There’s something important you should know about Bitcoin

After spending the last few days in the Philippines scouting new factory locations for one of my businesses, I flew back to Singapore this morning to conclude negotiations with a large, publicly-listed conglomerate that’s made an offer to buy one of our assets.
It’s been a hectic trip so far. But while in town, I had a chance to see my friend Gregor again – the entrepreneur I interviewed in last week’s podcast discussion about precious metals vs. cryptocurrency.
In the podcast, Gregor and I talked about Bitcoin security – specifically the fact that very few people properly (i.e. securely) store their cryptocurrency.
And the more valuable these cryptocurrencies become, the higher the likelihood of theft.

This post was published at Sovereign Man on November 27, 2017.


Bitcoin Tops $9,300 Amid “Extinction-Level Event For Banks.. And Maybe Governments Too”

Update: Bitcoin has continued to soar intraday – now topping $9,300 – with a total market cap over $156 billion, leaving the cryptocurrency worth more than Merck, Disney, and GE.

Coinivore notes that the digital currency, once a toy for computer nerds, is now soaring in price, triggering a new gold rush. Is it just another bubble, or a glimpse into a radically different financial future?
As Rick Falkvinge, CEO of BitCoin Cash and founder of the Swedish Pirate Party, warns ‘bitcoin is an extinction-level event for banks’ and probably governments too…

This post was published at Zero Hedge on Nov 26, 2017.


Bitcoin’s Inconvenient Truths: The Silence Is Deafening

Gold is instantly and optically recognizable as money. You don’t have to explain it. Bitcoin and Special Drawing Rights (SDR), like a bad joke, have to be explained. Many ‘cryptologitsts’ from the start gave up trying to explain Bitcoin and just sell it as virtual gold, which is de facto fake gold. – Dan Popescu, investment consultant
Numerous inconvenient truths are conveniently ignored by Bitcoin/crypto-currency promoters. Not the least of which is that the fact that the original concept for cryptographic currency was envisioned by the NSA. I guess it’s convenient to assume the NSA developed this concept and then put it out there for the private sector to develop. Sure, that makes sense.
A rapid rise in price does not validate an investment concept. Dozens of dot.com stocks went from simple websites to multi-billion dollar market caps and back to zero in the late 1990’s. Until proven otherwise by the long test of time, Bitcoin could be another product of a fiat money printing bubble that is 100x the size of the money bubble that fueled the dot.com bubble. Gold and silver have withstood the test of 5,000 years. Bitcoin has less than 3,000 days of time-testing.

This post was published at Investment Research Dynamics on November 26, 2017.


Bitcoin Facts

A Useful Infographic
When we last wrote more extensively about Bitcoin (see Parabolic Coin – evidently, it has become a lot more ‘parabolic’ since then), we said we would soon return to the subject of Bitcoin and monetary theory in these pages. This long planned article was delayed for a number of reasons, one of which was that we realized that Keith Weiner’s series on the topic would give us a good opportunity to address some of the objections to Bitcoin’s fitness as a medium of exchange voiced by critics (we have kept the final three parts of Keith’s discussion in abeyance as well, we intend to publish these concurrently).

BTC was easily the best investment asset of 2017 (we may have overlooked some other ‘alt coins’, but in terms of market cap only the 6 – 10 largest cryptocurrencies look like serious contenders in this market). We should probably write more often about it, then you would e.g. have learned that we thought BCH (the post-fork younger brother of BTC) was likely to play catch-up at some point. We actually believe this particular valuation gap is likely to narrow further, and the same may well happen with DASH, another cryptocurrency with quite similar features (both BCH and DASH are lacking some of the legacy technical drawbacks of BTC). As an aside, we always had a certain minimum target for the coming gold bubble in mind which we never mentioned in public, because we felt it sounded silly. Usually we just recommend that people use their imagination, in the hope that their imagination is big enough. By now it probably sounds a lot less silly – we will revisit this topic once gold has overcome certain technical hurdles.

