N e. v. e. r knw Bitcoin could be so challenging.I kept running back to these. UA-cam videos to learn more about this. Your video is indeed helpful.Thanks
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We won't be "allowed" to use electricity to mine Bitcoin? 🤦♂️ Dude, how much electricity do you think banks, stock exchanges and gold miners use worldwide? Should we ban them? Time to start reading about the free market and the innovations that comes with it.
No, kid, you morons need to start reading of what value is. Banks, stock exchanges and gold miners don't use electricity to create wealth out of thin air, it's a false theory. Another type of plausible scenario, people just drop one bitcoin and use another type of coin, a coin sponsored by all government worldwide, signed into law, also preserve the value, then your bitcoin becomes what? It'll be worthless. The free market is full of holes when it's not regulated. A coin that people can't trace, transactions can't be stopped, and there's no oversight, kid, if the market is 100% free, you would have been destroyed with predatory lending. And also, bankers, gold mining don't use that much electricity.
Some years ago my son bought a single bitcoin for around $100. It quickly shot to 800 dollars and I told him it was a bubble and he should cash in, which he did, selling it on ebay. Sure enough it crashed to less than $100. I thought I'd been very savvy and so did my son. Of course I'd have been really savvy had I then advised him to take his $800 and buy 8 more bitcoin and hold. As of now he would be sitting on $376,000 worth of bitcoin. 😬
andreas is a complete brainlet SJW what you want is have Nick Szabo school this guy in the theory of money he would wipe the floor with this dude, it's like comparing a polymath to a MR toddler
firstName lastName Unlikely. Gold is better money than Bitcoin so whoever sides with gold will have a natural advantage. It will take the smartest bitcoin bull to beat an average gold bug in a debate.
@@RedShiftedDollar Gold has failed as money the moment people chose to do custodial solutions for it (legal tender), since gold itself was too much of a hassle to deal with; the funny part about bitcoin is that it has some of the same hassles despite being digital; It's still, orders of magnitude better money than gold, as thee hassles are in fact orders of magnitude faster/easier to deal with about Nick, I won't really fanboy the guy too much, but he has been a gold bug for generations now; here's his best works to get to know him: nakamotoinstitute.org/trusted-third- parties/ nakamotoinstitute.org/shelling-out/ web.archive.org/web/20000818214051/www.best.com/~szabo/smart_contracts_2.html nakamotoinstitute.org/secure-property-titles/
@@_.-_.-_.-_.-_.-_.-_.- These are really great links. I agree there are pros and cons of both cryptos and gold, but I think you are underestimating some of the cons of Bitcoin in particular. You seem to have given this a lot more thought than most people so if you don't mind, I'd like to debate some points with you. I'm trying to hash a lot of this stuff out for myself as well. Are you game for a debate?
It doesn't matter if they use it or not. There are other arguments that defeat bitcoin just by the fact that it is a ridiculous waste of energy, is highly volatile and is just numbers on a computer so it could be highly susceptible to fraud or theft. A locked vault of gold is harder to penetrate then hacking a computer. Face reality man!
@@carsonallaby7798Here from the future to tell you Bitcoin is a trillion dollar asset class approved by Blackrock and the SEC. You clearly don't understand proof of work, you think they get gold out of the ground with magic? It takes energy. Bitcoin has never been hacked. Satoshi's wallet sits there for anyone who can take it. Exchanges are more sophisticated. In 2030 you will sound like more of a moron than you do now.
But it still doesn't solve the problem. In fact, crypto will create more problems...You wanna see an example? Just look at how free people and free countries acted in Corona? They didn't beat their people to lock them down, hence more number of deaths, while China and other countries which controlled corona had made their people to stay at home forcefully. That's the example of how freedom can also bring you the damage, and even bigger damage than a prevalent system. The problem is not fiat, the problem is system. And the same problem will stay with crypto. It does not have any system. Hence it will bring more damage...
Comments are so stupid did you even listen? His basic thesis is that he doesnt estimate it will perform well during an economic crisis. Thats yet to be seen, but when the market does get really bad I do think people will want to get out of crypto and into something tangible like gold.
the funny thing is, AND SOMETHING ALL THE MEDIA ARE MISSING, every time there is a drive to sell - all of a sudden all of the exchanges have "technical" difficulties and don't make trades ... in essence, what we can observe is a massive push from the exchanges to keep the currency going up by any means possible ...
He really seems smart, and he does not follow what other people say but what he thinks, that is what economists should be like. Nowadays everyone assigns themselves to a particular group and stick to it. But he seems a maverick. Only real economists and investors understand why bitcoin is a sham.
Jim didn't even need to think about it....this is childs play for him. He is one of the most versed people on this planet with regards to ACTUAL currencies, it's actual value, and manipulation etc.
On behalf of all the Bitcoin supporters I say the immortal words: "This time it's different". I am an advocate of the principles behind bitcoin but this man is speaking absolute sense. He argued his case articulately. Bitcoin value is $1,000 tops but it was not made to be an investment vehicle but a medium of exchange.
well I am anti bitcoin, and so are lots of people. For bitcoin to rise to the levels the religious bitcoin people hope for, the new religion needs all people. Most people aren't willing to buy nothing lol. Bitcoin is literally nothing but a digital idea , it's not even currency anymore lol so convince people to buy and hold nothing. Most people are going to take theri cash profits. If not they are greedy, and these greedy people will wish they cashed out.
TimezUp23 This is same reaction to all new technology. "Most people aren't going to pay for nothing." You have no idea what it is if you think that. Its in the fucking name. CryptoCURRENCY. Its not a commodity. It IS the unit of commerce.
No one was saying that cars were nothing despite a lot of backlash. No one was saying that the internet was nothing despite a lot of backlash. I think your comparison is invalid.
+LynustheJok3r +Manuel Gutierrez You guys are so blinded by the hype that you can't even listen to what the guy said in the video. He talked about the theory of subjective value and this is what both Gold and Bitcoin depend on. Gold isn't useful for very much but it still retains subjective value. Bitcoin also is intangible but it has now a high subjective value. I'm looking from unbiased perspective I own 0.0137 bitcoins and everything he said made sense to me. How do you know the price is not manipulated? Do you see how easy it is for the IRS to shut down the exchanges and freeze assets?
If you read my comment you'll realize I'm asking myself, and anyone else, the same question. Currency is only the beginning of this collective economic consciousness that we participate in. After we agree on X currency, there are a whole lot of other principles and rules of fairness that we must put in place. These to me seem to be what most people are ignoring. The IRS, FBI and SEC will participate, these are pillars of our system. Furthermore X currency won't stop the fact that there will be accumulation of wealth, that there will be attempts at monopolization, that there will be great successes and failures regardless. Bitcoin could be revolutionary in many ways, but it is the way it is being thrown in the face, with that religious kind of fervor, with a huge disregard for the rest of the picture that has made me a skeptic. It just smell really strongly of a ponzi to me.
I agree...But... we know so much more about it now. It's proving to be quite hardy indeed. Skepticism of all kinds of money is very important. Got to know worst case scenario right? Long on BTC.
