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Another BitCoin Heist|
This is the third major heist this month. About $1.4 million worth was stolen several weeks ago from an anonymous Australian who ran an online wallet service known as Inputs.io, and a Chinese exchange abruptly vanished two weeks ago, taking more than $4 million with it.
Smaller thefts, which affected consumer exchanges in the Czech Republic and Poland, have also taken place this month.
- It's 10 o'clock somewhere -- do you know where your bitcoins are?
Max Kiester is very vocal about the rapid rise in the exchange rate of BitCoins. But having the market move your way doesn't necessarily mean you were right.
As well as his recommendation to "buy silver; crash JP Morgan" which hasn't served his Silver Liberation Army so well of late, more followers of the Kiester may have lost money with BitCoins.
Kiester is right to recommend both as the USD is not only being hyperinflated but is losing its reserve status too. But better advice would be to invest with gold and to hold only physical.
At the current rate of inflation, BitCoins would grind to a halt by the end of the decade, but some suggest that the increasing difficulty of "mining" will mean it lasts for over a century. That just suggests that the miners will give up unless the exchange rate of BitCoin continues to rise at a rate high enough to compensate the miners.
As with the above news, BitCoin exchanges and wallet services, don't appear to have the same levels of security as the banksters and stealing electronic money from a bankster bank means it has to be transferred to another bankster bank; unlike an anonymous peer-2-peer system. Neither is there the state guarantee of deposits (because they can freely print paper money at will and enjoy doing so), though it's not clear how this is compatible with a bail-in (which IS compatible with the mid 19th century change in the law to make depositors unsecured creditors).
With no real-world presence such as industrial use or even as jewellery, BitCoins' only value is in international travel and transactions which are virtually free for retailers. Without any link to any real-world items, BitCoins are volatile and fair value difficult to assess.
Whereas silver can be priced according to its industrial demand, gold is still money as far as the central banks are concerned. Under a new gold standard, which seems to be the only viable replacement for the fraudulent dollar standard, gold would have to be about $50,000.