Why I Own Crypto-Currencies, Gold and Silver
My Reasons Why I Own These Assets Over Stocks and Money in the Bank.
Back in 2006 I read a book entitled, "Crash Proof" by Peter Schiff. This book changed my attitude towards investing forever. So I began to take a portion of my paycheck and bought Gold and Silver. Since I was a nurse at the time it was not much but it was enough to make me feel comfortable.
During this time I saw people all around me lose fortunes in the subprime crisis in Florida. It was a tragic time. I was working on a psychiatric unit in Tampa where many of our patients were just depressed over losing investments, homes and jobs.
Then the economy and stock market took another dive in September 2008 when Lehman Brothers crashed and burned. My Silver and Gold took a short term hit but I was confident in a rebound especially after the Fed decided to use QE and gimmick programs like Cash for Clunkers to reignite the economy.
During this time I moved back to Rochester, NY where with the help of my family we bought a beautiful century old home that was in foreclosure for a mere $19,500. It was an awesome house! We remodeled the whole house and I had very low overhead for a few years.
During this time Gold and Silver continued to rise. It was exciting for me since I knew I had made a great decision to invest in precious metals. Then I decided to leave the United States and moved to Panama. I rented the house out for 2 years before selling it for a tidy profit in 2014. I don't like being a landlord!
Here in Panama I handled the marketing for a well known metals investment company. It was 2011 and the metals were on fire. We did over $20 Million in sales that year. Then for no apparent reason Gold and Silver entered a bear market. This bear market lasted until 2016.
I sold a good deal of my bullion in 2014. This money was used to help finance our marketing company. We still have plenty of Silver and some Gold. As far as precious metals we feel that we have enough.
In 2012 I had my first introduction to Bitcoin. My business partner at the time suggested we take some capital and buy a bunch at $11. I was still clueless about Bitcoin and decided to not do it. IDIOT! I had another opportunity in 2014 as I took profits from my home sale and bought a few BTC.
Chart Comparing Gold vs. Bitcoin as Money.
Like many of my fellow newbies I bought into hype and was bitten by FOMO. I invested everything into AuroraCoin. That did not work out to well! I sold when I was down 80% and bought DarkCoin (now Dash). Well that one plunged as well and boom my money was vaporized. So I decided to stay away from Crypto-Currencies since I was not capable of making good trading decisions.
Then in 2015 a friend of mine bought me a position in Bitclub when BTC was around $250. I signed up a few people and quickly made a few BTC which rose nicely in the following months. The spark was lit once again.
After a few meetings with Bitcoin pioneers and listening to many videos on the subject of crypto-currencies I knew I was going to be part of this movement for the long term. I personally prefer AltCoins over Bitcoin. Some might scream heresy but I enjoy the excitement of the market. Some days my trading is up multiple BTC other days I am down. The best part is that I get to make the decisions when to buy, sell or hold.
I don't know what is going to happen in the coming months but my guess is that the world will be moving more and more to digital currencies. This bodes well for those of us who are already well versed in the subject.
More Reasons to Own Gold, Silver and Crypto-Currencies.
If my story has not convinced you to own these assets maybe the current state of the world might. We are in tenuous times. Whenever the world goes to war Gold and Silver are the best assets to own. They protect your wealth as nations squander their wealth on weapons of war.
The financial system is in a precarious position. We are seeing negative interest rates popping up all over the world. This does not bode well for the saver. Gold and Silver are great options to protect your wealth but Crypto-Currencies like Dash can help you earn money on that wealth. Did you know you can buy 1000 Dash, store them in a Dash Node and earn 1% interest monthly? What bank will pay you 12% annually. Not to mention the possibility that the value of Dash will increase over time.
Great Interview of Jeff Berwick on the Current State of the Financial System.
If You Do Not Take Control of Your Investments You are at the Mercy of the Bankers and Bureaucrats.
For many years we have been taught to let someone else handle our investments. It is time for you and I to take responsibility for our future. Do not rely on government programs to help you in retirement. If you are a believer in the stock market that is great and good luck to you. Personally I am 100% in Gold, Silver bullion and Crypto-Currencies. There is nothing that will change that.
Hi Hilarski,
Good write up and i agree with you for the most part. Im thinking about some mining companies and if i want crypto with no counterparty risk i like BitGold through BitShares as its collateralized 200%. Either way, good luck to you and Panama sounds nice.
I appreciate it. Wow, I did not know you could do BitGold through Bitshares. Very interesting. I believe mining shares will do very well, I just prefer crypto for my higher risk investments.
Yup
I worked with a gent back in the early 1970's who collected gold mint coins, I so regret not delving more information out of him on how to. At that time up to the end of the 1994 we had to go through stock brokers, he had seen a loop hole in buying recently minted collector item gold coins. Long before the Mandela coin had even been heard of over here in South Africa. Thanks for another great post Randy.
