Bitcoin or Gold?

Bitcoin or Gold?

Wednesday June 26 2009 teen from an echo 64 home of alternative economics and contrarian views this morning I want to talk about crypto currencies specifically Bitcoin and precious metals and gold what I think about both many comments I get is you know gold is not doing anything I'll have a look at Bitcoin and I do look at Bitcoin and I do look at crypto currencies as you can see the header for my channel says Mineko 64 markets precious metals Bitcoin economics and geopolitics so this this banner was made that back in the early 2016 I started making my videos November 2015 so I was covering crypto currencies then I have been involved with the Bitcoin since 2013 I used to trade Bitcoin and all coins back then I stopped for a while but I've always been following it I did accumulate some Bitcoin and other cryptocurrencies in the last since the collapse in Bitcoin in late 2017 2018 I've held on to it and I've done well I have also been accumulating precious metals since 2002 gold and silver and so what is the main difference for me between let's say Bitcoin and gold well there's a few factors precious metals gold and silver have a track record going going back thousands of years cryptocurrency and specifically Bitcoin go back 10 years I think it was 2009 that the Satoshi Nakamoto white paper came out and people started coding and ore mining for a Bitcoin what is Bitcoin what are crypt currencies well there are a lot of better people to explain that to you but in my view from what I've read over the years from what I've listened from other people because my background of is financial markets trading economics I'm not an IT guy I'm not a colder or you know programmer but basically Bitcoin and the white paper for Bitcoin try to solve the problem of centralization it sprung up of course after the Oh a crisis you know the sentence of our rotten monetary system and central banking and basically it's a mathematical equation that you have to solve and you need a lot of computer power to do it they call it mining and then you the more bitcoins that are mined the harder it gets to mine the bitcoins and there's a 21 million bitcoins limit that's it 21 million I think right now sixteen million maybe a little more have been mined and it's gonna take a very very long time to mine the last five million or so and so big Bitcoin like physical gold is how can I say rare and difficult to come by so Satoshi Nakamoto whoever he is or she she was or is was trying to replicate physical gold in the digital world so it's all good in my opinion and what about the other at all points or the other all points developed from Bitcoin they are derivatives of Bitcoin so to speak they've got the same kind of store value properties and decentralization mining some have different kind of mining some are proof of stake which doesn't require money people people argue it's not as decentralized basically for example aetherium is like it's not Bitcoin of course but it allows you to transfer wealth like Bitcoin to sit in the decentralized fashion but it allows you also to write applications on top of it so that's why you get the apps right to write a smart contract on it and that's what the alt coins are so some people argue like coin is like the silver you know of precious metals and things like that so that's my first thing is I prefer not that I prefer but I've you know i think the cryptocurrencies have a future very speculative gold and silver have a future and they have a proven track record that's my vote for precious metals the other thing about that's I favor precious metals in terms of crypto currencies is that I can hold my precious metals so here I've got two point one two kilos silver bar that's 65 ounces my Bitcoin is in my digital wallet I can never hold it but I can hold this and carry it around so there's no counterparty risk there I know my wallet is supposed to be private but you still dependent on many things and I know that Bitcoin and crypto currencies if you have your private key you will always have them and of course just like gold it can be hacked so to speak you know if you leave gold in a bank or in a bank deposit they can confiscate it the same thing with crypto currencies if you take it out of your private wallet and you put it in an exchange it has been known to be to have been confiscated or stolen but that's one thing that I prefer about precious metals you know you can hold your silver bar you can hold your gold coin and don't get me wrong I've got quite a bit of you know my holding of Bitcoin is not the biggest in my cryptocurrency like portfolio I have iOS as well and some of the tokens that have come along with iOS but precious metals still for me you know makes me you know gives me peace of mind because I know I can hold it you don't know what's gonna happen to the you know if there's a crisis if you're gonna be able to use your Bitcoin I'm not saying that if the internet goes down you know your Bitcoin is gonna disappear because it's not because it's like I said it's always gonna be a mathematical equation it's like a human construct and if you have your private key when things come back up you can use it but that's the problem you see in the interim there when things if there are big problems you can't use your Bitcoin but with precious metals you can you can go to a farmer you know and trade this for whatever you need from from the farmer I'm sure a farmer would accept silver or gold but if you go and say oh I've got here's my private key I've got Bitcoin can't give it to you right now will he take it I don't know probably not what's the other factor that makes me trust precious metals more while the fact that cryptocurrencies are a human invention makes me trust precious metals more I trust nature more than human nature you know nature in general so I trust more something that comes out of the earth like gold and silver than something that was developed by humans that's the thing and don't get me wrong I think it's a good speculative way to to make money cryptocurrencies and I'm doing it right now I was just looking at my wallet I got some Bitcoin like months ago last year and my blockchain info wallet says you know this is how much it's worth now and this is how much it