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Precious Metals Dealer To Pay Employees In Bitcoin Even As "Go-To" Bitcoin Exchange Is Massively Hacked
Earlier today, a small Denver-based precious metals dealer AmagiMetals announced something curious: it would paid its staff in Bitcoin. As it reported in its press release, "its entire staff will voluntarily accept a portion of individual employee paychecks in Bitcoin in 2015 through a new service called Bitwage. CEO of Amagi Metals Stephen Macaskill said the company is taking this action to advance its ability to function fully in Bitcoin going forward. Macaskill will accept $40,000 of his annual salary in bitcoin to demonstrate his support of Bitcoin."
The announcement came on the heels of Amagi Metals’ August 2014 decision to no longer accept U.S. Dollars after 2016.
Whether it is a marketing gimmick, or the PM dealer is one of the few companies to put its (electronic) money where its ideological mouth is, and press for a world without dollar intermediation remains to be seen. However, for the sake of its employees we hope they did not put any part of their bonuses in the Bitstamp exchange which as we learned overnight, was the next big Bitcoin exchange to suffer a major hack following the now defunct Mt. Gox, and where a little over $5 million in bitcoins were stolen.
According to Wired, early Monday, a UK- and Slovenia-based bitcoin exchange Bitstamp announced that it would be going offline while it investigated a security compromise of some portion of its stored currency that occurred over the weekend. In a statement to WIRED, the company said that “less than 19,000? bitcoins were stolen in the attack—about $5.1 million dollars—and warned users to immediately stop making deposits to any addresses it issued before 4 a.m. ET Monday. Meanwhile, Bitstamp users’ money remains frozen in the company’s accounts.
“Bitstamp takes our security and soundness very seriously,” reads a statement on the company’s website. “In an excess of caution, we are suspending service as we continue to investigate. We will return to service and amend our security measures as appropriate.”
Taking a cue from insolvent Europe, the exchange immediately rushed to define what it is by clarifying what it isn't: Bitstamp is not Mt. Gox. Just don't tell that to those were digitally corzined.
The company also tried to reassure users in its statement that they’re not facing a Gox-level debacle. Only the exchange’s “operational wallet” was compromised, it says, a fraction of coins that are frequently bought and sold. Careful exchanges (and users) keep the majority of their bitcoins in “cold storage,” on computers without any connection to the Internet to prevent their theft. “As a security precaution against compromises Bitstamp only maintains a small fraction of customer bitcoins in online systems,” the company’s statement reads. “Bitstamp maintains more than enough offline reserves to cover the compromised bitcoins.”
Bitstamp’s chief executive Nejc Kodri? wrote on Twitter: “My sincerest apologies to those who are affected by our service being temporary suspended.” He continued, “Thank you all for your patience. We are working diligently to restore service and hope to have an ETA later today.”
In a followup email to WIRED Monday afternoon, Kodri? added that the company is cooperating with law enforcement to get to the bottom of the hack, and is “working to transfer a secure backup of the Bitstamp site onto a new safe environment and will be bringing this online in the coming days.”
Bitstamp is far from Bitcoin’s biggest exchange; prior to its suspension it accounted for only about 6 percent of transactions according to bitcoin statistics site Bitcoin Charts. But it had become one of the longest-lived and reputable ways to buy and sell currency in bitcoin’s volatile economy. After Mt. Gox’s bankruptcy, Bitstamp became a popular alternative to top exchanges BTC China, based in China’s uncertain regulatory environment, and BTC-e, a mysterious operation run by unknown owners thought to be based in Bulgaria.
“We’re the backbone of the entire Bitcoin industry,” Kodri? told Forbes last year in an interview. “The wallet services, ATM machines, mining companies all rely on us. The price of Bitcoin is the de facto price on Bitstamp. We’re the go-to exchange.”
