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UK Royal Mint Working On Plans To Issue Gold-Backed Physical Bitcoins
The implicit, and ever more explicit, institutional acceptance of the dominant cryptocurrency Bitcoin (we say dominant because as we pointed out last week, there has been an unprecedented spike of digital currencies one can pick and choose from) continues when following the surge in vendors willing to transact in BTC over Thanksgiving, the latest news comes from the birthplace of the modern central bank, the UK, where we learn that none other than the UK Royal Mint has been working on plans since this summer to issue physical Bitcoins in collaboration with the Channel Island of Alderney.
But where the story gets downright surreal is that as the FT reports, the same symbolic Bitcoin token issued by the Royal Mint "would have a gold content – a figure of £500-worth has been proposed – so that holders could conceivably melt and sell the metal if the exchange value of the currency were to collapse." In brief: a perfect, and utterly incomprehensible, fusion of (opposing) hard, soft and digital currencies all rolled into one...
From the FT:
The tiny Channel Island of Alderney is launching an audacious bid to become the first jurisdiction to mint physical Bitcoins, amid a global race to capitalise on the booming virtual currency.
The three-mile long British crown dependency has been working on plans to issue physical Bitcoins in partnership with the UK’s Royal Mint since the summer, according to documents seen by the Financial Times.
It wants to launch itself as the first international centre for Bitcoin transactions by setting up a cluster of services that are compliant with anti-money laundering rules, including exchanges, payment services and a Bitcoin storage vault.
So, convert a digital currency into fiat, issue plastic (or some other material) tokens (appropriately covered in some goldish color) representing "value" because suddenly the currency (supposedly) has the blessing of central banks, and then store them in some basement? Brilliant.
Just how is the UK Royal Mint involved?
The special Bitcoin would be part of the Royal Mint’s commemorative collection, which includes limited edition coins and stamps that are normally bought by collectors. It would have a gold content – a figure of £500-worth has been proposed – so that holders could conceivably melt and sell the metal if the exchange value of the currency were to collapse.
Wait, what: gold-backed Bitcoins? If so, that would be truly revolutionary because for the first time a Treasury (and by implication, a central bank) is effectively hinting that not only are they willing to fiat-ize Bitcoin, but also have the symbolic BTC token (after all Bitcoin is a digital currency by definition) serve as a commodity trap. Because once enough gold-backed physical Bitcoins are locked up in some basement in the UK, who has the master key? That's a rhetorical question by the way.
Naturally, the UK Mint is not quite eager to disclose full details while the plan is still being finalized:
David Janczewski, head of new business at the Royal Mint confirmed it had been approached by the finance minister of Alderney to “explore the possibility of manufacturing a physical commemorative coin with a Bitcoin theme”.
“Discussions have not progressed further and at this stage it remains nothing more than a concept,” he added.
But the controversy around Bitcoin has made the Alderney plan a sensitive subject. The Treasury, which owns the Royal Mint, declined to comment on the plans. George Osborne, the British chancellor, also holds the title of Master of the Mint.
Since there is understandably much confusion over what the minting process of a physical gold-backed token representing a digital currency, with the backing of an entity that does the bidding of an issuer that only believes in fiat currencies, here is the FT with the blow by blow.
An independent company will provide the Bitcoins. If the price plunged, neither Alderney nor the Royal Mint would lose anything.
The company would put the Bitcoins in an escrow account at an agreed price.
Meanwhile, the Royal Mint would take customers’ orders for its minted Bitcoins and receive money from those coin sales.
The virtual Bitcoins backing the physical coins would be held in digital storage facilities by Alderney.
The Mint would issue the commemorative Bitcoin, paying for the value of the gold content itself. Alderney would receive royalties from sales of the coins.
Coins could be redeemed for sterling at any point in Alderney for the price of a Bitcoin on that day.
All we can do at this point is sit back in wonder and amusement as we hit the pinnacle of monetary confusion, whereby the UK Royal Mint, willing to take full advantage of retail confusion, will mix hard, soft and digital currency, and produce a product... that is locked away on an island that belongs to the UK.
And all we can say is "brilliant", because if there is a better plan to meld the sentiment of both hard and digital-currency (and hence, anti-fiat) advocates, and to redirect it in a "fiat" pathway, we have yet to hear it.
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Not shure if this has already been said
The Royal Mint ...............is owned by UK Government!!
And they will mint any coins for you and I including Alderney ................for a price!
It is Alderney that is concidering supplying Gold bit coins not the R/MinT
Many of the channel Islands have thier own coins (And Commonwealth) supplied by the mint ..........nothing new here move along
But I bet Georgy porgy aint lossing any sleep over this.
Any one of us could offer a Shitcoin backed by Gold!
There are a lot of folks just shaking their head this morning.
Half of them get it and are shaking their heads in wonderment.
The other half dont get it, and they are shaking their heads in bewilderment.
By definition, centralized... the Mint would have all the Private Keys to the Bitcoin. Could be quite a heist. This is a case of truly, if you and ONLY you don't hold it you don't own it. Just buy gold eagles.
But what if the price of gold collapses to $100? At least this way, your coin is still worth 1 BTC. It would be nice if they also put a British Pounds face value on the coins, so if gold and bitcoins collapse, at least you would be gauranteed a fiat price.
Matt switch off the torch from under the sheets!
With the average cost to mine 1 oz of gold around $1200 and rising, good luck keeping it at $100.
Without a .gov subsidy to the miners, it would never get that low.
BTC on the other hand can and will go to ZERO, just like all Fiat currencies.
Yeah Gold eagles.
Should we wait until they are in the $800s?
HAHAHAHAHA !!! LOL !!!!
Here come the lampreys.....smelling a free lunch......and not even comprehending what they are eating. ROTFLMFAO !!!
Shit-coin will be over and done with shortly
@Jumbotron
Nice, you only managed a little bit of caps, and you have the requisite idiot ending of "ROTFLMFAO".
You are missing more periods though, and you should've put in some "~~~" and "***" to totally dress is up like a idiot.
You did use the severely creative 'shit-coin' though, so I guess you're only a *little* drunk. Good for you, show that bottle who's boss.
Eye dom't thimk his dwunk b'cauze heis tykpking ant spelink is okhay.
