# Reason to aviod cryptocurrency



## Smitty901

"$190 million gone forever? Crypto boss dies with passwords needed to unlock customer accounts"

I hope mo one here had anything tied up in them.

"Customers of a Canadian cryptocurrency exchange are reportedly unable to access $190 million of funds after the company’s founder died with the passwords needed to access the money."


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## Tango2X

The best reason to avoid crypto is--- it aint real!


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## A Watchman

Smitty901 said:


> "$190 million gone forever? Crypto boss dies with passwords needed to unlock customer accounts"
> 
> I hope mo one here had anything tied up in them.
> 
> "Customers of a Canadian cryptocurrency exchange are reportedly unable to access $190 million of funds after the company's founder died with the passwords needed to access the money."


Come on &#8230; surely there were more layers of security outside of the founder? Or, maybe someone(s) ain't talking?


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## rice paddy daddy

Tango2X said:


> The best reason to avoid crypto is--- it aint real!


Yes.
And not backed by anything.


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## Camel923

Crypto currency is way worse than the debt notes we now call money. A return to the gold standard would be great.


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## Smitty901

I see some new regulations . Like all pass words must be on file with government . Just in case .


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## 1skrewsloose

Trust me, I'm from the government and I'm here to help you. Why such fools bought into such a scam?


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## Chipper

rice paddy daddy said:


> Yes.
> And not backed by anything.


Kind of like the US dollar. Oh wait they can just print more US dollars as needed.


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## rice paddy daddy

Chipper said:


> Kind of like the US dollar. Oh wait they can just print more US dollars as needed.


But the US dollar in my pocket can be spent anywhere in the US.
To buy gasoline, guns, ammo, illegal drugs, prostitutes, Subway sandwiches, just about anything. Try that with bitcoin. "Hey, man, I'll give you this here bitcoin for a pound of weed." Yeah, right!

The US dollar is backed by the government. Bitcoin is only "worth" something if someone says it is.


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## Inor

Cryptocurrency is the dumbest idea EVER! 

But the technology behind it, blockchain, is one of the best ideas in all of human history. Blockchain, once it is mathematically proven to be secure, and it will be, will allow us to maintain the history of any piece of property tracked. Imagine going to buy a used car and being able to track every previous owner or even every time the car was serviced by a professional. Or buying a piece of land and not have to pay for a title search or title insurance to know the land is not in tax default. This is a hugely important technology that will put a lot of bureaucrats and other paper-pushers out of a job. If it is done right, it will eventually allow us to buy houses and not even have to pay any closing fees or having to sign mountains of paperwork.


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## Back Pack Hack

Silly me. I figure once I'm dead, I won't give a rodent's rectum about money. Real or not.


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## stowlin

I don't comprehend @Inor 's post about using blockchain to record a history of transactions when it's being used for the exact opposite now and hiding transactions?

Not wanting to sail with cash, not wanting the paper flow of funds that didn't need to be government monitored I used bitcoin when leaving SF for Ireland. Due to family stops along the way a small share but decent sum of money was put into bitcoin with a goal of retrieving it in Ireland and I was lotto like lucky I got to Ireland when it was skyrocketing and I couldn't get out of it fast enough (for me). It more than served it's purpose in enabling me to move liquid assets from one country to another with out banking fees, and other scrutiny.


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## Kauboy

stowlin said:


> I don't comprehend @Inor 's post about using blockchain to record a history of transactions when it's being used for the exact opposite now and hiding transactions?


Blockchain isn't being used to hide anything. Every single transaction that takes place with crypto is checked and rechecked with a full ledger history of every single time that "coin" changed hands.
The "coin" itself is used for "off the books" transactions, but that is the nature of a non-regulated currency.

The idea behind crypto currencies is a good one. Decentralize the power, develop a system of checks and balances. No purchase can be made without a full validation.
The implementation is the kicker. The whole system requires trust. Most of the money is tied up in places where somebody could just walk off with it if they can hack the site. This has happened numerous times, and every time it does, there is an outcry from the community for some kind of regulating body. HAHA!


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## stevekozak

Tango2X said:


> The best reason to avoid crypto is--- it aint real!


I feel the same way about Canadians......


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## stevekozak

Inor said:


> Cryptocurrency is the dumbest idea EVER!
> 
> But the technology behind it, blockchain, is one of the best ideas in all of human history. Blockchain, once it is mathematically proven to be secure, and it will be, will allow us to maintain the history of any piece of property tracked. Imagine going to buy a used car and being able to track every previous owner or even every time the car was serviced by a professional. Or buying a piece of land and not have to pay for a title search or title insurance to know the land is not in tax default. This is a hugely important technology that will put a lot of bureaucrats and other paper-pushers out of a job. If it is done right, it will eventually allow us to buy houses and not even have to pay any closing fees or having to sign mountains of paperwork.


