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Author Topic: Jim Rickards endorses Bitcoin  (Read 6538 times)
cypherdoc (OP)
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March 23, 2013, 04:27:57 AM
 #1

Who is Jim Rickards?  From Wikipedia:

James G. Rickards is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street. He is a writer and is a regular commentator on finance. Rickards advised clients of an impending financial collapse, of a decline in the dollar and a sharp rise in the price of gold, all years in advance. Rickards is the author of The New York Times bestseller Currency Wars, published in 2011.

http://www.foxbusiness.com/investing/2013/03/22/bitcoin-interest-explodes-as-cyprus-nearly-implodes/

From the article:

"Rickards said the recent popularity of Bitcoins is part of a broader trend around the world in favor of alternative currencies."

“Gold is a great way to preserve wealth, but it is hard to move around,” said Rickards. “You do need some kind of alternative and Bitcoin fits the bill. I’m not surprised to see that happening.”

“It’s almost a badge of respect when the Treasury starts regulating you,” said Rickards. “You must be doing something right.”

“It’s not a knock on Bitcoin,” said Rickards. “I’m sure there are criminals using the Bitcoin world, but there are criminals and bad actors in the dollar world as well. The sight of a drug smuggler opening a suitcase full of $100 bills is not unusual.”


It's a big deal that Rickards has noticed and essentially endorsed Bitcoin.  And he is one of the quintessential goldbugs.
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March 23, 2013, 04:33:19 AM
 #2

This is the best news all week. Rickards has always said that flight from the dollar is a done deal. Now that he's endorsed Bitcoin, many folks that heed his advice will see Bitcoin as a legitimate path away from the dollar equal to PMs.
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March 23, 2013, 04:33:59 AM
 #3

This is indeed good news.

Maybe the bull run has just begun.

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March 23, 2013, 05:09:43 AM
 #4

Currency Wars is one of the best books I've read. It's good to see the author positive on BTC instead of the usual blah blah blah gold.

Losing hundreds of Bitcoins with the best scammers in the business - BFL, Avalon, KNC, HashFast.
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March 23, 2013, 05:15:37 AM
 #5

This is great.  Rickards is a legend.

Dankedan: price seems low, time to sell I think...
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March 23, 2013, 05:35:05 AM
 #6

Very cool...I always like listening to his interviews.

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March 23, 2013, 07:15:09 AM
 #7

Sounds like the bugs are starting to like bitcoin.

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March 23, 2013, 07:15:23 AM
Last edit: March 23, 2013, 07:30:15 AM by amincd
 #8

Awesome, but if I had to guess, problems in fiat currency land have no relation to bitcoin's success, any more than problems with a popular typewriter model pushed up word processing software sales.

People who buy bitcoin are expecting the market to choose it over fiat as it currently exists, not over fiat as it might exist in some worst case scenario.

Safe havens are large cap currencies in other countries, and gold, not bitcoin. Bitcoin is a speculative investment into an emerging technology.
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March 23, 2013, 07:26:01 AM
 #9

Is it just me or is news regarding bitcoin getting allot more positive recently?
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March 23, 2013, 08:29:36 AM
 #10

This is the best news all week. Rickards has always said that flight from the dollar is a done deal. Now that he's endorsed Bitcoin, many folks that heed his advice will see Bitcoin as a legitimate path away from the dollar equal to PMs.

Yes, it's a big deal.

At one time, Rick Perry was the the front runner for the republican candidacy (before the "oops" moment).

He said the most important thing he learnt during his campaign was reading Jim Rickard's book, "currency wars"
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March 23, 2013, 08:41:45 AM
 #11

yeah this is really a big deal!

now the big money might be getting in, as they trust Jim´s discernment in economics
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March 23, 2013, 12:54:35 PM
Last edit: March 23, 2013, 02:58:37 PM by cypherdoc
 #12


Quote
[Wc=156737.msg1661974#msg1661974 date=1364022909]
Sounds like the bugs are starting to like bitcoin.

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Starting?

What am I, chopped liver?
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March 23, 2013, 01:09:16 PM
 #13

I endorse his book: currency wars.

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March 23, 2013, 01:10:39 PM
 #14

It's a big deal that Rickards has noticed and essentially endorsed Bitcoin.  And he is one of the quintessential goldbugs.

Indeed. And I might add, he's not a crazy conspiracy nut goldbug. Which means BIG money is listening to him.