Mendaces (and appropriate name, that), don't you have some zit cream that needs applying?
"HURR DURR YOU MUST BE YOUNG ME OLD HURRR ZIT CREAM DURRR"
There, thanks for your "contribution".
You really are an asshole royale, you know that, don't you?
He's a JAE.
That's Jack Ass Extraordinaire for all you country folk.
A fisherman can always spot another fisherman. I suppose if I was in your "character" this is where I would have to comment about how you're such a horrible human being, blah blah blah
You're just smart enough to work a computer, but not smart enough to understand the abstract. That is the problem. Hang on to your gold, your bullets, and the rest of your totems that make you feel like you're in control.
Because, honestly, you aren't and unless you're in the "big club" George Carlin spoke of, you will never have the chance.
Which is why it is completely mystifying why you are so ready, so completely and fully one-sided against an idea. An abstraction you can't even see, and you're expending so much energy to dispel it - to dilute its force.
But you can't.
The only thing you're able to do is rant into that "good night", until your flame dies out. Nice waste of human potential, buddy.
I'm sorry --- a hateful and bitter asshole royale, I should have said.
Wow, are you one pathetically smug and conceited piece of shit.
I don't drink asswipe X-boxer.
But I bet you weed it up pretty good.
Puff on Magic Dragon
I'd like to propose that all precious metals bullion be backed up by a computer code that is regulated to create exactly one code per oz of PM that is produced. That way if the prices collapse or my metal combusts, I'm still backed up by something virtual.
US Futures looking Green. Must be the Balck Friday Sales Report Pumping
why back it with gold? It would be smarter to back it with the gold etf. Better yet transition bitcoin to an etf and back it with the GLD, They need the right entity to pull this off. Definitely either Blackrock or JPM.
In all honesty I hope they do this. I hope bitcoin goes ballistic. Then I hope everyone who has say 10 bitcoin decides to cash out 5 of them for phyz gold. I don't give a shit who seizes up the phyz market via delivery failures. I just want to see it happen in my lifetime.
That is exactly how I am going to exit my Quarkcoin position when the time comes, the purchase of bullion. It is a mechanism for exchange and currently speculation, it is not a hedge nor a savings vehicle for your wealth.
Please don't buy Quarcoin, they were heavily instamined, and if you don't know what that means, you shouldn't buy crypto until you do.
It is possibly an early model for an exchange, but a backed currency backed by 1s and 0s with the shit quickly changing "rules" (.GOV) - good luck. That coupled with fraud everywhere, why is BC different in the era of no civil, or data-privacy rights?
So when do they launch the gold-backed-bitcoin ETF and futures market?
This is just too fucking funny!
> So when do they launch the gold-backed-bitcoin ETF and futures market?
fonestar could prolly give you a rough timeline. He's connected like that.
"This is just too fucking funny!" -- akak
At the launch they say they're offering about 1/2 oz. of gold for the price of 1 ounce!
And the ROYAL MINT no less. LOL !!! The English banking system has been the purveyor of more evil in the last 400 years than just about ANY institution. Jefferson realized it which is why he swore to never let a Central Bank be formed if he could help it and why he let the first charter of the first Bank of the United States go down after Hamilton pushed it through as the first Secretary of Treasury.
Well....there goes the geek factor AND there goes the "Freedom Tech" and fuckstar so humorously put it a while back.
THE ROYAL MINT
A wholly owned subsidiary of the Rothschild Group
The more I think about this, the more sketchy it sounds.
If Bitcoin is so good, why the need to back it with gold?
And think of the cross contamination of asset classes, deal terms and counterparties.
Yikes!
Next thing you know, they'll all be wanting us to give up all our most sensitive personal information on unsecured websites to buy overpriced low quality government health insurance, to boot!
It's either a Rothschild hedge against the coming shit storm when their entire Fiat system goes nuclear, so they end up on top of the food chain again with BTC, or as some already mentioned, another piece in the jigsaw of proof that BTC was originally unleashed by TPTB to become the traceable international fiat money. Either explanation disgusts me to the core.
I can't think of a more schizophrenic way to hold savings - it's like the Rothschild group sat around for months reading ZH then decided to launch an amalgated version of what the majority of us seemed to like. It's fucking weird. This is the 1st Dec and not April, right?
Will you please stop with all these notions of ridiculous rationaility?
The former seems more likely because of how hair-brained the idea is. Seems very reactionary.
This is the 1st Dec and not April, right?
It's Groundhog Day. It has always been Groundhog Day.
They want gold backed bitcoins, they'll have bitcoin backed gold.
And presto-chango, we're back to the denarius. How long before that £500 worth of gold becomes 100 then 50 then 5...?
Thanks my thought exactly 'backed by gold in name only'
this WILL never fucking happen, as is there any thing backed by GOLD in the UK or USA? NOT
Satoshi defined 'coin' in his white-paper as 'high tech chain letter', the only 'coin' to be associated with BTC MORON's is in their fucking mind. Satoshi knew from the start that nothing tangible was involved with BTC.
Of course this entire story is 100% bullshit, ... its just stupid talk coming out of UK, that was engineered by Murdoch to sell his shit newspapers.
TPTB is still trying to bring suckers to the BTC buyer's cliff, so they still are trying to create an image in minds of morons that BTC is real,..
Me thinks that Winkelvoss twins sold some BTC to murdoch.
***
Want to buy a currency backed by gold? Buy CHF.
Bet the Central Bank of England wishes right about now they hadn't sold all their gold in the 90's?
On the basis of this article, bitcoins backed by gold are going to be hellishly expensive thanks to the choices of their Treasury all those years ago...
Smell the fear in the "kitchen"!!!? Cause what's coming next for dinner is going to be memorable!
Central Bank Desperation!
The End is NEAR!
A derivative backed currency that is implicitly a devaluation and allows TPTB a desperate attempt to explicitly control BTC through the paper gold market!!!
The DOLLAR IS DOOMED....and The GREAT RACE has begun.....China has inside groove with Yuan!
Makes absolutely no sense to do this, can't imagine the thought process here.
http://bestbitcoinsites.wordpress.com
Cut out the middleman. Get gold.
Unbelievable! What could go wrong, letting some little banana republic hold your virtual wallet in an escrow account?