Or maybe we could just refuse to accept the mark of the beast..... Is that an option also?


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## Smitty901

Cryptocurrency is meant to be used to pay for criminal activity . To buy drugs , stolen items ect. To hide transaction, to evade taxes .... I someways I hope they never see that $190 million again. And when the dealers don't get paid they get a visit.


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## The Tourist

Smitty901 said:


> Cryptocurrency is meant to be used to pay for criminal activity . To buy drugs , stolen items ect. To hide transaction, to evade taxes .... I someways I hope they never see that $190 million again. And when the dealers don't get paid they get a visit.


You bring up a valid point. But I have another aspect no one has mentioned here.

If we are true preppers, we must believe that after TEOTWAWKI there won't be a grid for electricity, cell phones and computers. Even if your computer is run by a generator, your assumption of getting info might be stymied by the death of the overseer or the destruction of his computer. We will lose all of this "electric money" and go back to bartering Velveeta Cheese.

Smitty901 is right. This is a bad idea, which I do not see improving.


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## Annie

rice paddy daddy said:


> Yes.
> And not backed by anything.


Neither is the US dollar anymore, other than by faith and credit. Not for a long time. Since the early '70's I believe.


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## Smitty901

Annie said:


> Neither is the US dollar anymore, other than by faith and credit. Not for a long time. Since the early '70's I believe.


 But when we were on the Gold standard, owning bulk gold was not allowed. Most seem to forget at one time you could not own bulk gold.


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## The Tourist

Annie said:


> Neither is the US dollar anymore, other than by faith and credit. Not for a long time. Since the early '70's I believe.


I think "Silver Certificates" went out even before that. I think I was ten or twelve when adults showed me the new markings on currency.


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## jimb1972

The Tourist said:


> I think "Silver Certificates" went out even before that. I think I was ten or twelve when adults showed me the new markings on currency.


I think the Vietnam war and the "Great Society" killed off the secured bank notes in 1968. There was not enough precious metals to offset the amount of money the government was spending.


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## The Tourist

That would make it more 1963 or '64. That's more in keeping with my memory. There has to be a source on the 'net, but I do not know where to look, other than googling "Silver Certificates."


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## jimb1972

The Tourist said:


> That would make it more 1963 or '64. That's more in keeping with my memory. There has to be a source on the 'net, but I do not know where to look, other than googling "Silver Certificates."


I looked it up, but all I could decipher was 1968 was the last year you could redeem the certificates for silver. They may have come out with the new notes before that and phased them out gradually.


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## The Tourist

jimb1972 said:


> I looked it up, but all I could decipher was 1968 was the last year you could redeem the certificates for silver. They may have come out with the new notes before that and phased them out gradually.


Ahh, that makes sense. I graduated high school that year. So if you guess it took five years to gather up as many Silver Certificates as they could, that would mean they started in 1963. I was both a kid and Vietnam had just started to simmer.

Good call, jimb1972.


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## Inor

stevekozak said:


> Or maybe we could just refuse to accept the mark of the beast..... Is that an option also?


Your comment makes no sense.

Having a complete and secure ledger of the history of ownership of a piece of property is somehow "the mark of the beast"?!? Because I am sure God does not want that. He would much prefer that you be able to deceive a potential buyer.


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## The Tourist

Inor said:


> Your comment makes no sense.


I'm not too sure about that.

Like I said, it was the adults who showed me the new currency. There was some form of "distrust" bandied about, but as a kid I didn't understand.

Now, my wife collects silver coins, her father collected coins of all kinds. They are all safe in a bank vault, so I see them rarely. I just ordered some new 2019, solid silver cartwheels, which I'll get to see once or twice. Then my wife goes to the bank to cash checks, and they disappear...


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## jimb1972

The Tourist said:


> I'm not too sure about that.
> 
> Like I said, it was the adults who showed me the new currency. There was some form of "distrust" bandied about, but as a kid I didn't understand.
> 
> Now, my wife collects silver coins, her father collected coins of all kinds. They are all safe in a bank vault, so I see them rarely. I just ordered some new 2019, solid silver cartwheels, which I'll get to see once or twice. Then my wife goes to the bank to cash checks, and they disappear...


 I distrust banks, after the crash in 1929 FDR in 1933 made it illegal for Americans to own gold. When the banks failed the department of the treasury took the safety deposit boxes from the banks, I am sure they confiscated a ton of gold from people who feared prosecution if they tried to claim it.