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March 23, 2013, 03:01:20 PM
 #15

This is great.  Rickards is a legend.

yep, he is.

it always amazes me how fast he can talk with nary an "uh" or "uhm" moving from concept to concept seamlessly while repeatedly injecting new insight after insight.

smart guy.
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March 23, 2013, 05:46:55 PM
 #16

It only takes about 1% of the current private-investment demand for gold moving to bitcoin to get the exchange rate over $1000/btc.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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March 23, 2013, 06:08:06 PM
 #17

It only takes about 1% of the current private-investment demand for gold moving to bitcoin to get the exchange rate over $1000/btc.

I would think that more important than getting money into BTC would be getting the infrastructure to properly handle that money. It BTC gets real investors and the market really goes big then A) it could be completely manipulated by one big player and B) if Mt.Gox or another exchange or online wallets get hacked or some large fund ends up a scam then people are going to abandon it instantly and never look back. When that magic moment happens that bitcoin really does make the jump from novelty to known the world round you're only going to get one shot at proving your reliability as a store of value and poorly managed websites and an exchange that slows to a crawl are not going to convince people.

No real investor is going to want their money in something that has 14 minute lag on the primary exchange and swings 10+% up and down during that time.

Me? I'm just the cynical voice floating in the sea of unchecked optimism.
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March 23, 2013, 06:11:34 PM
Last edit: March 23, 2013, 06:22:27 PM by franky1
 #18

great media story and all legit bitcoin businesses should take note of fox news, bloomberg, BBC, most recent positive press of bitcoin without much highlighting of the 'red light district' places (SR) to use bitcoin

this is where i think mtgox is starting to get it right, with all the DDos and issues where it cant handle the strain of the community when activity starts. they are improving their infrastructure. as said in the interview "nascent infrastructure" meaning starting up, not yet fully developed. i would like to soon see many or all legit bitcoin businesses have "established infrastructure" which can cope with main stream demand.

and by this i dont just mean a well known brand name thats been around a few years, i mean robust systems and servers, as it made me laugh where thousands of people in 2012 were relying on blockchain.info which was being run on a mac mini.. great for starting up, but now its time to up the game and get things more robust.

and with that ill leave you with this to think about.

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March 23, 2013, 07:27:35 PM
 #19


Indeed. And I might add, he's not a crazy conspiracy nut goldbug. Which means BIG money is listening to him.

In defense of CCNGs everywhere, all metal bugs have a little bit of the conspiracy nut in them or else they'd trust the bankers' TP without question like any good herd animal does.
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March 24, 2013, 12:53:29 AM
 #20

Rickards is a smart guy, and doesn't speak lightly. He's been aware of Bitcoin for a while, but it's meaningful that he has choosen to speak out now...


I highly recommend "Currency Wars" btw.
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March 24, 2013, 06:25:54 PM
 #21

Sounds like the bugs are starting to like bitcoin.

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SELLL!!!!!!
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March 25, 2013, 12:28:23 AM
 #22

Who's next? Jim Rogers? Grin
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March 25, 2013, 01:18:57 AM
Last edit: March 25, 2013, 01:34:13 AM by labestiol
 #23

From his tweeter :

Quote from: ‏@Joshua_Muller
@JamesGRickards endorses #Bitcoin! "As Cyprus Implodes, Bitcoin Interest Explodes" | Fox Business http://fxn.ws/105VG0m  via @foxbusiness

Quote from: ‏@JamesGRickards
@Joshua_Muller @FoxBusiness It's not an endorsement, just an observation. #Bitcoin will grow, but it has its own issues.

Quote from: @Joshua_Muller
@JamesGRickards When you say #Bitcoin has its own issues, what issues are you referring to?

Quote from: @JamesGRickards
@Joshua_Muller I'm still learning, keeping an open mind. But can't forget the #Linden.

Quote from: @Joshua_Muller
@JamesGRickards #Bitcoin is unique from all other digital currencies and is decentralized. This article explains: http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian-introduction.html

https://twitter.com/Joshua_Muller/status/315646460232343552

Like many who are probably not tech-savy enough, he's taking the conservative route and says that he's still learning. I'm OK with that, it's not an easy thing to understand, and it's better than promoting bitcoin while you have no clue.

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March 25, 2013, 02:26:25 AM
 #24



Not sure I get it. What does it actually mean?
cypherdoc (OP)
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March 25, 2013, 03:14:49 AM
 #25

From his tweeter :

Quote from: ‏@Joshua_Muller
@JamesGRickards endorses #Bitcoin! "As Cyprus Implodes, Bitcoin Interest Explodes" | Fox Business http://fxn.ws/105VG0m  via @foxbusiness

Quote from: ‏@JamesGRickards
@Joshua_Muller @FoxBusiness It's not an endorsement, just an observation. #Bitcoin will grow, but it has its own issues.

