Whether they admit it or not, Bitcoin has put the fear of God into the banking system. Why? Because it threatens to remove them from the equation, plain and simple. Many people have now heard of Bitcoin and have a grasp of what it is…but the big question is, do they realize the potential for crypto-currencies to remove massive inefficiencies from just about every area of banking and finance?
Whether it is Bitcoin or some other type of crypto currency, the banking sector knows one thing for sure: The genie is out of the bottle.
Sign up to our newsletter to receive our upcoming Bitcoin episode of Hidden Secerets Of Money.
More: http://www.hiddensecretsofmoney.com.
See you next week.
For more information about Gold & Silver or Mike Maloney, visit the Why Gold & Silver channel and subscribe: http://goo.gl/emXEB.
Join GoldSilver.com & Mike Maloney on other social networks:
Blog: http://goldsilver.com/.
Facebook: https://www.facebook.com/pages/Goldsilvercom/230719865624.
Twitter (GoldSilver): https://twitter.com/Gold_Silver.
Twitter (Mike Maloney): https://twitter.com/mike_maloney.
LinkedIn: http://www.linkedin.com/company/goldsilver-com.
source
I simply love the way he put it.
These scammy gold and silver YouTube threads are weird. Everyone comments immediately after the video is released — two months ago — then nothing. I suspect most commentors are just part of the scam.
Bitcoin fans:
Note that Maloney did not say that Bitcoins are "money." He called Bitcoins by their proper name "currency."
Currency is not a store of value. Only money is a store of value.
Bitcoin is good insofar as it undermines the FRS parasite. I like the fact that it is undermining the FRS scam.
But that is not good enough in my book, because it is not backed by any commodity. That relegates it to the status of currency.
I agree that private sector currency is preferable to fiat currency. At least there is no government coercion involved. But no currency is preferable to real money, to gold, silver, or some other rare commodity.
But what about the problem of corpotrocracy-banksters hacking into the bitcoin crypto-currency system in order to sabotage it in an effort to force the population back into their ZIONIST-JEWISH WALL STREET OLIGARCHIAL CORPOTROCRATIC BANKSTERS' SYSTEM THAT WILL CRIMINALLY AND ILLEGALLY SUCK THEM DRY LIKE THE VAMPIRES THAT THEY ARE?
Mike, when speaking at 2:00, you missed a very important point. The fact that also the Bitcoin miners (actually their mining rigs) act like the bankers (and respectively like some sort of Banking servers, too). They just "register" using their software/hardware all Bitcoin transactions sent to them, in the Blocks, and receive a perk for doing this job. Either the 25 BTC reward, for the lucky ones, or the mere mining fees.
It's worth to note that the same job (this time of the "superbanks") is also made, at a much larger scale, by the Bitcoin wallet creators, and also by the Bitcoin exchange platforms owners – and so on.
Not only MtGox, but Blockchain.info staff, the pool admins, Kraken, Coinbase, Bitpay and everyone else in this industry. As Mike said, they don't just offer services to the public, but there's more – they gathered power to compete with their customers as well !
Bitecoin its a very helpful to do financial system.
The only way I can see bitcoins being viable right now is if you get a bank, say the Sberbank Rossii (Russia), to anchor bitcoins to gold and/or silver. 1 ounce of gold = 1 bitcoin / 1 ounce of silver = .05 bitcoins or something along those lines. (1/20 gold to silver ratio in that example)
Fuck Bitcoin.
Banks do provide lender power in order for the clients to accomplish what they intended in a timely manner. Also, they are an accountant service people/business.. there some services/power they provide for the free market. Most business depends on it, I am small business and I know.
well, Mr Maloney… unfortunately the IRS tax as "property" on digital FIAT kind of wipes out the "transaction fees" of 3 to 9% MAX. you know with gold and silver. I can still walk in and walk out without the transaction be logged into a PUBLIC ledger. I still have some level of privacy. digital fiat, nowhere to hide. its only public to a degree, unless you have a way to track every I.P address, it is only "public" to agencies GOVT. and the GOVT In-q-tel contracted silicone valley guy.Heck the largest Exchange couldn't track down the stolen coins… This is very ingenuous and dishonest on your behalf, If i can figure it out, surly you can figure out exactly what is going on. the classic "problem reaction solution" of the banking system or as they say in the East "make the cure and spread the virus". still at the end of the day, it is the same power structure running the show. not nice you lost brownie points with that one, sir.
Why is the guy on the far left laughing? Either he's having a mental orgasm because Mike has enlightened his retarded mind, or perhaps one of the hemispheres of his brain (if any) is not working properly.