More like a chestnut republic. Too far north to grow bananas!
NSACoin to be backed by gold and FRN to be backed by nukes. Makes sense.
Let's think this through a bit. Maybe CIAcoin is more appropriate based on some other writings here. Someone descibed btc as the "tip of the spear" in moving to a cashless society. Just maybe that's not too far off the mark...
Why you think the FED, SEC, CFTC, CoC, Treasury etc, etc., etc all thought it a grand idea?
And that the push in DC is not on to stop it, but turf war to see who gets the oversight role?
BINGO!
FEMA Bucks!
And a one world currency. Crash all else and make this the only thing standing. Then it becomes the world currency.....turn key fascist security state.
Bit Coins could actually be BYTE COINS, what a pain in the ass.
Gotta tell ya', none of this shit has been very well thought out.
Hole, holes and more holes to game and squander OPM
I'll give you a hint
He's the 'master of the mint'
AND sadly fucking skint.
SO PRINT PRINT PRINT!
I've been a bitcoin holder for a long time. A gold holder for even longer.
I'm not easily surprised but this sure caught me off guard and has left me befuddled.
@fonestar can you be anymore of a "bitcon" scam douche bag? Oh of course you can not be,,,
Edit: Do you work for JPM or Blackfag?
"..."Fascism will come to America in the name of national security.
— Jim Garrison
There will come a time when testimony taken by the Commission will be made public. But it might not be in your lifetime. There may be some things that would involve security. This would be preserved but not made public.
— Earl Warren
Security classification is intended to protect the nation from an enemy, not one branch of government against another or the public, nor to protect the American people from knowledge of mistakes. I do not accept as valid the view of Mr. Arthur Sylvester, the former press officer of the Pentagon, that the Government has a right to lie to the people of this country.
— J. William Fulbright
I want to splinter the CIA in a thousand pieces and scatter it to the winds.
— John F. Kennedy
I made it very clear to the CIA recruiter that the invitation to come on campus was still open and that the administration was not in any way trying to discourage the CIA from coming to UCSB.
— Stephen Goodspeed, Vice-Chancellor
University of California, Santa Barbara
ARGO: What is the extent of the conspiracy and why is the government so desperate to keep the truth from the American public?
SAHL: We have determined that elements of the Central Intelligence Agency planned the execution and killed the President. Lee Oswald attended those meetings planning it. He was the only non-CIA man at the meeting. And he worked for the FBI. We then find that an FBI code clerk has a message come through, a twx, through the southern regional offices of the FBI, warning five days ahead that the President will be assassinated and we still later find Oswald saying, "I was a patsy," in the Dallas Police Station. The "elements" are in the Central Intelligence Agency. They don't want to lose their power. And they don't want to fall. It has become government by hoodlum. And I don't blame them. If I were them, I wouldn't want to fall either. I would pull out all the stops as well, as they have. On the other hand, while I know that neo-Nazis would want to kill a man like John Kennedy, I don't understand why liberals would want to protect them from prosecution.
ARGO: What would you say are the roots of this whole era?
SAHL: Fascism. It started with the death of Roosevelt. They moved in and they negated every treaty we made with every world leader who didn't fit the fascist/militarist mold. We went back on our word. As David Schoenbrun says very well, "I am not a dissenter for saying this. Those who betrayed American policy are the dissenters." We've gone back on the dream of national independence and we were the model for the rest of the world. Then when they followed our model, we attacked them for it. Shameful. No one has a right to stain the American flag. And unfortunately, we have people in this country who did it. If America goes, it will surely be an inside job." ..."
.
http://www.assassinationscience.com/AnHistoricalPerspective-MortSahl.html
blindman,
Your JFK quote caught my attention, IMHO, what we need is a smaller more balenced .gov than we have now, but the scatter to the four winds our intel or what have you, is naive in this day and age.
It will be seeking balance and wisdom.
We also need to create a real economy.
We have to get a "handle" on things to Persevere.
Have Faith.
Will do.
it has been reported that the scatter quote was in reference to
the report to the jfk administration that the cia was prepared
to execute the initiation of the "bay of pigs" counter revolution
expecting that the new president, jfk, would be unable to go against
his words of prudence regarding american air force and marines deployment
in support of the insurgency in cuba.
the cia was subverting the national executive branch and deemed
it's judgement to be superior to the chain of authority established
in the constitution. when the president objected they murdered him
in broad daylight on the street in dallas for it.
it could have been miami of somewhere else but it came together
in dallas, texas on 11/22/1963.
Fuck the royal mint, just like the Fed/US (un)treasury.
why hold a bitcoin when you can hold a ROYAL bitcoin
Why get just Screwed when you can get Royally Screwed?
I figured it out. They want bitcoin to be backed by gold. Since they cant control the price of bitcoin if they back it by something they can manipulate than they can gain influence over it.
They can try it. It won't work.
Oh, it is gonna work. This whole bitcoin phenomena has smelled of NWO digital ass since its very beginning. I strongly suspect it was always part of the plan to back it by gold. Who is it that sits at the ceremonial head of the UK? And it is the tax haven channel isles that are moving on minting bitcoin?
Uh-huh, global digital currency with gold backing no less.
Let no transaction go untaxed, or unmonitored anywhere on the globe..
yep, now even murdoch on board to 'legitimize' btc,
look at the similarity of the talking points,.. that have been used here by the whores of btc at zh
1.)safe
2.)private
3.) better than gold
4.) liquid
All lies, but when repeated often enough,... they become truth,
NSA makes BTC? FUCK YES
IMF wants BTC? Fuck yes, then they can control the world at micro-payment level,
FED/USA CIA wants BTC? Fuck yes
UK, CHINA, USA, .. all the worlds assholes come out in 'favor' of BTC.
You would think the 'libertarians' could see the writing on the wall? But nope, they still think that BTC is their friend, god damn fucking morons.
http://bitcoinity.org/markets
Jus watch the price action. That should tell you everything.
Please anyone and I am calling you out TD, tell me we can base a SOCIETY on a "currancy" like BC that changes vales that voilently w/0 explanation?
Buelller? Bueller?
bitcoin, schmitcoin, if you can't hold it, you don't own it, just ask the silk road folks
Tell it to the holders of gold after FDR confiscated it all.
