""""""metals have a intrinsic value while bitcoins does not. i no longer trust bitcoin because it is, in my opinion, manipulated by whales and exchanges.your in the club or your not... their are predators out hunting for some poor newb who invests a bunch money into the scheme while they pump it and then they turn around and dump on them causing them to fear and dump their coins at a loss for their gain.. you trying to claim that is a system we can trust ?? this is my new opinion about bitcoin.
the haircuts come from bank accounts, and then from the reset of the value of things into the new metals backed currency. if you own metals then you will trade the metals for the full value of the metal for the new metals backed currency. in my opinion the govy would prefer their citizens to buy metals. the reason they would want citizens to buy metals is because it keeps those metals in the country, and those metals will eventually be returned to the govy when the citizens trade them into the depository in exchange for the metals backed currency... all the citizens who are stacking act as a giant savings account of metals for the govy .. the govy doesnt want or need bitcoins, they want and need metals. """"""
So it is common knowledge that there has been and is ongoing manipulation of the precious metals markets. We know that there was collusion with Libor, Gold, and Silver. What other markets have been manipulated and rigged? Well, it's fairly safe to assume Bitcoin is one of them. If you look at quantitative easing and stated backed asset purchases (i.e. stocks), one would argue that that's some additional continued, and ongoing manipulation. So basically, the whole system has been rigged, is currently rigged, and will go on continuing to be rigged. Gold?
Gold is important, and I think you make a valid assessment that it has intrinsic worth. I think the difficulty remains with how you transact or conduct global finance using shiny coins. Say a middle east country wants to sell oil to a north american country. If 'paper' is no longer valid, what do they do? Does the deal get held up until the gold is physically transported? To me, that seems unduly complex. So, what's the alternative? A trusted third party? Really? Who could you trust to hold your gold for you? Who would not run the risk of absconding with your shiny coins? Isn't that exactly the reason various entities have been, and are continuing to seek repatriation of their gold? What's the alternative?
Enter Bitcoin OR another similar cryptocurrency. If you were facing a 'haircut' the currency has a universally renown cost associated with it. You can convert for yuan or gbp or yen. It's fungible. So although it may be back by USD, it's also backed by everything and anything else. A better question would be whether or not it has reached critical mass; and I'd say it's still a bit pre-mature.
But what's the alternative though, seriously? I mean honestly, suppose the situation was reversed and you had the US in a similar position as Greece? What if they proposed treating the US in a similar manner? Would that stand? I mean, if their economic circumstances were similar, examine finances and current market turmoil of US/China/Russia/France, etc. There is a significant amount of Debt, it's a hot potato and no one wants to get caught holding it. The difference is the US would go to war. Carry a big stick and the like.
They say the Greek Saga is finished but in all honesty, it seems like it has only just begun. The Euro Wars/clone wars have begun.