Cryptocurrencies are the internet version of gold and silver, they're extremely hard to falsify, easy to safely transact especially over long distances, durable, efortlessly and extensibly fractionable, no matter what one thinks of them, like gold and silver they'll prove themselves up to the job over and over.
Mike, you should read up on the history of how bitcoin was started first. The idea behind it is nice, but it's already been hijacked to speak. The Chinese showed it can be hacked and the FBI owns the most.
http://www.wired.com/2013/12/fbi_wallet/
http://www.forbes.com/sites/andygreenberg/2014/02/13/silk-road-2-0-hacked-using-bitcoin-bug-all-its-funds-stolen/
Understanding bitcoin is easy, it's not real money in the same way digital cameras don't take real photos, mp3 players don't play real music and you tube doesn't play real videos. Bitcoin should be treated as being highly speculative and requires research before making any investment choices either for or against.
@aurthur spina search youtube Maloney $10 oil.
Bitcoin is a joke.
there is no hope for gold and silver.. i have faith in the central banks, they control everything anyway, haven't you morons ever heard the saying ''if you can't beat them join um''
Sorry, but "the genie is out of the bottle" and "it can't be uninvented" is just hyperbole. Bitcoin kind of solved – well, fudged actually – the double-spend problem in distributed systems. The big assumption is, distributed systems are somehow superior to centralised or hybrid systems. That's just simply not true. Let's explore that…
Bitcoin's public ledger, the "block chain", is incrementally secured through a serious of calculations. The difficulty of these calculations is adjusted on-the-fly to regulate the production of "coins" that secure the ledger. Bitcoin "miners" then race along in a game of lucky-dip to solve these calculations, they are subsequently rewarded for their effort. This racing game means that thousands of dedicated computers are deployed and pooled together. The net result is, there is a continous, growing and massive waste of electricity whose single aim is to secure the ledger. all in the name of "public" and "distributed".
Note, there is nothing intrinsically special about these calculations, they are not trying to cure cancer, map proteins, analyse climate change etc. This excessive waste of electricity is purely to secure the ledger, and it has to be this intensive simply becaus it's a public and distributed model. This enormouse waste of energy is conveniently brushed aside in the bitcoin faq.
Now let's talk about Mt.Gox, which until it's collapse was a member of the Bitcoin Foundation. At the time, 70% of all bitcoin fx went through Mt.Gox. Listen to what the bitcoin evangelists say; they blame the users for letting Mt.Gox hold the keys. What they don't tell you is, bitcoin has no idea when it's running through a faulty system. That's right, Mt.Gox had been modded and their ever-so-clever bitcoin was clueless about it's faulty environment.
In addition, everything stated above is blindly repeated among all the altcoins; the waste of electricity and the lack of self-awareness in the bitcoin protocol. The ease and low cost of switching between these altcoins shows there is absolutely no correlations between the cost of mining and value of any one ledger over another. All we have is current consensus and a game of musical chairs, because no one wants to be the last one standing when people are switching en masse to other altcoins.
You got to watch those slimey bitcoiners. They like to compare bitcoin to torrents but they don't want to compare it to email. Well let me tell you, anyone can run their own email clients and servers, but in the real world a huge number of people choose to use webmail services e.g. gmail, yahoo etc. Portals emerge, that's the reality of distributed systems (hence Mt.Gox), yet bitcoin absolutely fails to secure in this regard.
Watch the pro-bitcoiners jump up and down with rage now. They will tell you that government bailouts and money printing is worse. This is true, we all know it's true… but don't let that blind you because the fact is, bitcoin doesn't address any of the above stated downsides. Holding bitcoin as an alternative to fiat is essentially jumping from the frying pan into the fire. Bitcoin can be used transitionally but that's about it (btw, that's exactly what Overstock does, they don't actually hold bitcoins).
If I was to try and guess the future of cryptocurrencies, I would say it's some kind of hybrid with a semi-public ledger.
What's with the stand on the right? It's in front of Mike's arm but behind the table.
I experience this particular paradox as a nightmare… Hubris sealed into derivatives; the seed of each our unrest, leveraged so far we can now barely name it or claim it… The 'fraction' of this fractional-reserve system has grown thin to the point of transparency: it simply no longer exists. We are not a free culture, but one adept at Insolvency Management.
http://allthingsindigo.blogspot.ca/2013/12/fractional-reserve-banking-how-to.html
Wow rick rule and mike maloney.
Gold, silver and bitcoins!
Mike's statement is completely wrong, " …can't be manipulated by the governments…" If it can be bought and sold it can be manipulated.
Bitcoin is a government/bank wet dream.