You can have my bitcoins when you pry them from my cold, dead flash drive.
He didn't confiscate my grandparent gold. Only the stupid and weak gave up their gold.
Berlin endorsed it, Beijing endorsed it, now the mightly Alderney...
Quinquireme of Nineveh from distant Ophir,
Rowing home to haven in sunny Palestine,
With a cargo of ivory,
And apes and peacocks,
Sandalwood, cedarwood, and sweet white wine.
Stately Spanish galleon coming from the Isthmus,
Dipping through the Tropics by the palm-green shores,
With a cargo of diamonds,
Emeralds, amythysts,
Topazes, and cinnamon, and gold moidores.
Dirty British coaster with a salt-caked smoke stack,
Butting through the Channel in the mad March days,
With a cargo of Tyne coal,
Road-rails, pig-lead,
Firewood, iron-ware, and cheap tin trays.
By John Masefield
Beware pefidious Albion!
I’ll play devil’s advocate:
One of the other theosophist characters is ringing the free dinner bell. Just be careful. Remember, if you don’t hold it.. you don’t own it. Good luck!
"UK Royal Mint Working On Plans To Issue Gold-Backed Physical Bitcoins"
A printing/stealing like it's going out of style Rothschild connected central bank is going to print gold backed Bitcoins.
Don't even need to know the details, as I was born at night, just not last night.
LOL
"If a central banker told me the sky is blue, I'd go outside and check."
Will derps never cease?
What is gold backed by? gold
What is Bitcoin backed by? Bitcoin
If you don't get it, you're in the right place. Derp central.
P.S. Bitcoin just hit 1100
The Bitcoin Channel
P.S. Bitcoin just hit 1100
Nikkei is 15629
HIS is 23939
China is 2203
Oil is 93.03
S&P fUT is 1805.30
Any questions grasshopper?
They'll never do it but cards with real gold on them you can tear off would get people trading in them and create more physical demand.
If it is from a bank you know it is a scam.
If it ain't open source it ain't nothing.
BitCoin @ $1100
This bitcoin crash smacks of desperation by the cb's. The spook agencies most likely used their stolen bitcoin cache to take the price down in an attempt to discredit and dissuade folks from participating in this market. But, unlike the pm's there is no paper derivative market to continue the manipulation, so they have limited ammo. Fiatleak is showing tremendous flow now that China is awake on Monday morning as the price has almost fully recovered. People are stunned because they've forgotten how real markets work anymore. We pm holders should welcome this because I believe it will be the thread that begins the unraveling of the lies, manipulation and corruption within the system.
Correct. Bitcoin keeps them up at night, as it should. It is their doom.
The Bitcoin ChannelCrypto-Currencies Will Destroy The Banksters' Monopoly On Money
ROTFLMFAO !!!
When Shitcoin is backed by the full faith and force of a military THEN it will spell banker's doom.
Otherwise.....Satoshi is a pussy-toshi.
Mao of China once said the "ALL power comes from the GUN"
I think he must of been thinking of the USD when he said that in 1947, for certain its sad that most american's and even most here on ZH, don't understand that a 100 MILLION people had to die post 1913 in order to build the USD reserve system we know today,...
Yes, the shit-coiner's don't have a clue that behind paper
money is a river, an ocean of fucking blood.
The US Treasury is one of the most armed branches of gubmint, but most people don't know that.
*
The bankers play the MIL like a fiddle the MIL&COP only give a rat's ass about their gold plated retirement, and the banker hold's the strings. A system created by Hamilton long fucking ago.
If & when BTC has 10's of millions of dead body's behind its history it just might get a little respect.
Take it easy, Francis.
Christ, your asterisk BS is a total giveaway, that and your banker obsession. Good job keeping the "JAY" "OH" "OH" "ESS" word out of your rants though, that must've taken a LOT of restraint, knowing your stupid ass.
Holy shit.
There is some kind of futures market for bitcoin;
https://icbit.se/
If governments can manipulate gold surely they can manipulate bitcoin?
All that is required is for the price to never settle?
Your point is well taken. There have been, and are ongoing attempts to establish some sort of margin exchange for commercial retailers to hedge transactions. I'm sure all of the governments with privately owned central banks will try to figure out a way to sully the idea of any alternative competing currency. It's worked with gold and silver because they're the oldest and the most reliable measures of wealth, and the chains for their contol have been forged over the decades. I'm not sure they have that kind of time right now, as the currency wars go nova. Events may ovetake plans. As Mike Tyson said "Everybody has a plan, until they get punched in the face."
At $1000 per coin, btc is still a milk sop lightweight amateur, dancing round the ring opposite a tag team of state actors.
I'm picturing Janet Yellen in a Mexican wrestler's mask and Mark Carney in a lycra body suit. I wish I wasn't, but I am.
Where would btc need to be for it to smart like a Tyson left hook?
Do governments really have any choice but to buy bitcoin now if they really want to take it down?
I talked to a few software engineers from Shanghai last week and none knew anyone buying bitcoin; in fact they said they had vaguely heard about it when the story about a house being sold for btc broke, but "just assumed it had crashed since then." That was before yesteday's movement.
The quantity of large trades in RMB suggests it could be a smaller number (1?) of strategic buyer(s) there?
Can't short BTC
Can you elucidate on that theme? I would love it to be true; I want to believe!
Why not simply back paper fiat with gold? Because paper fiat is 100% anonymous.
Bitcoin is digital, therefore 100% traceable. Don't kid yourself.
Cut out the bankster middle man... own physical.
you heard the man Bitchez!
keep stacking
Bitcoin, Shitcoin .. FUCK THAT CURRENCY!
GOLD & SILVER , fuck anything else.
This has an odor of confiscatorial strategy to it.
#winning
cryptocurrency? Sure.
But why BitCoin? Just because it was first?
You didn't mint that.
Way OT. Who killed the McStay family of Fallbrook, CA in 2/2009? It is a fascinating mystery.
I say, in order of likelihood
1) Dan Kavanaugh
2) Michael McStay
3) Michael McFadden
4) Chase Merritt
5) ex-BF of Summer McStay
Anyone else following it? What say you?