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## The Tourist

jimb1972 said:


> I distrust banks, after the crash in 1929 FDR in 1933 made it illegal for Americans to own gold. When the banks failed the department of the treasury took the safety deposit boxes from the banks, I am sure they confiscated a ton of gold from people who feared prosecution if they tried to claim it.


Believe it or not, "The Wizard of Oz" was based on that premise of gold in private hands. In the book, Dorothy did not have ruby slippers but silver ones. The "yellow brick road" was actually a pun on gold bricks. I believe this also dates back to the agrarian party.


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## jimb1972

The Tourist said:


> Believe it or not, "The Wizard of Oz" was based on that premise of gold in private hands. In the book, Dorothy did not have ruby slippers but silver ones. The "yellow brick road" was actually a pun on gold bricks. I believe this also dates back to the agrarian party.


Had to google that, I thought you were just screwing with me. I was never a fan of the movie, forced to watch once a year as a kid.


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## Smitty901

Look at it like this. If your green bills become worthless , then you will have long been using your preps to get by. That is when those firearms you invested in will be your most prized investment. Not that gold or silver. The minute you try to use it , someone will take it. Keep living as if it will go on for ever , prep like it might not. Arm yourself well learn to use them and pray all you will ever shoot is paper steel plates and old cars. Maybe a few pain in the butt rodents also.


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## StratMaster

Smitty901 said:


> Look at it like this. If your green bills become worthless , then you will have long been using your preps to get by. That is when those firearms you invested in will be your most prized investment. Not that gold or silver. The minute you try to use it , someone will take it. Keep living as if it will go on for ever , prep like it might not. Arm yourself well learn to use them and pray all you will ever shoot is paper steel plates and old cars. Maybe a few pain in the butt rodents also.


The point of owning gold and silver is to HEDGE your purchasing power into the next currency. No point in buying them unless you have every other prep taken well care of. For those few with full preps AND with extensive paper/digital assets tied to the dollar, a percentage should be into physical gold and silver commensurate with your level of alarm. There will be a period of crisis, maybe short, maybe extended, in which we utilize preps. Gold and silver are for AFTER the crisis ends, and a new monetary system comes into play.


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## stevekozak

Inor said:


> Your comment makes no sense.
> 
> Having a complete and secure ledger of the history of ownership of a piece of property is somehow "the mark of the beast"?!? Because I am sure God does not want that. He would much prefer that you be able to deceive a potential buyer.


Take what you will from it. I am not responsible for you.


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## Smitty901

StratMaster said:


> The point of owning gold and silver is to HEDGE your purchasing power into the next currency. No point in buying them unless you have every other prep taken well care of. For those few with full preps AND with extensive paper/digital assets tied to the dollar, a percentage should be into physical gold and silver commensurate with your level of alarm. There will be a period of crisis, maybe short, maybe extended, in which we utilize preps. Gold and silver are for AFTER the crisis ends, and a new monetary system comes into play.


 I enjoy watch the commercial. The dollar is worthless world economy is falling . Protect your self buy our gold and silver. Wait a second if the only answers is buying your gold and silver, why are you selling it. All they are doing is creating a market selling then cooling the market buying it back and flipping it to the next fool up. If someone wants gold and silver buy it but don't buy in to the BS.


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## StratMaster

Smitty901 said:


> I enjoy watch the commercial. The dollar is worthless world economy is falling . Protect your self buy our gold and silver. Wait a second if the only answers is buying your gold and silver, why are you selling it. All they are doing is creating a market selling then cooling the market buying it back and flipping it to the next fool up. If someone wants gold and silver buy it but don't buy in to the BS.


They are in the business of buying and selling a product. So are the people selling freeze dried food. If the dollar doesn't collapse, you are not hurt by either... it's an insurance policy, not a get rich scheme of any kind.
In 1965, your grandma gives you two dimes to purchase two Cokes. You decide to keep them instead, and put them in your pocket. One is a 1964 dime made of silver, the other the new 1965 dime made of pot metal...mostly of zinc with a copper sandwich. 50 years later in 2015 you become thirsty, and discover those two dimes still in your pocket. The 1965 pot metal dime will not really buy anything. But the silver dime can be sold for it's silver content (about$1.30) and buy a 1.25 liter Coke today. The purchasing power was protected, despite the antics of the government corrupting the money. Ditto Gold: a half ounce of gold would buy you the best toga in Rome 2000 years ago, or a very good suit of clothes in a haberdashery in N.Y.C. in 1900, or a Brooks Brothers suit today. The value compared to fiat paper currencies changes wildly... but the purchasing power does not. AGAIN, it depends on your level of alarm. IF you don't fear currency collapse, don't buy gold and silver. But if you think the POSSIBILITY of currency collapse doesn't exist (seeing as it has lost well over 90% of its purchasing power, and will soon lose the petrodollar status as well) THAT could be a normalcy bias that comes back to bite. Currency/economic collapse tops my list, so I hedge into gold and silver.