Bitcoin is now over $18,000 and climbing... thanks for your “advice” Jim... this guy also “predicted” that Trump would win... how did that bet work out for you huh? Did you bet $5 million on that like the poor British man? Did you bet on bitcoin going to zero and gold going to $10,000? If you did, you’re losing everything.
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Perhaps he’s smart, but he’s NOT knowledgeable on this topic. That’s an issue. Numerous mistaken assumptions: e.g., you don’t need more miners to process more transaction. The mining difficulty is artificial and adjusted automatically based on number of miners and is not a matter of the number of transactions being processed.
cjgoeson Agree. Two things. One is there is a limited number of bitcoins. It doesn't take the electrical output of Japan to mine them. The other bitcoin weakness he didn't even bring up is it is entirely dependent on a working Internet, all other currencies are not.
You're completely misunderstanding the point. Even though the mining difficulty adjusts to keep the rate of block creation constant, the bounty for each block discovery is set to decrease at a constant interval. This reduces the profitability of bitcoin mining and at some point in time the costs of mining will be greater than the reward even if the costs stay the same. He never said the mining difficulty is a function of the number of transactions being processed. The point regarding how the energy consumption will be unsustainable is that there are certain levels of demand that the supply won't be able to accommodate for unless energy consumption from mining is allowed to keep increasing. This is because higher bitcoin prices makes mining more profitable, attracting more miners as well as incentivizing current miners to consume more energy. Now if the mining energy consumption is actually going to be restricted at some point as he hypothesizes, that means an increase in the price of bitcoin won't be able to accommodate for the decrease in mining incentive caused by the decrease in reward per block discovery.
@@jcantonelli1 No, the point of talking here is environmental impact, you moron. The environmental impact of fiat and the environmental impact of using as much electricity as Japan but by burning coal and such. Pretty sure the coal burning is more. And the environmental impact of fiat is much less than that smartphone production, and that's definitely less than the electricity of Japan. Learn some math, kid.
Jim Rickards understands more about economics than most people, but at 3:12 he asked if miners are going to charge a fee, that point alone shows how little he understands about Bitcoin. Having said that the fees are getting bigger and will continue to do so until a major change in the Bitcoin protocol is agreed.
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We're are not going back to the stone age any time soon lol All money at the banks are on a digital ledger it would be affected the same How many people hold gold lol
You can disagree with this guy but you have to acknowledge that his point about it being untested during tough times is a highly legitimate one. Fed has been printing money like never before these past 10 years. It's very easy for something illegitimate to come into existence and thrive and appear wholly legitimate during a time like this.
I love how one of his arguments against Bitcoin is if you make to much money you will have to pay more taxes lol. By the way Gold is the same but gold hasn't gone up in value per say
Now you have a crypto coin backed by physcial pure gold. It will have it`s own atm maschines and blockchain phone . And the price of the coin will reflect the gold price. Could you get a better timing for such a crypto?
Yes we subscribe to Rickards Strategic Intelligence. His portfolio picks are all underwater except for one. He recommended a short etf on the nasdaq PSQ... underwater. We use him as a contrarian indicator.. He has a lot of valid thoughts on both btc and gold though. I hold silver a we have several btc and trade gbtc. Listen to him as a contrarian
The fact your comment got 48 likes proves to us how stupid these bitcoin kids are. I own 0.0137 bitcoins and I'm keeping it but I can recognize all of the problems with it. Everything this man said was logical. He wasn't even hating on Bitcoin he just presented the biggest challenges in front of it.
everything he said is logical, ah no, bitcoin will perform better in a financial crisis not worse, if the stock market and real estate markets are crashing gold and bitcoin will do well.
He is right about Bitcoin never going through a recession so I'd be interested to see how it does but he's stuck in the old ways. Gold will still make him money, will it make him less money than Bitcoin though? In my opinion probably
Look what happened in Countries like Zimbabwe and Venezuela when their economy collapsed. They turned to Bitcoin. This has been asked and answered. It works when the shit hits the fan.
Bitcoin already went through a recession. In december 2013 the market was worth around $1150 a coin. Then dropped to $250 months later. Stayed at that pace for a few years till it started to build momentum.
Tango Nevada They turned to Bitcoin because people value it at the moment. But will they value it in the future after this speculative mania is over? I doubt it.
John Szeszko - Listen to Jim, and learn. It's not "worth" that amount. It's simply the price of the last trade. Bitcoin is simply being bid up and traded between people. And when it get's bid down? Oooof.
How much energy has been used to mine gold, what is the energy use of computers in general, if bitcoin drops to 0-200 then it can be used to offset taxes.
Bingo, BINGO, BINGO, He got it Spot on. Especially from 2:45 onwards👏👏👏Beautifully Explained. I'm literally crying 😭😭 because of how well he explained it. This is what I've been screaming at Bitcoin advocates but they're too stupid to understand
Are you kidding me...this guy is one of those old folk that hate change and innovation. I bet he thinks we should still use rotary home phones instead of cell phones, and only consume media via news papers LOL When does gold ever have a use, "Excuse me Microsoft do you accept Gold as payment? If you do I could maybe snail mail it to you and you'll have it next week!"
NEWS FLASH: Gold is more accepted currency around the world than Bitcoin fool. Some Immigrants came to North America after World War II with nothing but a piece of gold. It was all their savings. Good luck storing all your savings in Bitcoins for 100 years LOL
Although I prefer bitcoin but your argument is mute in terms of transactions, bitcoin transactions are as slow as an ant's sprint compared to other crypto transactional currencies.
Lmao to all these people saying it's overpriced xD I understand it's a very young currency, but that's the best part. Roughly 1% of people understand it and place 1% of their wealth into it. Imagine whenever 50% of people actually understand the benefits of going to a digital dollar and place 50% of their wealth into it. Big companies are slowly starting to see this, (Michael Saylor has about 800M of his company's assets in Bitcoin). Its only a matter of time before other tech bois come in and make you regret not buying at current price. Also, we had a fear induced "world ending" pandemic and bitcoin did not falter.
He swallows his answers (the ends of his sentences) in order to ensue confidence in what he is saying. He's just a fast talker with weak points. "I trust Gold because its old and bitcoin is 2 new hur hur hur."
well you can also use gold and trade it without internet. In condition of big world war you would end up with nothing. Nowadays you can use it for jewellery and electronics - we will see what will happen in crisis / where all coins will be mined.
Chad the fiat money system is the biggest fraud the world has ever seen. Money is created out of thin air, by a convoluted game of issuance of debt, between the treasury and the governments which is in turn distributed amongst the people via fractional reserve banking. Every dollar that has ever been created, has been offset by an equal amount of debt, which now attracts interest. The first dollar was created from debt. Therefore, it is impossible for the world to be ever debt free. Slavery may have been allegedly eradicated in the form represented by "masters with whips and chains", however, it has simply been shifted to a much more perverse, concealed, and wide-spread form that 99.999% of people aren't even aware of.
watching someone so smart get it so wrong is cringworthy. He's a gold shill! how do people not see that yet? This Bitcoi price action has happened 4 times. With people like Jim calling it tulips every time. In a few months Jim will by gloating that Bitcoin is dead. Repeat in 2020
painting the tape, fair point. However. Was money worthless, was gold worthless, was silver worthless, and going to zero, in the times when tape-painting was still everywhere?