Yeah they found the bodies where i used to go shooting, ride my quad. Fucked up stuff. Back in like 2005ish there were two judges that got wacked in rancho cucamonga ca barely any mention in the msm
"The general remarks, which the credit system so far elicited from us, were the following:
I. Its necessary development to effect the equalisation of the rate of profit, or the movements of this equalisation, upon which the entire capitalist production rests.
II. Reduction of the costs of circulation.
1) One of the principal costs of circulation is money itself, being value in itself. It is economised through credit in three ways.
A. By dropping away entirely in a great many transactions.
B. By the accelerated circulation of the circulating medium.[1] This corresponds in part with what is to be said under 2). On the one hand, the acceleration is technical; i.e., with the same magnitude and number of actual turnovers of commodities for consumption, a smaller quantity of money or money tokens performs the same service. This is bound up with the technique of banking. On the other hand, credit accelerates the velocity of the metamorphoses of commodities and thereby the velocity of money circulation.
C. Substitution of paper for gold money."
It would appear therefore that the above is a speculative land grab to reassert ownership of money itself. If it is successful and the animal instinct for the physical material proves just too much for the holders of the metaphysical stuff once again ownership is back with the original masters and shall appear back on their balance sheets in their banks in no time at all with the only noticeable change being the notation of currency on the ledger. The means of circulation have been expanded for free whilst the circulating medium itself have once again provided further means to expand credit all whilst therefore providing further opportunities for interest seekers within the traditional capitalist class.
"We haz Bitcoin + ! Plus What? you ask- Plus Gold you furry little muppet! What more could anybody ask?"
"Now don't you worry, we'll hold it here in our vault. Sleep well, we got this."
.
.
O hell no.. ;)
What I want to know is, will they be putting the visage of Queen Elizabeth on the reverse of this coin?
In other words, are we looking at BiddyCoin?
I was thinking Loki on the front and an @ sign on the back.
Did we miss the big story here?
Gold made money again....an admission from the UK TPTB no less. Kissenger, The Bernanke...et al.... wont be impressed.
Gold back as an integral part of the money world....the beginning of something..?
A FUCKING PUBLICITY STUNT ... To Find MORE MORONS to BUY BITCOINS..
If you want 'gold' buy the real fucking thing, ... paper backed by GOLD, or a BTC backed by GOLD, is still a sucker's game, ...only GOLD in your hand is your friend.
***http://www.forbes.com/sites/timworstall/2013/12/01/todays-strange-bitcoi...
Today's Strange Bitcoin Idea, The Gold Backed BitcoinThis particular idea rather has me scratching me head as I can see a small publicity value to this idea and no other practical one at all. The idea being to produce physical bitcoins that are partially gold. That sounds like a reasonable way of getting a bit of publicity but not much else. And I cannot for the life of me fathom what the use of them would be beyond that. It’s the island of Alderney that is suggesting this:
Now in one sense even just the idea has worked. For the FT has run a whole page on the point and here I am at Forbes talking about it again. So, the word should be getting out and about that Alderney wants to set itself up as a hub for the legal and controlled trading in bitcoin. So in that one sense the job is done already, that gold bitcoin has done what I presume it was intended to do.
Lol. +1. Money running scared and speculators a sitting ducks.
Yep, keep your head down, your powder dry,
Folks are afraid, and fear breed's stupidity,
TPTB knows there is still a lot of cash out there, and
they will do anything to pry out ,it out of dumb people's
hands.
They say a 'fool and his money are soon departed', the hardest thing in the world is to watch these pyramid-scams and not play and listen to other enthusiasm
The scope of the MSM behind this orchestrated world wide
fraud should leave in nobody's mind that the CIA/NSA is not behind this fraud, as nobody has this much DEEP public-relation clout.
Why own the bitcoin when you can own the gold behind it?
No need to melt it, in its original form you know the gold content. Keep an eye on the price of gold...and buy these 'physical' things if they are going below price.
Thats something I could get behind.
This bootleg coin stuff is BS.
PonziGeddon. PonziGate.
If anyone cares to check out the prices at Royal Mint you will establish that their merchandise in general are on offer for a 30-50% premium above market rates to joe public. A ponzi palace graveyard for the vulnerable, like Wonga.
As the Pacific Ecosystem is ravaged by Fukushima, shark attacks in Hawaii are going parabolic, almost 1 per month for the last 2 years.
Check it out here, original work
http://nukeprofessional.blogspot.com/2013/12/apex-predators-in-hawaii-ar...
And other evidence that the bulk contaminated water from Fukushima is now in Hawaii
http://nukeprofessional.blogspot.com/2013/11/possibly-radioactive-japane...
humans are less contaminated
Bitcoin is the latest experiment in fiat money:
http://dictionary.reference.com/browse/fiat
By royal decree, controlled, and easily debased when central power next needs to plunder with impunity for its endless wars and self-serving globalisation.
Once again, people voluntarily submit to manipulation. A digital currency which can easily track all transactions at less cost than the current paper money is most profitable for the central controllers. All the better if people choose it instead of being forced into it, and force is always the option if expedient. Digital currency has been the aim all along for the central controllers who plot in decades, not years, munchkins.
Nothing like 'greed' to get the fuck-head lemmings all jumping off the cliff together,
Fuck dot-con, y2k, real estate bubble, and now
crypt-currency bubbles,
You would think that at some 'point' that MORON would get 'bubble', but nope PT BARNUM, long ago said "never
underestimate the god-damn stupidity of the american
public'
Yes, I agree Under Prez Hillary Clinton in 2016 with the USD kapoot why shouldn't there be a new world currency, and why shouldn't the USA secretly create such, and best of all to have the 'libertarians' stamp their approval, and all those CHINESE T-BILL dollars convert to said BTC's, and all the MORON's think its "ANTI IMF CIA/NSA" to boot!
Fucking GOD DAMN BRILLIANT.
So, is that the REAL reason the NSA has the new super-center in Utah? To track all cyber-currency transactions, and do pattern analysis?
That should get the super-paranoid wound up. ;-)
"and to redirect it in a 'fiat' pathway"
Bravo, ZH.
As far as I am concerned, if you buy into this, you perpetuate and foment the new world order and desire for complete state control. That is slavery and this is the first step. If you do not see this, I feel sorry for you. My daughter and unborn child say FUCK YOU for pushing their agenda. Slave.
