Jim Rickards endorses Bitcoin

[klee]

Sounds like the bugs are starting to like bitcoin.

Bitcoin Bugs 

Oh NO!!! AGAIN??? Can't stand another fork!!!

SELLL!!!!!!

[Zangelbert Bingledack]

Who's next? Jim Rogers?

[labestiol]

From his tweeter :

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

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

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

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

@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.

[Gab1159]

Not sure I get it. What does it actually mean?

[cypherdoc]

From his tweeter :

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

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

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

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

@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.

[allthingsluxury]

http://jimrickards.blogspot.com

 

[flix]

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

[RationalSpeculator]

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

http://www.bloomberg.com/video/malka-rickards-debate-bitcoin-utility-longevity-662IxXXTQl2e~49s0UZNhw.html

[RationalSpeculator]

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

[bitfromit]

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"

[420]

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

[just_me]

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

It's just_me

just_me

lol

[TheEmperor]

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?

[RationalSpeculator]

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...  

[Phinnaeus Gage]

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

It's just_me

just_me

lol

I think I used to fuck your sister, Just Yu. She used to scream, "Just Me! Just Me! Just Me!", but I contributed that to her having a hairlip.

[Phinnaeus Gage]

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.

[allthingsluxury]

Jim Rickards is a great mind. I follow news about him regularly here:

http://jimrickards.blogspot.com

[420]

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

[Cryddit]

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.   

[Melbustus]

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.