What exactly is gold backed by other than pretty much faith and the small value it can be used for in electronics etc. It's useless for large transactions over any significant distance and it's dangerous and difficult to carry large amounts of with any security. The Gov has already made it illegal to hold gold before and they can do it again. Bottom line, is Gold and Bitcoin both have pro's and con's. But Bitcoin is not meant to replace gold it's meant to replace fiat currency and that's not limited or exclusive to the US Dollar which many of these videos seem to suggest.
Tango Nevada gold has been used around the world for so long that we have a good average of what it's actual value could be. The value of actual paper money is largely determined by the price of gold. Actually all you're doing when u spend money is transferring debt between ppl, a debt every citizen owes to the government which is represented by gold in Fort Knox for example. If America loses all its gold then the dollar loses its value outside America. That's why ppl don't use gold for everyday purchases (because they already are it's just more efficient representing the gold with dollar bills) gold works because every economy values gold to a similar extent and it's scarce enough that it can retain its value for very long periods of time.The value of a bitcoin is too volatile compared to gold, bitcoins value is dependent on too many factors, including the value of money which is still dependent on the price of gold.
Anytime you can divide or multiply anything an infinite amount that means there is no limitation. If there was 1 bitcoin and I could divide it a trillion times I see it as not so finite.What if central banks said there was 21 million dollars that will be divided 50,000 times or 50,000x50,000x50,000, would that matter? Cant that be done with bitcoin?
Right, now re-read my comment. The fed multiplies and bitcoin can be divided. Both scenarios can be done infinite amounts. Why is one any better than the other since devaluation is done on either side of the candle to the average user? I can own 1 dollar and multiply it X amount and you can own 1 bitcoin and divide it the same amount. What is the difference?
Fantastic teacher! I’ve been skeptical of bitcoin and this only confirmed those suspicions. Doesn’t mean I dislike it, just means I have strong suspicions of it’s legitimacy
Lithium Atom Yes, i prefer stable money over bubbles. Are there really people buying things with Bitcoins? I mean on one day my Bitcoins are worth 1000€, on the next day 100€, and the day after its suddenly at 1500€, ridiculous. Oh and how much are the transaction costs right now?
I believe crypto currency is here to stay but it needs to be regulated and centralized somehow to be sustainable as major power governments aren’t going to let the current trajectory continue forever
Old man stuck in his ways. If there's ever a run on a national currency due to loss of confidence, are the people going to start trading in gold? How do you split a gold coin? Hack saw? What makes gold valuable? People who wear gold look trashy or like there going to an Indian wedding. Decentralised cryptocurrencies are a better hedge than gold is against devaluation of fiat because they are useful.
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A lot of people saying he is wrong but not why he is wrong. To all the people saying that the dollar is also used for criminal activity - he means bitcoin is basically not used for purchasing legal everyday things, but used widely for criminal activity. For now at least. Also saying he is too old is not an argument. Making fun of him for saying 11000 dollars per ounce is also not an argument.
The biggest problem is not mentioned in this video. The biggest problem is that the same math that created bitcoin can start another bytecoin, or virtualdollar, or ethercoin, or etherdollar , or cloudcoin, or clouddollar system, with a just a new seed random number generated in a click of the mouse. And they can all come under the same denomination. Why should I buy 1 bitcoin for 3000 USD when I can buy a ethercoin for 1/10 of the price, and let it climb to the same value as bitcoin if ethercoin improves the cryptography just slightly and is better resistant against hacking?
Because of the brand, and already proven how well it works. What you are saying is like, the internet can be duplicated by using a different protocol. So imagine some other open source group starting up a network and trying to compete with HTTP. Yea it's not going to happen. You mention hacking. Bitcoin itself cant be hacked. The things that can be hacked are people's passwords for holding bitcoin on exchanges or by leaving out their private key. Anything can be hacked if a user has access to you. Would you consider it hacking if your significant other was planning on leaving, and knew your passcode to your safe at your home and stole all your money? "Officer, my USD dollars were hacked, we need to invent a better form of money".
The answer is "network effect" , bitcoin is far from best crypto in terms of technology, it has a lot of issues, but its a brand and a lot of people owns it...
Well, you can copy the code, but you dont have the network. Do you know that bitcoin is the most secure crypto? Guess why? Because thousands of people participate with their computing power. You never have that. All you will get is a clone with no backbone that is very unsecure.
yeah, love hearing guys like Rickards make an appeal to the environmentalists, yet they never seem to acknowledge all the waste the legacy system creates
the only point that stands true is the miner's fees which is no different than bank fees. Other than that mining gold requires a physical capacity on the other hand mining bitcoin requires computing capacity which is bound to improve in the near future.
with all these people talking down bitcoin imagine how many more can come in to bitcoin once it proves durable over time. Bitcoin is a gold mine, next recession or whatever comes and bitcoin will do fine and more people will buy.
Do you understand what happens in a recession? The value of tangible, usable assets rises dramatically. Stocks lose their value because you cannot buy a loaf of bread or pay your mortgage with shares of stock. If bitcoin is not widely acceptable for those needs at the time of a recession it will crash. It might come back but there will be people losing much, if not all of their investment.
No one will use a "currency" with such a high volatility. Bitcoin fucked itself royally, and all you noobs think it's worth so much money. It's not. You're simply trading it back and forth.......it could be anything that you are trading, wouldn't matter. Enjoy.....I'll be heartily laughing, and already am. Been down the get rich quick path many times in my younger years. Almost never works.
Bitcoin is basically a fiat money big and complicated game, it has not any value for itself, only a demand/offer structure of finally nothing. Well, not nothing, the big human imagination. Can hold its value when the next financial crisis begins? I dont think so.
I read just about all the comments and it doesn't appear that people in favor of Bitcoin had much to say about the capital gain taxes on Bitcoin. They also impose a penalty if you dont pay your quarterly estimated taxes on time. They always have tricks up their sleeves. Be careful and pay the taxes. Think about it.
I disagree just for the simple fact that bitcoin has become a mainstream necessity now and before it was just an underground black market necessity. Bankers and economists are afraid that golds valuation will decrease. But he is right about the tax stuff. However if a government does try to ban it or regulate it how could you tax almost untraceable gains from bitcoin?
Which Government? It's worldwide, so the US can totally ban it and it could still be massively successful because places like Zimbabwe and Venezuela need it.
Flavio Canelada You don't even have enough of a clue to understand how dumb your response is. Hopefully you will. When I did say put "our" money in Ven, or Zim. WTF does that even mean?
I love gold and silver looks so pretty ., this guy was clear you choose what is your liquidity but for sure in any kind of economically crisis bitcoiners will run to sale and the price will droop
@@TheEfpTV are we in any economically crisis ? just give it some time at soon the stimulus stop everybody will liquidate their bitcoins and the ponzi scheme will be destroy living many with a bitcoins value in a few dollars or zero.
@@miguelena40 you've been in an economic crisis for some months now. nobody has ran to sell their bitcoins, on the contrary. Im not saying it wont ever happen, just that your comment aged very poorly as behavior was actually the exact opposite.
