Episodes

An interview with Kerry Lutz of the Financial Survival Network. Government will likely be unable to control it or stop it. Therefore, a brighter future for bitcoin and that even GoldMoney is thinking about integrating with bitcoin.

Because the quantity of bitcoins are limited and governments cannot create more and demand for bitcoins has been increasing therefore the BitCoin price has been increasing. As more people and companies embrace this new cryptographic protocol standard the Bitcoin juggernaut will keep gaining mass and momentum.

On another note, I just got an advance review copy of Kerry’s Forget Wall Street – Go For The Gold And Silver Too and am looking forward to reading it. I will likely be writing a review of it soon.

Play

8 Comments »

  1. I am trying to get my mind around the fact that something intangible like bitcoin can have a value. It makes more sense to me to own physical gold and silver.

    Comment by Mike — January 11, 2013 @ 12:43 pm

  2. Mike, well, it is not that much different from FRNs which have value because of their usefulness in transferring value as a medium of exchange even though they are not corporeal. You might want to see my explanation on why Bitcoin is tangible just not corporeal. Then you can get a better grounding in how it can have value since it is useful in transferring value all over the Internet.

    Comment by Trace Mayer, J.D. — January 11, 2013 @ 4:17 pm

  3. Dear all,

    I will not buy bitcoin in near future. I am computer scientist/software programmer for living and I would not trust that bitcoin protocol is hack proof.

    Some time in the future when money in bitcoins are significant it will be beneficial for a hacker to hire bunch of scientists and find attack methods. Even if bitcoin is hack proof protocol then it is easy that we will see specially tailored worms/computer viruses to hack your bitcoins wallets. I do not trust my PC to be the only protection method of my money.

    I am sorry but having a currency that it is not corporeal is just a no go. All those nice features of bitcoin does not offset the risks that come with digital only currency. I will be a late adopter of this currency, maybe in 10 years, when it will be time proven safe currency.

    best,
    Radek

    Comment by Radek — January 12, 2013 @ 4:51 am

  4. But Mike and Trace,

    We could have the best of both worlds. Gold backed bitcoins. Call them BitGrams.

    Comment by PlataoPlomo — January 12, 2013 @ 2:19 pm

  5. PlataoPlomo,

    I do not think a gold backed Blockchain would be a good route to go because upon redemption GoldMoney would likely clash with AML source of funds laws. This would greatly increase administration costs and place GoldMoney into a compliance nightmare. The laws want to turn the banks and other financial institutions into the financial transaction investigators.

    Consequently, I think it is lowest cost to GoldMoney and allows for greater division of labor in the fight for freedom to specialize the work by keeping the store of value and medium of exchange separate but interchangeable with compliance to the relevant laws as strict as possible in order to reduce the threat of governmental involvement as much as possible.

    So longas bitcoins are exchangeable into gold on demand, which could be implemented by GoldMoney with the current KYC/AML structure (although not on my to-do’s first steps for adoption) I think it should be fine. I see no particular problem from the Bitcoin price freely floating.

    Comment by Trace Mayer, J.D. — January 12, 2013 @ 3:50 pm

  6. Uhmmmm. Ok

    How about seamless translation from bitcoins to and from allocated vaulted pm’s?

    That would in effect imply the gold backing that bitcoin needs to be truly confidence worthy.

    It would allow the digital flexibility to pm’s. Which they desperately need.

    Comment by PlataoPlomo — January 12, 2013 @ 7:32 pm

  7. PlataoPlomo, Precisely. That is what GoldMoney integrating with Bitcoin would offer.

    Comment by Trace Mayer, J.D. — January 12, 2013 @ 7:34 pm

  8. [...] For Main Street, BrotherJohnF, Michael of The Daily Paul, Max Keiser, James Turk of GoldMoney, Kerry Lutz of the Financial Survival Network, Daniel Ameduri of Future Money Trends and many others off record have all been influenced [...]

    Pingback by Bitcoin Is The Sebastian Shaw Of Currencies And Immune To Regulation — January 31, 2013 @ 7:07 pm

RSS feed for comments on this post. TrackBack URL

Leave a comment