Fundamental value of Bitcoin

JackRab said:
I don't think gold is good either...
Usability of gold is limited. Same for bitcoins when the shit hits the fan.

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I dunno'...Go to any jeweler/pawn shop and they would buy your gold at the current spot price and give you USD, which you could then use to buy food and water.
 
Overnight said:
I dunno'...Go to any jeweler/pawn shop and they would buy your gold at the current spot price and give you USD, which you could then use to buy food and water.
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Have you done this yourself? What's the general area of your location (i.e. city name)?

You make it sound so simple and I'm pretty sure it's not. I'll be surprised if you don't take a big hit on the spot price. Probably will get dinged on the purity assessment. Those guys are ruthless.
 
Overnight said:
I dunno'...Go to any jeweler/pawn shop and they would buy your gold at the current spot price and give you USD, which you could then use to buy food and water.
More...

I don't think that system will work when The Day of Doom is here...

First problem, no internet... and no general comms.
Second problem, what's the spot price at that time... there's no exchange open...
Third problem, USD is probably worth f#$ck all at that time
Fourth problem, what does the jeweler have to give you besides worthless USD?

My point being... when the shit hits the fan, it gets very messy....
 
johnarb said:
Have you done this yourself? What's the general area of your location (i.e. city name)?

You make it sound so simple and I'm pretty sure it's not. I'll be surprised if you don't take a big hit on the spot price. Probably will get dinged on the purity assessment. Those guys are ruthless.
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I have done it myself. Location, New England in the USA. Took an ounce of 22 karat (a bracelet) to a jeweler and they gave me that day's spot price of gold minus the 2 karats, minus a melt-down fee. Gold at that time was around $1,600 per ounce, 6-7 years ago. I then went and bought some milk at the local grocer with my USD cash, and a Slim-Jim. Tasty combo!
 
Overnight said:
I have done it myself. Location, New England in the USA. Took an ounce of 22 karat (a bracelet) to a jeweler and they gave me that day's spot price of gold minus the 2 karats, minus a melt-down fee. Gold at that time was around $1,600 per ounce, 6-7 years ago. I then went and bought some milk at the local grocer with my USD cash, and a Slim-Jim. Tasty combo!
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So how much did you get for it? Bit more than the value of milk and a Slim-Jim I hope... (no clue what a Slim-Jim is, sounds like a very healthy bite :D)
 
JackRab said:
So how much did you get for it? Bit more than the value of milk and a Slim-Jim I hope... (no clue what a Slim-Jim is, sounds like a very healthy bite :D)
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IIRC, I walked out of the store with about $1,450. And yes, Slim-Jims are extremely healthy. It is beef jerky, but worse. Made with beef lips, sodium nitrates and other unmentionables.

Randy Macho-Man Savage was a big fan, hehe!

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Overnight said:
IIRC, I walked out of the store with about $1,450. And yes, Slim-Jims are extremely healthy. It is beef jerky, but worse. Made with beef lips, sodium nitrates and other unmentionables.

Randy Macho-Man Savage was a big fan, hehe!
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That's a pretty good price. You had a high quality gold item there and probably are more informed than most. I'd still guess it wasn't a 10 minute deal, assay test and agreed upon weight and fees. It helped that you were in a city with lots of competition.
 
johnarb said:
...I'd still guess it wasn't a 10 minute deal, assay test and agreed upon weight and fees. It helped that you were in a city with lots of competition.
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Took 20 minutes, in and out. Gold is gold. Not the same with BTC I guess.
 
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