Gold has Limitations that Bitcoin Helps Fix.
7 years ago in #bitcoin by hilarski (76)
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Bitcoin all day and used to be a big gold bug...I still like it is a hedge bet, but not as much. Gold will be the only currency that will be acceptable if the zombie apocalypse started lol.
The only currency that will be accepted at that point is food, ammo and water.
The only reason gold is this low is because of paper contracts in the futures market. also GLD does not have all the gold it says it has its FRACTIONAL BANKING MODEL
Bitcoin will rule the world in the future.
It will not. The Blockchain will not bitcoin is the MySpace of a Facebook to come
Bitcoin: The end of money as we know it...
BITCOIN: end of government suppression through money printing. Bitcoin will unlock the shackles of fiat money printing!
The liquidity of Bitcoin and litecoin definitely gives them a superior attribute compared to gold and silver.
What exactly is the gold effect on bitcoin master @hilarski..Whether there is a big influence?
I don't think it correlates at all. The parallels are that they are both safe haven assets.
O yes master ,,,,, who knows maybe there is a side effect, because I am a forex trader, but I use tehknical analysis, not fundamental analysis, so we do not know the influence of a currency or commodity against currency or other commodities, ,, thank you master @hilarski for your attention to my comment.
BITCION is gold with wings! Gold market is $7,000,000,000,000 presently. So lets say that money decides to allocate 10% to crypto that another $700,000,000,000!!!! Into a market cap presently at $100,000,000,000.....this whole crypto thing dot.com 2.0
Wishful thinking with no facts to back that up.
Bitcoin system is way to young to make that assumption.
This is one of the key reasons why so many governments hate Bitcoin.
But Bitcoin will win the battle.
Blockchain will but not bitcoin.
And Super-bitcoin, the thing that will replace bitcoin
will break the digital-physical barrier.
Probably with some kind of smart-coin, that is basically a coin shaped, ambient electricity powered, digital bitcoin wallet / LCD readout.
Bitcoin can complement Gold and other metals. It does not have to be in competition! It shares some properties (hedge against fiat/ stocks etc) but is very different in other areas (far more volatile BUT easier to exchange). I think both are needed in a balanced portfolio.
Bitcoin vs. Fiat
Bitcoin is a fiat ponzi scheme.... the 2 are one in the same just pushed by different entities.... i can make a supercoin and say its worth x amount and then a bunch of ppl will want it... its no differnt.... gold and silver will always be gods money!
Agreed !
How difficult is it to buy and actually hold the gold yourself? I have no knowledge of this area but my understanding is you're given a ledge, basically stating that some bank holds your gold right? Is this considered more secure than buying a safe and storing the gold at home?
I've always wanted to own some gold, just to hold it I guess. But thats basically what bitcoin and ethereum are for me. I've got these USBs and pieces of paper hidden away and stored securely which I know have a decent worth.
Collecting things is fun, mostly I do it in virtual currencies but I'd love to be able to see a small pile of gold growing over the years in my cupboard
I buy physical Metals and have exchanged gold/silver for cash from the very same companies I bought the Metals from. I buy from Provident Metals.com, and jmbullion.com. I sell Metals back to Provident Metals when I need some cash. It usually takes 5 to 7 days from the day I call them to get my money directly deposited.
Lmfao you got USBs and paper.... well thats the main issue.... youre holding forms of fiat.... the pleasure you get from holding real physical gold can never compare to holding a usb.... i find it funny ppl going from one fiat to another and failing to realize what real money is (gold and silver).
It is easy to buy gold yourself.
Jmbullion is a great company
Nice article sir.. good information.. thank you so much for sharing..
Cryptos and Silver .... Keep on STACKIN! :)
Interesting what Rickards says about the IRS - that they are kind of biding their time and they will eventually want to lock down an exchange or something and get people to come forward and pay taxes on their gains in order to get their bitcoins back. I don't know how they could do that due to the international nature of it. They will probably keep trying to do something like that. Interesting times.
Of course the IRS and Other countries tax agencies will tax cryptos. Not sure why anyone would be surprised.
Easier said than done. There is a reason they have not already done so:
http://www.zerohedge.com/news/2017-07-10/one-trader-made-200m-trading-ethereumand-nobody-knows-who-tax
I believe they have no right to but they will. They are already gathering info through major exchanges. I'm against it but it will happen.
OR... you could just join https://goldmoney.com and spend your gold off of a credit card, among other nifty features - such as this: when the power grid goes out, your gold won't "POOF!" disappear.
Any friend of peters is a friend of mine !
Since I'm constantly traveling, gold is to dangerous for me to carry around, at least in large amounts. I like the idea of having stashes worth thousands that customs or thieves will never know about. Who knows if things ever go sour in Panama and we need to bail at the last minute; it would be a bad time to carry around gold or cash.
Interesting interview. However he is quite critical to bitcoin in this interview.
He's being honest
I agree with Jim Rickards in this case. He is very dramatic, but in this case he is right.
Thanks for sharing!