@@TheEfpTV what crisis ? so far I know people make more currency dollars in the 2020 that what they use to make before , actually they don't want to go back to work because they make more with the stimulus , so bitcoin is all in bubble with unemployment and stimulus money that is fact.
@@TheEfpTV do you really believed 3 years is enough time to measure the economic bubble or any financial product. the dow jones after 1929 took 26 years to recover to the same actual price that was 1929 , bitcoin still in diapers . I am not saying people will make profit but mathematically the 70 % of bitcoiners will be crying.
What why? Jim is very knowledgeable! He never said bitcoin would never go up in price he just said it probably would not stand the test of widespread market collapse! He said it is to risky for him personally to buy. I agree with him!
People misinterpret the use of gold. You save gold for a rainy day. To preserve the value of your earnings for your retirement. Gold = Security Gold = Power It should not be compared to Bit coin... Also, that during a big crisis, bitcoins will fail. Have bit coin ... but never ignore gold and silver.
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Now that it's become so volatile, even it's "value" (if you can call it that) as a transaction media is lost too. No one is going to trade a house for bitcoin unless they are very, very, very, very, very.....stupid.
Jim Blane Anyone suggesting you should trade your house for Bitcoin or any other investment is very stupid. This idea is not unique to Bitcoin. It's volatile because it's only just entering mainstream and it's still very small. So any news can have a major impact. But if you understand and are familiar with Bitcoin, you understand this volatility for what it is. But I am mortgaging my house for it? Of course not. What are you mortgaging your house for?
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N e. v. e. r knw Bitcoin could be so challenging.I kept running back to these. UA-cam videos to learn more about this. Your video is indeed helpful.Thanks
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Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” ...
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USD IS MOST USED CURRENCY IN THE WORLD FOR CRIMINAL ACTIVITY!
Bankers are criminals
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Well we’re in a recession right now and Bitcoin is Alive and well!
7 years is alive and well for you? Well say that to the stock market after the dot com bubble.
This is not recession
A recession will come and Bitcoin will be alive and well!
@@araashmehta7719 still alive and better than ever
" when I see Bitcoin is $11000 per ounce" ok man
It's more that 11k 'ounce' now...
We won't be "allowed" to use electricity to mine Bitcoin? 🤦♂️ Dude, how much electricity do you think banks, stock exchanges and gold miners use worldwide? Should we ban them?
Time to start reading about the free market and the innovations that comes with it.
No, kid, you morons need to start reading of what value is.
Banks, stock exchanges and gold miners don't use electricity to create wealth out of thin air, it's a false theory.
Another type of plausible scenario, people just drop one bitcoin and use another type of coin, a coin sponsored by all government worldwide, signed into law, also preserve the value, then your bitcoin becomes what?
It'll be worthless.
The free market is full of holes when it's not regulated. A coin that people can't trace, transactions can't be stopped, and there's no oversight, kid, if the market is 100% free, you would have been destroyed with predatory lending.
And also, bankers, gold mining don't use that much electricity.
Some years ago my son bought a single bitcoin for around $100. It quickly shot to 800 dollars and I told him it was a bubble and he should cash in, which he did, selling it on ebay. Sure enough it crashed to less than $100. I thought I'd been very savvy and so did my son. Of course I'd have been really savvy had I then advised him to take his $800 and buy 8 more bitcoin and hold. As of now he would be sitting on $376,000 worth of bitcoin. 😬
So sorry to hear that!
Love to see this guy and Andreas go head to head over Bitcoin....
andreas is a complete brainlet SJW
what you want is have Nick Szabo school this guy in the theory of money
he would wipe the floor with this dude, it's like comparing a polymath to a MR toddler
firstName lastName Unlikely. Gold is better money than Bitcoin so whoever sides with gold will have a natural advantage. It will take the smartest bitcoin bull to beat an average gold bug in a debate.
@@RedShiftedDollar Gold has failed as money the moment people chose to do custodial solutions for it (legal tender), since gold itself was too much of a hassle to deal with; the funny part about bitcoin is that it has some of the same hassles despite being digital; It's still, orders of magnitude better money than gold, as thee hassles are in fact orders of magnitude faster/easier to deal with
about Nick, I won't really fanboy the guy too much, but he has been a gold bug for generations now;
here's his best works to get to know him:
nakamotoinstitute.org/trusted-third-
parties/
nakamotoinstitute.org/shelling-out/
web.archive.org/web/20000818214051/www.best.com/~szabo/smart_contracts_2.html
nakamotoinstitute.org/secure-property-titles/
@@_.-_.-_.-_.-_.-_.-_.- These are really great links.
I agree there are pros and cons of both cryptos and gold, but I think you are underestimating some of the cons of Bitcoin in particular.
You seem to have given this a lot more thought than most people so if you don't mind, I'd like to debate some points with you.
I'm trying to hash a lot of this stuff out for myself as well.
Are you game for a debate?
@@RedShiftedDollar No
but if you have any questions or just want to talk, feel free to add me on Hangouts or just e-mail me on this account
It pisses me off whenever I hear the criminal use bitcoin statement. Criminals can use cash/fiat money to commit crime.
It doesn't matter if they use it or not. There are other arguments that defeat bitcoin just by the fact that it is a ridiculous waste of energy, is highly volatile and is just numbers on a computer so it could be highly susceptible to fraud or theft. A locked vault of gold is harder to penetrate then hacking a computer. Face reality man!
@@carsonallaby7798Here from the future to tell you Bitcoin is a trillion dollar asset class approved by Blackrock and the SEC. You clearly don't understand proof of work, you think they get gold out of the ground with magic? It takes energy. Bitcoin has never been hacked. Satoshi's wallet sits there for anyone who can take it. Exchanges are more sophisticated. In 2030 you will sound like more of a moron than you do now.
He fails to understand that over 1 million people open a bitcoin account every week. He is living in the past.
bitcoin and cryptos arent just a ponzi scheme its a battle for freedom from central banksters
Just buy gold then. Gold is trust in mother nature. Any other currency is trust in another human which I would be weary about.
Arthur Heidt To the freedom of the few who own 99% of the bitcoin?
But it still doesn't solve the problem. In fact, crypto will create more problems...You wanna see an example? Just look at how free people and free countries acted in Corona? They didn't beat their people to lock them down, hence more number of deaths, while China and other countries which controlled corona had made their people to stay at home forcefully. That's the example of how freedom can also bring you the damage, and even bigger damage than a prevalent system.
The problem is not fiat, the problem is system. And the same problem will stay with crypto. It does not have any system. Hence it will bring more damage...
@@jaysonmaharaj8003 God doesn't exist though. Yet I would agree on buying gold
@@jaysonmaharaj8003 no i don't trust in gold, it will likely become the money of the fraudsters
Comments are so stupid did you even listen? His basic thesis is that he doesnt estimate it will perform well during an economic crisis. Thats yet to be seen, but when the market does get really bad I do think people will want to get out of crypto and into something tangible like gold.