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## Smitty901

StratMaster said:


> They are in the business of buying and selling a product. So are the people selling freeze dried food. If the dollar doesn't collapse, you are not hurt by either... it's an insurance policy, not a get rich scheme of any kind.
> In 1965, your grandma gives you two dimes to purchase two Cokes. You decide to keep them instead, and put them in your pocket. One is a 1964 dime made of silver, the other the new 1965 dime made of pot metal...mostly of zinc with a copper sandwich. 50 years later in 2015 you become thirsty, and discover those two dimes still in your pocket. The 1965 pot metal dime will not really buy anything. But the silver dime can be sold for it's silver content (about$1.30) and buy a 1.25 liter Coke today. The purchasing power was protected, despite the antics of the government corrupting the money. Ditto Gold: a half ounce of gold would buy you the best toga in Rome 2000 years ago, or a very good suit of clothes in a haberdashery in N.Y.C. in 1900, or a Brooks Brothers suit today. The value compared to fiat paper currencies changes wildly... but the purchasing power does not. AGAIN, it depends on your level of alarm. IF you don't fear currency collapse, don't buy gold and silver. But if you think the POSSIBILITY of currency collapse doesn't exist (seeing as it has lost well over 90% of its purchasing power, and will soon lose the petrodollar status as well) THAT could be a normalcy bias that comes back to bite. Currency/economic collapse tops my list, so I hedge into gold and silver.


 But still if it going to set record price why sell keep it get rich double your money. They are still selling the only thing they say will have value for what they claim will have none.


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## StratMaster

Smitty901 said:


> But still if it going to set record price why sell keep it get rich double your money. They are still selling the only thing they say will have value for what they claim will have none.


Smitty, gold is the single most traded commodity on the planet. Check out the monster global exchanges daily. ALL of the big boys know gold and silver are money. There are no gold backed currencies like we had when we were both younger, but every nation (except the USA) is stockpiling gold. China and India have been purchasing metric tons every year. This stockpiling can only mean one thing: anticipation of a gold backed currency in the future. The has been MUCH chatter about a gold backed Yuan which would instantly become the world's reserve currency... and obliterate our worthless, printed debt based dollars. Ditto a gold backed Dinar... going all the way back to the demise of Gaddafi.

https://www.globalresearch.ca/hilla...byan-creation-of-gold-backed-currency/5594742

Everyone is in business UNTIL there is a catastrophic change. Buying and selling of ALL commodities: gold, silver, pork bellies, OJ, oil, futures... it all goes on until it crashes. While gold dealers DO have their own PERSONAL stockpile of gold and silver, much of what they are exchanging is INVENTORY. A Car dealership , for example, does not OWN every car on the lot outright: they are collateralized assets, some by the dealerships worth, some by loans based on a track record of sales. Gold is no different. It's a commodity these guys TRADE in, but do not own their entire stock/inventory outright. They pay bills, they maintain a businesses, they pay employee salaries... in federal reserve notes, not gold. To run the gold business, like any other, you have to produce a cash flow. 
Please understand: buying gold will NOT make anyone rich. If one oz. of gold today ($1260) buys one widget... then when gold goes to $50,000 per ounce it will STILL only buy one widget. The gold's value only went sky high in relation to the hyper-inflating dollars... and a widget in a hyper inflated monetary system would be priced at $50,000. Purchasing power remains the same. Nobody got rich. But nobody holding gold lost everything to digital ones and zeroes in a bank computer, or in a pile of worthless paper.
I bought much of my gold at $200 oz. I didn't get excited when it went nearly to $1900, and I don't frown when it goes down in price. Its a hedge, not an investment... an insurance policy only. I could bore you with a lengthy opinion on why I think SILVER will be a great investment, but that's just OPINION based on my own years of being heavily involved in it. Regardless, its still a hedge. No way for me to lose, even if things chug along just fine and we never have an economic SHTF. Gold and silver have been money since civilization started, and will continue to be so. As the most highly traded commodity on the planet, there's no time when you can't sell if you wish.

AND its not for everyone. Unless you have hundreds of thousands of excess dollars AFTER fully prepping in every other imaginable manner, then it's a moot argument anyway. I found myself with far too many federal reserve notes than I am comfortable holding... too many of my hard earned eggs in ONE suspect basket. It's not for people without fairly large assets, or who live paycheck to paycheck. It's to insure accumulated wealth.