THAT is a golden statement; not surprising, coming from a genius.
Se ve y se siente.
Thanks for sharing the info. helps newbie like me .
Gold had a past. Bitcoin has a future.
Blockchain has a future. It's doubtful bitcoin will be part of it.
Great post. I agree and I believe also that Bitcoin, or other well qualified currencies will be the leaders and will be great ways to store wealth.
Crypto will take over the currency industry In the long run. It's mathematical superior to gold, and hard to steal. Banks won't like it since they cannot place interest on it, and that's what's stalling it's growth.
Precious metals will always have their place as stores of value, though in the increasingly digital world we live in, it's no surprise that cryptocurrency has catapulted to the forefront of speculative and investor interest in recent years.
Silver has been an especially disappointing store of value over the years. It just can't seem to hold its head above water. Even gold has managed to at least stay over $1000. Silver has simply collapsed in value against its all time highs in both dollar and percentage terms. It remains to be seen whether it will ever reclaim the $20s and if so, can it actually stay there and accumulate for a retest of its prior highs.
Similarly, I think the bear market that played out in precious metals will play out with cryptocurrencies that do not have broad acceptance in the global marketplace. The heavyweights like bitcoin, ethereum, and litecoin are likely here to stay. Steem is uniquely positioned to rise to top contender status as steemit grows and innovates to better position itself as an outlet for all users to benefit from their content contributions and partake in the collective success of the community.
Great post
I guess the best alternative to gold is Bitcoin as both are pretty much used for the storage of money whereas BTC is liquid and Gold I guess would be a locked form a storage.
However with the gold prices now it may be a good time to invest in it
There are many ways to use gold via a Creditcard or debit card. GoldMoney has the most reliable system for this.
I like BTC and hold so me but to say gold can't be used the same way just isn't true. With GoldMoney you can spend gold the same way you'd spend bitcoin. Plus you can choose which countries to store your gold.
so we can have cryptos backed by gold and silver? Sounds like a good idea right?
GoldMoney , it's here today
Bitcoin is getting more mainstream every day. It won't be long before we use it to pay for everything!
Stores that take bitcoin for payment today exchange it right away for usd. Bitcoin has many issuies to get past. Blockchain tech will change the world. Bitcoin is likley the MySpace to another Crypto,s Facebook.
I like Jim. He has some good info.
Gold and Bitcoin are both great stores of wealth.
I hope for a bright future with bitcoin and many other Cryptos because we need something other then those fiat currencies
Bitcoin though I'm a fan and still own a decent amount not it is not at this point a proven store of value. It has many more challenges before that will be the case.
Yes u have to adjust to the times. I've made my mind up I gotta start sinking some money into these things on payday. It's good to spread your wealth around..not that I'm very wealthy lol. Thx for the post!
Agreed 100%. Crypto is the currency of the future. I intend to stay fully invested in Steem.
I just don't get why advocates of gold and silver seem to often hate cryptos almost religiously. They are so steeped in the "If you don't hold it physically, you don't own it" propaganda....they rant about how you'll lose your crypto if there is an EMP, or other nonsense.
No critical thinking at all. If an EMP hits, nobody will give a fuck about finances, and you sure won't be spending gold at any sort of good exchange rate. They should buy canned food, then crypto, and shut up, because they are employing reasoning on a middle-school level.
Good for Jim to be open minded!
Hey good morning, so i have had a chance to read some more of your blog! and ..... I'm Hooked! I'm a huge fan of Jim Rickards....I have read some of his books. Gold and silver lead me to bitcoin as well. But losing my house in 2008 is what lead me to silver and gold!
I'm 37 years old and I married my high school sweetheart. After we finished college we got married and bought a home.
We invested everything into it...... stupidly(really unknowingly drinking Hank Paulsons KOOL AID)....and then lost it all!But this i am actually grateful for because I have now spent 10,000s of hours re-educating myself about what is REALLY TRUE! And the truth is going to ruin most of USA when the eye of this 100 year financial storm passes. I have used the eye of the storm to stack, hoard, and HODL .......Now I make enough passive income from crypto world to be home raising my 3 young children while I wait for PRICE DISCOVERY. I bought BTC 7 years ago and ETH 1 year ago and just the price discovery of these two positions gives me that much more time for price discovery to take place is gold and silver and alts!!! Then when people are hoarding dollars and USD has ITS price discovery I believe I will be freed of slave dollars and debt forever!
That is why People are now shifting from gold and silver to bitcoins and other cryptocurrencies.
Not a smart move to go all in on any crypto. Gold will always be money. Having 20% -30% in cryptos Is a good limit till they are tested as they haven't experienced a recession yet and have many other challenges ahead before we crown the winners. Bitcoin will likley end of the MySpace of crypto world.
A match made in heaven my friend.
I prefer 1 oz US Silver Eagles to Gold it is a better bartering asset.
I like Bitcoin, because the concept is based on Gold & Silver mining which is stored energy/wealth
Gold will always be money
But I agree hold some silver especially at this ratio is great Idea