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03-27-2021, 07:47 AM
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Join Date: Sep 2007
Location: Strathcona County
Posts: 1,896
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Quote:
Originally Posted by 350 mag
60% of the Bitcoin is NOT being traded....it is being HODLed.
Bitcoin will NEVER go to zero.
It is a "digitized" store of value in the "digital age".
Millenials are NOT buying Gold.
1 of the smartest guys on the planet, Elon is now a BTC HODLer.
Soon the Majority of the investment community will own a certain % of their portfolios in BTC.
The ONLY way Bitcoin EVER goes to zero is IF Central Banks around the world adopt a Gold Standard or some sort of "backing" of Fiat and stop massive money printing.....Until that stops BITCOIN will continue to rise.
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Inventing a slang word for holding (HODLing) doesn't make something a good or safe investment.
Where is the "value" being generated. Bitcoin mining power consumption has now exceeded the power consumption of the entire country of Argentina.
Apparently, Millenials are not buying or investing in anything. They are 25% of the US population and control only 4.2% of the wealth. Of that 4.2% they are holding 71% of that in cash or cash equivalents. An extremely poor investment strategy - by the way.
4.2% is not the Majority of the Investment community. No need to expand on that any further.
Elon Musk is not of the smartest people on the planet. He is an excellent salesman (every heard the word "snakeoil") and a master manipulator. He has a lot of people fooled by his adept use of social media.
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03-27-2021, 08:28 AM
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Join Date: Jan 2012
Location: Nelson BC
Posts: 2,032
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Quote:
Originally Posted by Buckhead
Inventing a slang word for holding (HODLing) doesn't make something a good or safe investment.
Where is the "value" being generated. Bitcoin mining power consumption has now exceeded the power consumption of the entire country of Argentina.
Apparently, Millenials are not buying or investing in anything. They are 25% of the US population and control only 4.2% of the wealth. Of that 4.2% they are holding 71% of that in cash or cash equivalents. An extremely poor investment strategy - by the way.
4.2% is not the Majority of the Investment community. No need to expand on that any further.
Elon Musk is not of the smartest people on the planet. He is an excellent salesman (every heard the word "snakeoil") and a master manipulator. He has a lot of people fooled by his adept use of social media.
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Agreed
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03-27-2021, 09:37 AM
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Join Date: Jun 2011
Posts: 3,713
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Over 75% of the hash rate of cryptos originates in China(65%), Russia and Iran and 80-90% of the transactions in crypto occurring in Chinese Yuan. It's mainly used for money laundering, evading sanctions and funding activities against the west, and speculation by the crypto cult.
It's a good possibility that the US will ban its use imo.
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There are some who can live without wild things, and some who cannot. Aldo Leopold
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03-27-2021, 09:42 AM
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Join Date: Jun 2007
Location: Edmonton SW
Posts: 1,565
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Quote:
Originally Posted by zabbo
Where are you seeing $72k? The chart I've been watching shows as low as $43k end of February high of $62 k mid March and currently $53k. That is US dollars. I know absolutely nothing about this stuff. A buddy of mine told me to jump in a couple years back when it was $5k. Wish I had now!  |
February 20th.
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03-27-2021, 11:22 AM
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Join Date: Jan 2012
Location: On the border in Lloydminster
Posts: 8,364
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I don't have any just curious how do you cash it in ?
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Si vis pacem, para bellum
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03-27-2021, 11:29 AM
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Join Date: Jul 2009
Location: North Sask.
Posts: 358
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Quote:
Originally Posted by Buckhead
Inventing a slang word for holding (HODLing) doesn't make something a good or safe investment.
Where is the "value" being generated. Bitcoin mining power consumption has now exceeded the power consumption of the entire country of Argentina.
Apparently, Millenials are not buying or investing in anything. They are 25% of the US population and control only 4.2% of the wealth. Of that 4.2% they are holding 71% of that in cash or cash equivalents. An extremely poor investment strategy - by the way.
4.2% is not the Majority of the Investment community. No need to expand on that any further.
Elon Musk is not of the smartest people on the planet. He is an excellent salesman (every heard the word "snakeoil") and a master manipulator. He has a lot of people fooled by his adept use of social media.
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Alot of false statements made.
How is ANY other bank or investment "safe"???? In 08/09 half the Banks in the world would have went bankrupt if Govt's(taxpayers) wouldn't have bailed them out???
Both traditiot banking system and Gold mining use more energy than Crypto mining.
