The monetary system is broken and gold knows why
(www.rt.com)
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What a damned shame...
So we don’t think crypto coins will keep up with silver/gold prices over the coming months/years? Lot of my buddies in Wallstreet world are buying puts on Silver and buying crypto, but they’re also wrong quite often.
You probably shouldn't ask me about crypto...
Only 2 things are worth anything anywhere in this realm:
Things that come out of the ground (minerals, metals, oil, gas, food etc)
Skilled labor (the ability to process & use item in #1)
Everything else is bullshit.
Currency by definition is NOT money...It's backed ONLY by the belief that it is worth something & nothing else.
Crypto currency is only worth what people perceive its worth & no more. Its UTILITY adds some confidence to its perceived value - such as blockchain technology for contracts et al, or privacy - or the number of vendors that accept it for payment.
This is where BTC is a colossal failure. It's not accepted at many retailers, it's NOT private by any stretch of the imagination and of course, it's not backed by anything other than belief. Bu...bu...but SO MANY people are invested into it by hundreds of thousands of dollars! It MUST be worth something!
I think one of the ONLY cryptos out there, from a utility and privacy standpoint is Monero - but at the end of the day, it's STILL currency....and HOW EXACTLY does someone "invest" in currency? Unless there's a HUGE arbitrage gap between say GBP, USD, EUR etc and the currency they want to liquidate - There is NO "investment opportunity" - It's just the same as playing odds at a casino...Oh, and did I mention, it's literally backed by NOTHING?
Lippy crypto dweebs often cite, "Crypto is backed by the electricity used to mine it..." Oh really? Go ahead and extract the electricity from it...You can't. It was used up in the process. Just like you can't extract the electricity from that cake you're stuffing in your face used to bake it or any other number of things...
"Wool, what's silver/gold backed by?" Intrinsic value AND utility They can be USED to actually make or do something.
I view crypto in 2 categories:
Utility/means of exchange - Just like any other currency it could potentially be used as a means of exchange.
Investment - It makes ZERO sense to "invest" in crypto if you can convert REAL assets or real MONEY, like silver or gold into crypto whenever you want. Is crypto a tier 1 asset held by banks? No...it isn't. Is gold? Yes.
Crypto is the latest thing to suck wealth away from the stupid and put it in the hands of the banking criminals. There's NO middle man or 3rd party with silver or gold. YOU hold it - you can freely trade it and there's no leech in the middle looking to take their cut. If you need to convert it into something else, there's a fee - but that's true with anything else.
It's like retard comedy hour with the Satoshi character nobody we know ever met, he never gave a talk/speech and his alleged history/story is checkered to say the least...But let me go ahead an invest in ether credits, backed by nothing and a leger system that shows everyone what I have, what I had, and what I bought and for how much...It's one of the dumbest things going...
Needless to say...I'm HODLing PM because it's the only REAL money out there besides other practical assets...
Appreciate the VERY thorough reply! I bought some silver rounds a few weeks ago and have been buying some Gold and Silver ETF’s. I’d like to have physical assets, but it’s nice to buy the ETF’s and not get hit with the premiums.
I also sold my crypto as I agree with everything you said. I’ll be converting the (small) amount I had into PM’s over the next couple weeks. Every single thread I read seems to signal significant runway for Gold and Silver. Guess we’ll see…