was when you got it and I have it's more than double so it's doing great of course dollar gold hasn't doubled gold that you know in the last year but it has gone up about 40 percent you know since the beginning of 2016 so that's not bad but then again it's the peace of mind so hopefully that answers questions to my viewers about my feelings about precious metals and crypto currencies I'm open-minded I'm not one of those who says you know like Peter Schiff even though I agree with a lot of what Peter Schiff says he says oh bitcoins going to zero it's a fraud no I have an open mind and that's why I have crypto currencies but I'm still a traditionalist I look at the vow for how a thousand year plus well for five thousand year a track record for precious metals from maintaining purchasing power and I prefer that to the ten year track record of crypto currencies so I've noticed lately and of course I'm watching crypto currencies just because I haven't been talking about them too much doesn't mean I don't watch it I know Bitcoin is right now 12700 it's been as higher to twelve thousand nine hundred the low was three thousand and you know in the past eighteen months or so so it has gone up you know a few fold one thing I'm noticing though with the altcoins is that right now Bitcoin is leading the way and a little bit like gold leading the way and silver not moving much so that's one thing I've noticed so I think there's room for the alt points to catchup and what does that mean that bitcoin is out before me I think it's it means that we could have new entrance into the crypto space people who haven't done you know maybe their homework about what all coins are and what applications are you know and I've done that back in 2017 if you look at my videos from them I did a lot of you know videos for projects that were starting up in crypto currencies I did you know read through all the the white paper so I have an idea of what it's all about so I think it's new entrants they Co are we gonna get into crypto currency but let's buy Bitcoin they don't know about aetherium litecoin Els no Bitcoin cash neo and all those so they're just going into Bitcoin but I think the alt coins will catch up basically the alt coins are just derived derivations of Bitcoin kind of you know they allow people to transfer not only wealth but you know to put applications and smart contracts on top of Bitcoin Bitcoin doesn't do that so what about the markets I'll quickly go through the markets what they're doing this morning is just going 8 o'clock a.m. London time Gold has corrected down this morning we're down over 1% I'm not surprised a gold has gone up very quickly since we broke 1375 went up to almost 1440 yesterday right now 1406 50 down about 17 dollars and my concern no you look at Bitcoin it's been going up and down as well I know lately has been only going up but you do get volatility and as I said technically when you get a breakout like the 1375 breakout which was the high for the last four or five six years or thereabouts you sometimes get a pullback to retest that level so I wouldn't be surprised that if we still go back to 1375 but I'm still of course you know as a trading instrument gold is very difficult you have to keep an eye on it 24/7 but I'm still a stacker and it's still I still think it's gonna protect you especially in the world that we are in where there is geopolitical tension of course but most importantly the fact that central bankers are gonna keep inflating the system they have no way out right silver is dropped about just under 1% it's at 1521 the Dow is up only 7 points we of the stock market is virtually unchanged yesterday wasn't a great day for the stock markets the Dow was down 180 S&P was down 1% Nasdaq was down one-and-a-half percent and that was in spite of the fact that Jay Powell the chairman of the Fed says that said that risks to global growth have risen according to the FT and and it's reinforced a markets expectation that they're gonna cut in July by 25 basis points some some in the market were expecting a 50 basis point cut in July but Bullard from the st. Louis vet who's an uber dove actually said that he doesn't think it was gonna be 50 I think he spoke yesterday he said it's probably gonna be more like 25 and maybe that's why the market didn't go I didn't do as well they were expecting a bit more so the stock market's not doing great in the currency market we see pound down 20 pips or 0.2 of a percent 126 70 I think Boris Johnson said that brexit is gonna be do or die and he's gonna get out by the 31st of October with a deal or with no deal the euro is at 113 59 down nominally dollar as a little stronger against the yen 107 40 up a quarter of a percent dollar is unchanged against the Chinese currency at 688 crude oil has moved quite a bit overnight there was a story here about crude oil Zero Hedge reported yesterday WTI spikes after biggest crude draw since March so aside from the Iranian tensions we've got this as well so WTI is up a hundred and 20 cents or 2% at 5904 it has yeah that we're near the highs Brent as well is up a hundred and five cents or 1.6 percent at 65 34 bond markets continue you know yields are still depressed which means bond prices are going up which means you know investors are concerned so thereby Treasuries supposedly safe haven 10-year yield is to stuck around 2% there you go a Bitcoin and precious metals or crypto currencies and gold and that's my view I'm not anti cryptocurrency I actually think it's a great idea but my conclusion is that haven't been of both have a bit of both you know when Bitcoin dropped from almost twenty thousand to three thousand gold actually was very steady you know held its value so if you only have Bitcoin then and you had no gold you'd feel a bit naked I would say so it's a good mix and it's up to you to decide you know do your homework about cryptocurrencies and precious metals it's up to you to decide what proportion of your savings you want to have in each not for me to decide that's what I was trying to tell people do your homework if you enjoyed this video make sure you hit the like button subscribe to the channel if you haven't yet and you can also follow me on Twitter steam it and on d tube I wish you all a great day care bye


