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Bitcoin Rising Rapidly in 2016 Giant FU to Politicians & Central Bankers in China, India, Venezuela

from WallStForMainSt:

Jason Burack of Wall St for Main St did a short video talking about why thinks Bitcoin has risen from a low in 2015 of around $225 to its current price of around $900. Jason believes there’s been big demand from new Bitcoin buyers in China, India, Venezuela and other Latin American countries.

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3 comments to Bitcoin Rising Rapidly in 2016 Giant FU to Politicians & Central Bankers in China, India, Venezuela

  • Kevin

    I bought silver like crazy in 2015 convinced the legendary moonshot in prices was imminent. I used every bit of extra cash and even credit cards and went from 400 ounces I had previously to 1100 by the end of 2015. I even bought a couple of bitcoins. Then I lost my job in early 2016. I found another job but at $20,000 less a year. Now I have credit cards to pay from where I used them to buy silver with no cash savings from using extra cash to buy metals. Silver shot up with brexit but I held on to it thinking this was it and silver was only going up. I sold the two to three bitcoins I had when they were in the $500-600 range to help us thru some financial crunches.

    Long story short. I have lost my shirt on silver and I missed the boat on Bitcoin. If I had sold all of my silver when it was in $20 range and bought Bitcoin in $300-400 range, I would have almost $100,000 instead of $15,000 with silver. If the manipulation of metals ever ends and prices go up significantly (and I don’t see it happening any time soon despite what Clif High and Webbot say about silver shooting up in early 2017) I will sell every last ounce to regain the financial security I had prior to getting caught up in the hype to buy before it was too late.

    With Bitcoin on coinbase.com I could quickly convert my BTC to cash if I have a financial emergency – 48 hours from initiation of sale to money appearing in my checking account. With physical silver I can’t do that. I have to contact a pawn shop or bullion dealer and sell at 40 cents less than current spot price and then send it to the dealer and wait for a check. Plus some businesses accept BTC but no one takes silver. Most importantly I can leave the country and access my BTC from anywhere in the world. Can’t do that with metals.

    Long story short, my choice to buy physical silver and gold has fucked me and my family in the ass. And I doubt I will ever see any kind of investment return or be able to sell any of it at a profit. The correct answer to financial security and return on investment with ease of conversion to cash was BTC. And I have missed the boat unless I sell most or all of my metals at a loss and get into BTC. As you said BTC is less susceptible to manipulation. Silver and gold will continue to be smacked down and as the EU is now discussing, confiscation is a real and likely possibility – all to fight terrorism of course. Another likely scenario is if prices are allowed to go up, the govt will be waiting to slap sellers and owners with a windfall profit tax on metals. Look for 50-75% tax on sales of metals. Either way with metals you lose. I doubt there will ever be some mad max scenario where metals save the day.

    Wish I had listened to Bix, fonestar, and others AND my gut about Bitcoin.

    Not to discourage anyone from their investments but I have even wondered if the hyping of metals by alt news sites and bullion dealers hasn’t been some kind of scam to increase sales. The only ones making a profit are the bullion dealers and the analysts who charge subscriptions to their news letters (Bo Polny charging $1200 a month for his failed predictions anyone?). But buyers like me have been royally screwed.

    • Eric

      With physical real tangible wealth, you do not lose unless you sell just like you would lose if you sold your food, your house, your heat source, etc. Gold and Silver is honest money. The Gold coins I have are the same as they were last year and the year before. Nothing has changed. But racking up credit card debt at 19.99% interest for any reason is a sure path to losing. Buying “like crazy” betting the farm on any one thing without doing your due diligence is taking enormous risk. Never put all your eggs in one basket.

      Silver is not a trade and it is not an investment. You do not sell money. You save it, spend it, or exchange it. Physical Silver is constitutional money. Those that do not accept it for value do not know what money is. Bitcoin is digital currency not worth the paper it’s not printed on. It’s all hype and no better than all of the other digital assets that you can’t hold in physical possession. It does however serve a function in the new economy. Especially for the chinese right now.

      A windfall profit tax on Gold or Silver is of course possible but unlikely just in my opinion. But why would anyone sell it then? So they can pay more tax? If the ease and speed of transactions is what is important to you than stick with digital currency. Don’t forget there are capital gains taxes on Bitcoin as well since they designate it as a commodity that you can’t touch.

      Kevin, you made some mistakes and got hit with some bad luck. But admitting it to yourself and learning from your mistakes to get back on track would benefit you more than becoming bitter about it because the ticker price on the screen tells you it’s worth only so and so many fiat dollars. If you believe that Silver is only worth $16/oz then maybe you should sell it and clear yourself of the agony it is putting you through. But I would check the Silver price on the US debt clock first, think about it carefully, and don’t have any more regrets.

      I’ve been stacking physical Silver, Gold, Platinum, Palladium, storable food, potable water, ammunition, first aid, etc. etc. for 8 years. Haven’t sold one ounce. Do not regret the many times I almost bought some bitcoin or the many stock trades I could have made more $$$$ with. Thinking about wealth or money or important things like family and relationships in US Dollar terms will not help you any more than it has helped those in Venezuela who think in terms of bolivars.

      Find the balance you need in life. It’s not supposed to be a struggle.

  • Kevin

    Metals are a store of wealth and also an investment that holds the promise of gains for the future. When most people, myself included, bought rounds and bullion, we didn’t view the rounds themselves as ever being used directly to buy things. We viewed them as a specified amount of metal that translated into a certain value. Something that could be converted to useable money and vice versa. The official story was that metals protected against the devaluation of fiat currency and that someday metals would be used to back a new currency. Due to this backing combined with the scarcity, metals would be revalued to $10,000 an ounce for gold and $100-1000 an ounce for silver. Not only would metals preserve wealth, they held the promise of generating new wealth in the future – a return on investment and financial security.

    Ask anyone who bought metals over the past ten years and 99% will say the same thing – that metals were undervalued and by buying now, metals would only go up in price over the next few years. That was the promise of Max Keiser’s “buy silver, kill JPM” campaign in 2008. That’s the forecast analysts like Jim Willie, Rickards, Polny, and every other writer featured on this site have made and continue to make. What sucks is the return on investment is always a day away. We all know the storylines. “The riggers smacked down the price of metals again, the banksters did it, next quarter silver will go to the moon, webbot said so, Bo Polny said so because 2016 is Daniel’s 70th week according to the Bible, oh wait he had a calculation error and it’s actually 2017 “.

    Don’t get me wrong. I believe that fundamentally metals have value and the financial system as we know it will see some drastic changes. Yes the prices of metals are rigged and yes the manipulation will come to an end someday. The riggers have shown that despite being caught red-handed, the rigging will continue indefinitely as in years or even decades to come. If there is ever a new financial system, will gold and silver even have a place in what comes next or will owners be stuck with assets that are perpetually undervalued. We will see if Trump acts to stop the rigging or has to clan up some sort of financial collapse and returns the US to sound money.

    But as far as investment goes, I would have been better off keeping my 401k (which I took my money out of in 2011 because of another forecasted stock market crash that never happened) or investing in BTC. I am starting to feel like a sucker for using into the metals game. How much more can anyone be expected to swallow before you start to question what is actually going on? As I said the only ones to have gotten rich are the dealers and analysts. Everyone else has lost their ass. Personally I see silver going down to $10 and gold going down to $800. So I ask myself do I sell now and get out before metals go even lower or do I hold on to the hope that metals will eventually rise as everyone says.

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