So using logic we should end Gold mining as well.?
If Bitcoin/Crypto becomes a truly peer to peer means of commerce, trade and transactions.....then theoretical we just eliminated a huge chunk of energy consumption.
We DONT need brick & mortar buildings, bankers or lawyers, or other middle man. Smart contracts is all we need and consensus on the Blockchain Algorithm.
The consensus Algorithm, on which the Blockchain runs on and Smart Contracts have the ability to eliminate 99% of the traditional banking system.
Alex Machinsky's(Celsius CEOs) mission is to put JPM out of business....
Digital money is here ...
Do you want a digital money that the Govt. can shut you out of? iF you dissent?
Or do you want a decentralized system which Govt's or Central Banks have no control?
Never seen so many ignorant people side with the Govt's and Central Banks ....???
The very same Govt that wants all your guns, wants ALL your wealth too.
Enjoy watching your Fiat depreciate ,10-15% min every year....
Last edited by 350 mag; 03-27-2021 at 11:57 AM.
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03-27-2021, 12:16 PM
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Join Date: Jul 2009
Location: North Sask.
Posts: 358
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Quote:
Originally Posted by Atex
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I find it very humorous that Gunowners, who are constantly under attack from Govt's.....so blindly put their financial "faith" in the hands of the very people they distrust with "Right to Bear Arms"?
If you don't own Bitcoin.....you better have Gold and Silver.
Gold price in 2011 $1900. Gold price today $1730.
Bitcoin price in 2011 $10......BTC price today. $56000.
Gold has lost $200 in 10 years.....Plus Gold price is controlled by Central Banks and Govt's.
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03-27-2021, 02:03 PM
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Join Date: Jun 2011
Posts: 3,713
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Quote:
Originally Posted by 350 mag
Digital money is here ...
Do you want a digital money that the Govt. can shut you out of? iF you dissent?
Or do you want a decentralized system which Govt's or Central Banks have no control?
Never seen so many ignorant people side with the Govt's and Central Banks ....???
The very same Govt that wants all your guns, wants ALL your wealth too.
Enjoy watching your Fiat depreciate ,10-15% min every year....
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Digital money is already here. People use bank cards, credit cards, e-transfers etc. already.
I also don't think the so many ignorant bitcoin skeptics are wanting to be on the side of government and central banks. Most are rightly concerned that the government just happens to have all the power. It's a highly speculative and volatile asset and government regulation is certainly a risk.
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There are some who can live without wild things, and some who cannot. Aldo Leopold
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03-27-2021, 03:15 PM
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Join Date: May 2010
Location: edmonton
Posts: 3,846
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Quote:
Originally Posted by bdub
Over 75% of the hash rate of cryptos originates in China(65%), Russia and Iran and 80-90% of the transactions in crypto occurring in Chinese Yuan. It's mainly used for money laundering, evading sanctions and funding activities against the west, and speculation by the crypto cult.
It's a good possibility that the US will ban its use imo.
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The US is already making move to curb chinas ambition, starting with accounting regulation on chinese company listed in NYSE and Nasdaq , limiting chinese companies access to american capital . There will probably more in the works for economic warfare .
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03-27-2021, 03:49 PM
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Join Date: Feb 2012
Location: Edmonton (shudder)
Posts: 4,639
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Quote:
Originally Posted by 350 mag
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So why are you considering PAX gold and say it earns 5-7% when gold is down $200 as you note earlier? PAX is backed by gold. Why is PAX safer than owning physical gold?
The truecad is backed by the canadian dollar, so again, why are you thinking of investing in a fiat backed crypto after complaining about fiats?
I'm not judging I'm honestly curious.
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03-27-2021, 03:57 PM
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Join Date: May 2007
Location: Central Alberta
Posts: 21,399
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Quote:
Originally Posted by 350 mag
I find it very humorous that Gunowners, who are constantly under attack from Govt's.....so blindly put their financial "faith" in the hands of the very people they distrust with "Right to Bear Arms"?
If you don't own Bitcoin.....you better have Gold and Silver.
Gold price in 2011 $1900. Gold price today $1730.
Bitcoin price in 2011 $10......BTC price today. $56000.
Gold has lost $200 in 10 years.....Plus Gold price is controlled by Central Banks and Govt's.
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When the **** hits the fan , which it will, sure as tomorrow's sunrise, all things virtual will vanish into cyber space. Gold, on the other hand will still be here .