A cashless society where everything can be:
1. Tracked
2. Taxed.
3. No more bank runs
4. Banks can pay a negative return because there is no cash to pull out
5. With no cash, all that mattress money will be made available to the banks and exploited by the fractional reserve system.
Bitcoin is a government experiment for what will be the future!
#RickRule's face @0:48 on says it all
Mike Maloney is a national treasure. His agenda to sell precious metals is secondary to his desire to inform the public and not discredit crypto currency technology for its potential. The videos Mike put out on money are the best shot we have of waking up the walking dead populous.
Frauds like Andy Hoffman, David Morgan, and SGT always laugh at Bit Coin. This totally discredits their reputation.
A proper view will place precious metals as the best vehicle for preserving purchasing power in a long term strategy. Bit Coin may be the best way to make your value portable and accessible, if you have to pick up stakes and relocate quickly.
Where are we in the silver cycle? We are in the part of the cycle where Mike Maloney tells us about the potential for crypto-currencies.
Bitcoin is gold on the internet. They are both mined before coming in existence, gets harder to mine with more competition and the amount of gold/bitcoins each rock/block will decrease when more are mined. The only points where gold beats bitcoin is that it is a trusted medium of exchange 3000 years longer than bitcoin and you can still trade it during a solarflayer. You can trade bitcoin as far as the internet or phone connection reach (almost everywhere). It cant be faked and cant be mixed with other 'numbers' or something like gold with copper to lower/fake the value. Its also much lighter and faster to transport.
supporting both precious medals and bitcoin (cryptocurrencies) are good fights.
I like Mike a well !
Bitcoin, like any other kind of currency is just an opium for the masses. Everyone want to get rich tomorrow. So I fail to see how it can help the real economy, since A) people do not try to fix the corrupt system, but to escape from it like using a drug, B) they don't produce actually anything, but lose their time and money to "create" digits inside a computer, C) there are enough hackers and internal conflicts already that makes using this currency difficult, D) governments are aware of bitcoin and will try to use it for their agenda, or just destroy it if they can't. To think that bitcoin can beat the system, is the same as thinking a drug can beat the reality. FIAT money always have this effect on people, it's just the human nature…
Well said
Glass steagal is all what is needed…..end the central banking filthy cabal…
I've been waiting for Mike to come over to us for almost 6 months now, ever since I read "Why gold and silver?".
I hope he continues to look into Bitcoin (not bitcoin) and see that the technology is revolutionary and ideas like peercoin, NXT, eMunie and ethereum can lead to a new world economy and platform for trade.
I also hope he doesn't sell out like Max Keiser and make his own copycat cloneCoin.
it is my opinion also for a long time. If BTC will survive or nor – we will see. But it is simply free market attempt to defend from banking fraud. If it fails there will be superior successors.
It is revealed that the creator of Bitcoin uses his real name…epic fail. Now he is looking over his back forever.
It is not only "digits", the Cryptographic proofs, the math, is based upon digits AND characters. When we decode a raw transaction, which is contained in a hash, or compression of the total amount of information contained in a bitcoin transaction, that hash is both digits, and characters, both uppercase and lowercase characters and may, or may not, contain special characters. When we decode a raw transaction using a scripting language and API like bitcoinrpc written in python, we find that the resulting JSON collection of lists and dictionaries contain many different types of characters. To say that bitcoin is based upon only math, or digits is only partially false, it is a language, a fully expressed language that includes digits, and math.
While Mike's explanation is not really correct, I think the more important takeaway is to see a gold dealer (someone who definitely has skin in the game) see the potential upside of a free-market digital currency and not just dismiss it out of hand. (And would love to see his market take bitcoin as payment for physical gold….)
A currency which is created into existence as a token of exchange is precisely what our economy needs!
All currency now is NOT a token of exchange but rather a token to repay a debt. bitCoin is an attempt to eliminate the debt (aka the middleman banksters).
Like Mike, I am not sure if bitCoin is the right tool (I'm simply too ignorant of it), but I am glad that the market is trying something outside of government control; and more accurately, private banker control.
Mike Maloney is one of my favorite Americans!!!!
hey mike this video is great too. Bitcoin is a solution from the future of civilization.
I like Mike too
The point of Bitcoin is not for it to be bought like a share of Google on the NYSE in order to sell that share back for fiat currency. The point of Bitcoin is to use it to buy stuff like a normal currency, just without the central bank intervention. Stop thinking in terms of trading & start thinking in terms of real-world use because that is where Bitcoin is heading. Groceries, cars, houses, etc, are going to be able to be purchased in Bitcoin. Invest in it to hold onto it like you would gold. Don't invest in it to trade it like a share of a company.
Better buy some bitcoin Rick Rule. That would be the prudent move at this point.