Ah, but that mindset is baked into the cake now...
The Bitcoiners pretend they are saving the world, even, but if the mania continues, they may be creating the biggest black swan all on their own...
They do not see what you see. They are not concerned with such things. They do not know how.
Most people do not see what I see coming.
In general there is normally "NOTHING NEW UNDER THE SUN"
Different day, same bullshit.
Fraud's pushing bullshit, today its "BITCOIN EQUALS GOLD", ...only a fucking idiot can buy that, but like the emperors new clothes, the village idiot is not going to question, he's going go along with the party,
There's no fucking way you'll be KING, and your already a fucking prisoner, if you still live in the USA.
King? For the record, we are actively planning our egress.
..."The virtual Bitcoins backing the physical coins would be held in digital storage facilities by Alderney."
So is the thing where they tattoo "666" on your forehead?
Yes or somewhere similar. Fiat is control by the self-appointed masters of the world. Bitcoin is its latest incarnation, experiment.
The man likes it. Thats bad.
Alpha Monkey said it nicely: http://www.zerohedge.com/news/2013-11-29/e-gold-founder-launches-new-gol...
"The part of that article I found interesting was the scheme. They sell you a TOKEN that is unspendable, that you can REDEEM for a bitcoin at some point in the future..."
Great, expect to see leverageable ETFs with multiple ups and multiple downs.
Fractional reserve Bitcoining....
My understanding is that Bitcoin has become more than 99% of the cryptocurrencies, as valued in fiat money. (Litecoin apparently is next, while all the rest of a couple dozen or so make up a tiny fraction of one percent.) However, I certainly do not share any sense of optimism about how Bitcoin is supposed to make it possible for things to get better. My view is that Bitcoin, (and all cyptocurrencies) are PARASITES ON TOP OF PARASITES.
This article above is more about how the established systems are breaking down, which some people believe will somehow become a good thing ... well maybe, eventually, but only after a lot of serious social chaos and mass murder, for those who happen to survive through that ... ??? The madness of the established systems will drive themselves to their own destruction. However, anyone who thinks that precious metals, or cyptocurrencies, or anything else, is going to provide some kind of "solutions" is similarly suffering from some form of terminal nostalgic nonsense.
The only "money" that would make enough sense was one that faced the fact that money is measurement backed by murder. Money should be understood as an information/energy system. HOWEVER, doing that thoroughly results in having to cope with the inherent embedded paradoxes, that human realities are always organized lies, operating organized robberies, with murder being the most extreme form of robbery, which is the actual bottom line which gives money its meaning, as a measurement of anything.
There is a widespread delusion that having technologies become trillions of times more powerful and capable somehow is not going to necessarily blow every previously existing social and political institution away. The more that those institutions attempt to utilize those technologies for their purposes, the more that they feed those technologies to become orders of magnitude more powerful and capable than can possibly still fit inside of the basic social pyramid system of Neolithic Civilization, that has been developing exponentially for thousands of years ... but which is clearly reaching real limits where any more doublings are extremely improbably, and quickly becoming impossible.
As far as I can tell, Bitcoin, as the now overwhelmingly dominant cryptocurrency, exemplifies the general pattern that technologies which are trillions of times more powerful and capable actually get used to tell the same stupid social stories again, or to channel the same old systems of lies backed by violence, in order to engage in more utterly unsustainable forms of runaway robberies. Most of Zero Hedge content is based upon being relatively more aware of the degree to which the established systems are becoming madly self-destructive, which is usually presented as good analysis, within some appropriate frame of reference, then followed by silly bullshit solutions, that utterly fail to comprehend any bigger frame of reference, which is what they should do, but rather, they are content to embrace some old-fashioned nostalgic nonsense about what alternatives might be better to cope with the mad self-destruction of the established systems.
Our real problems are actually trillions of times worse than ever before in human history, and are headed towards ever greater orders of magnitude, as long as basic science and related technologies continue to improve, while all human activities continue being controlled by dishonesty, backed by violence, in which the crucial controls are the death controls, that back up everything else, but which are being done through the maximum possible deceits, to the degree that it is practically impossible to have any saner political debates about that, since the established civilization is based on the history of successful deceits becoming almost infinite, or of such magnitude as to no longer be able to comprehended by human beings, such as exemplified by weapons of mass destruction, e.g., at least a couple thousand atomic bombs ready to be launched at a moment's notice, after a couple of keys are turned, and a button pushed!
The combined global electronic fraud, backed by atomic bombs, money/murder systems, are NOT being truly improved by cryptocurrencies, because there is still no improvement whatsoever in the murder systems that back up that kind of complementary currency. Instead, Bitcoin, et alia, are merely a parasite on top of the fiat money parasite system, which total parasitical system operates through the maximum deceits and frauds which are humanly possible.
The old relative "ring of truth" in the physical precious metals is now no better than the quality of the programming in the cryptocurrencies. Both are pathetic shadows of the truth that money is measurement backed by murder. The crucial problems are the paradoxical ones inherent in the existence of energy systems which regulate themselves, such as human civilizations which ended up being controlled by the people who were the best at being dishonest, and backing that up with violence, who were able to sufficiently, or rather, too successfully, brainwash most people to not know, and to not want to know, the deeper truths about the realities that money is measurement backed by murder.
Bitcoins, et alia, are parasites on top of parasites, because they take no responsibility for the murder systems that back their meanings up, and they are not accountable for anything that gets indirectly done, which is necessary for them to exist. The same could be said for bigger parasite, hosting the cyptocurrency parasites, in that the fiat, faith-based, money system frauds, as well also track back to the history of metal coins, where, at least, the ways that swords and spears were associated with the gold and silver coins was still relatively available to common sense. The history of paper money gradually lost track of its connections to the rifles and cannons that backed those up. While the electronic fiat money, backed by atomic bombs, has almost totally lost track of its own underpinning realities. Cryptocurrencies complement the electronic fiat money, but that is all. They are nothing more than parasites on top of parasites, which provide some measurements backed by murders, from which they are relatively divorced, and not responsiblible or accountable for. The emerging Bitcoin billionaires are merely more of the same old social pyramid system, becoming even steeper, and therefore, more unstable, especially since it is being constantly undermined worse by the ways it gets away with deliberately ignoring its foundations of natural capital, and the global ecologies in general, because Bitcoin IS merely another parasite on top of a bigger parasite, which still behaves in similar ways.