Its temporary shutdown due to the theft of a still-unknown number of coins could rattle bitcoin at a bad time. On Monday morning bitcoin’s price hovered below $270, its lowest since 2013 and down from $375 just a month ago. If Bitstamp doesn’t quickly emerge from its downtime and replace any lost coins, cryptocurrency’s new year could be off to a unpleasant start.
Of course, the Bitcoin advocates will tell you that this hack couldn't possibly have happened and that all those digital monetary equivalents stored "safely" in some hard disk are still there and are a viable alternative to either the fiat in your bank account or the physical gold and silver stored... somewhere else.
In retrospect it is becoming increasingly clear that the collapse of the fiat system will not come from the outside where incidents such as this one do nothing to boost confidence in monetary alterantives, but from within, i.e., the central banks themselves. Then again, since we now live in a world in which only currency devaluation serves to inflate the perception of nominal wealth (recall that in a few short weeks the world will be en route to monetize a record $1.3 trillion in 2015), giving central bankers the key to terminal fiat destruction may be the best option available.
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upvoted for the comeback.
agreed vis a vis transaction costs. The banks cream off so much from international transactions that it is not viable to remit small amounts. Dominic Frisbee's new ebook presents quite a balanced view, worth reading for the GPB 3.99
http://www.amazon.co.uk/Bitcoin-Future-Money-Dominic-Frisby/dp/1783520779
BTC is a human construct built upon binary digits (1's and 0's) based upon another human construct (math) contained within another human construct (computers).
Gold is created only by supernova nucleosynthesis (collision of neutron stars): http://arstechnica.com/science/2013/07/making-heavy-elements-by-colliding-neutron-stars/
Gold is inefficient to use as money in a modern civilization.
Gold and btc complement each other.
That point of view is based on a pay-as-you-go mindset, which is the illegitimate child central bank inflation.
Seriously.
It is very convenient to pay with things that have no value.
But it is totally unacceptable to receive payment in things of no value.
To be accepted in exchange the medium must be acceptable to both seller and buyer.
"Intrinsic Value" is when a things' natural properties make it good for a particular purpose. The purpose is the value. The natural properties which lend it to this purpose are the 'Intrinsic' part.
Copper has an 'intrinsic value' as a conductor of electricity. Silver has 'intrinsic value' as an anti-microbial agent, and as money. Gold has an 'intrinsic value' as a lot of things, but particularly as an exchangeable asset - money.
Bitcoin is not terrible. Bitcoin is simply NOT DURABLE - hence it is unsuitable as money. Bitcoin is suitable as a unit of exchange only when bound as a promisory note representing something that IS durable. And currently, it represents dollars. Dollars are what you pay to get bitcoins. Hence bitcoins are dollars in disguise.
I do not say that Bitcoins COULD not be something other than Dollars. I say only that Dollars are what Bitcoins represent right now. The Dollar, on the other hand, is a promise to tax productivity in a very large economy...which is shrinking, and whose liabilities are greater than its assets.
And Bitcoin is not particularly reliable in that role, relying as it does on an encryption arms race, with great technological dependencies and hence - great fragility, as shown quite well in the article.
That is the problem with Bitcoin. It is not durable.
Bitcoin does not represent dollars. I can trade goods and labor, precious metals and other fiat currencies for it. It is estimated that the number of combinations of a Bitcoin private key is equal to the number of atoms in the universe. You could try to brute force crack a private key using a supercomputer made up of all the available resources of our entire star system and the sun as its energy source, but the sun would burn out before achieving your goal. The Internet relies on technology, but it is doing pretty well.
There is a concept called a 'Numeraire'.
A 'Numeraire' is the thing that measures other things.
Right now, rightly or wrongly (WRONGLY!!) the Dollar is the world's numeraire.
All currencies are valued in Dollars.
Nobody buys a bitcoin because they want a bitcoin. They buy a bitcoin because they want to buy other things - i.e. they want to use it as a NOTE.