This post was published at Acting-Man on November 25, 2017.


083: An insider’s view on the gold versus cryptocurrency debate

In today’s podcast, I chatted with Silver Bullion’s founder Gregor Gregersen.
Silver Bullion is a precious metals storage company based in Singapore.
While here in Singapore, Gregor and I discussed why the gold versus Bitcoin debate is misguided. It’s not an either-or proposition.
Instead, with systemic risks in the financial system, the case for holding both precious metals and cryptocurrency makes sense.
And Silver Bullion offers solutions for both asset classes.

This post was published at Sovereign Man on November 22, 2017.


Asian Metals Market Update: November-22-2017

It will be a technical trade today and till Monday. Moves will be big and two way. Investors will not be able to sleep on their investments. It should be a day trader’s paradise till Monday. Copper, industrial metals and crude oil are looking bullish at the moment. Gold and silver are in anything can happen zone. Short term hot money is still into bitcoin and crypto currencies.
I read a lot of media concerns over the continued rise in bitcoin and crypto currencies. Asia is not a major contributor to the current rally in crypto’s.

This post was published at GoldSeek on 22 November 2017.


SELLING OUT OF PRECIOUS METALS & BUYING BITCOIN…. Very Bad Idea

There is a new trend by individuals in the alternative media community who are now selling out of precious metals and buying into Bitcoin and cryptocurrencies. While this may seem like a good idea, especially when Bitcoin and the cryptocurrencies reach new all-time highs, it is likely a big mistake. Now, I am not saying that individuals shouldn’t invest in cryptocurrencies. Rather, it’s a lousy idea to sell all of one’s precious metals holdings and put it all into Bitcoin and cryptocurrencies.
Recently, Sean at SGTReport published a short video in which part of the headlined was titled as ‘SILVER BULL CAPITULATES.’ In the video, Sean explains how past frequent guest and precious metal analyst, Andy Hoffman, has sold out of all his silver and is now only in Bitcoin and gold. Andy explains in his interview on Crush The Street that he sold all of his silver this summer as he really has no interest in it. He goes on to say, ‘Because, in a digital age, I just don’t believe people are going to store thousands of pounds of silver hoping that the gold-silver ratio is going to come down.’

This post was published at SRSrocco Report on NOVEMBER 21, 2017.



‘The Currency Of The Apocalypse’? Doomsday Preppers Flock To Bitcoin As It Surges Past $8000

Once upon a time preppers would hoard gold and silver in anticipation of the meltdown of society, but now Bitcoin is becoming the alternative currency of choice for many in the prepping community. On Monday, Bitcoin hit an all-time record high as it surged past $8,200, and it has now gone up nearly 50 percent in just the last eight days. As I have admitted previously, one of my great regrets is not investing in Bitcoin when it first started, because we have never seen a meteoric rise quite like this. Bitcoin hit the $5,000 mark for the very first time just over a month ago, it is up more than 700 percent so far this year, and it is up almost 40,000 percent over the past five years. At this point Bitcoin has a market cap of over 130 billion dollars, and many believe that this is just the beginning.
At one time many preppers were quite skeptical of cryptocurrencies such as Bitcoin, but now that is starting to change in a major way. The following comes from a Bloomberg article entitled ‘These Doomsday Preppers Are Starting to Switch From Gold to Bitcoin’…
‘Not too long ago, people in the prepper community were actively warning against crypto, and now they’re all investing in it,’ said Tom Martin, a truck driver from Washington who runs a social-media website for people interested in learning skills to survive disaster. ‘As long as the grid stays up, people will keep using bitcoin.’
In addition to gold, silver and stocks, Martin invests in bitcoin and peers litecoin and steem because they’re easier to travel with, harder to steal and offer better protection in the event of the kind of societal breakdown that would unfold if a fiat currency like the dollar collapsed.

This post was published at The Economic Collapse Blog on November 20th, 2017.