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## rice paddy daddy

In 2007, when the stock market was crashing, and with huge political uncertainty due to the upcoming Presidential election season, I used to visit websites that predicted economic doom-n-gloom. The US Dollar perhaps no longer being the world's reserve currency, oil to be traded in Rubles due to a cabal headed by Russia and Iran in a plan to destroy America, and a myriad of other dire predictions.
Since I had inherited some stocks, I paid attention to such things as the Baltic Dry Index, and precious metals investing. Every day, breathless salesmen were pushing silver and gold. 

Gold was over $1800 per ounce, and all the precious metals pundits were predicting gold at $3000 ounce or more, and coming soon, too!! Buy, Buy Buy!!!! DO IT NOW!!
How many people bought into that rhetoric and spent their life savings on gold and silver?

Out of curiosity, that $1800 gold sank as low as $872, before climbing back to where it is now, today, Feb 6, 2019 - $1314.21. That is not a very good return on investment.

If the American, and world, economy was going to collapse, it would have done so many times already, from the Stock Market crash of 1929, to the Great Recession of 2006 & 2007.

Meanwhile, all of the money I lost when I finally sold all my stocks, is not really lost at all. Each year I get to take $3000 (the annual max allowed) off the top of my income in the form of Capital Loss. And the remaining amount rolls over to the next year, and the next.


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## StratMaster

rice paddy daddy said:


> In 2007, when the stock market was crashing, and with huge political uncertainty due to the upcoming Presidential election season, I used to visit websites that predicted economic doom-n-gloom. The US Dollar perhaps no longer being the world's reserve currency, oil to be traded in Rubles due to a cabal headed by Russia and Iran in a plan to destroy America, and a myriad of other dire predictions.
> Since I had inherited some stocks, I paid attention to such things as the Baltic Dry Index, and precious metals investing. Every day, breathless salesmen were pushing silver and gold.
> 
> Gold was over $1800 per ounce, and all the precious metals pundits were predicting gold at $3000 ounce or more, and coming soon, too!! Buy, Buy Buy!!!! DO IT NOW!!
> How many people bought into that rhetoric and spent their life savings on gold and silver?
> 
> Out of curiosity, that $1800 gold sank as low as $872, before climbing back to where it is now, today, Feb 6, 2019 - $1314.21. That is not a very good return on investment.
> 
> If the American, and world, economy was going to collapse, it would have done so many times already, from the Stock Market crash of 1929, to the Great Recession of 2006 & 2007.
> 
> Meanwhile, all of the money I lost when I finally sold all my stocks, is not really lost at all. Each year I get to take $3000 (the annual max allowed) off the top of my income in the form of Capital Loss. And the remaining amount rolls over to the next year, and the next.


Yep... a LOT of that rhetoric flying around back then, and you're right: a LOT of it CRAP. Again, my small stockpile is a hedge, an insurance policy... not an investment. Even Mitt Romney has $500K in PM's, it's not unusual for investors to have a 5-15% portfolio hedge (again, depending on your own level of alarm). Since I started buying PM's I have seen: 1) BRICS bypassing and undermining the sacrosanct "petrodollar" to trade oil/energy in their own currencies. 2) The IMF attempting to manifest a new currency as well. 3) Quantitative Easing... printing Federal reserve notes just as fast as the presses will run to keep it all temporarily afloat 4) Interest rates artificially suppressed to the point where people have only the stock market to beat inflation... giving a dangerous illusion of a prospering economy 5) Huge bank failure/bailout/moral hazard of 2008 6) Stockpiling of gold by China, with serious chatter about a new gold-backed Yuan 7) Outright refusals of auditing both the Fed and Fort Knox gold reserves. 8) (paper) Silver trading at levels which keep the price suppressed: our electronics industry consumes most of the 800,000 ounces mined yearly, and most is not recoverable. The electronics industry is driving our markets. Silver is traditionally valued at approx. 15 to 1 to gold ounce for ounce. Currently, with the heavy industrial demands for silver, a 60 to 1 ratio is an absurdly good buy and investment for the future.

Again, for most people PM's are a moot point. But if one does have excess wealth and fears economic collapse, this is a hedge so as not to be wiped out: 5-15% of your portfolio. Some people fear nuclear war, some pandemic, some an asteroid strike. My #1 is still currency/dollar collapse... though I certainly prepare for the other stuff as well LOL.


