Mining bitcoin is an actual permissioned based system at this point.  You can technically go in your own backyard and attempt to mine gold or silver by hand, or just walk around the desert somewhere, etc.  This is relatively easy to do with copper and there's plenty of youtube videos where people do it, while also being doable with silver or gold, just requiring more effort.  For bitcoin, if there's only one guy on the planet who has invented the magic ASICboost racket, you now have to pay him royalties or extortion fees to even touch bitcoin.  

Bitcoin is far more prone to cartel centralization since there's only a tiny amount of foundries on earth in the first place like Intel, Samsung, GlobalFoundries, and TSMC.  Bitcoin can only be as decentralized as those gatekeeper corporations allow...

Like I said before, bitcoin is a ponzi scheme created by "some guy".  Gold and silver are a ponzi scheme created by *god.  The latter is obviously going to be better.

It's solely because there's a state-subsidized ASIC cartel mafia in place.  Every one ASIC miner you buy from them allows them to build 10 more for themselves, making your purchase self defeating.  Then they outsource cost of mining to the collective on top of that by either being subsidized by the state with low price China energy or just flat out stealing it.  

You can then derive two possible outcomes:

1)  either this is the new normal and the only miners that will survive will be state sponsored or the state themselves by outsourcing costs to the collective, making bitcoin pretty much pointless since it would be state owned/run

or

2)  This is not the new normal and there won't be cases of people mining for what would be a loss while outsourcing cost to the state or collective.  They would have to turn miners off if price goes below break even like how KNC went bankrupt.  In this context bitcoin would be a god awful store of value in comparison to things like gold since the bitcoin floor can literally go from $10,000 to $1 overnight unlike metals.

TLDR:  the more people who steal energy, the more it "appears" bitcoin is a store of value

Peter Schiff is 100% right about bitcoin and metals, he just lacks the knowledge of how bitcoin works to explain why.  For instance, it's impossible for bitcoin to be a store of value because it's cost of production is self referencing based on it's own demand and not a derivative of an external variable like oil.  In other words, if the cost of production of an ounce of gold is $1000 and nobody is buying gold at the time, the cost of production isn't really affected.  It's still going to cost people a truckload of money if they want to bring any gold to market.  This is what allows it to be a store of value, it's floor is not derived from finicky market sentiment.

For bitcoin on the other hand, if nobody is buying bitcoins at the time, some miners will then have to shut down which has a 100% direct correlation with lowering cost of production and hence price floor.  Since bitcoin is an open entropy system and anyone can mine it, there is no reason for anyone to buy your older, higher cost of production coins.  They simply go pluck new coins from the never ending block reward tree for a lower price, and those coins never dry up since fees are recirculated.

After reading this, ANYONE should be able to easily see why metals have a somewhat functional price floor and bitcoin does not at all.  The only thing bitcoin has is a ponzi element called "the halving" which is a ghetto bandaid to try and fix the terminal problem of no price floor.  The "halving" is not actually a fix since the halvings are finite, though.  They mostly serve as a combination of get rich quick scheme and a way to try and bootstrap an unsound money system where nobody will figure out it's unsound until it's too late when the halvings dry up.

LOL @ you fucking shills trying to link bitcoin to Ethereum.  Ethereum is some garbage premine scamcoin that has no relation to bitcoin whatsoever.  You see page after page of banker shills trying to claim the destiny of all cryptocurrency is somehow linked to that trash coin.  The only reason it ever went up is because R3 banking scum sent the illiquid asset premine to Poloniex and leveraged it to try and short squeeze people.

I personally think all cryptocurrency will eventually die since none of them are actually decentralized and that's what their value is supposed to be based on, but whether the ship sinks or floats will not be determined by some Ukranian IPO scammer named Vitalik.

Cryptocurrency is a giant rat trap designed to ensnare your money and prevent you from being able to access it.  Every single one of these exchanges is like this now, and since Bitcoin is not the unit of account of anything, it's value is entirely derived from it's ability to convert to fiat:

Just like he will soon flip flop on metals and his claims gold is going "below $1000" LOL:

Have no fear, the wedge on real money (silver) is about to break upwards.  The banks naked short metals down to barely above cost of production, but it's already so close to cost of production it doesn't really have anywhere to go but up:



Of course, anything is possible and they could naked short it some more just for the hell of it, but it would create scarcity from going below cost of production and fuel an even larger rise.  So it's a good medium/long term hold no matter what they do.

