Keep an eye on What has happened today in China has NEVER happened before in modern history. The official markets for the Petro-Yuan opened a few hours ago and over 10B was traded in the first hour. There is no time to sleep on this, people who are holding lots of paper assets are in danger of a major wealth transformation that is gold.....and the strength of the Chinese Yuan!
Thanks for this video and lots of different thoughts about your comments. I agree with some of your assessments but I think that there are some other facts and factors that are relevant but you do not cover. First of all China does have large oil reserves, they ar a huge importer of oil which is why they are interested in the Yuan / petrodollar. It is because as you say oil is traded in dollars which causes those who do not use the dollar to incur additional costs to convert their currencies to dollars int he middle of a transaction and puts the dollar right in the middle of every transaction. The BRICS countries Brazil, Russia, India, China, and South Africa are trying to break this cycle being led by Russia who as you know want to do their own thing and are being vilified int he press as a result. Will the dollar fall if transactions occur in other currencies? Possibly but it is really had to determine because money policies are elastic and there are lots of factors that apply. However there is a good chance that the dollar will fall if this occurs.
In terms of the US dollar and all other fiat currencies, i find that ther eis a major factor too many people overlook that is central to how and why they work. Many people use their disconnecting from gold as an argument that they have no value. This is not true. Fiat currencies are used every second of every day to buy real things all over the world. Gold is a mined asset that has a finite limit. It was only a matter of time before it could not keep pace with the amount of currency needed around the world. So right now moat countries only maintain bout 4% or less of their reserves in gold. How are they able to use money without the backing of a physical asset. Simple, they always pay their bills. The US had a more than 150 year track record of never missing a bill payment and this is what got them credit. Same with other western countries and this is the case today. If you want to see a currency fall, have the country miss a payment to the bankers and it plummets. Keep making payments as the US does in spite of their continually rising debt and the currency remains stable.
In terms of inflation, it is a factor of several things in addition to printing extra money (which is a factor), but not the only one and at times not the most important one.
This in my opinion will be the challenge with cryptos. They have no track record and expect people to believe that they will always be able to pay their bills. This is big leap. They always talk about fiat in the same vein when you point out that they are not backed by anything but confidence, but you should trust Visa over some guys with an 8 page white paper and no track record for being successful.
I only bring up these points because we need to exercise some common sense and restraint and be realistic about where we are and what the real potential is with crypto. The bottom line as I have been saying is that until these companies can get some use cases going with financial successes and revenue models that make sense, everyone is guessing based on emotion. Not a bad thing, but we need to call it what it is. This way we can make good decisions and not be surprised or disappointed and make nonsensical decisions.
In my humble opinion, all of these asset classes will have a role to play int he future. Fiat is not going anywhere neither is gold nor crypto. But how crypto in particular will develop is nealry impossible to tell becaue there are too many unanswered questions. Has any company got it right right now? Which ones do and which don't? Will any of them work at scale? Can any of these companies make any money? Is the right management in place? Do they have a viable business model? What is going to happen when they get competition from the traditional companies who will not just sit and watch while these guys try and disrupt their industries? These are major issues that we have no answers for right now.
What we do know is that the US has set up cryptos not as currencies but as investments which says a ton about how they are viewed and will be regulated. The SEC is tough as nails and if you look at what they do to stocks (which is where they are looking to place cryptos), you can bet that the current activities going on at the exchanges right now will be severely limited and modified. THE SEC has every tool of the US govt. at its disposal and they also have existing markets and investors to protect. They will look to do both with regulation. If you want see the new model for ICOs going forward, look at a company called Filecoin and how they are set up to be SEC complaint. It looks like a standard IPO. This might point to the future and if it does, the current class of investors wil be marginalized.
for me what I am hoping which seems like a dim hope is for the crypto industry o come together and self-regulate. This si tough because everyone is talking about decentralization (whatever that means) and no regulation, but that will not fly in this world today. There have to be rules that others who are affected can look at and judge. There is no other option.
Anyway, my thoughts like your are continually evolving on all of this but I pay attention and have history in the financial markets so I can judge and assess perhaps better than most. When people ask me what I think I simply say, we are 2 years away from stability and I believe that perhaps 15 coins will make it big and half of those have not even been launched yet. Knowing this you need to pay attention and be cautious.
Just some thoughts and sorry for the long comment. All the best to you.
Great perspective here davidallenjones. I'm encouraged every time I find someone on here with a solid viewpoint and information (might not be my viewpoint). This right here is what will make steemit and crypto work long term. We live in a society now more than ever that real and true information is more important than ever. Just followed you in hopes that you keep it coming, good luck my man.
Hey thanks and yes we have to be sober about re things are so we recognize the real stuff and move away from the fake. Right now things are a damn mess with manipulation yanking things everywhere. I read four or five people each day on Steemit trying to predict where the crypto market is going. They are all wrong. The truth is manipulators and speculators are controlling the markets. The next truth tat no one wan to confront is that even the idea of crypto marketplace is a terrible idea. Look at Steemit. It hardly matters what we do here on the platform because people are looking at cryptos in general and voting in droves. If there was no marketplace we could develop and build value on our own. If I was behind this platform I would immediately take it off the marketplace until things stabilized.