Grizz
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"Indeed, no human being has yet lived under conditions which, considering the prevailing climates of the past, can be regarded as normal."
John E. Pfeiffer The Emergence of Man
written in 1969
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03-27-2021, 04:20 PM
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Join Date: May 2010
Location: edmonton
Posts: 3,846
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Quote:
Originally Posted by HyperMOA
So why are you considering PAX gold and say it earns 5-7% when gold is down $200 as you note earlier? PAX is backed by gold. Why is PAX safer than owning physical gold?
The truecad is backed by the canadian dollar, so again, why are you thinking of investing in a fiat backed crypto after complaining about fiats?
I'm not judging I'm honestly curious.
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those interest rate are really good, but iam not too comfortable with them payout , because if it turn out to be a ponzi them you are really SOL. i have friends and family that been taken on ponzi real estate that paid high interest returns .
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03-27-2021, 04:47 PM
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Join Date: May 2008
Location: Calgary
Posts: 313
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Quote:
Originally Posted by bat119
I don't have any just curious how do you cash it in ?
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I got a couple of crypto debit cards, which I can load up and use anywhere... also purchased a few big ticket items direct peer-to-peer, including real estate.
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03-27-2021, 05:12 PM
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Join Date: Jul 2009
Location: North Sask.
Posts: 358
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Quote:
Originally Posted by HyperMOA
So why are you considering PAX gold and say it earns 5-7% when gold is down $200 as you note earlier? PAX is backed by gold. Why is PAX safer than owning physical gold?
The truecad is backed by the canadian dollar, so again, why are you thinking of investing in a fiat backed crypto after complaining about fiats?
I'm not judging I'm honestly curious.
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...because in case of Deflationary crash....Cash is king( at least right now)....,,People will still run to USD.
I own Gold and Silver and I own Gold miners and Silver miners.
Pax G is an easy place to transfer Bitcoin to and earn 7%.
Gold does not pay interest....and Gold miners pay only 1 to 2 %>
Celcius isn't a Ponzi.
Its a very well run company by an internet pioneer and we'll respected Entrepreneur.....with a proven track record.
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03-27-2021, 05:35 PM
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Join Date: Jul 2009
Location: North Sask.
Posts: 358
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Quote:
Originally Posted by Grizzly Adams
When the **** hits the fan , which it will, sure as tomorrow's sunrise, all things virtual will vanish into cyber space. Gold, on the other hand will still be here .
Grizz
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Well IF that was to happen.....Society would break down, we would have anarchy, billions would starve.
Your Gold would be quite worthless....
Would you trade your last basket of food to feed your family for all the gold in the world????
You cannot eat it.
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03-27-2021, 07:39 PM
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Join Date: Dec 2008
Location: Alberta
Posts: 24,071
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Quote:
Originally Posted by 350 mag
Well IF that was to happen.....Society would break down, we would have anarchy, billions would starve.
Your Gold would be quite worthless....
Would you trade your last basket of food to feed your family for all the gold in the world????
You cannot eat it.
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And crypto even less so.
I have far more faith in cold hard cash, accepted everywhere
__________________
Only dead fish go with the flow. The rest use their brains in life.
Originally Posted by Twisted Canuck
I wasn't thinking far enough ahead for an outcome, I was ranting. By definition, a rant doesn't imply much forethought..... 
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03-27-2021, 07:48 PM
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Join Date: Feb 2012
Location: Edmonton (shudder)
Posts: 4,639
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Quote:
Originally Posted by 350 mag
...because in case of Deflationary crash....Cash is king( at least right now)....,,People will still run to USD.
I own Gold and Silver and I own Gold miners and Silver miners.
Pax G is an easy place to transfer Bitcoin to and earn 7%.
Gold does not pay interest....and Gold miners pay only 1 to 2 %>
Celcius isn't a Ponzi.
Its a very well run company by an internet pioneer and we'll respected Entrepreneur.....with a proven track record.
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I never said anything was a ponzi scheme just FYI.
So if PAX is backed by physical gold which as you’ve noted has been reducing in value. How is it earning you interest?
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03-27-2021, 07:57 PM
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Join Date: Feb 2012
Location: Edmonton (shudder)
Posts: 4,639
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Quote:
Originally Posted by 350 mag
Well IF that was to happen.....Society would break down, we would have anarchy, billions would starve.
Your Gold would be quite worthless....
Would you trade your last basket of food to feed your family for all the gold in the world????