Now, what is it that they want to use the bitcoins they get from you to buy? Stuff. And all that 'stuff' has a value. And the value of that stuff is the numerator. And the denominator of the value of that stuff is....???
It is the Dollar. If you put Rubles or Euros there, then the denominator is still the Dollar. If the person you pay with bitcoin converts it into Reals, Yuan, Pesos, Gilts, Tbills, or an innumerable list of other things... the denominator is still the Dollar. Because THAT IS WHAT IT MEANS TO BE THE RESERVE CURRENCY.
No matter how I structure a transaction with Bitcoin, I cannot avoid this...because Bitcoin has no value EXCEPT as value as currency - and that is why it can never be money, and can only ever be a marker, a NOTE, for something else.
Like all notes of credit, then, bitcoin only has value while we think it does. Because there is no separate group of people who want it only for itself. Hence it is not durable.
Bitcoin is dependent on the 'encryption' side of the encryption-decryption arms race always winning. Encryption does not always win, as this article shows. Hence it is not durable.
Bitcoin is dependent on advanced electronics. A carrington event CME would wipe it out. Hence bitcoin is not durable.
Bitcoin design requires an exponentially growing blockchain of transactions, resulting in a geometric increase of blockchain size in response to algebraic increases in use. When the blockchain is no longer portable, bitcoin is done. Hence bitcoin is not durable.
Bitcoin is dependent on a certain generation of computing theory, and in the big scheme of things it is an early one. The electronics industry and even moreso the computing industry are very, very young compared to most anything. Will bitcoin transactions even be possible 40 years from now? There is no way to tell. Hence bitcoin is not durable.
Now compare that with the gold standard of durability. Essentially all the gold mined since people lived in caves is still available. Its use as money stretches over 6,000 years. It is a noble metal, unchanging over time. You could (and people have) stick it in the ground, and your descendants 2000 years from now could spend it.
Bitcoin is a convenient electronic self enforcing and regulating note system at the present time. And given it's design, it cannot be more than that.
Upvoted for truth.
As I said before, Bitcoin can be traded for goods,services and precious metals without any reference or conversion to fiat currencies at all. Many of the arguments you put forth against Bitcoin apply to gold as well. "Nobody buys a bitcoin because they want a bitcoin. They buy a bitcoin because they want to buy other things - i.e. they want to use it as a NOTE." As with Bitcoin , people buy gold because they will eventually use it to buy "stuff". I will concede your point about gold having a much longer track record as money than Bitcoin. But what if mining seawater for gold , or asteroid mining becomes profitable?
What if a string of thousands of gold laden asteroids strikes earth lasting generations to the point where gold is as common as copper or zinc? Would we abandon gold as money?
.
.
"Gold is inefficient to use as money in a modern civilization."
Actually gold, and silver, make very good money. That is why mankind has over the millennia settled on them.
It is the thievery of the banksters, backed up by their violence-puppets, that has ruined "modern" money.
If the banksters weren't counterfeiting the gold, and silver, warehouse receipts, and utilizing governmnet to force people to use those false receipts, the "modern" money system would be just as efficient as today, just without the theft, and violence.
The banksters need to repay us.
My statement can, if not be proven, at least backed up, by the banksters' and their violence-puppets' take down and persecution of the Liberty Dollar and its operators. Additionally, is the banksters' robbery with the treasonous assistance of FDR, and his goons, of the American people's gold in 1933.
The modern money system is a sham, no doubt. But bitcoin or some yet unknown digital currency seems to be in our future. It is programmable. It can be inserted directly into contracts that don't rely on a third party. In short, Bitcoin can do things which gold cannot. The reverse is also true but to a lesser extent. See youtube: " Bitcoin 101 - A million killer apps"
who gives a fuck.
all value is subjective and there is no such thing as intrinsic value.
what would gold be worth if there were no humans ? It would be worth exactly d.i.c.k.
up vote for speaking the truth
As would Bitcoin....and burritos....and tulips and Ford Motors.
