Bitcoin or Gold: Which is More Fiat-Proof?
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
truthingold.com / By truthing / April 12, 2013, 09:02
Bitcoin sure is volatile — it peaked at $265 per Bitcoin on April 10 but as of the afternoon of April 11 it was trading down 72% at $75 on exchanges other than the temporarily shut-down Mt. Gox — that controls 80%of Bitcoin trading. Ironically, some think that banks shutting down in Cyprus last month were behind the rise in Bitcoin’s price.
Based on an April 11 interview with a Bitcoin enthusiast, I learned that some of the principles behind Bitcoin are patterned after gold — another “investment” that has soared in value along with highly-amped rhetoric about fiat currencies, an imminent spike in inflation and the collapse of our economic system.
Unfortunately, for gold investors, its price is down 17% from its high. And that makes one gold investor sad. According to the New York Times, Pocatello, Idaho-based Jon Norstog has suffered a 42% loss in the value of the $29,000 he invested in gold in 2011.
His $29,000 went into a gold mining company fund. As he told the Times, “If I had to do it all over again, I would have just bought the gold. At least that way I could have run my fingers through the glittering coins.”
Bitcoin is created by “miners” and those Bitcoins are expected to continue to be mined until they reach their limit of 21 million in the year 2140. That’s according to Rob Banagale — who is CEO of Gliph, a Bitcoin service company that “allows people to store their Bitcoin wallet address and share that without revealing other personal data.”
Thanks to BrotherJohnF
2013-04-12 07:19:23
Source: http://silveristhenew.com/2013/04/12/bitcoin-or-gold-which-is-more-fiat-proof/
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