Quote from: @Joshua_Muller
@JamesGRickards When you say #Bitcoin has its own issues, what issues are you referring to?

Quote from: @JamesGRickards
@Joshua_Muller I'm still learning, keeping an open mind. But can't forget the #Linden.

Quote from: @Joshua_Muller
@JamesGRickards #Bitcoin is unique from all other digital currencies and is decentralized. This article explains: http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian-introduction.html

https://twitter.com/Joshua_Muller/status/315646460232343552

Like many who are probably not tech-savy enough, he's taking the conservative route and says that he's still learning. I'm OK with that, it's not an easy thing to understand, and it's better than promoting bitcoin while you have no clue.

Clearly from the beginning I realized this wasn't an endorsement in the traditional sense based on what he said in the article.

However, if I had asked him personally for one based on bitcoin, I could not have hoped for one better than what he said.
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March 25, 2013, 04:18:55 AM
 #26

http://jimrickards.blogspot.com

 Cheesy

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March 25, 2013, 07:41:57 PM
 #27

Rickards explains the difference between "paper gold" and physical gold. His points are applicable to bitcoin.

Texas Hoarding Gold in Its Own Fort Knox?
http://video.cnbc.com/gallery/?video=3000156375
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July 25, 2013, 02:05:14 PM
 #28

Just saw some recent video's from Jim Rickards and he's far from endorsing bitcoin today, he started fighting it Sad

http://www.bloomberg.com/video/malka-rickards-debate-bitcoin-utility-longevity-662IxXXTQl2e~49s0UZNhw.html
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July 25, 2013, 02:05:48 PM
 #29

Awesome, but if I had to guess, problems in fiat currency land have no relation to bitcoin's success, any more than problems with a popular typewriter model pushed up word processing software sales.

People who buy bitcoin are expecting the market to choose it over fiat as it currently exists, not over fiat as it might exist in some worst case scenario.

Safe havens are large cap currencies in other countries, and gold, not bitcoin. Bitcoin is a speculative investment into an emerging technology.

Very true! That's also how you should treat bitcoins in your portfolio and sell it to others.

Like here: http://www.youtube.com/watch?v=CnnbbOG2aFM
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September 03, 2013, 01:47:53 PM
 #30

Is he really a fan? He certainly is a Statist at any rate. Perhaps he will learn over time.

I just found this on Vimeo (Malka vs Jim Rickards) :

http://vimeo.com/68798254 "DEBATE: WILL BITCOIN BECOME A WIDELY USED CURRENCY?"

Jim's starts off badly with a couple of factual errors :
   02:07: says "Satoshi's paper does not talk about money..." (oh yes?)
   02:21: says "the technologists do not understand money..." (wait, that would be us right?)

Round 2 is for scare tactics :
   04:17: "There have been over a billion dollars of counterfeit bitcoins produced..."
   04:20: "Tens of millions of dollars of stolen bitcoins..."
   04:30: "CP plus gov already shutting this down etc..."

Round 3 :
   09:28: "bitcoin.org / mtGox says do not put more than can afford to lose, not a currency, etc" (i.e. Therefore it is basically no good)
   10:08: Again says "the technologists do not understand money..."
   10:30: Gives good little citizens (or subjects if you a Brit) credit if they choose to pay their taxes.
   11:00: Did you know "the main encryption alg was invented by the NSA" - panic everyone
   12:00: Violating lots of laws... "gov in process of shutting it down".

Round 4 (Jim asks questions) :
   13:20: Mostly "bugs" and theft and hacking talk.
   16:10: Ahh, so it wouldn't work in a world with no electricity? Tsk tsk tsk black mark against BTC right there. Seriously what?!
   16:19: Gold, you see, doesn't need electricity...
   16:44: Deflation "problem"...

Round 5 (Malka asks questions) :
   17:40: Jim says he is not against innovation...  "BTC is up against gov..." "Ability of the gov to destroy things" (have to agree there)

Round 6 (Jim rounds up) :
   21:45: All gloom and doom.

Round 7 (Malka rounds up) :
   24:12: ...

