Articles NewsFlow Gold & Silver Prices Market Briefing

Recevez notre Marketbriefing

In the same category

overtheedge
Member since May 2012
680 commentaries - 6 followers

6 followers

has posted a comment on the article :

The Crypto Wars With Freedom Of Speech And Freedom Of Transaction - Trace Mayer - Run to Gold

"What is Bitcoin? The most disruptive and subversive technology ever invented."
Nonsense.
#1 No recognizable disruption has taken place.
#2 Subversive? No overthrow has taken place nor will it occur with bitcoin.

"... limited in amount ...,"
Tis hardly limited in amount with final number at 21 million bitcoins, but with each divisible by 1,000,000. That works out to 2.1X10^13 units aka 21 trillion. US debt is $17 trillion.

"Both gold and Bitcoin are both open source, equity based and have intrinsic value granted through their intrinsic characteristics which results in them being limited in amount by either atoms or numbers."
Only partially correct.
Bitcoin is NOT equity based. It is fiat by the proclamation of its speculators. It has no intrinsic value because it doesn't exist outside of cyberspace.
Just a few years ago, folks were giving away bitcoins to rally the market. How can the same intrinsic value back then suddenly be worth several hundreds of USDs today? It is called a bubble. The result of speculation. Supposedly the bitcoin programmer(s) are sitting on a bunch of bitcoins. Why? Perhaps speculation?
Gold is tangible and only becomes marketable by the expenditure of much labor and capital expenditures.
Bitcoins come into existence by the whirring noises of a computer. As yet, no one has adequately described just what program the bitcoin mining computers are running and for whom.

Too easily we forget that this nation was created through the Declaration of Independence, Articles of Confederation and ruled by the US Constitution for the purpose of protecting property rights. Each of the four branches of government and their respective authority was carefully laid out.
For those of you unfamiliar with the first branch, I will name all four of them. Legislative, executive, judicial and ... ,
Please make sure your seats and tray tables are in the upright and locked position. Also make sure your seat-belts are secure.
The first branch of government is the "PEOPLE" individually and as a collective of individuals.
All authority of the US Government is derived from the people who can remove said authority at any time. Article V US Constitution.
You can delegate authority, but you can not delegate responsibility.
We the people are ultimately responsible for all these messes. Does "Trust but verify" ring a bell?

By all means, feel free to speculate on bitcoin. I see little difference between bitcoin and derivatives. A bucket of air is a bucket of air however hot it may be. Except you don't even have the bucket. And the security of bitcoin? Didn't a wallet site just go under with all its contents? Didn't the FBI just seize a bunch from a Silk Road denizen? And of course it will continue to be completely secure from the neophyte programmers at the NSA.

Claiming things are so don't make it so. (See US Government statistics) Do your own due diligence. Believe no one (including me) especially if they are trying to sell you something. If something is so valuable, why are they selling it rather than using it as collateral?

And in the potential case of the world's economy crashing and burning, tell me why bitcoin will be as or more valuable than gold, silver or vegetable seeds. I'll take cold, hard cash over hot air anytime. Do as you will.

Commented 3963 days ago

Send

Beginning of the headline :Tweet Presentation delivered at Inside Bitcoins 11 December 2013 in Las Vegas. TEXT OF THE SPEECH It is the disrupters and innovators that forever change markets as well as our lives. Commodity money, fiat currency now math based crypto-currency. Built on foundation of public key encryption that came about in 1976 by Whitfield Diffie and Martin Hellman. The cypherpunks recognized how this disruption and innovation shifted the balance of power and a cipher-currency became the Holy Grail for thos... Read More

Reply to this comment

You must be logged in to comment an article

8000 characters max.

	RSS feed		24hGold Mobile
	Gold Data Center		Gold & Silver Converter
	Gold coins on eBay		Silver coins on eBay
	Technical Analysis		Fundamental Analysis