I'm not minimizing your argument but this analogy is lacking.
So did sailing ships Type Writers and silver nitrate film all have subjective perceived value. Until something better , faster , more reliable came along that is. That time is now. Tell me what would happen if just 14 million people on this planet tried to buy just one bitcoin each ?
...and what if a couple billion Asians tried to buy all the PMs possible. It's all relative. I like anything that fucks banksters so hence BTC potential foments that possibility. I see good things with BTC, but like PMs it's got some downside to. It is all subjective. Grid down is my one fear, but yes I understand that it could still be stored safely. Not arguing, just shit shooting.
Precious metals have been available and known about for thousands of years. Maybe a worldwide currency collapse would bring a huge move into the metals. I don't know. I have some just in case. But Bitcoin is the new thing. It's programmable money. We've never seen this. It COULD disrupt so many things. We'll see.
"Tell me what would happen if just 14 million people on this planet tried to buy just one bitcoin each ?"
Your wet dream would come true. But unfortunately for you, there aren't that many fools.
"Gold is created only by supernova nucleosynthesis"
So? So are all the elements except helium, including most of the content of my poop.
Money is an abstract concept. Gold used as money is a human construct. Many things have been used in the past, many things will be used in the future.
I got a monster box of Philharmonic from Amagi. So I like these guys. But this idea, is really pushing it.....Good Luck.
Too much info, Seasmoke.
Tragically, his monster box likely sleeps with the fishes after yet another freak boating accident.
Loose lips sink ships and drain lakes.
Hey Seasmoke, it would be a terrible shame if someone ever stole that monster box of silver.
I can help you with security, but you need to give me your address first...
I was buying from Euro Pacific PM after Tulving bit the dust. But now i buy from Texas Precious Metals. Not only are their prices very competive, but the turn around time is the fastest out there. (and after being put thru the Tulving ponzi, i'll take fast delivery any day).
THE FLAT EARTH POSSEE SAID BITCOIN WAS DEAD
Maybe not dead (yet) but very very unhealthy.
Yawn , that is so 2011.
80 thousand bitcoin transactions per day and growing. Bitcoin must be catching a cold or something.
You are a fucking hypocrite.
Please address BTC`s descent from $950 to under $300 while you BASHED gold and silver the whole time in 2014.
Huh? I'm a PM owner and continue to add to my PM holdings. I'm just not all ga-ga over them though; I'm not certain society will place as much value in them in the future as they have in the past. For 2014 I predicted more and more merchants would begin to accept bitcoin (they did), that the strength of the mining network would increase (30x) and that the exchange rate would increase (wrong on that point). 2014 saw the supply of bitcoin increase 11% in absolute terms, it looks like over-all demand didn't match that, possibly decreasing somewhat (price is set on the margin so it is hard to tell). Bitcoin's story is far from over.
More like 1200 to 250ish. Buh buh the protocol..
Same story when it dropped from 32 to 2 , then from 266 to 80 ,
Next drop will be 3500 to 1000 , then 10k to 3k
Will be hearing the same story on each cycle until it begins to stabilise in a decade or two.
Bandits. Or NSA. Or Both.
Agree that BTC is like Gold with the Advantage that it cannot be confiscated. Except by thieves.
Those of you who are Bitcoin supporters might wanna check out Burst cryptocurrency. You can mine it with your hard-drive and it is very cheap on electricity. With a few TB you can make about 0.5 BTC a month at current exchange rates!
http://razorsforex.blogspot.com/2014/12/burst-cryptocurrency-minable-wit...
Looks like bunk to me. MaidSafe will be out soon in beta , far more useful.
MaidSafe is also very good. But don't discount Burst, it is the only coin of it kind.
A new and unique altcoin that is not a scamcoin? Deja vu all over again!
A new and unique altcoin that is not a scamcoin? Deja vu all over again!
Be careful with shitcoins.
Is that a coin made from dried shit ? I suppose you would not want to get it wet.