Vimeo search never seems to work well. I find its better to Google it externally this string "site:vimeo.com "DEBATE WILL BITCOIN BECOME A WIDELY USED CURRENCY"

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October 24, 2013, 07:59:42 AM
 #31

Rickards gives some good and skeptical words on bitcoin at the end of this interview here:

http://www.youtube.com/watch?v=fVOmVbHtz1k#t=20m30s

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October 24, 2013, 09:17:59 AM
 #32

Is it just me or is news regarding bitcoin getting allot more positive recently?



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October 24, 2013, 09:55:02 AM
 #33



and with that ill leave you with this to think about.


I think any new exchange should completely ban institutions such as banks and funds from purchasing BTC on there site.

The last thing Bitcoin and the community needs is two twin freaks with bags of cash and not a lot of knowledge or a multi billion dollar bank holding assets that at any time can have a significant impact on the market if used in certain ways. Bitcoin is a currency from the people, for the people and I for one am not comfortable knowing that Banks, Funds or any investment vehicle will have any hand in the Bitcoin market. While I understand that there may be many individuals with large volumes of cash and/or Bitcoin who can also influence the market, I'm much happier to put my trust in them than the any big financial institution who have time and time again proven that there lying, cheating, robbing bastards.

We constantly here about country's regulating Bitcoin, maybe its time Bitcoin community created some regulations of its own?

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October 24, 2013, 01:56:37 PM
 #34

Is he really a fan? He certainly is a Statist at any rate. Perhaps he will learn over time.

I just found this on Vimeo (Malka vs Jim Rickards) :

http://vimeo.com/68798254 "DEBATE: WILL BITCOIN BECOME A WIDELY USED CURRENCY?"

Jim's starts off badly with a couple of factual errors :
   02:07: says "Satoshi's paper does not talk about money..." (oh yes?)
   02:21: says "the technologists do not understand money..." (wait, that would be us right?)

Round 2 is for scare tactics :
   04:17: "There have been over a billion dollars of counterfeit bitcoins produced..."
   04:20: "Tens of millions of dollars of stolen bitcoins..."
   04:30: "CP plus gov already shutting this down etc..."

Round 3 :
   09:28: "bitcoin.org / mtGox says do not put more than can afford to lose, not a currency, etc" (i.e. Therefore it is basically no good)
   10:08: Again says "the technologists do not understand money..."
   10:30: Gives good little citizens (or subjects if you a Brit) credit if they choose to pay their taxes.
   11:00: Did you know "the main encryption alg was invented by the NSA" - panic everyone
   12:00: Violating lots of laws... "gov in process of shutting it down".

Round 4 (Jim asks questions) :
   13:20: Mostly "bugs" and theft and hacking talk.
   16:10: Ahh, so it wouldn't work in a world with no electricity? Tsk tsk tsk black mark against BTC right there. Seriously what?!
   16:19: Gold, you see, doesn't need electricity...
   16:44: Deflation "problem"...

Round 5 (Malka asks questions) :
   17:40: Jim says he is not against innovation...  "BTC is up against gov..." "Ability of the gov to destroy things" (have to agree there)

Round 6 (Jim rounds up) :
   21:45: All gloom and doom.

Round 7 (Malka rounds up) :
   24:12: ...

Vimeo search never seems to work well. I find its better to Google it externally this string "site:vimeo.com "DEBATE WILL BITCOIN BECOME A WIDELY USED CURRENCY"



Thanks for the summary.

I think the goldbugs are not worth the energy at this point. Just like real estate, stock or bond bugs they suffer from 'the one and only'. However in contrast to the other bugs they also have a vested interest for bitcoin not to succeed since that will destroy their dream of a return to the goldstandard for good.

I wish it was different. At first I thought they should be the first to see the potential and promote it, yet they ignore/fight it the hardest.

I'm moving on from these people. They are NOT low hanging fruit. Maybe later...  
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October 24, 2013, 01:56:56 PM
 #35

Is it just me or is news regarding bitcoin getting allot more positive recently?



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October 24, 2013, 02:09:57 PM
 #36

Is he really a fan? He certainly is a Statist at any rate. Perhaps he will learn over time.

I just found this on Vimeo (Malka vs Jim Rickards) :

http://vimeo.com/68798254 "DEBATE: WILL BITCOIN BECOME A WIDELY USED CURRENCY?"

Jim's starts off badly with a couple of factual errors :
   02:07: says "Satoshi's paper does not talk about money..." (oh yes?)
   02:21: says "the technologists do not understand money..." (wait, that would be us right?)

Round 2 is for scare tactics :
   04:17: "There have been over a billion dollars of counterfeit bitcoins produced..."
   04:20: "Tens of millions of dollars of stolen bitcoins..."
   04:30: "CP plus gov already shutting this down etc..."

