You are viewing a single comment's thread from:

RE: Peter Schiff On Gold Manipulation And The Future Of Cryptocurrencies

in #bitcoin8 years ago (edited)

OMG, Peter's responses in this interview is like Deja-vu. He has basically laid out the history of banking.
1)People invest in and trade gold, but have trouble storing it (i.e. goldbugs, jewellers).
2)A third party steps forward to aide in storage... in this case three of them(3rd party one - Goldmoney; 3rd party two - Brinks; 3rd party three- the interface to Interac POS devices).
3)The 3rd party then issues a method of spending the gold without having to move it (Goldmoney debit card that can be used at any POS device).
4)WE KNOW HOW THIS ENDS! (Its like watching "Money as Debt" all over again.)

Two things wrong with his company long term.
1)Requires 3rd party trust and verification. How the hell do I know what Goldmoney is doing in the background with their day to day operation? What are their investments, and how exposed are they to a banking collapse? What will Brinks be using as a source of gold if there is a mining collapse? Bitcoin can literally be mined with just one single computer powered up anywhere in the world with a solar panel.
2)Like Bitcoin, it requires a working internet, but unlike bitcoin, contact with your "wallet" can be cut off at anytime. A simple stop order from a law official is all it would take to have your "3rd Party" account frozen. It is not reasonable to think that Goldmoney will stand up for you during a legal issue, at the risk of pissing off the local officials. Lets face it, the first thing that happens when things go awry, is the seizing of all your third party accounts. His debit card that allows you to spend gold is NOTHING like the ability to spend a crypto-currency.

Having said all that... I still would get a Goldmoney account, but would only leave a day to day spending level in it. The idea of allowing the gold equivalent to act as your purchasing power is a good idea as a hedge against the fiat inflation. Like a cold storage wallet for crypto however, any excess in savings of gold must be physical bullion in your direct control. Goldmoney does ship physical to your door if you desire.

Sort:  

I agree, the gold money account i use just has a certain amount because im behind the idea and i want to see where it goes. I do feel confortable with brinks behind it. Physicall is always the best cause we all know the saying if you dont hold it you dont own it. Much like our banks now where we used to be insured depositors now just labeled unsecured creditors. Good luck pulling anything out when you'll need to.

Goldmoney's series A investor was George Soros and the Soros Brothers Fund. They entered the Toronto Stock Exchange with zero provable sales record. Their profit margins are horrendous.
There are many companies that do what Goldmoney does without the conflicting investors and agenda.

Yes i did hear about that. Is their anything him or his son aren't into, man. I was looking into Karatbars but havent had the time to fully check into them.

I'd have to look myself, I'm not super well aware of Karatbars.
I personally like AnthemVault. They have integrity. Anthem Blanchard's father was James U Blanchard III who freed up gold to the American people in the early 1970s after decades of a physical ownership ban initially implemented by FDR in 1933.

He's also starting a gold-backed cryptocurrency called AnthemGold :P

Thanks for the recommendation... Ah 1933 with proclamation 2040, been under temporary military ever since.