"Of course, the Bitcoin advocates will tell you that this hack couldn't possibly have happened and that all those digital monetary equivalents stored "safely" in some hard disk are still there and are a viable alternative to either the fiat in your bank account or the physical gold and silver stored... somewhere else."
This hack very easily happened. It was (again) a third party which was hacked due to their lack of security. Bitcoin itself though, users not affected.
http://s2.quickmeme.com/img/19/19011c5c3cd51d41a0e5bb4f1fc849791d9782f1a...
I bought through Amiga Metals before. They delivered. So did bitcoin. And now the blockchain. Yeeeeeeeeehaaaaaaaaa.
Movin movin movin.
Keep dem banksters squirming
Bitcoin.
Why are we even commenting?
I say bring it on.
Those that want to take the risk with bitcoin will either be vindicated or badly burned. Just let time be the judge.
Bitcoin Last Price $286 +4% in 24 hours.
BTFBD its software stupid.
Bitcoin is a transaction mechanism and a bloody good one, nothing else.
Thanks! That describes it in terms that make sense to me. If I need to move money os on the sly, buy the requisite amount of BC, do my biz and out. Some folks trying to use it is a an investment have made money, others have lost money and some have had it go poof. Yep, short term transaction mechanism works.
https://www.youtube.com/watch?v=lEBP9dpVM70&feature=em-uploademail
“Precious Metals Dealer to pay Employees in Bitcoin… Meanwhile, Bitstamp users’ money remains frozen in the company’s accounts.”
A few things are certain: for example, the Main Stream Media (MSM, which includes education and organized sports) is completely controlled by munitions makers and big banks. As such, their agency, the CIA, vets everyone who advertises, or receives coverage, in the MSM. Thus, when a company finances a college football bowl game, we know the company has been vetted by the CIA; and we know who are major players behind such company.
There are only two questions: one, are company execs ignorant dupes or, two, are they former CIA employees?
It is amazing how easy it is to sucker those who feed at the table of wishful thinking, which some people know as the MSM.
The fact remains that physical gold, productive ability and a few commodities (especially food items), will be the very few “investments” that will survive any financial catastrophe.
Gold is especially poised to make an unprecedented move. It may take a few years; but when people learn the enormous amounts of “cash equivalents” (some $15 trillions) now collateralized by gold… well, let your imagination run wild.
But first, study What Price Gold… $7,000… $140,000… $infinity?
You think future generations will be transacting in metal.
Our kids will be using digital currencies. Gold is next to useless as a currency in a modern digitised global economy. Compare a Type Writer to a netwroked desk top publishing system you might get the idea. Or a 747 compared to a paddle steamer or sailing ship.
Once again, as pointed out earlier, you are confusing the transactional merits of bitcoin with its flaws as capital protection.
Good reply.
When I was in the Navy, I was the lead electronic technician (ET) for a task force of 8 ships; when ET’s on other ships couldn’t fix gear, they’d call me. Most of the problems were too simple for them to see. For example, who would think to check the AC plug? It’s the simplest thing that could go wrong, and yet, nothing happens without secure connections to power. It would usually take me about 15 minutes to find this problem (more than once); and I never told them what I did; didn’t want to embarrass them.
I know how delicate electronic equipment is: just open the cabinet and toss a staple in… and watch the fireworks. And then there are hackers… who can shut down whole systems. And what happens to your currency then? It, figuratively, goes up in smoke.
You can learn this from the MSM. You can learn a few things from it; you can also learn scores of ball games; even weather reports seem to be fairly accurate… that’s about all.
OMG! Are they chinese hackers? Or worse, North Korean hackers! I'm uber glad that years ago when I and most likely you clesthenes, heard of bitcoin, I took some time to learn about it and see its potential not only as an investment but for its subversive capabilities and technological innovation. Seems you did not do this, or if you did you made an extreme lack of judgement not throwing a few dollars at it, which would be a few thousand dollars now. I do hope you enjoy rehashing that anecdote everytime bitcoin is mentioned because if you honestly do use that as reason for not buying bitcoin then it has been a costly anecdote no?