Round 3 :
   09:28: "bitcoin.org / mtGox says do not put more than can afford to lose, not a currency, etc" (i.e. Therefore it is basically no good)
   10:08: Again says "the technologists do not understand money..."
   10:30: Gives good little citizens (or subjects if you a Brit) credit if they choose to pay their taxes.
   11:00: Did you know "the main encryption alg was invented by the NSA" - panic everyone
   12:00: Violating lots of laws... "gov in process of shutting it down".

Round 4 (Jim asks questions) :
   13:20: Mostly "bugs" and theft and hacking talk.
   16:10: Ahh, so it wouldn't work in a world with no electricity? Tsk tsk tsk black mark against BTC right there. Seriously what?!
   16:19: Gold, you see, doesn't need electricity...
   16:44: Deflation "problem"...

Round 5 (Malka asks questions) :
   17:40: Jim says he is not against innovation...  "BTC is up against gov..." "Ability of the gov to destroy things" (have to agree there)

Round 6 (Jim rounds up) :
   21:45: All gloom and doom.

Round 7 (Malka rounds up) :
   24:12: ...

Vimeo search never seems to work well. I find its better to Google it externally this string "site:vimeo.com "DEBATE WILL BITCOIN BECOME A WIDELY USED CURRENCY"



Thanks for the summary.

I think the goldbugs are not worth the energy at this point. Just like real estate, stock or bond bugs they suffer from 'the one and only'. However in contrast to the other bugs they also have a vested interest for bitcoin not to succeed since that will destroy their wet dream of a return to the goldstandard.

I wish it was different. At first I thought they should be the first to see the potential and promote it, yet they fight it the hardest.

I'm moving on from these people. They are NOT low hanging fruit. Maybe later...  

That would make a Gold Bug not very smart when they can hedge their investment also acting as a Bitcoin Bug (or is it Bit Bug?--talk about marketing!). At today's rate, they could purchase one ounce of gold and seven bitcoins at roughly the same price and see which one doubles its worth first. My money's on it being the bitcoins.
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October 24, 2013, 06:06:43 PM
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Jim Rickards is a great mind. I follow news about him regularly here:

http://jimrickards.blogspot.com

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October 24, 2013, 06:34:49 PM
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I think any new exchange should completely ban institutions such as banks and funds from purchasing BTC on there site.

The last thing Bitcoin and the community needs is two twin freaks with bags of cash and not a lot of knowledge or a multi billion dollar bank holding assets that at any time can have a significant impact on the market if used in certain ways. Bitcoin is a currency from the people, for the people and I for one am not comfortable knowing that Banks, Funds or any investment vehicle will have any hand in the Bitcoin market. While I understand that there may be many individuals with large volumes of cash and/or Bitcoin who can also influence the market, I'm much happier to put my trust in them than the any big financial institution who have time and time again proven that there lying, cheating, robbing bastards.

We constantly here about country's regulating Bitcoin, maybe its time Bitcoin community created some regulations of its own?


no; bitcoin is free market. let the banks or anyone buy into the free market if they choose

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October 24, 2013, 07:05:28 PM
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Is it just me or is news regarding bitcoin getting allot more positive recently?

It's not just you.  The more the police do their job in controlling the criminal element, the better the news will become.   
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October 24, 2013, 08:15:24 PM
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I don't know if Rickards really used to endorse bitcoin or not, but his current attitude, in his words, is "skeptical" (see his recent interview: http://futuremoneytrends.com/blog/?p=10062 ). Skeptical of what, I don't know. All he says is that bitcoin users should be aware that government is watching. Well, duh... I don't know why he seems to implicitly think that that's any different than for any type of financial transaction. It's pretty obvious that all financial movements are tracked, be it fiat, purchases of gold/silver, or blockchain transactions.

In my opinion, Rickards thinks very well about the global monetary dynamics in general. China, deflation followed by inflation, etc... His macro view makes him a natural gold bug, but he seems to have something of a block when it comes to accepting that bitcoin is a monetary superset of gold, and that if you're bullish on gold, you logically have to be bullish on bitcoin (unless you're trying to insure against an internet-gets-shutdown scenario).

Maybe it's a generational thing.... Many older gold-bug types ARE starting to acknowledge that bitcoin sports all of gold's good qualities (and then some), but *still* have a mental block when it comes to tangibility that's tough for them to rationalize (because it's irrational). These things take time. They may take a generation.


Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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October 24, 2013, 08:31:33 PM
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I don't know if Rickards really used to endorse bitcoin or not, but his current attitude, in his words, is "skeptical" (see his recent interview: http://futuremoneytrends.com/blog/?p=10062 ). Skeptical of what, I don't know. All he says is that bitcoin users should be aware that government is watching. Well, duh... I don't know why he seems to implicitly think that that's any different than for any type of financial transaction. It's pretty obvious that all financial movements are tracked, be it fiat, purchases of gold/silver, or blockchain transactions.

In my opinion, Rickards thinks very well about the global monetary dynamics in general. China, deflation followed by inflation, etc... His macro view makes him a natural gold bug, but he seems to have something of a block when it comes to accepting that bitcoin is a monetary superset of gold, and that if you're bullish on gold, you logically have to be bullish on bitcoin (unless you're trying to insure against an internet-gets-shutdown scenario).

Maybe it's a generational thing.... Many older gold-bug types ARE starting to acknowledge that bitcoin sports all of gold's good qualities (and then some), but *still* have a mental block when it comes to tangibility that's tough for them to rationalize (because it's irrational). These things take time. They may take a generation.



altho Rickards ran thru a laundry list of general terms to describe the Bitcoin "he gets", i think he's probably not gone thru the nuts and bolts of hashing algorithms, POW as it relates to the Byzantine General's Problem, and ECDSA analysis.  not being a mathematician or a coder i wasn't convinced until i had a working understanding of how these things work and why they work not only from a mathematical perspective but from an economic incentive.  the key thing that he is probably missing is that Bitcoin is FAIR.  anyone can participate and not be subjected to a minority strangle.  the thing that made it all click for me was understanding that SHA256 hashing is basically a random function.  this makes my miner's guesses equal to any other miner out there with equal hashing capacity.  so if one wants to or is willing to spend the money to buy a machine that guesses faster than mine i see that as fair play.  clearly there is much more to Bitcoin but that one sticks in my mind.  it's tough work to understand how the system works and quite frankly not everyone has the ability to comprehend its complexity.  

this is Bitcoin's Tension.  
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October 24, 2013, 08:40:43 PM
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I don't know if Rickards really used to endorse bitcoin or not, but his current attitude, in his words, is "skeptical" (see his recent interview: http://futuremoneytrends.com/blog/?p=10062 ). Skeptical of what, I don't know. All he says is that bitcoin users should be aware that government is watching. Well, duh... I don't know why he seems to implicitly think that that's any different than for any type of financial transaction. It's pretty obvious that all financial movements are tracked, be it fiat, purchases of gold/silver, or blockchain transactions.

In my opinion, Rickards thinks very well about the global monetary dynamics in general. China, deflation followed by inflation, etc... His macro view makes him a natural gold bug, but he seems to have something of a block when it comes to accepting that bitcoin is a monetary superset of gold, and that if you're bullish on gold, you logically have to be bullish on bitcoin (unless you're trying to insure against an internet-gets-shutdown scenario).

Maybe it's a generational thing.... Many older gold-bug types ARE starting to acknowledge that bitcoin sports all of gold's good qualities (and then some), but *still* have a mental block when it comes to tangibility that's tough for them to rationalize (because it's irrational). These things take time. They may take a generation.



altho Rickards ran thru a laundry list of general terms to describe the Bitcoin "he gets", i think he's probably not gone thru the nuts and bolts of hashing algorithms, POW as it relates to the Byzantine General's Problem, and ECDSA analysis.  not being a mathematician or a coder i wasn't convinced until i had a working understanding of how these things work and why they work not only from a mathematical perspective but from an economic incentive.  the key thing that he is probably missing is that Bitcoin is FAIR.  anyone can participate and not be subjected to a minority strangle.  the thing that made it all click for me was understanding that SHA256 hashing is basically a random function.  this makes my miner's guesses equal to any other miner out there with equal hashing capacity.  so if one wants to or is willing to spend the money to buy a machine that guesses faster than mine i see that as fair play.  clearly there is much more to Bitcoin but that one sticks in my mind.  it's tough work to understand how the system works and quite frankly not everyone has the ability to comprehend its complexity.  

this is Bitcoin's Tension.  