The deeper problem is the evolutionary ecologies of energy systems, which have seen the human experiment unlock inanimate energy sources, and more and more animate those energy sources. Thus, all of the inherent political problem which are present in the nature of life are now manifesting through previously inanimate energy sources, which are being animated to become many orders of magnitude greater than anything which previously existed in human history, which was based on the previous kingdom of animate energy. What is happening is that a new kingdom of life is emerging, which then comes with its own chronic political problems, but which are magnified by many orders of magnitude, as demonstrated by the ways that the scientific breakthroughs have enabled technologies which are trillions of times more powerful and capable than ever before. The realization of those potentials has taken place within the life time of human beings who are still alive now, and therefore, have barely begun to be adapted to.
Rather than really adapting to the paradigm shifts in science, and the related ways that technologies have been amplified to awesomely astronomical sizes, the vast majority of human beings continue to indulge in nostalgic nonsense, which has it most recent form in the ways that some people think that cryptocurrencies are anything more than parasites on top of parasites, which are utterly irresponsible. I agree with the view expressed in the article above that a "gold Bitcoin" is an "... utterly incomprehensible, fusion of (opposing) hard, soft and digital currencies all rolled into one..." However, I perceive that as an example of the general nostalgic nonsense to be found everywhere one looks, while people attempt to grasp for personal solutions to problems caused by technologies becoming trillions of times more powerful and capable, being primarily channeled through the old-fashioned social pyramid systems, based on lies, backed by violence, developing into force backed frauds, such as electronic money, backed by atomic bombs. While I sympathize with individuals doing the best they can to find personal solutions to their perceived problems, in my view, the ideas that possession of precious metals and/or cryptocurrencies, will provide any genuine solutions the problems of a globalized electronic fraud, backed by the force of atomic bombs, is NOTHING BUT NOSTALGIC NONSENSE!
Dude! you must be smokin the good stuff!
One of the biggest BTC lies is "BITCOIN IS MATH"
NO its NOT math, there was no math harmed in making btc's
BITCOIN is a fucking software hack,
Today the CHAIN is 8gb and growing daily, in a year it will be much fucking bigger, its already broke many times and the 'exchanges' mended the chain and brought it back on line, cuz anybody that has >50% of the COIN, is king and can do as they fucking wish, ... so as long as 'exchanges' CONSPIRE to meet in secret and throw their weight behind any ALOGORITHMIC change to the bitcoin-chain (high tech chain letter "Satoshi" ), then the system MUST accept it as kosher.
So what happens is eventually assholes monopolize BTC ( they do now ), and then it will break on its own, as most client systems will fold under 100's GIGA-BYTES files,... shit most DVD movies if poorly compacted are 4gb, and when the block-chain is 100's of gigabytes or terrabytes the client user systems ( YOU THE BITCOIN CONSUMER ) is fucked,
In summary BITCOIN is a tower of babel that will self implode, the software was a HACK to begin with, and as man-month-mythology proved long ago, that over time all software becomes more unreliable,
So there you have it BTC will fucking implode, and take everyone's wealth with it,...
Yes, carlin401, I too feel that "assholes monopolize BTC ( they do now )" ...
And, I also agree that it seems that all the most successful computer and Internet companies were enabled and allowed to become so because they covertly agreed to work with the secret police forces, so that backdoors into those systems, etc., seem to be quite common, which makes the alleged "security" regarding cryptocurrencies appear dubious.
There has to be personal solutions.
But honestly, why not state the most obvious and tangible of all? Get the fuck out of the USA and go live in a low-tech country, that the USA (Sauron) doensn't even see on its gaydar.
This article was 100% bullshit, ...and you are right, crypto currency coming out of the NSA is just parasitism on parasitism and it will eventually all go down, and eventually given that all these assholes promoting BTC will become 'billionaires' that FOOD will cost billions, ...
The best bet is to go live in a place, where you can grow your own food and let the parasites fuck each other to death, ... far away.
Wow! That was a lot of words. It was very well written but what was the point(s)? Radical Marijuana, you can write very well but you are all over the place on content. Your rant was very well punctuated. The sentence structure was excellent. There are few people who can do that sort of thing.
Well, Manipuflation, maybe it is just extreme "sour grapes" on my part, since I follow the financial news, and I knew about Bitcoin, etc., a long time ago, and so, I could have made money by buying it when it was cheap, to sell when it became equal to the price of gold, like it recently did.
Unfortunately, I long ago made a number of decisions not to try to make money in ways which I thought were corrupt. Decades ago, I thought that the monetary system itself was completely crazy, and I have spent most of my time attempting to do something political to try to change the monetary system, rather than to try to do things to make money within that system. Although I still think that was theoretically the right thing to attempt, from a practical point of view I have been forced to admit that I have been apparently totally wasting my time.
Therefore, I guess the hidden point behind all those words is me being provoked to rationalize having not invested in Bitcoin a couple years ago!
I would probably be a lot better off now, from a material point of view, if I had no conscience regarding how to make the most money. Instead, I got stuck in the rut of thinking about how the monetary system itself was too insane, and should be radically changed.
To be frank, Manipuflation, I wish that I could travel back in time and prevent myself from ever learning about the money system, so that I continued to think that making money within that system was a good idea. Generally speaking, the younger I was, the harder I worked, and the more money I made. However, the older I got, the more I learned about how insane the monetary system was, and then the less able I became to rationalize any of the established ways that I could have made more money within that system! Hence, I tend to regard Bitcoins like the Aesop's Fable about "sour grapes," that provoked me to write my comment, which I nevertheless think is correct, but practically pointless to post.Do you possess PM, and if so, will you sell it all at the price you bought it?
Assuming you are asking me, The Abstraction, I answer that, indirectly, I have a stack of silver coins, kept with the rest of my emergency supplies, but no, I would not sell them. I would continue to hold them indefinitely, and hope to never have to use them! (I am quite sentimentally attached to the oldest silver dollars that I have, which I consider to be the last real, good, American money, before the international banksters succeeded in demonetizing silver, as a significant early step towards the destruction of the American monetary system, which has now been nearly 99% accomplished.)