I'm sorry to use the simplistic I won you lost argument, especially since, I won and you lost, but when faced with arguments like 'an electromagnetic pulse could wipe your investment out like that!', or 'what if the bitcoin company's mainframe is hacked!'; simplistic truth is a more than adequate reply.
Ignorant haters don't care for understanding complex systems, I kept evolving my pro-bitcoin arguments, haters didn't evolve theirs, so now I take them on at their level, much easier.
I won clesthenes, you lost out. No?
In the unlikely event the grid goes down, get some gold. In the likely event the grid stays up, get some Bitcoin.
"Ignorance can be cured, Stupid is forever.
Just as a FYI to those that don't know, the forensics on Gox revealed that almost all the bitcoins "lost" on Gox were due to internal fraud, and not the hack. The hack was just a nicely timed event that provided cover.
It's strongly suspected that the fraud was an "inside job."
Never, ever, leave your money sitting at a third party. Doesn't matter if it's cash, bitcoins, or FRN in a bank account.
"Never, ever, leave your money sitting at a third party. Doesn't matter if it's cash, bitcoins, or FRN in a bank account."
Yup: "If you don't got it, you don't have it."
The banksters need to repay us.
It would paid??
Do people write these stories on their smartphones with voice recognition or what?
Would it be out of line to ask, "Why not pay in precious metals?"?
Nothing wrong with the question.
However, before you can pay in gold/silver, someone has to devise an alternative, and efficient, method of such payment.
I operated such a method for twenty-eight years... until the IRS and DoJ conducted a show-trial to shut down my company.
See, a short bio and What Price Gold...
Bitcoin's new slogan: "Bitcoin. For those wanting even less control over their wealth."
The banksters need to repay us.
Nah... I have control over my bitcoins. Paper wallets work great.
Bitcoin is actually the easiest form of wealth to have control over.
Pick a 12 word seed based off of a popular book and a simple cypher. Misspell a word or two for added security.
But you have bullion that you could pay your...nevermind.
This is some cnbc level shite right here. It is embarrassing that some Tylers, or it could even be the same butthurt old fart always posting anti-immigration shite (highly relevant for zerohedge), are allowed to post their illogical and neurotic brainfarts.
As a gold and btc holder, I find the paranoia of gold bugs too chickenshit to try something outside the box laughable, herd mentality is great when investing right? Do these stackers realise a) they can hedge against their unwarranted paranoia at only $280 a pop and b) how insignificant the btc market cap is to your precious gold price (that being the USD price of course).
To continuously lampoon a currency/technology innovation like bitcoin from day dot, before it had/has a chance to find its feet, while at the same time calling for an alternative to the fiat mess we are in now is... cute. Is this blinkered Tyler waiting for his governmental overlords to bequeath him a replacement for the fiat system they created? Does he seriously think that in an era where 99% of lemmings use their card to pay for a $2.50 train ticket, that people will carry around gold shavings to pay for their milk+bread?
Bitcoin is not facebook old boy, you don't look cool exuding your ignorance toward it, you come off as the pitiful dumb money trying to protect what's left of that gold investment you cling to. Queer it is how bitcoin barely got a mention on zerohedge during its rise yet gold rising 0.5 % is "surging". Zerohedge bullish on gold at $1900, bearish on bitcoin at $5. How's that working out for you?
Arrogant binary thinking kids won't know what hit them. You have no clue.
Well, don't keep your BTC on exchange or hot wallet...
Exchange can get hacked.
Now for the XAU/XAG/BTC cat fight, I let that for children...
That's great that Amagi Metals will pay employees with bitcoin!
