Gold and Silver Used to Be My Chosen Store of Wealth Now it is Bitcoin.
The Precious Metals Community Is Quite Hostile to Bitcoin.
I Spent many years in the gold and silver community. I learned a ton about how to build wealth using Gold and Silver but Bitcoin just makes more sense for me and my house going forward.
"After years of owning precious metals, when Bitcoin came along it was an easy transition for me because it was durable, divisible, convenient, consistent, had value, a limited quantity and a history. These were all the attributes of money!"
When I first began this journey back in 2006 my spark was Ron Paul but the book that caused me to move into Gold and Silver was Peter Schiff's, "Crash Proof". Now Peter is still pushing Gold and Silver. I guess if something does not fit your business model then you talk bad about it. Watch the video and try not to giggle. Peter is on the wrong side here. I guess I am a pupil that has outgrown his teacher.
Same here. I went from silver to Bitcoin to Dash and even with transaction fees, the value of my savings has gone up drastically. And it's all thanks to Steemit. When I first joined, I was still holding silver.
Wow, it is amazing how so many have gone down a similar path. Steemit is definitely a gateway Crypto.
It really is! Ron Paul and Peter Schiff both had a big effect on me as well!
I couldn't agree more. I only started steemit for the blogging aspect a week ago and got sucked into crypto trading in a matter of days.
i don't like just 1 basket, i prefer to diversify! :)
Exactly
Peter Schiff mentions Goldmoney! Whoohoo!
This pro-BTC guy misses the point Schiff is trying to make, and continuously interrupts him. While I am invested in Bitcoin, I also see huge potential drawbacks, some of which are already beginning to take shape.
It is even mentioned by the BTC salesman here in this video that the Fed is already drafting policy related to the cryptocurrency. Technology dependent on digital devices is very easily co-opted by the coercive state. This leads to results antithetical to the original libertarian vision for the coin.
That said, it is a great investment, and will continue to rise in value. Schiff was right, however. The business is still being done in fiat dollars from a pure economic view. Money is the most saleable good (ala Mises, Hoppe, etc.) and BTC is not that.
Gold in the mattress will never be replaced by anything digital.
I love both! Diversification is key, no?
Yes, I have my PM's but have not bought any in over two years. They sit in a safe collecting dust just in case I need them. Bitcoin and Crypto on the other hand are growing my wealth. Peter is always pitching his products nowadays, it gets old. His whole business is attached to the old world banking system. I want no part of that world. I think you give the governments of the world too much credit.
How so?
You said the TV stooge was saying the Fed was drafting policy.
Yeah, Bitcoin has the attention of the Federal Government. With the information released in the Vault 7 files from Wikileaks regarding compromising TVs, mobile phones, and other devices, and the NSA and police searching people's phones at airports, and taking cash via "civil asset forfeiture," it seems impossible to me not to imagine Bitcoin being co-opted or corrupted as a possibility.
It's worth money. They'll tax it and take it. And trace it.
I am pro-Bitcoin, don't get me wrong, and not familiar with Schiff, but what he was saying to that loud-mouthed shouting fellow was quite accurate in this video.
Good article as always.
What do you think about the impending hard fork of Bitcoin?
@kus-knee (The Old Dog)
I think it is an opportunity to diversify into altcoins until the chaos passes. Steem is rocketing tonight. $.22 right now!
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Peter is going to NOT look back at this video in the future. You would think he would diversify some of his PM's. Must be that 1% elite mentality...
Crypto-currencies are the future. There is no doubt about that, but it will be two steps forward one step back.
Once you have the ease of sending bitcoin, you think that all bank transactions are impossibly hard. Wire transfers? Oh god, please, no.
The important thing to note is that we are in uncharted territories. We have never been in this position before. We cannot study history to predict the future. So, yes, gold has been used as a means of exchange for years (in countries where gold was scarce) but that has no bearing on its future usability.
To me, bitcoin vs gold is a no brainer. Have a bit of both.
If we really go into a SHTF situation with no power, etc, then gold, in hand will be one of the best things you can have. It is also great for bribing border guards.
In so many other situations bitcoin shines brightly.
So, have a bit of both.
How are you planning on doing that ? Shaving off the edges of the coins ?
I'm all about the rise of cryptocurrencies and alt coins, but I still believe diversification is a good idea. We're dealing with some pretty new ideas here and-- in terms of overall development-- the playing field has barely been defined, yet. I'd like to know (for example) that I can run down to the market and buy a loaf of bread with Steem as a part of regular existence. I'm sure that time will come... but until then, this is an intriguing but somewhat speculative investment. But that's just me.
Once Bitcoin becomes too cumbersome and heavy to move around you can join the cool kids in Bitshares