That was a fantastic analysis of bitcoin.
the funny thing is, AND SOMETHING ALL THE MEDIA ARE MISSING, every time there is a drive to sell - all of a sudden all of the exchanges have "technical" difficulties and don't make trades ... in essence, what we can observe is a massive push from the exchanges to keep the currency going up by any means possible ...
Two words: asteroid mining
Two more words: 16 Psyche
did he just say were is the advantage at the end of the day. how about no central bank and no more quantitative easing.
I believe in the future of cryptos but this was a great analysis of the weakness of bitcoin.
😂
Gold is king.
He really seems smart, and he does not follow what other people say but what he thinks, that is what economists should be like. Nowadays everyone assigns themselves to a particular group and stick to it. But he seems a maverick. Only real economists and investors understand why bitcoin is a sham.
Jim didn't even need to think about it....this is childs play for him. He is one of the most versed people on this planet with regards to ACTUAL currencies, it's actual value, and manipulation etc.
On behalf of all the Bitcoin supporters I say the immortal words: "This time it's different". I am an advocate of the principles behind bitcoin but this man is speaking absolute sense. He argued his case articulately. Bitcoin value is $1,000 tops but it was not made to be an investment vehicle but a medium of exchange.
😂
Lmao I will never sell for fiat
Makes more sense than any boby I've listened too
please bring Jim Rickards back for another interview and ask him what he thinks now ? BTC is doing pretty good during this financial crisis.
Watch how fast anti-Bitcoin dinosaurs fade into obscurity HAHAHA
well I am anti bitcoin, and so are lots of people. For bitcoin to rise to the levels the religious bitcoin people hope for, the new religion needs all people. Most people aren't willing to buy nothing lol. Bitcoin is literally nothing but a digital idea , it's not even currency anymore lol so convince people to buy and hold nothing. Most people are going to take theri cash profits. If not they are greedy, and these greedy people will wish they cashed out.
TimezUp23 This is same reaction to all new technology. "Most people aren't going to pay for nothing." You have no idea what it is if you think that. Its in the fucking name. CryptoCURRENCY. Its not a commodity. It IS the unit of commerce.
No one was saying that cars were nothing despite a lot of backlash. No one was saying that the internet was nothing despite a lot of backlash. I think your comparison is invalid.
+LynustheJok3r +Manuel Gutierrez You guys are so blinded by the hype that you can't even listen to what the guy said in the video. He talked about the theory of subjective value and this is what both Gold and Bitcoin depend on. Gold isn't useful for very much but it still retains subjective value. Bitcoin also is intangible but it has now a high subjective value. I'm looking from unbiased perspective I own 0.0137 bitcoins and everything he said made sense to me. How do you know the price is not manipulated? Do you see how easy it is for the IRS to shut down the exchanges and freeze assets?
If you read my comment you'll realize I'm asking myself, and anyone else, the same question. Currency is only the beginning of this collective economic consciousness that we participate in. After we agree on X currency, there are a whole lot of other principles and rules of fairness that we must put in place. These to me seem to be what most people are ignoring. The IRS, FBI and SEC will participate, these are pillars of our system. Furthermore X currency won't stop the fact that there will be accumulation of wealth, that there will be attempts at monopolization, that there will be great successes and failures regardless. Bitcoin could be revolutionary in many ways, but it is the way it is being thrown in the face, with that religious kind of fervor, with a huge disregard for the rest of the picture that has made me a skeptic. It just smell really strongly of a ponzi to me.
So 6 years later, every point he made, is in correct?
I agree...But... we know so much more about it now. It's proving to be quite hardy indeed. Skepticism of all kinds of money is very important. Got to know worst case scenario right? Long on BTC.
Bitcoin is now over $18,000 and climbing... thanks for your “advice” Jim... this guy also “predicted” that Trump would win... how did that bet work out for you huh? Did you bet $5 million on that like the poor British man? Did you bet on bitcoin going to zero and gold going to $10,000? If you did, you’re losing everything.
Trump actually won, anybody with his senses in right place know that!
You Can ask this Guy about gold but not bitcoin because all what he said about btc is wrong
Where can i invest and get paid with good profit?
Trading Bitcoin is a good business one can think of doing
then I will like to introduce you to my Mr Michael Felix, Expert Michael is the best, have been working with him for months now, Investing with Mr Michael is awesome and cool
I'm shocked someone mentioned and recommended expert Mr Michael, Mr Michael is the best.. He's the plug
I used to take from the bank for survival but after trading with expert Mr Michael Felix my financial status change for real.
I'm not here to converse for him but to testify just for what I'm sure of. He handles my account and I have really making huge profits from expert Mr Michael.
I remember watching this a couple years ago.. damn... why did I listen to him?
Perhaps he’s smart, but he’s NOT knowledgeable on this topic. That’s an issue.
Numerous mistaken assumptions: e.g., you don’t need more miners to process more transaction. The mining difficulty is artificial and adjusted automatically based on number of miners and is not a matter of the number of transactions being processed.
cjgoeson Agree. Two things. One is there is a limited number of bitcoins. It doesn't take the electrical output of Japan to mine them. The other bitcoin weakness he didn't even bring up is it is entirely dependent on a working Internet, all other currencies are not.
cjgoeson, hey i like cryptocurrency and hold some but do you have any thoughts about miners using mroe energy than nigeria?
He knows more about money than 99% of the bitcoin crowd, that’s for sure.
You're completely misunderstanding the point. Even though the mining difficulty adjusts to keep the rate of block creation constant, the bounty for each block discovery is set to decrease at a constant interval. This reduces the profitability of bitcoin mining and at some point in time the costs of mining will be greater than the reward even if the costs stay the same. He never said the mining difficulty is a function of the number of transactions being processed. The point regarding how the energy consumption will be unsustainable is that there are certain levels of demand that the supply won't be able to accommodate for unless energy consumption from mining is allowed to keep increasing. This is because higher bitcoin prices makes mining more profitable, attracting more miners as well as incentivizing current miners to consume more energy. Now if the mining energy consumption is actually going to be restricted at some point as he hypothesizes, that means an increase in the price of bitcoin won't be able to accommodate for the decrease in mining incentive caused by the decrease in reward per block discovery.
@@DoeJohn314 "Now if the mining energy consumption is actually going to be restricted at some point as he hypothesizes"
USD is the greatest risk because bits of paper are printed without any control. Just look at the debt clock.
I think Rickards would agree with you on that, but like Schiff, he's blinded by his gold lust
5 stages of Grief
1. Denial
2. Anger
3 Bargaining
4. Depression
5. Acceptance
Bazz Arh now this is funny😂 and so true! He’s somewhere in between anger and bargaining... boy It’s showing !
@@renitagriffin6998 He is coming into acceptance now ;) see ‘22 interviews.
@@nymzoindian7250 😁Thats for the update lol!
Haha, the IRS part is funny. Its like police comes to you and say, hey we knew you steal. Prove you dont. Well, I dont have the money!! Haha
why should gold companies be allowed to use coal and oil to mine gold
TigerShark Racist
exactly - I'd like to know what Rickards estimates the total environmental cost of fiat (or gold, for that matter) to be.
@@jcantonelli1 Pretty the sure the environmental cost for you using your smartphone is much larger. Don't be stupid, kid.
