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Author Topic: 2013-03-13 Monetary Metals & Zerohedge : Bitcoin Crashed. Again  (Read 646 times)
labestiol
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March 13, 2013, 05:32:28 PM
 #1

http://www.zerohedge.com/contributed/2013-03-13/bitcoin-crashed-again
http://monetary-metals.com/bitcoin-crashed-again/

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Bitcoin is still apparently a great trade—a speculation—as it has risen more than 12% even from when I recorded that video. Bitcoin is still useful for certain transactions particularly across borders, and especially for those people unfortunate to live in countries with censorship, capital controls, or in which some kinds of goods are prohibited.

But it’s not money. It is not the good to hoard as the core of one’s savings, if one does not like the rate of interest or trust the banking system or feel comfortable about the future.

The good for this purpose remains gold.

That's a contribution, coming from monetary-metals.com, following this video : https://www.youtube.com/watch?v=rP188-j9kRI

One more jealous PM bug  Grin

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March 13, 2013, 05:57:40 PM
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"If a currency is subject to Internet availability or other technological considerations, it simply is not money."

It's curious how the PM bugs constantly point out the bitcoin flaw of requiring the internet.  And sure, it is an infrastructure flaw; looked at in a certain way.

But they never discuss the infrastructure of PMs:  armored cars, vault storage and/or private safe purchases and installation, assay, forgeries (tungsten adulteration), governments (especially cross-border difficulties), and on and on.  And don't forget those little plastic tubes:  they're not cheap.  I wonder what percentage of PM sale prices, on average, is lost to all the expenses that build up over the years, when holding PMs?  Must be huge...

Dankedan: price seems low, time to sell I think...
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March 13, 2013, 11:00:02 PM
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Weiner is losing my respect through his shortsighted attitude on Bitcoin.

I don't understand why all thesee goldbugs pose metals and Bitcoin as a binary, exclusive, antagonistic situation.  It's idiotic.  BTC and metals are not competitors, they are complementary parts of an asset mix.  Both are necessary in order to cover all bases.
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March 13, 2013, 11:14:22 PM
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"While I appreciate many aspects of the cool technology behind it (being a software developer in a previous career), and noting that it has several features that uniquely suit it for certain markets, I concluded that it is an irredeemable currency, but not money (i.e. the most marketable commodity)."

The Geeks fail to Understand That Which They Hath Created.
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