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## Inor

StratMaster said:


> Yep... a LOT of that rhetoric flying around back then, and you're right: a LOT of it CRAP. Again, my small stockpile is a hedge, an insurance policy... not an investment. Even Mitt Romney has $500K in PM's, it's not unusual for investors to have a 5-15% portfolio hedge (again, depending on your own level of alarm). Since I started buying PM's I have seen: 1) BRICS bypassing and undermining the sacrosanct "petrodollar" to trade oil/energy in their own currencies. 2) The IMF attempting to manifest a new currency as well. 3) Quantitative Easing... printing Federal reserve notes just as fast as the presses will run to keep it all temporarily afloat 4) Interest rates artificially suppressed to the point where people have only the stock market to beat inflation... giving a dangerous illusion of a prospering economy 5) Huge bank failure/bailout/moral hazard of 2008 6) Stockpiling of gold by China, with serious chatter about a new gold-backed Yuan 7) Outright refusals of auditing both the Fed and Fort Knox gold reserves. 8) (paper) Silver trading at levels which keep the price suppressed: our electronics industry consumes most of the 800,000 ounces mined yearly, and most is not recoverable. The electronics industry is driving our markets. Silver is traditionally valued at approx. 15 to 1 to gold ounce for ounce. Currently, with the heavy industrial demands for silver, a 60 to 1 ratio is an absurdly good buy and investment for the future.
> 
> Again, for most people PM's are a moot point. But if one does have excess wealth and fears economic collapse, this is a hedge so as not to be wiped out: 5-15% of your portfolio. Some people fear nuclear war, some pandemic, some an asteroid strike. My #1 is still currency/dollar collapse... though I certainly prepare for the other stuff as well LOL.


You are a smart man and I agree with 99% of your points on this post. But damn man, you really need to learn to use your "Return" key! The post I quoted was an absolutely brilliant post, but damn it was hard to read without a few blank lines!

Nicely done Sir! Just more blank lines, please!


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## StratMaster

Inor said:


> You are a smart man and I agree with 99% of your points on this post. But damn man, you really need to learn to use your "Return" key! The post I quoted was an absolutely brilliant post, but damn it was hard to read without a few blank lines!
> 
> Nicely done Sir! Just more blank lines, please!


Point taken!


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## Smitty901

StratMaster said:


> Smitty, gold is the single most traded commodity on the planet. Check out the monster global exchanges daily. ALL of the big boys know gold and silver are money. There are no gold backed currencies like we had when we were both younger, but every nation (except the USA) is stockpiling gold. China and India have been purchasing metric tons every year. This stockpiling can only mean one thing: anticipation of a gold backed currency in the future. The has been MUCH chatter about a gold backed Yuan which would instantly become the world's reserve currency... and obliterate our worthless, printed debt based dollars. Ditto a gold backed Dinar... going all the way back to the demise of Gaddafi.
> 
> https://www.globalresearch.ca/hilla...byan-creation-of-gold-backed-currency/5594742
> 
> Everyone is in business UNTIL there is a catastrophic change. Buying and selling of ALL commodities: gold, silver, pork bellies, OJ, oil, futures... it all goes on until it crashes. While gold dealers DO have their own PERSONAL stockpile of gold and silver, much of what they are exchanging is INVENTORY. A Car dealership , for example, does not OWN every car on the lot outright: they are collateralized assets, some by the dealerships worth, some by loans based on a track record of sales. Gold is no different. It's a commodity these guys TRADE in, but do not own their entire stock/inventory outright. They pay bills, they maintain a businesses, they pay employee salaries... in federal reserve notes, not gold. To run the gold business, like any other, you have to produce a cash flow.
> Please understand: buying gold will NOT make anyone rich. If one oz. of gold today ($1260) buys one widget... then when gold goes to $50,000 per ounce it will STILL only buy one widget. The gold's value only went sky high in relation to the hyper-inflating dollars... and a widget in a hyper inflated monetary system would be priced at $50,000. Purchasing power remains the same. Nobody got rich. But nobody holding gold lost everything to digital ones and zeroes in a bank computer, or in a pile of worthless paper.
> I bought much of my gold at $200 oz. I didn't get excited when it went nearly to $1900, and I don't frown when it goes down in price. Its a hedge, not an investment... an insurance policy only. I could bore you with a lengthy opinion on why I think SILVER will be a great investment, but that's just OPINION based on my own years of being heavily involved in it. Regardless, its still a hedge. No way for me to lose, even if things chug along just fine and we never have an economic SHTF. Gold and silver have been money since civilization started, and will continue to be so. As the most highly traded commodity on the planet, there's no time when you can't sell if you wish.
> 
> AND its not for everyone. Unless you have hundreds of thousands of excess dollars AFTER fully prepping in every other imaginable manner, then it's a moot argument anyway. I found myself with far too many federal reserve notes than I am comfortable holding... too many of my hard earned eggs in ONE suspect basket. It's not for people without fairly large assets, or who live paycheck to paycheck. It's to insure accumulated wealth.


 I get it been around awhile. Saw the last time people lost everything in gold and then silver. It is still a marketing scam. Buy gold if a person wants just don't buy the false market they create. Buying gold make the people selling it filthy rich. If people fall for is so be it. That is how the market works.