@@markarmage3776 the context of the discussion is monetary systems, not communication systems - keep up, kid.
@@jcantonelli1 No, the point of talking here is environmental impact, you moron.
The environmental impact of fiat and the environmental impact of using as much electricity as Japan but by burning coal and such. Pretty sure the coal burning is more. And the environmental impact of fiat is much less than that smartphone production, and that's definitely less than the electricity of Japan.
Learn some math, kid.
Jim Rickards understands more about economics than most people, but at 3:12 he asked if miners are going to charge a fee, that point alone shows how little he understands about Bitcoin.
Having said that the fees are getting bigger and will continue to do so until a major change in the Bitcoin protocol is agreed.
Wow, his talking is faster than btc transaction speed. His arguments make sense ( at least to me) though
if you replace the word bitcoin with usd when he is speaking and listen to it again it will make even more sense
This video did not age well
Are we gonna break gold into bits to buy stuff ,here mr store owner here is a piece of gold for your merchandise?
Thats where silver and especially "junk" silver steps in.
Pretty sure you can in pawn shops?
Ask a Forex trader, it's almost inevitable that you're going to experience some ups and downs along the way. Alertness and deciveness are both fundamental ingredients in recipe for a successful Forex trader
You can only appreciate a person who tries to teach everyone how to invest and make profit on multiple ways
Ups and downs
Speaking of Forex trading, it's the best business in the world right now. I know a couples of friends Who make a whole lot of money trading the financial market
NEVER LOSSE??... I sincerely doubt when I see such things like 100% WIN strategy, Forex trading is very technical and involves carefulness and great IG... I wonder doing that with no Losses.
Many see Forex as a get rich scheme but Forex is not like that. It's a gradual process with the right tools and application you can make a living from a Forex trader
Trade with an expert else you we would lose all your capital and your drop of market
I just lost all respect for Jim Rickards.
fuck you lowlife fuck🤣🤣🤣🖕🏾🖕🏾🖕🏾
What why? Because he trashed your sacred Bitcoin? Bitcoin just ain't that great! Deal with it! Its a waist of energy!
@@carsonallaby7798 let me gues , you have no bitcoin.
All I took from this is that this man is risk averse and reluctant to change.
maybe you should listen more and not think you are the smartest guy on the block
No electricity no bit coin, no electricity gold is still gold.
It's not big problem, we will wait until come electricity again and we will restart blockchain.
Yup, welcome to middle ages
We're are not going back to the stone age any time soon lol
All money at the banks are on a digital ledger it would be affected the same
How many people hold gold lol
You can disagree with this guy but you have to acknowledge that his point about it being untested during tough times is a highly legitimate one. Fed has been printing money like never before these past 10 years. It's very easy for something illegitimate to come into existence and thrive and appear wholly legitimate during a time like this.
I love these guys. Every time they come out against bitcoin there is a dip. I buy in and then bingo massive profit. I love them.
Were you stacking at 60k too?
@@kapligerbeen stacking for years never going to sell for fiat
I love how one of his arguments against Bitcoin is if you make to much money you will have to pay more taxes lol. By the way Gold is the same but gold hasn't gone up in value per say
he said it was Ponzi scheme, now he says its a form of money.. pff same as bankers
It's a form of currency for criminals - James rickards
Now you have a crypto coin backed by physcial pure gold. It will have
it`s own atm maschines and blockchain phone . And the price of the coin
will reflect the gold price. Could you get a better timing for such a
crypto?
Criminality? Is he talking about the Feds?
(me clapping!)
You can use boogers as money if someone will trade you something for your boogers.
Bitcoin is easy money, cash-in and cash-out then buy land and apartment.
Yes we subscribe to Rickards Strategic Intelligence. His portfolio picks are all underwater except for one. He recommended a short etf on the nasdaq PSQ... underwater. We use him as a contrarian indicator.. He has a lot of valid thoughts on both btc and gold though. I hold silver a we have several btc and trade gbtc. Listen to him as a contrarian
This guy has no idea what he's talking about.
Adam M &, keyboard warriors like u, sitting in their parent's basement do?
The fact your comment got 48 likes proves to us how stupid these bitcoin kids are. I own 0.0137 bitcoins and I'm keeping it but I can recognize all of the problems with it. Everything this man said was logical. He wasn't even hating on Bitcoin he just presented the biggest challenges in front of it.
Everyone online just circle jerks each other over bitcoin
Trust me they are sucking each others bitcocks bigtime.
everything he said is logical, ah no, bitcoin will perform better in a financial crisis not worse, if the stock market and real estate markets are crashing gold and bitcoin will do well.
If a Bitcoin account is hacked and/or frauded, are those funds insured or it’s buy at own risk?
He is right about Bitcoin never going through a recession so I'd be interested to see how it does but he's stuck in the old ways. Gold will still make him money, will it make him less money than Bitcoin though? In my opinion probably
Look what happened in Countries like Zimbabwe and Venezuela when their economy collapsed. They turned to Bitcoin. This has been asked and answered. It works when the shit hits the fan.
Bitcoin already went through a recession. In december 2013 the market was worth around $1150 a coin. Then dropped to $250 months later. Stayed at that pace for a few years till it started to build momentum.
Tango Nevada They turned to Bitcoin because people value it at the moment. But will they value it in the future after this speculative mania is over? I doubt it.
Tango Nevada - When SHTF, you aren't going to want an electronically based form of trade. Key word, electronic.
John Szeszko - Listen to Jim, and learn. It's not "worth" that amount. It's simply the price of the last trade. Bitcoin is simply being bid up and traded between people. And when it get's bid down? Oooof.
I have a feeling Jim will be long dead before his prediction of 0 to $200 comes true.
All he did was to pull those numbers out of his ass... he is ignorant and understands NOTHING.
Damn I know it made a lot of people rich ..that part was real
On paper...
Rich of the backs of the poor. Sound like banking to me. Cryptocurrency is the biggest pyramid scheme in the history of the world.
How much energy has been used to mine gold, what is the energy use of computers in general, if bitcoin drops to 0-200 then it can be used to offset taxes.
thank you for a very, very insightful video !!!
Bingo, BINGO, BINGO, He got it Spot on. Especially from 2:45 onwards👏👏👏Beautifully Explained. I'm literally crying 😭😭 because of how well he explained it.
This is what I've been screaming at Bitcoin advocates but they're too stupid to understand
Eee jjjiiiit! Bitcoin uses wasted energy from hydro and geothermal plant!😂😂😂😂
Boy, I bet you feel silly now.....
Good Info 😊
Do you know what PIVX Coin is?
Are you kidding me...this guy is one of those old folk that hate change and innovation. I bet he thinks we should still use rotary home phones instead of cell phones, and only consume media via news papers LOL
When does gold ever have a use, "Excuse me Microsoft do you accept Gold as payment? If you do I could maybe snail mail it to you and you'll have it next week!"
LOL
NEWS FLASH: Gold is more accepted currency around the world than Bitcoin fool. Some Immigrants came to North America after World War II with nothing but a piece of gold. It was all their savings. Good luck storing all your savings in Bitcoins for 100 years LOL
Although I prefer bitcoin but your argument is mute in terms of transactions, bitcoin transactions are as slow as an ant's sprint compared to other crypto transactional currencies.
