Gold and Silver bugs should view crypto's as Allies. Instead they will go down with their ship!
Peter Schiff and other Gold/Silver bugs need to view crypto currencies as allies to their cause. I saw the interview between Max Keiser and Peter Schiff and Max had better logic. I feel that many Gold/Silver bugs are so invested in their ideology and careers, that they view crypto currencies (such as Bitcoin) as a threat to their business model.
These Gold promoters have decades and millions of dollars invested in building their business, websites, books and conferences based on the precious metals industry. The points and arguments that they make regarding Gold/Silver are logical. Physical metals are a hedge against inflation. They are tangible, fungible and take energy to produce. They also have a 6000 year history.
The point I am making, is that, they should also include and help to educate their followers about the block chain, public ledger and decentralization of crypto currencies. Of course this is new. It has not been around for 6000 years, but neither has computers or mobile phones. We are witnessing the evolution of money and commerce and they still insist that a horse and buggy are the way to go. How about having both precious metals and crypto's (some cash as well).
It might be possible that pride and ego are getting in the way of these Gold bugs. If they admit that crypto's might be a good investment towards the future use of money and commerce, than they would have to change their business model. They would have to learn a new industry. They would have to change their websites and their scripts for speaking engagements. This may be too much work. They would also have pissed off clients who think that they have "missed the boat" of potential financial gains by not getting into crypto's earlier. Gold/Silver certainly have not seen 1000% gains in the last 2 to 3 years.
So now these Gold/Silver pundits have boxed themselves in a corner. They have waited too long to get on the crypto bandwagon. If they do get on board, potentially millions of dollars in gains have been lost. This means lots of angry followers. If they do get on board with crypto's, then they have lots of work to do and catching up. For example, the Gold bugs (we all know who they are) would not be the go to people for TV interviews or guests at conventions/summits. They would have to take a back seat to the new comers who shine in the crypto world of news (we know who these are).
Yes, the guard is changing and the Gold bugs spot light is not shinning on them anymore. The new kids are in town and the Gold bugs would rather go down with their ship than to Allie with the crypto community.
Exactly, it's not an either/or proposition.
I saw that segment too and I think people got all defensive when Peter talked about crypto being a speculative investment at this point. That's exactly what it is, people are buying it like it's a stock in a popular restaurant chain.
Tip: Restaurants are HORRIBLE "investments".
Agreed. Why not have both? This isn't an either or situation. Heck, diversify even more, and have lots of different baskets. Don't just have crypto and precious metals.
I have some wealth that requires a password and some that requires a combination. ;-)
Exactly!
It seems like a lot of people just want to be "right" and they think that means someone with an opposing viewpoint has to be wrong.
I agree. Thank you for your reply
Last night I was thinking the exact same thing as you.
You beat me to it.
So I linked to your post in mine today, maybe you can get some more eyes on it.
Great. Thank You. I guess great minds think alike. LOL. I never had Facebook, Twitter or a You Tube channel. This is the only platform I am on and am slowly building my follower base. I get around 2 to 3 followers per day. It is taking time to build (554 followers) but worth it. Yes, I welcome your help with a link.
Agreed jet! Precious metal people have blinders on when it comes to the crypto's. I have tried repeatedly with a co-worker who is invested in gold with Peter Schiff. He will not listen- people have to find their own way: give them the information and move on.
I agree. I do not waste anymore time on die hard Gold Bugs
I own both but the vast majority of my savings is in silver.
According to this site:
http://www.usdebtclock.org/gold-precious-metals.html
The numbers of dollars for every ounce of gold is $6364 and for silver it's $771.
The prices of precious metals are being suppressed to support the dollar. The ETFs GLD and SLV sell 50 to 100 ounces of paper metal for every ounce of real metal that they hold. That keeps the price artificially low. Someday metals prices will explode when price suppression ends. The dollar is dying. So price suppression could end any time in the next couple of years.
The federal government could outlaw cryptocurrencies. At some point they probably will.
Yes, there is no ETF to manipulate the price of BTC. I own both PM's and crypto, but my PM's will always buy goods no matter what happens.
We need both. There needs to be a way to transfer wealth over long distances quickly and easily, and crypto does that. Storing wealth in PM's will also continue.
My largest holding is physical silver second is crypto's. I am trying to be diversified
Nice observation : cryptos will ultimately pave the way to gold/silver true dissociation from the dollar.
Exactly. That is why crypto's and metals are allies. All of us are tired of the corrupt central banks and their devaluing the Fiat currencies.
Why not have some crypto, some PMs, and even some fiat which may be the first thing you use (or give away) if/when need be? Basic comfort needs can also become pretty luxurious during a transition phase, not to mention the ease of growing life giving food year round given that we can to grow indoors, in small spaces, outside, or a combo of all of the above. I am really not an extreme prepper on any front, just practical and flexible. At any rate, I will continue to accumulate crypto, PMs, and even fiat for as long as I can and pass it along to my kids/grandkids if I don't need it in my lifetime.
Thanks, I appreciated your post <3
Exactly. I have all three. I forgot to mention cash. I try to have 3 to 4 months worth of cash for living expenses, 6 to 9 months of silver and 6 to 9 months worth of crypto's. I also have 3 months of food and water. Other than this I do not know how else to prepare. I currently do not have access to grow a garden but wish I did.
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STOPThe gains in Bitcoin have been epic. I have bought and sold some however its still unbacked fiat digital currency that has hundreds of competitors so I'm cautious. Most importantly it doesn't back government debt like gold does. Think like a central banker!
True. It will be interesting to see how this plays out. Yes Gold is important for nations to have to settle international trades