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## StratMaster

Smitty901 said:


> I get it been around awhile. Saw the last time people lost everything in gold and then silver. It is still a marketing scam. Buy gold if a person wants just don't buy the false market they create. Buying gold make the people selling it filthy rich. If people fall for is so be it. That is how the market works.


Well, I think we've already been over that, and are going in circles. It's likely a moot point anyway. 99.9% of people are not in a position where it could be useful to them. But there are hucksters in EVERY area of commerce... gold, silver, contracts, banking, stocks, real estate, pork bellies, corn futures, anything you could name. Because someone somewhere made it into a scam, doesn't mean the commodity itself is therefore useless. But I think you've jumped to an association of which I will prove powerless to correct, and there's really no incentive for me to do so.


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## Smitty901

StratMaster said:


> Well, I think we've already been over that, and are going in circles. It's likely a moot point anyway. 99.9% of people are not in a position where it could be useful to them. But there are hucksters in EVERY area of commerce... gold, silver, contracts, banking, stocks, real estate, pork bellies, corn futures, anything you could name. Because someone somewhere made it into a scam, doesn't mean the commodity itself is therefore useless. But I think you've jumped to an association of which I will prove powerless to correct, and there's really no incentive for me to do so.


 There is nothing to correct. Some very wealth people have gold or paper representing gold. They want to make you a deal and sell it to you. In return they will take your soon to be worthless cash. They are doing this out of the kindness of their heart. 
Gold has value likely will until a government takes it . The last big gold rush investment scam cost a lot of people every thing . I was not one of them. This one will do the same. People need to hear the other side. Buyer beware, in all things.


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## StratMaster

Smitty901 said:


> There is nothing to correct. Some very wealth people have gold or paper representing gold. They want to make you a deal and sell it to you. In return they will take your soon to be worthless cash. They are doing this out of the kindness of their heart.
> Gold has value likely will until a government takes it . The last big gold rush investment scam cost a lot of people every thing . I was not one of them. This one will do the same. People need to hear the other side. Buyer beware, in all things.


You're certainly welcome to your opinion. And again, this is now a second rehash of what was already explained: that just because there are gold BARKERS and hucksters out there, doesn't mean gold and silver are a scam. You've made an unjustified association, of which I already said NO ONE will ever be able to disavow you of. Now you seem to need to say it again. You have.


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## AquaHull

rice paddy daddy said:


> But the US dollar in my pocket can be spent anywhere in the US.
> To buy gasoline, guns, ammo, illegal drugs, prostitutes, Subway sandwiches, just about anything. Try that with bitcoin. "Hey, man, I'll give you this here bitcoin for a pound of weed." Yeah, right!
> 
> The US dollar is backed by the government. Bitcoin is only "worth" something if someone says it is.


How much for a lb?

I mean 10 oz, that are legal in a certain state of mind


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## AquaHull




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## jimb1972

If you want it buy it. I have bought silver when the price was low and I was happy with the amounts of brass, lead, and beans I had on hand. I also sold some when it was around $30 an ounce, bought more when it came back down. I don't think I have ever lost any money on it, and it gives me some piece of mind. I don't buy it from any of the places advertising on TV, usually APMEX, or JM Bullion, depending on who has the best deal at the time. No one can predict what the circumstances will be if TSHTF, so I diversify to try to cover the most possibilities that I can. Worst case I could always cast bullets with it like the Lone Ranger.


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## NotTooProudToHide

Crypto currency has always seemed like a scam to me. I wouldn't touch it with a 10 foot pole.


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## AquaHull

NotTooProudToHide said:


> Crypto currency has always seemed like a scam to me. I wouldn't touch it with a 10 foot pole.


Bought this vinyl when it first came out, ya I'm an old effer


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## AquaHull

She woodn't do it butt her sister will


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## NotTooProudToHide

AquaHull said:


> Bought this vinyl when it first came out, ya I'm an old effer


It's probably a better investment than the equivalent in bitcoin.


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## Annie

Groups like Hamas and sanctioned countries like Iran like crypto currency....It's how they're getting around sanctions right now. "A gold-backed cryptocurrency called "PayMon" has reportedly been launched in Iran" (2/5/19} info here.


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## StratMaster

Smitty901 said:


> But when we were on the Gold standard, owning bulk gold was not allowed. Most seem to forget at one time you could not own bulk gold.


Not the ENTIRE time we were on the gold standard, just after FDR robbed us by EO. "The United States, though formally on a bimetallic (gold and silver) standard, switched to gold de facto in 1834 and de jure in 1900 when Congress passed the Gold Standard Act. In 1834, the United States fixed the price of gold at $20.67 per ounce, where it remained until 1933."