In truth, things don't make sense because those making so much cash on market ups and downs don't want them to. You will see things stabilize when cryptos start moving on their own, not as one big group and again when some of these use cases prove out (or not).
So again if we are realistic we can make good business and investment decisions. If not we end up being leaves in the wind. Sorry about all of the typos I was on the phone earlier.
Thanks and following you too. I occasionally write about the marketplace and I will continue to. But when I see posts I often comment to try and offer some insight that can be helpful. A lot of people are sincere and want things to work. I believe they can but we have to pay attention and be cautious (and stop listening to all of this damn hype). I am following you too. All the best and thanks.
Now this I believe that " perhaps 15 coins will make it big and half of those have not even been launched yet" It always makes me laugh when I see questions like "Bitcoin or Ether".... etc they do not seem to think while they are being narrow minded and tearing down each project another new player can just come in fixing all issues and claim the top spot.
Great comment. Thanks for taking the time to even write this whole thing not only for my benefit but everyone who visits this blog!
@broncnutzI have watched a few of your videos my friend. You are a good man and a really passionate man about helping people. I appreciate that about you. The thing I don't want to see is for good people to get deceived and discouraged. We definitely have something here but getting through so much noise is the challenge. Keep your faith and stay positive. I think it will take some time but if we can all do this we will win. All the best to you.
As someone from an Oil producing country (Nigeria) and living in an oil producing area (Alberta). I am open to there being more competitive options. I have seen the US dollar strangle our economy (Nigeria) and the one sided trade. I will be glad to see Countries having another option.
me too....be careful what you wish for though.....it will be a very rough road for the entire west.
I am sure it would be but change should happen sometime. Hopefully a middle ground is found.
Nice hat!! Ha had to say Rock chalk after that awesome OT win yesterday!!! Cheers!!
Rock Chalk son!!!! We gonna get some KU vids going this weekend for sho
Great information here @broncnutz ! Keep up the great work cuz!
Hey, @broncnutz - I've made two posts about this same exact thing and got about 50 cents for it - and you go and make $120+ ?!?! That's ok. It's way more important for everybody who is "in the dollar" to receive and understand this news. THIS IS VERY IMPORTANT.
I've been stacking silver for about 7 or 8 years, also playing with the cryptos - mostly BTC, LiteCoin, and Steem. Whichever way things go, I feel good about being better prepared for these changes than a lot of other people I know. It is not going to be pleasant for us in America - and that is actually a good thing because it's going to make us all get up off of our butts and do something constructive about it.
Upvoted and Resteemed!
I all comes down to Steem Power....thats why
Hey Brother! Always love your insight on things… And this post is so on point it's not even funny. I have been preaching diversification into precious metals since I've started in crypto. It's a great way to hedge volatility and build an extra savings account. Have you heard of mintbuilder? This is one of the leading precious metal providers out there. You can pay for physical gold and silver with crypto and also earn huge commissions by building a sales team. I would love to tell you more about it and get you part of my team that is filled with crypto enthusiasts. You can check out more info here : https://www.getthosebitz.com/mintbuilder Keep on keeping on brother, Your real talk is so refreshing.
thanks for watching my video!
This Petro Yuan is HUGE news and barely a chirp from the mainstream media. Prepare accordingly. I posted about it today too :) https://steemit.com/steemsilvergold/@kp138/will-3-26-18-go-down-as-an-important-day-in-history
I have followed you for about four months now. This is without a doubt the most significant video you have done to date. The US dollar and Canadian dollars will feel the impact of this.
Please how will this affect the Canadian dollar? It seems to me to be beneficial at least to Alberta an oil producing Province. My thought are purely based on the need to break monopoly of the USD on many economies.
The Canadian dollar is correlated in value to the US dollar.
Love holding some good precious metal stocks and other defensive stocks during times like these. Cryptos can be good too and commodities. Let's see how this plays out, 2018 looks like it will be an eventful year
You need to have PHYSICAL - as in, in your own two hot little hands. You think when people come calling on their stocks, which are oversold at a rate of about 200:1, that YOU are going to be that lucky one person who gets their money??? If it's in your stash, then you have no worries. People do not know how this is all going to play out. The government can just declare a national emergency and seize whatever assets they need to. People need to understand that "standing on the constitution" is only going to get you shot or arrested during a time of martial law. If your assets are in anything "paper" related, and not in your own possession, they are going to be at greater risk of being lost at some point.
I'm a firm believer that in the event of a collapse, gold will be just as worthless as paper. You can write on paper and people won't kill you for it. Guns, ammo and a useful trade is all you need to bring into the world you're describing.
So your a firm believer that something that has NEVER HAPPENED (gold worth zero) in over 3000 years will all of a sudden happen out of nowhere for no reason if paper money collapses? Over 700 fiat currency's have collapsed and gold never went to zero once, but this time its gonna be different? This is reckless logic in my opinion, i'll decide to error on the 3000 years of history.
I was kind-of thinking the same thing. Having a few gold coins on your person, in a tight spot, might actually save your life - assuming most people would rather barter/trade than kill you. Fiat will be good for tinder for starting fires and TP for your bungholio.
