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schruh
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BitCrash: Down 50% In Massive Sell Off: Over $1 Billion Vaporized In a Few Hours

- Mac Slavo - ShtfPlan

Great points in this article. I've thought for the past year that Bitcoins in their current design were either not going to succeed at all since they are too geeky or that conversely enough references and promotion of it on the web would lead to an explosion then the inevitable crash and government crackdowns.

There are however elements of bitcoins that remain valid but the really issue is that they are not tied to any physical assets. The problem with true assets such as gold and silver they are not easily tradable. Perhaps the answer are "goldbits" and "silverbits" whereby some designer far smarter than me could create a bit currency, or two, directly anchored to real prices of gold and silver.

Monetising gold and silver in this way would rapidly lead to its take up and replacement of fiat trash. There must have been attempts at this, does anyone know, and why they may have failed so far?

Commented 4169 days ago

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Beginning of the headline :Just a few months ago the total net worth of all Bitcoins, a popular encrypted digital currency, was worth about $140 million. The non-tangible exchange mechanism is used by people all over the world to purchase everything from traditional goods and services, to illicit trade that may include drugs and stolen credit card numbers. The coins became a go-to digital store of wealth around the world after the meltdown of the Cypriot financial system, and was pushed as a ‘safe’ way to preserve wealth... Read More

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