Yeah, maybe that gets at his issue... His stated skepticism is related to government action (at least that's what he articulates) which perhaps stems from a fundamental non-confidence (borne of ignorance) in the technical underpinnings; ie, the fact that gov *can't* actually shut bitcoin down. But being skeptical of new things without being able to firmly and rationally state why is fine. Humans often have an intuition about new things which they can only later explain fully, right or wrong. Unless Rickards is just unreasonably stubborn, he will necessarily fully (and/or grudgingly) come around on bitcoin the longer it exists. EDIT: Since by merely existing for longer, it should provide him with empirical evidence of bitcoin's sufficiently solid technical underpinnings, irrespective of whether or not he's going to go through the effort of fully understanding all the technical components.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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October 24, 2013, 09:18:58 PM
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In my experience, many many 'goldbugs' are old fossils, completely orthodox thinkers who are threatened by anything new, or both.  A fair number of them are actually just kind of stupid...and a much greater percentage of the silver-bugs fit this description.  There are a few exceptions, and I'm certainly not surprised to see Rickards evaluating Bitcoin critically.  Keiser also.  BTW, I'll bet that Rickards read and understood more about the technical nuts and bolts of Bitcoin in 1/2 an hour than most Bitcoiners will ever know (cypherdoc.)

I could have seen Denninger going either way.  He disappointed me by being close-minded in spite of the fact that he has the technical skills to understand the system readily.

I dunno if Sinclair will ever weigh in, but I'd love to see his read.  I'm afraid I would be disappointed though.


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October 24, 2013, 09:25:39 PM
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In my experience, many many 'goldbugs' are old fossils, completely orthodox thinkers who are threatened by anything new, or both.  A fair number of them are actually just kind of stupid...and a much greater percentage of the silver-bugs fit this description.  There are a few exceptions, and I'm certainly not surprised to see Rickards evaluating Bitcoin critically.  Keiser also.  BTW, I'll bet that Rickards read and understood more about the technical nuts and bolts of Bitcoin in 1/2 an hour than most Bitcoiners will ever know (cypherdoc.)

I could have seen Denninger going either way.  He disappointed me by being close-minded in spite of the fact that he has the technical skills to understand the system readily.

I dunno if Sinclair will ever weigh in, but I'd love to see his read.  I'm afraid I would be disappointed though.



G. Edward Griffin likes gold backed government money but says he's open to the free market and private currencies competing:

http://www.youtube.com/watch?v=T_hBhymFfm8#t=15m22s

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October 24, 2013, 09:31:01 PM
 #45

I could have seen Denninger going either way.  He disappointed me by being close-minded in spite of the fact that he has the technical skills to understand the system readily.
Denninger understands Bitcoin extremely well - I made sure of that when I was an active and long-time member of his forum.

He opposes Bitcoin because he understands it.

The man is an extreme authoritarian and dislikes Bitcoin because he sees the potential it has to free people from centrally-planned money.
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October 24, 2013, 09:37:47 PM
 #46

I could have seen Denninger going either way.  He disappointed me by being close-minded in spite of the fact that he has the technical skills to understand the system readily.
Denninger understands Bitcoin extremely well - I made sure of that when I was an active and long-time member of his forum.

He opposes Bitcoin because he understands it.

The man is an extreme authoritarian and dislikes Bitcoin because he sees the potential it has to free people from centrally-planned money.

i used to read him everyday and was a member of his forum for a while.

i don't get the part about him being an extreme authoritarian when he criticizes everything about gov't vehemently?
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October 24, 2013, 09:45:53 PM
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i don't get the part about him being an extreme authoritarian when he criticizes everything about gov't vehemently?
He criticizes the government when it doesn't do what he wants it to do (which is most of the time).

Because of that, he comes across as a libertarian.

Find one of his hot button issues though and he'll just start raving. Undocumented immigrants, for example. Muslims are another.

It also shows up in the manner in which he administers the forum, especially how he handles dissenting viewpoints and evidence that contradicts his positions on hot button issues.

If you look in depth at his proposals he advocates, he wants an MMT monetary system that's controlled by the Treasury instead of the Fed, with the Secretary of the Treasury acting as a central planner in charge of all bank loan policies and currency issuance.

The existence of Bitcoin threatens that vision.
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October 25, 2013, 02:47:22 AM
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i don't get the part about him being an extreme authoritarian when he criticizes everything about gov't vehemently?
He criticizes the government when it doesn't do what he wants it to do (which is most of the time).

Because of that, he comes across as a libertarian.

Find one of his hot button issues though and he'll just start raving. Undocumented immigrants, for example. Muslims are another.

It also shows up in the manner in which he administers the forum, especially how he handles dissenting viewpoints and evidence that contradicts his positions on hot button issues.

If you look in depth at his proposals he advocates, he wants an MMT monetary system that's controlled by the Treasury instead of the Fed, with the Secretary of the Treasury acting as a central planner in charge of all bank loan policies and currency issuance.

