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Worst Store of Wealth Ever?|
Another bum-steer from Max. Kiester! He peddled his Silver Liberation Army in the months before silver peaked in 2011 which then saw a far sharper fall than gold. In 2013, whilst the ETFs for gold were raided in order to supply demand for physical, silver ETFs actually saw a 2.4% increase in stock of silver, indicating the shortage is in gold. So it's Buy GOLD; crash JP Morgan NOT silver.
But now BitCoins have crashed and one of the biggest exchanges has imploded. One victim flew all the way to Japan to complain.
BitCoin is an appalling store of wealth. Gold was always valued even if it is an emotional decision. But BitCoins don't have any such "intrinsic value". As JP Morgan said, "Money is gold and nothing else". The propaganda has twisted this to: "Gold is money. Everything else is just credit", which is a valid point, but not the one that Morgan was making.
Furthermore, not only is BitCoin being inflated at about 10% p.a., which is even higher than Yellen is inflating dollars (of the $3.2bn of hyperinflation in the monetary base, only about $200bn has been lent out so inflation is effectively only about 6% until the other $3trn is lent out), but it has many competitors such as LiteCoin, PhonixCoin etc. So the combined inflation of these cryptocurrencies is HUGE! It's possibly the WORST store of value. Even dollars have legal tender laws to force everyone to accept them in cancellation of a debt and you can only use them to pay the confiscatory taxes, whilst oil exporting nations are illegally invaded if they dump them. When Bitcoins implode completely, taking all other cryptocurrencies, Kiester will have to go into hiding.
And there are further reasons for this. Those who have lost their BitCoins on Mt.Gox have become "resigned to their losses". Without any regulator, there's no one to offer compensation.
Of the BitCoins that have disappeared, I seem to have received 2 Satoshis on Valentine's Day, though the transactions are not marked as confirmed. Perhaps some hacker has decided to redistribute them to everyone. The amount is so small, my wallet refuses to transmit them anywhere.
With sound money about to replace all the above, the Great Satan is opening its doors for wealthy Chinese, peddling the line that there are many corrupt officials. One propaganda story is that the clamp down on corruption in China has resulted in the restaurant business and luxury goods stores seing a collapse in income, as if the entire industries were supported only by officials. The UK is also so desperate for income under the coming sound-money regime, that they've followed the eurozone in offering visas for cash as well as Camoron becoming a pig semen salesman. But the US is seeing all time record numbers of those dropping amerikan citizenship as the TSA gropers block all the exits. And whereas UK/US propaganda highlights the GSK bribery as a "China Scandal" incident, the zionist Daily Telegraphic Nonsense admits that GSK were also caught bribing in the thieved state of Amerika, though that story has been supressed. Everyone has corruption, but in China it is punished, whereas in the US and UK, the goons & thugs merely impose a fine, which is just "taking their cut". No one goes to jail even if the crime results in deaths. The lame excuse from GSK is that the corruption was not according to their policy.
Clearly, propaganda terrorist, Max Kiester, has a mission to impoverish the sheeple in the thieved states of UK and US as part of the goon & thug policy.