45 thoughts on “Bitcoin or Gold?”

  • Javier Bitcoin says:

    Gold can be easily sieze. Its not prepare to trade internationally or long paymants needs. Bitcoin cant be sieze there fix supply, 21 Million units. Its comparing Horses with cars. Both great tech for their time, Fiat money sucks…Gold rely on third parties that hold it and they give you a "papper" saying you own that much. That its gone. New generations wont choose physicall money, they will take digital GOLD. YOu showd your silver in the video, how can you pay someone far from you… come on…

  • curious observer says:

    There's a reason why companies are backing crypto with gold and silver but NO-ONE is backing anything with cryptos.

  • Colin Miller says:

    Bitcoin cannot be compared to anything of absolute value because it relies on Fiat currencies and a gigantic network of infrastructure including gold in the semiconductors to support its function in hashing, mining, electricity, servers and distribution networks via the www. Trading Bitcoin is like all trades. The digital transfer and storage of "wealth" to be able to transact now or at some future time is already captured by corporations and the Fiat financial system. Encrypted "currencies" are a distraction while the current monetary system decays. There is no replacement. Yet.

  • Government legally threw us over board long time ago. We are merely lost at sea, and this is their water world. Law of the land died when the new 1871 corporate constitution came out. Left out the real 13th amendment that still stands in the republic! Democracy (mob rule) won. We as humanity need to rise to the higher mind and case these few people to the side and get our creator given land back

  • Branson and his mates buy BT at 2000 push it up to twenty thousand then pull their money out, better than trading goods and services?

  • Dennis D'Menace says:

    I have heard that the largest buyers of cryptocurrencies are hedge funds. This includes Bitcoin. Can you explain how they manage counterparty risk? This really concerns and confuses me, especially given the price volatility.

  • Alexandra Ratner says:

    You mention the risk factor of bitcoin being hacked!but would not the solution be to store it OFF LINE called cold storage ?
    There must be a way of a full proof protection so that it CANNOT be hacked Keeping on folded paper?Alexandra

  • Varuzh Shakbazyan says:

    Why bother working for a living or making YouTube videos. Everyone just buy bitcoin and become rich.

  • Varuzh Shakbazyan says:

    Bitcoin's claim to fame= You can smuggle money out of your country to another.

    Meanwhile in reality, most bitcoin hodlers can barely afford to buy Starbucks coffee.

  • rumpel stiltskin says:

    Rothbard has written that money is "that commodity chosen by the market to be as the medium in indirect exchange". This is THE interesting thing about bitcoin. Will it be chosen by the market to be used as the medium for indirect exchange? i.e. will it become money.

  • ComicCommando says:

    I thought in BTC's whitepaper it talks about the purpose of BTC is to be a better pathway for transactions as a currency? What has happened instead is currently less than 2% is used buying goods & services and 98% hoarded and speculated on.

  • Cameron Potts says:

    Gold is Easier to chance your gold to any currentcy. Try to CHANGE your Bitcoin to Dollars. Its gonna be a Pain in tha Azz. Its easy to buy SOME Things with. BITCOIN. I would use by Bitcoin to But GOLD if I could. Tha GOLD is EASIER to get money for

  • Anders Ørsted says:

    Big problem with gold is ‘the synthetic’ gold contracts. This will, however, not be worth much, if Armageddon comes.
    😎I read somewhere that bitcoin can not be shortened any longer. Unfortunately I didn’t buy, when I saw this back in march😡

  • Michael Mcshade says:

    Bitcoin will be more scarce than Gold, it’s fungible, and no one can inflate it! I hold both PM’s and Bitcoin! Everyone do your research…….it isn’t a Pontiac scheme…….it’s digital money that will do for wealth what the internet did for information! Don’t miss the Boat……Gold will be $12,000+ Bitcoin $200,000+ August 15, 2021…….50 years off Gold standard anniversary…..and a year after Bitcoin halving, lowering the inflation rate, making Bitcoin more scarce than Gold!🚀🚀🚀

