How Jim Rickards gets it wrong!!!
I just read an article over on ZeroHedge, written by Jim Rickards, titled
"Dear President Trump: America Is In For A Rude Awakening In January"
I'll post a link to the article at the bottom of this blog.
I was astounded at the lack of understanding, as this very well known, and popular pundit used that platform to create fear, panic, and attempted to sell Gold. I know he's a celebrated Author, and his book "The Death of Money" is well known, but this article shows a complete misunderstanding of how Block Chain, and Crypto-Currencies work. (IMHO)
These technologies are going to change everything about how the World works, and as Andreas Antonopolous, is fond of reminding us, will eventually be known as a game changer, that will rival even the invention of modern agriculture itself!
History will show Block Chain to have rivaled even the plow!
I found myself typing out a long, and drawn out comment on this article, and thought once I had done the work, I would share it here. I'd appreciate your thoughts on this issue!!!
My thoughts...
On virtual currencies (Including a block chain based SDR) Quote "If it was to develop significantly, it would also be a potential threat to financial stability. Because it's completely outside the realm of regulated activity." Christine Lagarde - Managing director of the IMF.
SORRY JIM RICKARDS, they aren't going to be able to "co-opt" "Distributed ledger" currencies, or use the technology for nefarious purposes!!! They're in fact... Scared to death of block chain technology, because it's a game changer! It can't be controlled, or "Managed", or to put it in Lagardes terms "Regulated".
In fact... Block chain technology will change EVERYTHING!!! It completely removes the necessity of Intermediaries, and therefore makes traditional banking (Including International Monetary Funds) obsolete!!! Intermediaries in transactions such as the recording of vehicle, or home ownership will be made inconsequential!!! This will make agencies such as your State's Motor Vehicle Agency an anathema. "THEY" will no longer be necessary to prove that you own your vehicle, and their excuse to extort money from people in the form of licensing fees will be gone..... All that will be left for "Them" will be the use of force.
There is already a thriving economy beginning to develop outside of centralized control, built around existing Crypto-Currencies, and Bitcoin in general. You can already even "Tip" a Las Vegas Stripper, for a "Lap Dance" in Bitcoin, by simply scanning a "QR" code tattooed on her arm with your smart phone!!!! More and more Retail establishments and "Online" entities will soon be accepting Bitcoin in transactions. If "SDR's are to enter the "Fray", they are far far behind the pioners in this realm. There will be a "Great War" against Bitcoin, and "Crypto-Currencies" in general, VERY SOON!!!! This is because they defy centralized control!!! The IMF will NEVER be successful in usurping "Distributed Ledger Technology" for it's own purposes, because THEY can't control the monster that they create!!! They may try, but it won't work!!!
here's the article in question;
http://www.zerohedge.com/news/2017-09-10/dear-president-trump-america-rude-awakening-january#comment-10243287
I don't yet know enough about cryptocurrencies to be able to talk about them and know what I'm talking about.
My opinion of Jim Rickards is that he is a gold shill. It seems like for him, gold is the only thing of value. I think that a lot of the writers on Zero Hedge are just mad because things haven't yet fallen apart the way they keep saying they will. I think most of them are heavily invested in their positions, and they aren't making any money while things continue to not fall apart.
finally a story where a created monster can't be destroyed is that a good thing though ? I did read sadly not all of it as it's over my understanding when it comes to crypto coins that the government was trying to either close it down or get taxes ? as I said did not read it all and I may have misread the post. thanks for sharing sir I'll check the link out and see how much of a doom sayer this is :)
@freakygeak, I'm no expert either, but I do see Steem, and Bitcoin as a way out or at least keep my head above water as the US Dollar collapses. It Will collapse soon, because Russia, and China are trying to make it crash.
Well, China and Russia are trying to do business without useing the petro dollar, so they don't have to deal with the restrictions put on them when using the petro dollar. I don't think they care if it crashes or not, they just don't want to be controlled by it. Of course, that could lead to it's collapse.
I used to find it amazing that it hasn't already collapsed until I realized that it is in a controlled collapse now, and has been since 2007. The fed has such control over it that they can manipulate the crash so that it doesn't seem like a crash. It may not get to the "everything falls apart into chaos" stage, especially if congress votes to remove the debt ceiling like they've been working on.
@Amberyooper,
Look for China to back it's Yuan with gold soon also.
5)The US Army quietly closed the Army base surrounding Ft Knox last Summer.... Why would you lay off the security guards, if there's anything left in the safe?
I have a $10 Trillion Zimbabwe bill!!! I think before long, I'll see a $10 Trillion green back!!!
The one control that they have over block chain technology is control of the internet. If they get desperate enough, they can just shut down the internet, or shut off access to all the exchanges.