Gold vs. Bitcoins: Gold Bugs Shouldn’t Be Bitcoin Bashers! Here’s Why
Lorimer Wilson / Munknee
Bitcoin bashers and angry gold bugs have missed the bus and are missing the point. While Bitcoin may be attracting some of the investment dollars that would otherwise be flowing into gold, the two are actually quite complimentary and can co-exist nicely. This article explains why that is the case.
[The following is presented by Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com and www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]
The Bitcoin price went up 6 times or roughly 500% during during November, rocketing from around $200 to $1,200 before correcting back to $600 and my inbox and news feed was suddenly flooded with Bitcoin bashers. The hatred and bitterness came through rather strikingly, especially from precious metals investors…
Why Bitcoin bashers hate Bitcoins
They claim it is a Ponzi scheme, but Bitcoin hardly resembles a Ponzi scheme.
- Bitcoin has no sole authority pulling strings behind the curtain and there is no scam artist promising incredible returns while cooking the books.
- Bitcoin is open-source, transparent and run by the community that uses it. A Ponzi scheme has a bunch of losers that end up giving all of their money to a single winner. It is a zero sum game in the end.
- Bitcoin does not require a bunch of losers or a central conman to operate it and Bitcoin is not a company or person benefiting from a zero sum game.
- Bitcoin is not based on fraudulent claims about its value or the returns it will generate, but voluntary participation in the system.
Gold investors and liberty lovers should not hate Bitcoin…After all, it is the people’s money and is used voluntarily, unlike FED notes such as U.S. dollars, which rely on coercion to force acceptance, both domestically and abroad. We witnessed what happens to Middle Eastern leaders that wish to accept payment for oil in something other than dollars or talk of creating a gold-backed currency.
Why Bitcoin bashers should love Bitcoins
They should love Bitcoins because:
1. they are outside the control of any governments or central banks.
- The FED and their shareholders are not benefiting from a monopoly on issuance of Bitcoin.
- Politicians are not getting kickbacks and lucrative jobs at Bitcoin banks after their retirement.
- Furthermore, the supply of Bitcoin is strictly limited to 21 million, unlike FED notes which can be created literally to infinity via printing presses and strokes on a computer keyboard.
- The banks can not lend out Bitcoins they do not own and government can not fund wars via printing Bitcoin.
2. they are created at a decreasing and predictable rate.
- The number of new Bitcoins created each year is automatically halved over time until Bitcoin issuance halts completely with a total of 21 million Bitcoins in existence.
- There can never be more than 21 million Bitcoin created, so investors need not worry about the type of inflation that has resulted in the U.S. dollar losing over 95% of its value since the Federal Reserve was created in 1913.
These are the characteristics that have attracted so many people to precious metals and the flaws that have inspired a growing distrust in central bank fiat money. Before you lump Bitcoin into the fiat money category, consider that it is not created without considerable effort, via government decree or other authoritarian command, as defined by Webster.
While it may not have physical form and utility such as those that give precious metals value, Bitcoin certainly has intrinsic value in its ability to quickly and cost-effectively transfer wealth anywhere around the globe in minutes. This is a valuable characteristic that Bitcoin offers over any other form of currency. Try sending $100,000 worth of gold outside of the United States or bringing it with you on a plane. Try wiring money to Europe the same day or without coughing up significant bank fees for them to simply transmit electronic data on your behalf.
continue article at Munknee:
http://www.munknee.com/gold-vs-bitcoins-gold-bugs-shouldnt-bitcoin-bashers-heres/
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