  • Peter Lemmon says:

    Bitcoin is a digital virtual reality currency. It is fantacy wealth. NSA and backdoor hackers can transfer your virtual wealth and its gone. Those who issue it can take it away. I don't trust it. No one trust it except the holders of such virtual reality wealth. It will be forced on humanity like the fiat dollar and biochip. Gold and Silver are real Biblical wealth that people trust. Don't push Bitcoin fantasy off on sane people, please

  • Eyes of the World says:

    Bitcoin is not new gold! I see bitcoin as a stock but with no intrinsic value due to an open source that can be replicated. People see it as a currency! Why nothing is priced in bitcoin after all these years? Bitcoin is not safe as well, not cost effective due to electricity usage. All speculation! Hells Bells, Facebook’s LIBRA COIN IS BRAND NEW AND WILL GET MORE TRACTION AND WILL BE USED SOON

  • Force Majeure says:

    Hi Mario. I've never purchased bitcoin, but have purchased a new ledger nano s, which has not been used. I have concerns about information in hard wallets being lost, if can be hacked. Was purchased on ebay. Is it possible to buy bitcoin in an atm and possibly sell later on, just using paper receit, or does information need to be stored on a hard wallet. Thanks

  • Mike Easterwood says:

    They have NO store of value. They are not a currency– They are destructible.. Any one who wants crypto's is welcome to them.. Good Luck…

  • Thomas Guide says:

    Bticoin is scam always, has been and always will be, it isn't digital gold. In fact all a bitcoin is, is wasted electricity. Electricity that could have a been used to light up or heat a home has been wasted on "mining". I don't understand why people think that it's a a store of value, what value does a bunch of 1's and 0's have? Everyone is always talking about happens to crypto currency if the internet goes down. Nobody is asking what happens to crypto currencies when governments block it at the ISP level? Just because they have tolerated this non threat for this long doesn't mean that they will continue to do so. As soon as it becomes a real threat to their dollar watch out. Not just that, but who are trusting your money with? It's decentralized, yeah ok, but where is my money? Who controls it? What happens to it if bitcoin is banned? You have less control of it then putting it into a bank. At least with a bank if you lose your password you can always reset it. What happens if you lose your private keys? What happens if the exchange you use goes belly up or is hacked? What happens if the entire bitcoin network gets hacked one these days? I guarantee you it will, bitcoin has a huge target painted on it right now. There's too much money to be made by allowing bitcoin to continue without it getting hacked. People have zero recourse if they lose their money, ZERO! All the government will say to you is we told you so. It is not legal tender pretty much anywhere on this planet, it can never really be used as money as long as fiat currencies exist and you need to exchange it into fiat to use it. It's "value" fluctuates wildly, it takes an enormous amount of energy to mine and to store it and to use the bitcoin network.

    Mark my words, people are going to cry when this bitcon is exposed as the ponzi scheme that it is.

    There is only thing that has no counter party risk and that is PM's. These millennial idiots will eventually find out when they lose what little money they have. It's a shame Mario has fallen for this scam, I like the channel, I like the financial information and Mario is a sharp guy, but I think he's dead wrong on crypto. There is no "value" there, why is it going up? Because people want it? Why didn't they want it when it was crashing and burning down to $3000? No one can answer it! It's manipulated! That's why.

  • richard burton says:

    Just wanted to say – thanks for your thoughts – I find them to be spot on! Also, I know something about Bitcoin and it shouldn't be lumped with the other computer currencies – Bitcoin is unique because it really doesn't have a central point of control – if you look you will see that every other so called decentralized crypto is centralized somewhere

  • Blockchains minuscule transaction fees are well under 1 % to transact compared to 1-3 % , in traditional transactions , this seems to counter Mr Shiff's assessment , but time is the teller of the best system , the one major current scare in blockchain is currency being lost , to heirs and at times holders , buying bitcoin in 2009 and forgetting the password for the 500 coins that cost 50 dollars to buy , happened to some , banks currently send mail or emails to notify balances , the blockchain seems to not care to look to get a person or family its funds if the communication ends . Perhaps the banks that have a blockchain component will take the lead in the future in this, as a leading coin choice

  • Joshua Henslee says:

    Craig Wright is Satoshi Nakamoto and Bitcoin is Bitcoin SV. Everything else is an altcoin and inferior.

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