The existence of Bitcoin threatens that vision.

i do know that he is an authoritarian on his own forum.  he doesn't tolerate any dissent.

he also hates gold.  i guess he rubbed off on me.  no wonder he hates Bitcoin too.
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October 25, 2013, 04:41:44 AM
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i don't get the part about him being an extreme authoritarian when he criticizes everything about gov't vehemently?
He criticizes the government when it doesn't do what he wants it to do (which is most of the time).

Because of that, he comes across as a libertarian.

Find one of his hot button issues though and he'll just start raving. Undocumented immigrants, for example. Muslims are another.

It also shows up in the manner in which he administers the forum, especially how he handles dissenting viewpoints and evidence that contradicts his positions on hot button issues.

If you look in depth at his proposals he advocates, he wants an MMT monetary system that's controlled by the Treasury instead of the Fed, with the Secretary of the Treasury acting as a central planner in charge of all bank loan policies and currency issuance.

The existence of Bitcoin threatens that vision.

i do know that he is an authoritarian on his own forum.  he doesn't tolerate any dissent.

he also hates gold.  i guess he rubbed off on me.  no wonder he hates Bitcoin too.

Yea I used to read him back in the day but he is such an authoritarian that I stopped. His writing style is very aggressive but he uses asterisks to remove the profanity which I find to be ironic. As if hatred is cool but a word isn't. Thanks for putting this criticism into words.

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October 25, 2013, 06:37:16 PM
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Yea I used to read him back in the day but he is such an authoritarian that I stopped. His writing style is very aggressive but he uses asterisks to remove the profanity which I find to be ironic. As if hatred is cool but a word isn't. Thanks for putting this criticism into words.

lol nice well said
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October 25, 2013, 08:18:44 PM
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what makes u think he hates gold?Huh?

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October 25, 2013, 08:33:00 PM
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what makes u think he hates gold?Huh?

he's penned many anti-gold pieces.
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October 25, 2013, 08:34:18 PM
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what makes u think he hates gold?Huh?
He bans anyone who mentions gold in any forum area except one set aside as a ghetto for precious metal discussions.
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October 25, 2013, 08:35:01 PM
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How does he think treasury should run the us dollar

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October 25, 2013, 08:37:29 PM
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How does he think treasury should run the us dollar
http://www.economicpolicyjournal.com/2011/12/more-madness-from-bill-still-and-his.html
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October 25, 2013, 08:39:12 PM
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no rickards on that page

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October 25, 2013, 08:46:59 PM
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we're talking about Karl Denninger.
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October 26, 2013, 02:43:53 PM
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I spoke with Jim Rickards at a conference last month, we were both speakers there. He said he's not anti-bitcoin, he just points to the risks. My impression was that he's a pragmatist. I don't know if he's libertarian but I don't think he's a big fan of the state.
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October 26, 2013, 03:41:54 PM
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I spoke with Jim Rickards at a conference last month, we were both speakers there. He said he's not anti-bitcoin, he just points to the risks. My impression was that he's a pragmatist. I don't know if he's libertarian but I don't think he's a big fan of the state.

The only thing he does is give arguments why bitcoin is no good. And if he points to nice qualities, it is followed with a 'but'.  

That is being anti bitcoin.

It could be worse though if he were to reject it outright, not giving it any airtime, like several other reputable goldbugs do.

Author of 'Currency Wars', oh irony.
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October 26, 2013, 03:56:53 PM
 #60

i think bitcoin is beter spme curency
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October 26, 2013, 05:07:58 PM
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I spoke with Jim Rickards at a conference last month, we were both speakers there. He said he's not anti-bitcoin, he just points to the risks. My impression was that he's a pragmatist. I don't know if he's libertarian but I don't think he's a big fan of the state.

so believing in Bitcoin is not being pragmatic? 

that's not right either.
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October 26, 2013, 05:16:01 PM
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The only thing he does is give arguments why bitcoin is no good. And if he points to nice qualities, it is followed with a 'but'.  

That is being anti bitcoin.
...

I could not disagree more.  To me being critical is being pro-{whatever}, or is at least a strong part of it.  This means that one has taken enough of an interest to study and consider all aspects of the something.  I've got no use for slavish fan-boys of anything.  I consider some of the harshest critics of the U.S. to be the biggest patriots, for instance.


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October 26, 2013, 08:24:16 PM
 #63

He is old...
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October 26, 2013, 09:17:42 PM
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We care what this guy thinks why?
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