P.S.
I would like to buy lots of these:
http://sdbullion.com/shop/silver/cannabis-medallion/
http://sdbullion.com/shop/silver/sbss-cannabis-proof/
I like the video and commentary there!
Well, you have made your choice of investment of an undervalued metal, why is that morally any different from stashing away bitcoins, in the hope that in an emegency, they may pay the rent?
Please help me understand this zero-heads
When OBAMA brought out OBAMA-CARE why didn't he bring it out as a chain-letter where the early morons could get rich, and convince other morons to buy in?
If the 'libertarians' had been sold the idea that OBAMA-CARE was 'their idea', then today Obama-Care would be seen as a success.
I think the IMF (NSA/CIA) has learned well that if you want to stick a hot poker up someones ass you must first make him think he want's it, otherwise he run's and hides, but this way he run's to the fire, ... fucking brilliant.
***
All this is orchestrated, it doesn't take much that the ENTIRE MSM is behind BTC from the beginning, and for anyone that had any doubts that MAX-KIESER isn't one of the this should leave no doubt. At the very least those of us locked, and loaded are ready now have a very clear enemy list brought by those who 'sold bitcoin' from day one.
When all the smoke clears all this goes back to the original premise of survival tomorrow.
1.) kill your tv
2.) kill your smart phone
3.) don't own a computer
4.) don't carry any kind of electronic tracking device
Certainly all technology from now on is suspect to be part of slavery.
Ignorance is strength
War is Peace
Slavery is Freedom
Bitcoin is Money
****
Who could have guessed?
Bur Carin is always Carin.
Pedantic of me, I realise, but technically Orwell was wrong; or rather, right; when he said Ignorance is strength. That is, wrong to suggest it was a legitimate doublethink expression.
As Dawkins points out when fondly digging Christians in the ribs, you cannot be omniscient and omnipotent at the same time. If you were omiscient you would know the future, which would mean the future is fixed, and you would therefore not be omnipotent but impotent...
So goes the theory with Bitcoin; any power it can claim comes from the absense of central authority.
The Federal Reserve, by contrast, apparently knows what is best for everyone, and knows all future prices. Monetizing debt is both impotent and onanistic. Go long on baby oil.
"When Fascism Comes to America, It will be Called Bitcoin" - George Carlin
this is totally wrong and shows that u don't understand anything about BTC
Next stopt für Bitcoin: $2000 maybe this week:
http://btcpost.net/
It does seem like a confusing juxtaposition, but it is just the equivalent of a digital bearer bond if coins are kept in a repository and can be freely exchanged upon demand.
Great, so some German guy named Hans is going to come steal them on Christmas Eve? Whatever you do, don't store them in the vault at the Nakatomi building!
So what prevents me from engraving a private key on a gold Eagle?
Kuggerands, and Canadian maple leafs, and all the fucking gold minted coin's will be soon selling BTC gold 'bit coins' at
1,000% fucking markup, ... so fucking what?
http://www.zerohedge.com/news/2013-12-01/uk-royal-mint-working-plans-iss...
UK Royal Mint Working On Plans To Issue Gold-Backed Physical Bitcoins
Zerohedge, 12/1/2013
That much of the currency otherwise
would NOT be backed by any particular
value might be something someone
has in mind.
And of course, none is otherwise so backed
(currently) except by proxy of the currencies
for which it's a risk equalizer.
And, the value of the gold will,
interestingly, at least provide
a gold value floor, while bitcoins
themselves may have greater
value than the gold by weight
used for the coin.
That thus becomes a bitcoin
with a value floor.
People will prefer those.
But it does not detract from the point
of a currency acting as an equalizer
of currency risk, including as a mediation
between different degrees of currency
manipulation reflecting differenct
degrees of monopolizing of monetary
policy and privatization of banking
policy.
However,
If one reads the GNP of the U.S.
it's value equivalent (real purchasing
of real value power) is clouded
by this
http://seekingalpha.com/article/24933-substitutions-and-hedonics-inflati...
for beginners (also see.)
http://www.shadowstats.com/alternate_data/inflation-charts
If one were to first look up the
U.S.' GNP by looking at it in its
bxtcoin equivalent, they'd have
to immediately check the nominal
dollar amount to really get a clue.
The bxtcoin value is a fair
exchange at a given moment
but simply is too volatile.
The Big Mac Index
http://en.wikipedia.org/wiki/Big_Mac_Index
is wanton in
that there really are different
cost inputs from place to place,
representing real different value
from place to place, though they'd
be small differences per
hamburger.
I think with democratic process,
strong wages and a strong stable
currency, with informative economic
data describers, would create a
very different ability to know. Those
wage and currency objectives reflect
a people's worth.
RFK on GDP
https://www.youtube.com/watch?v=77IdKFqXbUY
Bxtcoin DOES remove monopoly
of the treatment of currency
value risk--but only until someone
invents manipulating it or
destroying confidence in it,
though those influences may
be temporary.
As to that, don't miss this from Wired:
http://www.wired.com/wiredenterprise/2013/11/ddos_bitcoin/
That risk equalizing ability
makes it an interesting parallel
to risk equalization in health care,
which eliminates cherry picking
and the actuarial process, as
does single payer.
We get Bitcoin, Vapor metal like comex soon, and the GOLD FLOWS EAST>
Scrappy Dog and Watch Dog seem to have a have a spirit in common.
http://usawatchdog.com/dr-jim-willie-treasury-bond-will-be-phased-out-an...
Everybody drop it. Both sides have had the chance to convince the other. Stick to your guns. Come back in 1 year and let's review these same discussions.
If institutions and governments are embracing it, you know who is behind it, and you know you're going to get fucked.
Now it makes more sense that the congressional prostitutes were fairly welcoming toward the bitcoin in their congressional circle jerk last week/month....
More proof that the descendants of first cousins that married centuries earlier still carry the deletarious genes.
Bitcoin is a debt instrument without a debtor.
No one will buy the dip, simply because no one has to.
The next deflationarry shock will cripple it.
http://i.imgur.com/FAVyM.gif
lol
http://glenbradford.com/files/Stocks/Adam%20Smith%20-%20Supermoney.pdf
;)
...