I really had a ton of fun recording this interview a few days ago with the always excellent Blacklisted News. We engage in a lively debate about Bitcoin, which should prove particularly interesting to those that are on the fence about the crypto-currency. Doug is a skeptic and plays devil’s advocate on many occasions. That said, I would like to point out the fact that many depositors in Cypriot banks would be much happier today had they had some of their money in Bitcoins…
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While I agree that using something like Bitcoins is a current workaround, although limited, from the central cancer it is only short term thinking IMO. If it hits the fan Obama will just call Cisco to pull the plug. Companies like ITEX have been around for decades providing barter systems without cash–I think Bitcoins has the potential to be bigger than that but still a mere niche. But I don’t think trusting your labor’s wealth to flash crashes, systems failures, etc. is my idea of sound money either.
Therefore, I disagree with what appears to be your waning interest in gold and silver for alternative currencies right now: gold and silver at the end of the day are the kryptonite. It’s what will detonate us into the fourth turning and to sound money. Bitcoins will not achieve this end IMO. Digital currencies forever? Isn’t that what our “leaders” are already trying to achieve?
My enthusiasm for gold and silver have not wavered. I am adding Bitcoin to the mix. What the “leaders” want is the ability to control the money creation and distribution. That is where their power lies. They cannot do that with Bitcoin.
“They cannot do that with Bitcoin”
Simple enough point. But because the despots currently control the money creation and distribution system in all regards they could flog you to a poor death quickly via Bitcoins. They’re trying to do it with Gold and Silver. Fortunately, they cannot destroy what is real and tangible–no matter how hard they try. I just can’t say that about Bitcoins but my knowledge is limited and I was left bewildered and confused after looking into Bitcoins briefly.