You cannot eat it.
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I will argue with you here. Gold historically has always had value even in scenarios which you describe. History tells us it would in the future too.
Why do you go to work in the morning? (Assuming you do or did work?) You go to earn money. Why do you want to make money, you can’t eat money? Money can be traded for food though right?
The same is true in a zombie apocalypse. No I wouldn’t give my last turnip for 100 ounces of gold. But if I have a cart of turnips and you have 100 ounces of gold I may give you one. I may take other things too. A thumb drive of promises though, I likely never ever accept for that turnip.
However, this is only one scenario. This holds true for every form of investment linked to a fiat currency. That’s why also invest in physical gold and silver along with other investments.
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03-27-2021, 08:32 PM
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Join Date: Jul 2009
Location: North Sask.
Posts: 358
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Quote:
Originally Posted by HyperMOA
I never said anything was a ponzi scheme just FYI.
So if PAX is backed by physical gold which as you’ve noted has been reducing in value. How is it earning you interest?
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Celsius pays you 5-7% interest on your PaxG deposits....
5% if you earn in PaxG.
7% if you Earn in CEL token.
Unless you believe in apocalyptic scenarios it's safer and pays better than Gold under your mattress.
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03-27-2021, 08:35 PM
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Join Date: Jul 2009
Location: North Sask.
Posts: 358
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Quote:
Originally Posted by HyperMOA
I will argue with you here. Gold historically has always had value even in scenarios which you describe. History tells us it would in the future too.
Why do you go to work in the morning? (Assuming you do or did work?) You go to earn money. Why do you want to make money, you can’t eat money? Money can be traded for food though right?
The same is true in a zombie apocalypse. No I wouldn’t give my last turnip for 100 ounces of gold. But if I have a cart of turnips and you have 100 ounces of gold I may give you one. I may take other things too. A thumb drive of promises though, I likely never ever accept for that turnip.
However, this is only one scenario. This holds true for every form of investment linked to a fiat currency. That’s why also invest in physical gold and silver along with other investments.
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The scenario your describing will not happen.
And IF all "digital" shuts down you are NOT feeding 7 billion people??
Your Gold will be worthless....you will be lucky not to be eaten as food by your fellow man.
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03-27-2021, 08:40 PM
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Join Date: Jul 2009
Location: North Sask.
Posts: 358
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Quote:
Originally Posted by Grizzly Adams
When the **** hits the fan , which it will, sure as tomorrow's sunrise, all things virtual will vanish into cyber space. Gold, on the other hand will still be here .
Grizz
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There won't be paper money in 10 years....
Likely won't be credit cards either.
It will likely be a chip in your wrist....or for sure will be on your "smartphone" ...IF we even have those in 10 years.
The world isn't going backwards, NOR are we going back to a Gold Standard.
Gold bugs have been pounding the table calling for that for 30 years...IT isn't happening.
I am NOT saying Gold and Silver have no value. They do.
But Bitcoin is being increasingly accepted as Digital Gold, it is here to stay, trust in the network builds every day, DeFi is the hottest ticket in town right now.
Technology is advancing exponentially and it is Deflationary.
You either adapt or you risk being left behind.
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03-27-2021, 08:44 PM
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Join Date: Aug 2009
Location: AB
Posts: 6,638
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Quote:
Originally Posted by 350 mag
The scenario your describing will not happen.
And IF all "digital" shuts down you are NOT feeding 7 billion people??
Your Gold will be worthless....you will be lucky not to be eaten as food by your fellow man.
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Being mostly hunters on this forum I’m sure we will be the ones doing the majority of the eating 
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03-27-2021, 11:10 PM
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Join Date: Feb 2012
Location: Edmonton (shudder)
Posts: 4,639
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Quote:
Originally Posted by 350 mag
The scenario your describing will not happen.
And IF all "digital" shuts down you are NOT feeding 7 billion people??
Your Gold will be worthless....you will be lucky not to be eaten as food by your fellow man.
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This has happened many many times in mans existence and will happen many more times going forward. Situations like hurricane katrina was exactly like that. Maybe not on a global scale and I never ever said 7 billion could be saved. You are missing the point of the discussion. Some refugee camp somewhere in the world it’s happening as you read this. In a SHTF situation gold will have value, crypto none. Fiat for that matter will only be valuable as kindling. (If that new plastic money even burns).
You are right though. Food and water will be one of the largest commodities. Those that can grow fields will feed armies to protect it. Gold will still be valued.