NextTimeTech read his books he is a revolutionary...
Phil Albert that was then dummy, and this now
Lmao to all these people saying it's overpriced xD I understand it's a very young currency, but that's the best part. Roughly 1% of people understand it and place 1% of their wealth into it. Imagine whenever 50% of people actually understand the benefits of going to a digital dollar and place 50% of their wealth into it. Big companies are slowly starting to see this, (Michael Saylor has about 800M of his company's assets in Bitcoin). Its only a matter of time before other tech bois come in and make you regret not buying at current price. Also, we had a fear induced "world ending" pandemic and bitcoin did not falter.
He swallows his answers (the ends of his sentences) in order to ensue confidence in what he is saying. He's just a fast talker with weak points.
"I trust Gold because its old and bitcoin is 2 new hur hur hur."
Fwm Fwm Fwm Whoa For me, the amount of dislikes tells that there is very limited upside in Bitcoin as the crowd is very much into it already.
well you can also use gold and trade it without internet. In condition of big world war you would end up with nothing. Nowadays you can use it for jewellery and electronics - we will see what will happen in crisis / where all coins will be mined.
Chad the fiat money system is the biggest fraud the world has ever seen. Money is created out of thin air, by a convoluted game of issuance of debt, between the treasury and the governments which is in turn distributed amongst the people via fractional reserve banking. Every dollar that has ever been created, has been offset by an equal amount of debt, which now attracts interest. The first dollar was created from debt. Therefore, it is impossible for the world to be ever debt free. Slavery may have been allegedly eradicated in the form represented by "masters with whips and chains", however, it has simply been shifted to a much more perverse, concealed, and wide-spread form that 99.999% of people aren't even aware of.
Neither keeps me warm, feeds me, or comforts me. I am NOT converting my labor into either of them. NOTHING that someone ELSE establishes the value of.
2:47 What? The country of Nigeria has more than double 90 million people.
Lama 186 million
he seems stuck in the past decade
Lama - Who gives a fuck, that's not the point.
Bitcoin isn't money. In fact, it isn't even currency. U.S. Magistrate Judge Hugh B. Scott ruled in Federal Court that Bitcoin isn't money.
Gold all the way.
thisis howiroll Bitcoin can be traded for gold at the major bullion dealers...Apmex, Miles Franklin, Amagi Metals, Provident.
watching someone so smart get it so wrong is cringworthy. He's a gold shill! how do people not see that yet? This Bitcoi price action has happened 4 times. With people like Jim calling it tulips every time. In a few months Jim will by gloating that Bitcoin is dead.
Repeat in 2020
"So when I see Bitcoin at $11,000 an ounce or whatever" you dont measure Bitcoin by weight!
Jacob Dix Dix yeah because it it’s not a tangible thing therefore does not have any value and it will return to it 7cent valuation.
painting the tape, fair point. However. Was money worthless, was gold worthless, was silver worthless, and going to zero, in the times when tape-painting was still everywhere?
Gold has backing, one thing Bitcoin lacks
What exactly is gold backed by other than pretty much faith and the small value it can be used for in electronics etc. It's useless for large transactions over any significant distance and it's dangerous and difficult to carry large amounts of with any security. The Gov has already made it illegal to hold gold before and they can do it again. Bottom line, is Gold and Bitcoin both have pro's and con's. But Bitcoin is not meant to replace gold it's meant to replace fiat currency and that's not limited or exclusive to the US Dollar which many of these videos seem to suggest.
Tango Nevada gold has been used around the world for so long that we have a good average of what it's actual value could be. The value of actual paper money is largely determined by the price of gold. Actually all you're doing when u spend money is transferring debt between ppl, a debt every citizen owes to the government which is represented by gold in Fort Knox for example. If America loses all its gold then the dollar loses its value outside America. That's why ppl don't use gold for everyday purchases (because they already are it's just more efficient representing the gold with dollar bills) gold works because every economy values gold to a similar extent and it's scarce enough that it can retain its value for very long periods of time.The value of a bitcoin is too volatile compared to gold, bitcoins value is dependent on too many factors, including the value of money which is still dependent on the price of gold.
You think USA still backs the USD with gold as promised, LOL.
Anytime you can divide or multiply anything an infinite amount that means there is no limitation. If there was 1 bitcoin and I could divide it a trillion times I see it as not so finite.What if central banks said there was 21 million dollars that will be divided 50,000 times or 50,000x50,000x50,000, would that matter? Cant that be done with bitcoin?
Right, now re-read my comment. The fed multiplies and bitcoin can be divided. Both scenarios can be done infinite amounts. Why is one any better than the other since devaluation is done on either side of the candle to the average user? I can own 1 dollar and multiply it X amount and you can own 1 bitcoin and divide it the same amount. What is the difference?
Lol someone doesn't understand block-chain
Not a clue about Bitcoin.
Everything is PROPAGANDA.
Would it be correct to say that cryptocurrency would be good for transactional purposes, whereas gold would be good for your savings?
Good question
Fantastic teacher! I’ve been skeptical of bitcoin and this only confirmed those suspicions. Doesn’t mean I dislike it, just means I have strong suspicions of it’s legitimacy
Turiq Jahal bitcoin is here to stay.. even if it crashes it’s too mainstream and necessary. What is needed becomes fruitful
Lithium Atom Yes, i prefer stable money over bubbles. Are there really people buying things with Bitcoins? I mean on one day my Bitcoins are worth 1000€, on the next day 100€, and the day after its suddenly at 1500€, ridiculous. Oh and how much are the transaction costs right now?
I believe crypto currency is here to stay but it needs to be regulated and centralized somehow to be sustainable as major power governments aren’t going to let the current trajectory continue forever
buy gold- it is easy
yeah, and some other thousand cryptos- very much needed indeed.
Gold market is also manipulated.
There are more gold certificates than real gold...
''We have never seen bitcoin through a crisis''. This guy has clearly never been to zimbabwe
he's talking about a global crisis.
What happened to BTC in zim?
Old man stuck in his ways.
If there's ever a run on a national currency due to loss of confidence, are the people going to start trading in gold? How do you split a gold coin? Hack saw? What makes gold valuable? People who wear gold look trashy or like there going to an Indian wedding.
Decentralised cryptocurrencies are a better hedge than gold is against devaluation of fiat because they are useful.
Investing in crypto now is very cool especially with the current rise in the market now
Thanks for introducing me to Mrs Allen Lisa
People are scared of investing because of the high rate of scam in the business
Making them to remain poor out Of ignorance
There are scammers but there are real brokers waiting for investors out there
My first investment with Mrs Allen Lisa gave me profit of over $24,000 Us dollars and even since then she has never failed to deliver and I can even say she's the most sincere broker I have known
A lot of people saying he is wrong but not why he is wrong. To all the people saying that the dollar is also used for criminal activity - he means bitcoin is basically not used for purchasing legal everyday things, but used widely for criminal activity. For now at least. Also saying he is too old is not an argument. Making fun of him for saying 11000 dollars per ounce is also not an argument.
