument has kilo bars for $0.49 over spot which is dang tempting though.

 

[blain]

Demand is fickle and weird. I had a conversation with my LCS owner a while back at a point when prices were significantly up. I said in passing it must be slow and he said no, to the contrary. People tended to buy more when prices were rising and sell on the downturns.

People are crazy. I've spoken to coworkers about them dipping a toe in the Ag stream.
We went on to discuss spot prices at the time.
I kid you not, some of them said "I'm not going to buy now, the price is down."
Of course I then go on to ask them if they pass up a gas station when prices are low, waiting on higher prices.
The whole concept of buying low never really sunk in with some of them.
Life is too short to be a remedial educator, so I moved on.

 

[asevans]

My LCS said demand is high at his shop. But nationally maybe it’s down. Who knows.
He said the gold was selling really well. Especially fractional gold. Couldn’t keep it in stock.
I try to hit a coin shop every week. Buy an OZ. Or two.

 

[DoggyDaddy]

Just picked up 9 of these from Monument on the dip.

https://monumentmetals.com/gsm-1-oz-2nd-amendment-silver-round.html