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JimmyD's Blog

23 Sep 2018

October Numismatist article on Bitcoin...

| JimmyD

I was going to address my concern with a Forum post, but there were no subject categories available where it wouldn't just be lost (subject of another blog post perhaps) and I wanted to find someone who agreed with me. I almost wrote a letter to the editor, but decided against that as well. So here goes, on my blog: I find the cryptocurrency investment puff piece in the October Numismatist, disguised as a discussion of "a new form of money" that collectors should ... I'm not sure, collect? to be inappropriate. Don't get me wrong, the article is very well written and researched, but I don't buy the author's attempt to weave the tale of this highly volatile digital currency into something a collector should become involved with - as a collector. If you think it's a good investment, definitely go for it, it's your money. That's where I have a problem with the article. It's clear from the beginning that the author is interested in cryptocurrency as a vehicle to "increase his investment returns." At the end, we're even encouraged not to invest more in cryptocurrency than we are prepared to lose. I don't think this approach fits within the mission of the ANA,  and has no place in the Numismatist.

OK, got that off my chest. Others may not agree, or care one way or the other, and I respect that. However, while Bitcoin may or may not be here to stay, I'm having a hard time figuring out which grading service to send my first specimen to.

Comments

Kepi

Level 6

I have no interest in these... I'll stick with the real stuff. Money in my hand... ; )

CoinLady

Level 6

Not impressed with Bitcoin. I'm old fashioned.

I have made quite a lot of money with cryptocurrency ming, but I use the profits to make my collection grow larger.

I like to collect it, not full coins, but putting a few cents to get a few dogecoin, or satoshi of a bitcoin I am fine with.

Jonas's Coins

Level 5

The smithsonian actually has a display on cryptocurrency in their "value of money" exhibit. (that exhibit is the one with the half unions, 1933 double eagles, 1804 dollars, and many other things.

JimmyD

Level 4

Sounds like they’re staying up to date.

"SUN"

Level 6

Good thoughts, If there is a financial crisis' , there is no guarantee that crypto currency is any safer.

JimmyD

Level 4

Thanks “Sun.” There’s a school of thought as well that gold is no longer relevant to a modern financial system. I would counter that that may be true, until they’re sweeping worthless paper money into the gutter as in Weimar Germany in the 1920s. Gold, and silver, has been a medium of exchange and a store of value for thousands of years, and is likely to stay that way. I’m not betting on Bitcoin in a competition, anyway. My two cents.

Collecting Bitcoin would be like collecting a bank statement or an email. There are examples of Bitcoin "coins" for sale on eBay, but they're just novelties and hold no real monetary value. I'd sooner collect Debit Cards before Bitcoin.

Longstrider

Level 6

I could be wrong but I don't think bit coins or any crypto currency, has a physical presence. Any of those coins that are graded are not really a bitcoin. They are bits of electronic info. Good luck..

JimmyD

Level 4

Hi Longstrider: that’s my point, or one of them - they do not exist in the physical world. I was being tongue in cheek about sending them in for grading.

Mike

Level 7

Ok I had to give it a good read. I have no use for bit coins or any other type of money. Be it Bit coins or some other form of money. I stay with world currency and coinage. This is what I collect. It's also very expensive. I don't think it's for people making less than a million a year. So that would leave me out. It seems to be for the rich and famous. Me I'm just a regular collector. They can make any type coin they want. But remember the saying we collect what we like. Or in this case can afford. I hope someone who knows about them leaves a good comment so I can learn about these. Thanks for your work and sharing your opinion. It's very important. Thanks Mike.

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