Stock market in the US is dead tomorrow!
mabe the US government would respond with Petro US dollar. PUSD
We have had the Petro USD since the 1960's....I guess u missed to point of the video.
👍
How is this possible 10b in a few hours after opening.I am sure they did all the mechanism before doing this.There is a new war has started between america and china.China should legalize crypto currency .Some thing big is going to happen for sure.Thanks for the news.
Hey @broncnutz ...how are you mate...
Petro backed Dollar 😁.
They believe so.much in yuan that they give out gold in exchange that is real respect.....Chinese always make it different ...
it has always happened and they dont stop surprising us and that is what is happening today...
It can have drastic consequences on those possessing paper assets, well China is China they can do anything without worrying about consequences
It’s taken a quarter of a century, but China finally has its own oil futures. At 9 a.m. local time on Monday, crude contracts began trading on the Shanghai International Energy Exchange. Futures for September settlement opened at 440 yuan a barrel, up from a reference price of 416 yuan. The world’s biggest oil buyer is offering yuan-denominated futures that foreigners can buy and sell -- a first in Chinese commodities. Among the most intriguing questions is whether the traditional benchmarks of Brent crude in London and West Texas Intermediate in New York will face a serious challenger
Bitcoin has died 249 times so far... ,Don't trade the HEADLINES
Very true we need to keep on eye on china regarding btc.This is awesome video loved it.
Currency wars are taking place, these nation states are in a race to devalue their worthless fiat currencies faster than the next nation. It's literally a race to the bottom. Hyperinflation is a realer threat than ever, thanks for the briefing Bronc!
You said right sir that we should one eye on what has happened today china. I am very happy to follow you because you every time bring special info front us. For this thank you.
All the best.
You can always count on China to make things interesting
Daily see some new from your post. Love to see it.
Great topic and good spiking.i like your post and upvoted.
enjoy read thus post. that is a good staff.
I also love good content, so I'm waiting for posts from you with impatience!
We must really pay attention to it!
The whole landscape is being upended. And most people aren't even aware it's happening.
By the time they catch on, it will be too late for them to catch the train. These truly are perilous times. Perilous...but also full of opportunity.
Lets see what happen. I hope it gets better
thanks for that info mr broncutz. Alaways giving some nice info.. cheers.
Sir @ broncnutz, Thanks for your content written and video share. really i like it and well done. keep it up!
I have been hearing plenty about Silver recently and now this development with gold backing the Chinese petrol yuan is worth looking into.
Definitely worth a hedge at the very least and it is good having you with your ear to the ground for the rest of us momos! ;)
Peace.
good video
good post
Very rational coverage on this important event. They've put gold and silver on sale too :)
Wow 10B trade in one hour??😳😳😳😳 Wow... There's really no time to check time.
10 billion is a hell lot.... It would be great for steemit if we even reach half of it someday...
Diversification is the key. Bitcoin, gold, silver they all have value. The whole world is a stage, with world markets. The world is so abundant we just play a game where we think there is scarcity. When the rest of the world plays it you have play it as well if you want to make change or even just live freely. Thanks for dropping some valuable information here.
If gold spikes what then? There will be a run on gold and the Chinese will lose all their gold or they will not be able to deliver. I like gold and silver thanks for the info!
@broncnuz. Thanks for putting your ears to the ground and sharing the post.....
The only thing that still amazes is the 10billion trade within one hour....
Wow.. Thats massive..
It really never happened before.. then your post reminded us to care about the problems that will occur
China yuan would be take over US dollar in future .
Well china is still one of the best countries in this planet
thanks for sharing the informative news.
NOOOOO WAAAY. I though this would happen in the next 10 years or so, I should have learnt the ways of the authoritarian countries and parties. Where as long as the leader lives He would want to do everything. Petrol-Yuan for fuck sake, ahhh. I mean a communist regime with a fucking fuck will be bad in my opinion. The fact that they exploit poor countries where for dirt cheap suck up their resources with their financing trying to show how loving china is for loaning us (third world countries) money and with that building us some infrastructure and then, they are so kind to us that they are giving us loan to pay them back from their country (so basically drowning third world countries in debt) and then with our raw materials our darling china will make products and sell it right back to us and we pay them at a higher cost then it should be because we love them (drowning poor countries further into debt). Situations as these happen to all the third world countries that china ties relations with. Now with their Petrol-Yuan they will have such wealth and already money means nothing to them imagine the destruction they will cause to third world countries economy. Sad, sad day, today.
Good post amigo saludos desde Venezuela 🙏
The only thing constant in life is change. That is what China is telling us now.
The Chinese are really taking over everything. They have already invested in Africa over $200bn. You think that is for nothing? Of course not they have their hidden agenda.
What that 10b i heard that right that is epic seems like big up's and down's now about to happen
Awesome video,you are the best when it comes to explaining such videos.
10 billion is a hell lot.... It would be great for steemit if we even reach half of it someday...
everyone need to pay attention to this thing its important thanks for simplifying the whole thing bro
good
Thank you for your continued support of SteemSilverGold