Wow, you were forced to use brokers? That stinks! As always thanks for stopping by Joan. You have been a great friend and peer over the years.
First off, you were basically my neighbor. I live in Penfield, New York (suburbs).
Secondly, I also worked with the Dash core team for awhile and took much interest in Darkcoin/Dash as well. I did some dev work for the Android wallet but drifted away from team. So, you also hit close to home with that one as well.
Finally, I only stack precious metals and cryptocurrency. I can not UPVOTE this post enough.
P.S. I also didn't buy bitcoin when I first heard of it when it was around $11-15 ... we're almost like long lost twins LOL
Hey, I am from Bushnell's Basin originally. My Mom lives in Webster.
Love the Dash team. I get to hang out with Daniel Diaz occasionally since he lives here in Panama. Ira Miller is a good friend and he is working on some back end programming.
Wow, small world indeed. Shoot me a message if you're ever in town so we can talk crypto & economics :)
Last time I talked to Evan (lead dev) he was contemplating moving to Panama as well. Not sure if he went through with it. Also, I did much cheering when Ira uploaded the video of the Dash/Bitcoin ATM. He is a serious developer. Ira has contributed much to the cryptocurrency world -- I think he also made Shapeshift.io with Eric Voorhees.
I handle the marketing for Tigo CTM. Ira and Eric launched Coinapult together. I am not sure of Ira's role in Shapeshift.
I don't know when we will come home to the ROC but feel free to connect on Fascistbook or Twitter.
Me too, and in this order: Silver, bitcoin, altcoins, cash in hand, gold, ammo, firearms and food. I've also been planting fruit trees and blueberry bushes, just in case. And I raise rabbit, quail and pheasant.
Holy crap, you are on point! I am in the process of getting my Panama permanent residency. In a few weeks I will be able to own a firearm legally. The great thing about Panama is that there are fruit trees everywhere. You can also grow Yucca easily which is a wonderful starch based tuber.
And avocados, which are very nutritious
Love this article. It's relevancy, in any time period, cannot be denied. It's unfortunate that, in the time in which we live, I've felt it necessary (or at least prudent) to invest in the other "precious" metal as a first step reaction to swirling events - lead. For without it, our water sources, food supplies, gold and silver caches and, more importantly, our families are subject to the inevitable roving bands of hungry marauders, when (not if) the SHTF. Great stuff my friend! Keep 'em coming! Glad I'm following you.
Yes lead is important in many forms. I hope the most common form will not be needed but we are a crazy species. Very sad state of affairs around the globe.
Indeed!
When the Ship Hits The Sand makes the phrase "safe for work"
I have limited means myself (a waiter) but learned from Schiff, Porter Stansberry, etc as well. I've started buying silver bullion about 2 years ago and am not ashamed of the amount I own. I bought my first Bitcoin in January and am surprised to see it's gone up 50% already. Just got into Steem and Steemit this month, and at the advice of a friend bought Etherium also. Pretty sure I will never own a stock or bond, haha.
Sorry you missed out on Bitcoin when you had the chance! To support your article, here's a link to what happened when a guy bought $27 worth and forgot about it! (Note that the price of BC has doubled since this 2013 article, so factor that in...) https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home
Similar to you I had limited assets when I worked a job. I just habitually bought silver every time I got paid. Steemit is a great way to accumulate BTC without having to take after tax earnings to do it. I know writing or doing a podcast can be a chore but it sure can pay off.
You're right it is, and I hope it does! Funny you'd mention that, I just might want to arrange an interview with you on this very article. I'm wanting all of my music and many of my future guests to be Steemers, to promote the platform (and myself of course)... thanks for the reply.
For sure, I am always up to an interview.
Friday at 7 central, via skype? Reply me via [email protected] to take this convo outta here ;)
Nice write up - yep I've shared a similar fate - in and out through the various pitfalls and selling btc for $5 and $15 on ebay... most recently getting whacked by bitfinex. I suppose the true key is diversification and money management in any given trade scenario. Upvoted and now following.
Thank you for stopping by. Human nature plays a big part in all of this. We generally are lazy so we prefer someone else to handle our assets. But in the end those of us who are not super wealthy should be managing it ourselves. Bitfinex was a tragedy for many of my friends. I hope you recover from it quickly.
Yes indeed... Bitfinex - water under the bridge! One of the pluses of holding physical assets is that they are quite difficult to actively trade/leverage.
For sure, that is why mine have just sat there for years collecting dust. Too much of a pain in the butt to move. I could do it but it would take some effort.
Firearms & ammunition are pretty good investments, too ;)
Interesting info about Dash, wonder if it performs well though (not all crypto are made equal) I'll investigate on this coin.
Dash is one of the most stable cryptos that I know of.