I once mined some earthcoins and sent them to some shoddy altcoin exchange to dump and the exchange instantly goxed me of my mostly free tokens...

This is not Burger King motherfucker.  Nobody said you get to have it your way.  Not to mention the fact that any bitcoin sent would obviously be for a good or service, and that good would need to be transported to you still whether you use bitcoin or gold or silver.  Best case scenario you are eliminating 1/2 of the round trip by using unsound money, increasing globalization at the expense of the local economy.  Bitcoin is great for subsidizing the current status quo dysfunctional system.  

At some point down the road (probably sooner than later), that globalization paradigm will implode and either only the local economy will matter, or the local economy is going to matter a lot more.  In that context of local economies (even in present day), there is no reason to use any form of money with usury fees tied to it which rules bitcoin out.

I don't think Cliff High is credible since he's always talking about UFOs and other off the wall shit and think he even says he constantly sees them at night or something (or was that Bix Weir), but there is actually geological evidence of those pole flips occurring.  The best example I remember is that some magnetic material in clay was all orientated in a certain manner during one era, then the pole flip occurs and it's orientated the opposite way.  

It's a hard phenomenon to understand ranging from thoughts of "oh shit, that will make our entire atmosphere float off into space with the solar winds", to "well, it might just create patches of holes temporarily that allow more charged particles in to increase cancer rates before completing the flip".  From when I personally looked into it, I don't think there was ever any extinction events coinciding with pole flips, but I could be wrong.  Something like the Yellowstone volcano is probably a much bigger problem if you live somewhere like America and don't live on the far east coast.

The fact that it's hard to conveniently order things on Amazon.com while deployed in the military (as it probably should be since I don't think they were doing that in WWII), doesn't exactly change the fact that bitcoin is a rent seeking usury system.  When the money requires a fee just to exist at all, that's nothing but a replica of current debt based money.

Current Bitcoin transaction fee: $2.18

Peer to peer gold and silver transaction: $0  

Surprise Goyim, it's a rent seeking usury system.

Except charts on metals don't matter when it's just the ESF painting the tape to try and make the dollar look better.  They try to paint those patterns on purpose.  They can't naked it short it below cost of production or it will then cause the price to skyrocket.  This coming wedge in silver will break upwards.  That's why there is huge OI right now.

Well, transaction fees to get into next block are now $2.18, so bitcoin is now more expensive than an ATM.  This means it's usage as a currency is rapidly dwindling and putting it into settlement network only territory, except it doesn't actually function as a store of value like metals, so not useful as a settlement network.  The fundamentals just don't make any sense in that regard.  I assume the bitcoin traffic will also begin to spill into another coin looking for lower fees (probably litecoin).

LOL, yes, it's so unfortunate that gold and silver - which required two neutron stars colliding to create - are not malleable and are instantly destroyed by a puny human attempting to alter their bar state...oh wait.

Please stop lying.  Gold and silver are fungible, bitcoin is not.

What do you believe the price of bitcoin would be tomorrow if the govt announced it was banned without even lifting a finger at all to exert any force?  Since bitcoin is not the unit of account of anything, the entire basis of it's value is derived from the ability to convert to fiat.  Not that I believe they will actually do such a thing.  It's obvious by this point they plan to try and co-opt it and slide in things like MIT chain anchor when you have vermin like Larry Summers and Bernanke promote it.  It's too difficult for them to trick people into a cashless society slave system otherwise.  They need them to do it voluntarily.

As for metals, gold is still the unit of account of central bankers worldwide, and silver was the unit of account for the majority of people walking the earth for the last few thousand years.  When the current fiat Ponzi system implodes, the Schelling point at that juncture will again place gold and silver at the forefront.  When paper federal reserve notes stop being valuable, the first thought of what money could possibly be now is always going to be gold and silver, not bitcoin.  Sure, bitcoin may or may not get a bump when the financial system implodes, but metals are the Schelling point.

Not sure what you're referring to.

As for the other guy talking about metals, due to the seasonal aspect of the metals market, I believe July is usually the best month to buy, then the market tends to pump from August onwards.  If bitcoin was flat or down at that time, yea, it would be a good idea to dump bitcoin for metals.  Silver is closing in on a wedge that I believe is going to break upwards hard long before August, though.  They simply can't push them down much lower than they already are, and they definitely can't push platinum down any more (although I like silver better for the monetary Schelling point since platinum is not considered a monetary metal by most).