The biggest problem is not mentioned in this video. The biggest problem is that the same math that created bitcoin can start another bytecoin, or virtualdollar, or ethercoin, or etherdollar , or cloudcoin, or clouddollar system, with a just a new seed random number generated in a click of the mouse. And they can all come under the same denomination. Why should I buy 1 bitcoin for 3000 USD when I can buy a ethercoin for 1/10 of the price, and let it climb to the same value as bitcoin if ethercoin improves the cryptography just slightly and is better resistant against hacking?
Well, Bitcoin implement the same changes if it's that much better for one thing. "Let the price climb" How are you going to let the price climb?
thisis howiroll There is no guarantee these altcoins will retain value. There will be many that don't survive the inevitable shakeout.
Because of the brand, and already proven how well it works. What you are saying is like, the internet can be duplicated by using a different protocol. So imagine some other open source group starting up a network and trying to compete with HTTP. Yea it's not going to happen.
You mention hacking. Bitcoin itself cant be hacked. The things that can be hacked are people's passwords for holding bitcoin on exchanges or by leaving out their private key. Anything can be hacked if a user has access to you. Would you consider it hacking if your significant other was planning on leaving, and knew your passcode to your safe at your home and stole all your money? "Officer, my USD dollars were hacked, we need to invent a better form of money".
The answer is "network effect" , bitcoin is far from best crypto in terms of technology, it has a lot of issues, but its a brand and a lot of people owns it...
Well, you can copy the code, but you dont have the network. Do you know that bitcoin is the most secure crypto? Guess why? Because thousands of people participate with their computing power. You never have that. All you will get is a clone with no backbone that is very unsecure.
What is intrisic value of printed dollars, euros...?
Aren't banks run their giant data centers 24/7 as well?
yeah, love hearing guys like Rickards make an appeal to the environmentalists, yet they never seem to acknowledge all the waste the legacy system creates
the only point that stands true is the miner's fees which is no different than bank fees. Other than that mining gold requires a physical capacity on the other hand mining bitcoin requires computing capacity which is bound to improve in the near future.
with all these people talking down bitcoin imagine how many more can come in to bitcoin once it proves durable over time. Bitcoin is a gold mine, next recession or whatever comes and bitcoin will do fine and more people will buy.
cheemooo If you look at the amount of dislikes we are clearly in a mainstreet mania phase. Reminds me of the late 1990s.
Do you understand what happens in a recession? The value of tangible, usable assets rises dramatically. Stocks lose their value because you cannot buy a loaf of bread or pay your mortgage with shares of stock. If bitcoin is not widely acceptable for those needs at the time of a recession it will crash. It might come back but there will be people losing much, if not all of their investment.
No one will use a "currency" with such a high volatility. Bitcoin fucked itself royally, and all you noobs think it's worth so much money. It's not. You're simply trading it back and forth.......it could be anything that you are trading, wouldn't matter. Enjoy.....I'll be heartily laughing, and already am. Been down the get rich quick path many times in my younger years. Almost never works.
right
Bitcoin is basically a fiat money big and complicated game, it has not any value for itself, only a demand/offer structure of finally nothing. Well, not nothing, the big human imagination. Can hold its value when the next financial crisis begins? I dont think so.
To the moon 🚀💫🌚🔥💯👀🌱
I read just about all the comments and it doesn't appear that people in favor of Bitcoin had much to say about the capital gain taxes on Bitcoin. They also impose a penalty if you dont pay your quarterly estimated taxes on time. They always have tricks up their sleeves. Be careful and pay the taxes. Think about it.
I disagree just for the simple fact that bitcoin has become a mainstream necessity now and before it was just an underground black market necessity. Bankers and economists are afraid that golds valuation will decrease. But he is right about the tax stuff. However if a government does try to ban it or regulate it how could you tax almost untraceable gains from bitcoin?
Which Government? It's worldwide, so the US can totally ban it and it could still be massively successful because places like Zimbabwe and Venezuela need it.
Flavio Canelada
You don't even have enough of a clue to understand how dumb your response is. Hopefully you will. When I did say put "our" money in Ven, or Zim. WTF does that even mean?
aged like milk
Old dude missed the boat and is feeling bitter.
I love gold and silver looks so pretty ., this guy was clear you choose what is your liquidity but for sure in any kind of economically crisis bitcoiners will run to sale and the price will droop
this comment aged pretty poorly.
@@TheEfpTV are we in any economically crisis ? just give it some time at soon the stimulus stop everybody will liquidate their bitcoins and the ponzi scheme will be destroy living many with a bitcoins value in a few dollars or zero.
@@miguelena40 you've been in an economic crisis for some months now. nobody has ran to sell their bitcoins, on the contrary.
Im not saying it wont ever happen, just that your comment aged very poorly as behavior was actually the exact opposite.
@@TheEfpTV what crisis ? so far I know people make more currency dollars in the 2020 that what they use to make before , actually they don't want to go back to work because they make more with the stimulus , so bitcoin is all in bubble with unemployment and stimulus money that is fact.
@@TheEfpTV do you really believed 3 years is enough time to measure the economic bubble or any financial product. the dow jones after 1929 took 26 years to recover to the same actual price that was 1929 , bitcoin still in diapers . I am not saying people will make profit but mathematically the 70 % of bitcoiners will be crying.
Well Jim, time to find a new job.
What why? Jim is very knowledgeable! He never said bitcoin would never go up in price he just said it probably would not stand the test of widespread market collapse! He said it is to risky for him personally to buy. I agree with him!
People misinterpret the use of gold. You save gold for a rainy day. To preserve the value of your earnings for your retirement.
Gold = Security
Gold = Power
It should not be compared to Bit coin...
Also, that during a big crisis, bitcoins will fail. Have bit coin ... but never ignore gold and silver.
The government is tying to own bitcoin
The government already owns bitcoin, they created smarty.
He makes some good points and ideas, but he obviously doesn’t understand even the basics of bitcoin.
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Oh silly Grandpa Rickards having another senior moment.
It's simple. The more risky the investment higher/faster returns, less risky the slower/lower returns.
Red Vanderbilt - Hey Warren, you forgot to mention the risk part. What a fucking idiot.
We need a crypto currency for goods and services to match btc price swings for business who except btc pegged to it.
One thing is true, not all economies accepts bitcoin.
They don't need to for it to be successful. And it's still very early. There are a lot of changes coming
BJ Mendez
No. It’s not a matter of “not all economies accepts (SIC) Bitcoin”, it’s a matter of Bitcoin is not accepted almost NOWHERE.
Well that's just false.
Now that it's become so volatile, even it's "value" (if you can call it that) as a transaction media is lost too. No one is going to trade a house for bitcoin unless they are very, very, very, very, very.....stupid.
Jim Blane
Anyone suggesting you should trade your house for Bitcoin or any other investment is very stupid. This idea is not unique to Bitcoin. It's volatile because it's only just entering mainstream and it's still very small. So any news can have a major impact. But if you understand and are familiar with Bitcoin, you understand this volatility for what it is. But I am mortgaging my house for it? Of course not. What are you mortgaging your house for?