As far as the BitStamp and MtGox fiascos, all people that require the use of bitcoin exchanges should look at using a system like Reggie Middleton's UltraCoin where they don't need to accept a counter-party risk where someone else holds there bitcoins. That's just stupid! These exchanges like BitStamp and Mt.Gox don't know how to properly use the Bitcoin protocol, or they are out to steal. If people use the Bitcoin protocol intelligently, the way it was designed to be used, they wouldn't end up loosing their capital.
If your still using these bogus bitcoin exchanges, get smart and take a look at UltraCoin. Google Reggie Middleton UltraCoin and start using it. You won't get ripped-off by these idiots running their bitcoin exchanges!
We won't have to keep hearing about these idiots giving bitcoin a bad name!
Why not pay in gold dust? I've got a few bags of gold dust. Free security is provided 7/24/365 by Messers Smith & Wesson. Any dust of mine you can hack you're entitled to.
Banks and retail establishments are getting hacked.
Or outright Corzined.
You're not being any safer entrusting Chase or Citibank to your life's work.
I recently bought some Gold using bitcoin.
Fast, and easy transaction.
Bitcoin is fine in context to your entire portfolio.
Don't go all in on anything and you'll be fine.
AmagiMetals sounds a lot like ImagiMetals. As if to suggest that their metals are imaginary. Doesn't really inspire confidence in the company.
“Ignorant haters don’t care for understanding complex systems, I kept evolving my pro-bitcoin arguments…”
Words from “nailgunnin4you” (at 17:51).
My Reply,
I think in terms of decades… not minutes.
It’s the dollar that will bring everything down; and, when that happens, everything that depends on “high technology” will be seriously impacted. Most of it (such as utilities) will operate sporadically (as it does in most of the world); a sizable fraction will cease to function altogether (like 90% of the planet’s banking system, the ones that use the dollar as reserves). The Internet (such as e-mail and bitcoin) will fit somewhere in that mix.
Why will the dollar go down? Dollars come into economic existence IN EXCHANGE for US Treasuries (directly or indirectly). Thus, they are collateralized (or backed) by US Treasuries; and these Treasuries have value only as people imagine the US Treasury can extort confiscatory taxes from following generations of American taxpayers. In other words, collateral for issued dollars (and American bank reserves) requires a financial cannibalization of our children and grandchildren… to the end of time. This time frame is based on assumptions, data, and formulas provided by Financial Reports of the US Government (any year). See, Bad News… and Anatomy of a General Plunder, pt ii.
It raises the question, ‘How can a society survive by cannibalizing its young?’
When you answer this question, you know what will happen. Will it be one year… two? Certainly not more than five.
You said it.
Wrote some more but I deleted it because I don't feel like debating with a bunch of 14 year old children brigading threads spewing nonsense and strawman arguments.
You, also, said it.
I feel the same way: 'Why debate with those who have heads filled with indoctrination?'
However, there are still those out there who are searching for answers. So, I make a very short reply (insult?) for the blockheads; then take a few minutes to explain something not generally known for those who are still curious and searching. With, of course, the invitation to perform due diligence on my work.
Yeah I guess you're right I'm just a silly kid. How silly of all of us not to go allin on gold, on the one in a million chance of complete infrastructure failure. What, an innovative alternative? No time to study it, gotta make myself look stupid making ignorant critiques to protect my gold price! Keep clinging to that gold gramps, fear all change, watch bill o'reilly, do shut up.
I think one topic that ZH may want to look at is the so called 'Initial Coin Offering (ICO)' of Paycoin (ticker:XPY in cryptocurrency world) which it seems is a ponzi-like scheme which has defrauded millions of dollars from unsuspecing 'investors' of Paycoin and the company responsible GAW Miners.
This would be the first and by fart he largest overt fraudulant scheme involving cryptocurrencies, as opposed to outright theft or hacking. It's kind of complex, but it involves a web of lies and deceit!
Just google it. Or google the CEO 'Josh Garza' for numerous threads on reddit and other forums.