Wednesday, November 13, 2013

Schiff on "Bitcoin is not Gold"

Why aren't people buying Bitcoin sending their money to Yes it's true gold cannot be spent digitally right now because of governmental restrictions but that is loosening up. Bitcoin is not mainstream yet and may never be because it has nothing BUT government regulation coming. Gold less. BTC more.

Schiff's gold bank offers visa cards tied to your gold account that you can use to spend just as a debit card. What's inconvenient about that? GoldMoney will probably offer that in the future in a different regulatory environment. They had a payment system once but cancelled it because no one was spending their metal.

If you attach BTC to silver and gold medallions as I've heard suggested you have a pretender to silver and gold. What would be the point? If you gave that to me I'd say great, now how do I know the weight of the silver? The fact that it's suggested intones it doesn't have the inherent value that everyone wants it to have.

I'm not knocking BTC, I used to mine. It just needs to be spoken about clearly. BTC is a private wealth transfer system outside the banking system that avoids all the fees and international restrictions that ALL other forms of money have. That's the doom, or shall I say, fight, of the future. It will be very interesting.

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