GoldMoney [FB post]: James Turk in conversation with Félix Moreno de la Cova

[molecular]

I'm excited about this because it means a lot of gold bugs will evaluate bitcoin. They might put a percentage of their wealth into it or use it to transfer wealth across country boarders.

Well, $2,2B of bullion in the vault means that if .5% were allocated to bitcoins then it would amount to $11M. I wonder what $11M would do to the MtGox order book; particularly since prices are set at the margin.

$11M would do exciting things

[1715281289]

1715281289

[World]

good interview
note:bitcoin was mentioned 24:45 min
Anarchast Ep. 52 with James Turk

[420]

good interview
note:bitcoin was mentioned 24:45 min
Anarchast Ep. 52 with James Turk

great! added
https://bitcointalk.org/index.php?topic=113361.msg1224331#msg1224331

James Turk:

"[Bitcoin] i think its going to be around for a long time

we're looking at using it in GoldMoney"

[grondilu]

I don't get this whole thing.  Can't goldmoney be transfered from one goldmoney customer to an other goldmoney customer?  If so, it should be easy to exchange bitcoins into goldmoney in both ways, via any currency exchange service.  

So to me there should be no need for GoldMoney to deal with bitcoins in any way, as long as they provide internal liquidity for their customers.

[marcus_of_augustus]

I don't get this whole thing.  Can't goldmoney be transfered from one goldmoney customer to an other goldmoney customer?  If so, it should be easy to exchange bitcoins into goldmoney in both ways, via any currency exchange service.  

So to me there should be no need for GoldMoney to deal with bitcoins in any way, as long as they provide internal liquidity for their customers.

It used to be like that, as I understand it I'm not a customer. BUT, recently they changed their terms due to recent law changes/uncertainties and now only GoldMoney customers domiciled in Jersey (i.e. tiny percentage) can still use the account transfer facility.

Bitcoins maybe a way to circumvent the new legal traps and give an inter-account transfer facility back to their global customer base I suppose, albeit they transfer/exchange between accounts using only Bitcoin but then hold balances in Bitcoin and/or GoldMoney holdings.

[molecular]

good interview
note:bitcoin was mentioned 24:45 min
Anarchast Ep. 52 with James Turk

jesus f. christ! Turk just can't let go of the tangibility issue. He should read Trace Mayers opinion on that. He probably has but doesn't agree.

He has a point about the long history of gold, but I think the transactional properties of bitcoin more than make up for that.

Anyhow, it seems to have been a good idea to fill out that goldmoney bitcoin survey.

[Spaceman_Spiff]

jesus f. christ! Turk just can't let go of the tangibility issue. He should read Trace Mayers opinion on that. He probably has but doesn't agree.

He has a point about the long history of gold, but I think the transactional properties of bitcoin more than make up for that.

I think Turk's opinion about gold vs bitcoin is more about certainty and safety, and less about what exactly the definition of tangibility is.
I kind of agree, the value of gold as a physical commodity will never go to 0, there is no counter-party risk etc.  
The only thing that would seriously harm golds valuation long-term is if its monetary aspect was lost because of a better alternative.... something like bitcoin (which is why i own both  ).
To me, bitcoin is golds monetary properties on speed, but there are certain risks involved.

[molecular]

good interview
note:bitcoin was mentioned 24:45 min
Anarchast Ep. 52 with James Turk

jesus f. christ! Turk just can't let go of the tangibility issue. He should read Trace Mayers opinion on that. He probably has but doesn't agree.

He has a point about the long history of gold, but I think the transactional properties of bitcoin more than make up for that.

Anyhow, it seems to have been a good idea to fill out that goldmoney bitcoin survey.

I almost can't believe how fast Turk seems to be coming around to bitcoin. He's now got a much more open-minded approach and it's clear he he re-thought his opinion regarding the bolded part above in relation to bitcoin.

He now says:

It's like I say, you know. Bitcoin has advantages and is a reality. Maybe they're going to fight it as it gets bigger and more popular. I hope they don't. I'm in favor of what individuals choose what individuals choose what currencies they want to use. This is Ron Pauls point: freedom of choice in terms of currencies. It goes back to Friedrich Hayek and his denationalization of money. Let national money compete against free market money. Whatever people want to use and let them be free to choose. After all, that's how we humans progress, when we interact with each other - adam smiths invisible hand - we are benefiting from it. So let's go back to basic economic principles and let every currency compete against one another.

wow!

and earlier after Max postulates "intrinsic value in cryptography" (I'd like to debate that) or something it's even clearer:

I'm not a mathematician, but then again I'm not a miner, either. But I understand that gold has value and I see that bitcoin has value to people who understand mathematics. So I think instead of mining into geology you're mining into mathematics, so I think the logic of it makes sense. And also given that fact that there are advantages of bitcoin like it can't be confiscated, it's a very good "online currency" in many respect. I think it does have some unique advantages that need further study.

This is exactly the reason why turk loves gold: it can't be (easily) confiscated.

I conclude: he's coming around to bitcoin.

Thanks James Turk for rethinking your opinion!