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03-27-2021, 11:17 PM
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Join Date: Feb 2012
Location: Edmonton (shudder)
Posts: 4,639
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Quote:
Originally Posted by 350 mag
Celsius pays you 5-7% interest on your PaxG deposits....
5% if you earn in PaxG.
7% if you Earn in CEL token.
Unless you believe in apocalyptic scenarios it's safer and pays better than Gold under your mattress.
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Yeah I can read the rates posted too. But how is it earning 7%? If it’s backed by gold. You buy one PAX for let’s just round it off to $2200 CAD. That is roughly the cost of one Troy ounce. Now as you’ve said, gold has actually depreciated the last 10 years. Let’s say it depreciates to $2000 CAD in the next 10 years. So now in 10 years won’t my PAX be worth $2000 too as it’s backed by gold? Now in those ten years as the gold is depreciating how is it earning 7%? Where is this growth coming from?
Or is PAX backed by 10 ounces of gold and 100,000 people are buying it at the cost of one ounce? I don’t understand how a depreciating chunk of metal is earning interest. I am truly curious.
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03-27-2021, 11:19 PM
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Join Date: Feb 2012
Location: Edmonton (shudder)
Posts: 4,639
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Quote:
Originally Posted by 350 mag
There won't be paper money in 10 years....
Likely won't be credit cards either.
It will likely be a chip in your wrist....or for sure will be on your "smartphone" ...IF we even have those in 10 years.
The world isn't going backwards, NOR are we going back to a Gold Standard.
Gold bugs have been pounding the table calling for that for 30 years...IT isn't happening.
I am NOT saying Gold and Silver have no value. They do.
But Bitcoin is being increasingly accepted as Digital Gold, it is here to stay, trust in the network builds every day, DeFi is the hottest ticket in town right now.
Technology is advancing exponentially and it is Deflationary.
You either adapt or you risk being left behind.
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This I agree with you on. I’m not sure how I feel about it though.
I don’t agree with your “deflationary” comment though. How do you qualify that?
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03-28-2021, 12:19 AM
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Join Date: May 2010
Location: edmonton
Posts: 3,846
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03-28-2021, 05:57 AM
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Join Date: Jul 2009
Location: North Sask.
Posts: 358
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Quote:
Originally Posted by HyperMOA
Yeah I can read the rates posted too. But how is it earning 7%? If it’s backed by gold. You buy one PAX for let’s just round it off to $2200 CAD. That is roughly the cost of one Troy ounce. Now as you’ve said, gold has actually depreciated the last 10 years. Let’s say it depreciates to $2000 CAD in the next 10 years. So now in 10 years won’t my PAX be worth $2000 too as it’s backed by gold? Now in those ten years as the gold is depreciating how is it earning 7%? Where is this growth coming from?
Or is PAX backed by 10 ounces of gold and 100,000 people are buying it at the cost of one ounce? I don’t understand how a depreciating chunk of metal is earning interest. I am truly curious.
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Celsius pays its users interest on their crypto deposits....
Celsius uses that crypto as collateral to lend money to "Start-ups, businesses, corporations that need Capital.
So if you deposit 10 PaxG tokens, @ current $1735 spot price....they will pay you 5% interest on your deposit...if you earn in PaxG.
7% if you earn in CEL.
In "x" amount of time the PaxG will be worth whatever the "spot price" is...but in that time frame you have earned the interest and you can cash it in every week if you like.....So UNLESS you believe the Bank of England will collapse and those vaults will be raided by the Govt or Military it is better and actually safer than storing Gold at home.
In a true SHTF scenario Gold and Silver coin will work....BUT if we're back in the time 200 years the world is going to be an ugly place with billions starving to death.
Platinum members earn in CEL,(their native token) and Celsius has to buy CEL tokens on the open market to pay interest to their users.
In past year those payouts were right around 250 million USD.
Their mission is to pay back 80% of the profits of the company to the user.
I know most will say."Sounds to good to be true"....BUT their mission statement is to "put the greedy Banks out of business"....
Last March when Bitcoin flash crashed to $3000 Celsius was only DeFi platform not to liquidate accounts to cover Margins.
Not saying it's without risk BUT what is these days...there is always going to be a "Black Swan" that no one sees coming.
Bitcoin, just like silver and gold, can augment/supplement your portfolio.
As long as they are "printing" Fiat Bitcoin will continue to rise.
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