Topic: Grandma tell you to keep old coin in piggy bank - page 3. (Read 1016 times)

In my own perspective, you are the who holds your fate because you have the power to decide wether you will be rich or not. Well of course if you work hard, invest your money for a business and save some money for the future you will probably get rich someday. What I mean is in order for you to be rich you should manage well your money and spent it into a meaningful way.

My mom used to tell me to save money but I do not follow his instruction because I know that she is wrong about saving money. There is no people who became rich because of saving money. I always investing the excess money that I have. Saving and Investing are different to each other. In investing, our money can make money but in savings our money is just store and its value is not going up.

I don't think my grandma will say such thing if he understands these shitcoins and the market and if he is going to say I am more likely to correct her as this is wrong information that he is advising me, we already have thousands of shitcoins since the creation of the first shitcoin in the market, and until now they remain shitcoin and no hope of development, better do your own research not advisable to keep your shitcoin.

You should not treat this as a big deal actually. Grandmothers encouraging their little grandchildren to save using piggy banks is actually just a lesson to save. This is not about anything else. This is just teaching them the importance of not spending everything you have, of setting aside some for the rainy days, or if you have something to buy that you cannot afford you will save for it first. This is about learning to save.

I don't thinking keeping the coins in the piggy bank is worth the effort of maintaining them or having them in the way. I don't even know of a grandma who would tell their grandchildren to keep quarters fore decades.

Regarding the grandmother who said to save old coins idea, and in the future value will be high. In my opinion there is a point if
the old coin in question is bitcoin. Just imagine we save bitcoin for a long time, maybe about 10 years from now more value will
be very high. But to save bitcoin for a long time I don't recommend using an online wallet, it's better stored in the hardware wallet
because it's safer. Regarding the shitcoins discussed in the opening post I don't agree to be saved, because shitcoins if we save for
a long time to become dead coins.

Your first example is just reiteration of Gresham's law - "bad money drives out good money". But since physical money are mostly made out of paper or cheap metals, it's not very useful today. Maybe some modern coins will hold some collectible value in the future, but it's nearly impossible to predict which coins will do it.

As for crypto, it's a stupid idea to hold your coins in custodial wallet for long term, there's almost no benefits to it, only risks. And in the long run you're quite likely to lose those money due to hacks or exit scams. And when it comes to shitcoins - they will lose their value regardless of how you hold them, and rather quickly.

I have to agree with this view, grandma had better options to advise to invest in other than a piggy bank 

As long term assets gold and land would be far better options than a bank which would provide miserly interest and not much else.

If you really want to save for a significant amount of time like 10 years then better is to have a hardware wallet and move everything there. Now comes the exciting part, not every coin deserves to be held for long time, some should be dumped soon.

I think the piggybank stuff is no longer valid in the modern financial system, with an x% annual inflation rate. It must be dated back when civilization literally put their gold coins in some "storage box."

If grandma had put her money in a bank (assumed the bank is still running today), she would have received a nice amount of compound interest. However, it is still far wiser if she had put her money in long term assets, such as land, or even gold.

By the way, put your coins in proper wallet guys, not web-based/exchange. You guys don't have to worry about the debasement (inflation) for Bitcoin since the total supply of ~21 million coins is permanent (assumed no contentious hard-fork).

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Services would eventually develop for any coin, and people would eventually put up shitcoins for sales on online shopping sites, it wouldn’t always need to wait for someone to build a bridge to make it easier.
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If you wait your old physical rare metal coins before spending it, you would have been able to sell them for scrap metal at profit. Those old silver coins certainly gain a lot of price to melt it into scrap metal.
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Do you think old coins has all of them? They have price just for its nostalgic value, nothing more.
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I’m sure your wrong in this one, old coins has high value rare metal content that’s why it fetch high price, the American eagle gold coin didn’t fetch anything higher than its gold content value, despite its super rare and many new designs.
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Meh, you didn’t know bitcoin was once traded in Zimbabwe or North Korea exchanges for $100,000 per coin, the average value make very little sense.
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Dude, Fiat didn’t existed in your grandma’s vocabulary and it’s time, they trade using gold coins, and it’s called coins not some fancy name fiat.
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Why gold is rare? Doesn’t bitcoin much rare than gold? Look 21m btc, but there is unlimited gold that’s haven’t unearthed over the outer space, some believe the sun is make of gold, it’s so many times bigger than earth.
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Of course your bank give you $ 1 for every $ 1 deposit, £1 for each £1 deposit.

Common sense is telling the face value $ 50 coin worth $ 1600? How does it add up?
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That’s pretty generic, everything you can touch also came from the past and they have pretty much all their own version of history slapped on their face, a unique past is better than some else?
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What you gonna tell them?
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Bitcoin is a fraud!
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Very deep.(I do not support the sh*tc tag though.)

I think grandmas and grandpas would understand Bitcoin better and probably be better Bitcoin investors than many of us.

Handing them our monies will only make manipulating things easier.
 Durable,  scarce, divisible, useful, attractive things always increase in price in the future.

It will vary from each person because there are oldies that are exposed on what are the current trends of this new era where its already hi-tech and its normal for these kind of innovation to exist.
It isnt surprising that majority of them would trust up fiat no matter what since this one had been trusted since the beginning of time and also they arent already aware on whats happening
or innovation thats why they will normally suggest the traditional ways and us who do know about crypto would definitely say the opposite thing in terms of profits.

that is only a myth that older people tend to know more things  .

  in this time we have right now we can learn different things at a young age  . we knew if what is a real fact and not only a made up myths  . many older people on our place tell me that this crypto was a scam but i dont believe on him i only believe that crypto can give me a good future if i will start saving on it than saving fiats alone with my piggy bank   .

Storing it on banks, surely will gain some interest but considering the potential value when it comes to be a rare one might need to double interest I get in banks. The thing is the time span, I don't think I still need money by such time. Anyway, I will try to tell my kids about this, 'cause it is still a wonderful idea.

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Holding fiats is good in a sense you were stocking it up and will further be use for such greater purpose. Like kind of storing money, anyway are this still a thing, piggy banks something like that?

Because we all know that older people knows best and have a lot of experience when it comes to preserving the value if something. That's why most of our grandmother and grandfather have something what they called "antique" and its value was preserved that its price is also high and has a history. Although fiat is very reliable right now, bitcoin can give you a brighter future if the price becomes high again.

If there is a bitcoin bank then the bank must give the value back in the amount of bitcoin i deposited and not in fiat valuation, even if there is a bank who will deposit their coins in a third party wallet you can have your own.

The piggy bank is a different case scenario, saving all your spare fiat currency and that cannot be applicable to shitcoins, commonsense prevails in this situation  .

I couldn't agree more, most cryptocurrencies only have assigned values  in them while most fiat had innate value assigned on them making their value appreciate as time goes by. It is indeed a different story with cryptos. So it's not really that applicable if you'll come to think of it.

There is a difference because of the physical attribute of the coin.
Most of the old ones are made of pure silver while now they put plastic in it.
Old coins that are made are not that much because they have a higher value before and you can buy a lot with just a dollar.

Now, with crypto currencies, there is a lot of difference. Living in the internet era is difficult, there is not rarity of products by now. I would still prefer keeping gold when it comes to having a physical view.

Your grandmother could be saying that with fiat coins in mind. Thing is, fiat behaves very different  from cryptocurrencies. so hodling them might be a good thing, but not in hopes of reselling it for a higher value in a decade or two as bitcoin is intangible unlike physical fiats that holds innate value aside from the value it was assigned with.