And there may come a time when guns are not allowed either... which means the patriotic will be digging up their buried caches. Ditto gold.


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## ZombieKiller

I see a lot of butthurt for missing the train in this thread. Bitcoin, namely blockchain tech, is revolutionary in everything we know. Imagine stock settlements in minutes rather than days. Guaranteeing one and only one vote for every voting-aged US citizen. You can encode data on the blockchain to compliment the idea of "knowing every transaction made" for a house, car, land, taxes, ANYTHING. As long as shit doesn't hit the fan, I keep getting richer from Bitcoin, HA HA. I've been in since 2011 and bought heavily at $2.12 from mining proceeds sold during the run up to $32. Naysayers are completely lost if you think it's a good idea to continue ignoring crypto while normal life goes on. Beer money in 2010/11 would be MILLIONS now...Definitely out performs a golden, one-off pressing of a ZZtop EP at a ZZ top convention full of wealthy fools. Now beer money can't cover exchange fees.

The most important facet of crypto currency is:
Decentralized!
It cannot be shut down by anyone. Once it was released into the wild, that was the end of control over the network. The belief that some guy, sitting at his computer with every Bitcoin on it and access to all the USD in the system can just shut it all down and run, is as bad as liberal logic. Pure uninformed nonsense.
#2 is:
YOU ARE YOUR OWN BANK
Crypto was designed to stick it to "the man", even on Sunday, or in the middle of the night, or giftmas morning. Of course, as with anything, USD included, nefarious activities occur. This is unavoidable. Cash is identical in that respect. The fault lies in those that leave non-trivial amounts of wealth on some third party's exchange. All too often, web facing exchanges are written by hack programmers with little knowledge of cyber security. Then fools come and trust them with their money... smh

Another thing in this thread is the misconception of where the value comes from. It comes from 
(a) miners and the security they bring to the network; Unimaginable amounts of computing power that has the ability to keep governments (and anyone else) from attacking the network. 
(b) Utility; I buy things all the time using Bitcoin. I buy my trading software, I bought a $3000 TAG watch, I even put a down payment on a car with it. 
(c) Fundamentals; Scarcity, immutability, pseudo-anonymity, can't be counterfeited, finite...
Not just "that someone says it is" like the USD (Well, everything is only worth what someone is willing to pay). The USD is only worth something because the military says so.


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## A Watchman

ZombieKiller said:


> I see a lot of butthurt for missing the train in this thread. Bitcoin, namely blockchain tech, is revolutionary in everything we know. Imagine stock settlements in minutes rather than days. Guaranteeing one and only one vote for every voting-aged US citizen. You can encode data on the blockchain to compliment the idea of "knowing every transaction made" for a house, car, land, taxes, ANYTHING. As long as shit doesn't hit the fan, I keep getting richer from Bitcoin, HA HA. I've been in since 2011 and bought heavily at $2.12 from mining proceeds sold during the run up to $32. Naysayers are completely lost if you think it's a good idea to continue ignoring crypto while normal life goes on. Beer money in 2010/11 would be MILLIONS now...Definitely out performs a golden, one-off pressing of a ZZtop EP at a ZZ top convention full of wealthy fools. Now beer money can't cover exchange fees.
> 
> The most important facet of crypto currency is:
> Decentralized!
> It cannot be shut down by anyone. Once it was released into the wild, that was the end of control over the network. The belief that some guy, sitting at his computer with every Bitcoin on it and access to all the USD in the system can just shut it all down and run, is as bad as liberal logic. Pure uninformed nonsense.
> #2 is:
> YOU ARE YOUR OWN BANK
> Crypto was designed to stick it to "the man", even on Sunday, or in the middle of the night, or giftmas morning. Of course, as with anything, USD included, nefarious activities occur. This is unavoidable. Cash is identical in that respect. The fault lies in those that leave non-trivial amounts of wealth on some third party's exchange. All too often, web facing exchanges are written by hack programmers with little knowledge of cyber security. Then fools come and trust them with their money... smh
> 
> Another thing in this thread is the misconception of where the value comes from. It comes from
> (a) miners and the security they bring to the network; Unimaginable amounts of computing power that has the ability to keep governments (and anyone else) from attacking the network.
> (b) Utility; I buy things all the time using Bitcoin. I buy my trading software, I bought a $3000 TAG watch, I even put a down payment on a car with it.
> (c) Fundamentals; Scarcity, immutability, pseudo-anonymity, can't be counterfeited, finite...
> Not just "that someone says it is" like the USD (Well, everything is only worth what someone is willing to pay). The USD is only worth something because the military says so.


Pfft .&#8230;&#8230; :vs_lol:


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