Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Bitcoin vs. Gold & Silver - Mike Maloney & Chris Martenson

IMG Auteur
Published : May 27th, 2013
578 words - Reading time : 1 - 2 minutes
( 2 votes, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

In our newest video, Dr. Chris Martenson and Mike Maloney take some time to discuss Bitcoin, precious metals and the future monetary system. 

We first celebrated Bitcoin Invading Mainstream Banking on January 11, then reported here on April 30 that Canada had tightened its grip on Bitcoin exchanges. In another article (with video from Mike), we posed the question: Could Bitcoin Eventually be the New World Currency

The big deal over Bitcoin is our freedom of choice, because if digital options such as Bitcoin or U.S. dollars were equal in value as money to gold and silver, the owners of the systems wouldn’t need laws to enforce a currency monopoly. Mike has already taken sides in this controversy, saying, “I’m for whatever the free market picks for currency.”

Dr. Martenson agreed, wisely pointing out the ongoing “Cold War race between security professionals and hackers.”

On money, Mike says “I really hope the public learns enough that they refuse a gold standard, and demand gold and silver”—in other words use real gold and silver as mediums of exchange.

Mike continues:

“…instead of a national currency that supposedly represents gold and silver, that they’re keeping safe in the vault for you, and they’re allowing you to trade these claim checks on gold and silver

…which give them the ability to put capital controls in place so they can control, and tax, and monitor shifts of wealth … and basically infringe on our privacy and limit our freedom.”

Here is what Nobelist, Friedrich Hayek, had to say about this in his 1944 classic, The Road to Serfdom (cartoon, original):

Nothing would at first seem to affect private life less than a state control of the dealings in foreign exchange, and most people will regard its introduction with complete indifference

Yet the experience of most Continental countries has taught thoughtful people to regard this step as the decisive advance on the path to totalitarianism and the suppression of individual liberty. It is, in fact, the complete delivery of the individual to the tyranny of the state, the final suppression of all means of escape—not merely for the rich but for everybody.

Mike reminds us that it is dangerous to swim near a drowning man, and as these legacy economies drown in debt, they’ll be grabbing anything they can to stay afloat.

The recent shutdown of the U.S. bank account operated by Bitcoin’s most popular exchange, Mt. Gox, shows us that exchanging currency without registering with the U.S. Treasury is simply not an option. 

Mike wonders how converting energy to Bitcoin purchasing power is equivalent to energy embodied in mined and minted precious metals, as it produces nothing tangible. Chris points out that “Bitcoins have value if and only if the Internet is there for you, period.” 

“The system being up and running is your central bank in this case,” Dr. Martenson continues.

“The reason I prefer gold is that it’s the only money I can actually hold which is not simultaneously somebody else’s liability. 

Bitcoin is still somebody’s liability; there is a server farm out there that has to maintain its integrity, has to stay up and running, for your Bitcoins to have any value at all.”

For more introduction to Bitcoin, a beginner video, and our most recent article, can be found here.

And for more on the connection between redeemable gold money and human freedom, according to Warren Buffet’s dad, click to read the short, 3 page note circa 5/6/1948.

Companies Mentionned : Gold | Metals X | New World |
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All
<< Previous article
Rate :Average :5 (2 votes)
>> Next article
Since 2005, Mike Maloney has been the precious metals investment advisor to Robert Kiyosaki, author of the most successful financial book in history, Rich Dad, Poor Dad. Mike founded GoldSilver.com, an online precious metals dealership featuring concierge services, physical delivery of gold and silver to customer doorsteps around the world, as well as providing international 3rd Party Vault Storage options for customers' precious metal holdings
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
China is about to overthrow Lond...
28 Febneville
This a good slap in the face for the downright crooked bullion banks,traders that have been front running ie algorythm trading etc It had to ta...
A Salvo in the Battle for the Go...
27 Febovertheedge
I would argue that the devil is in the details, i.e. the definition of money. What the people of the US are using is currency. Currency bei...
A Salvo in the Battle for the Go...
26 FebFrankinca1
Sort of written for a PHD in economics, which gold believers (myself) are not often that well educated, have difficulty following. The definition o...
A Salvo in the Battle for the Go...
26 Feb07788525833
The dollar has a monopoly over all other types of money which is rammed down peoples throats by gun and drones , any one wanting to change this...
In Search of the Magic Wand: Car...
25 FebDoom
Yes, stay away from University of Phoenix, a school with a 9% graduation rate, that only gets students because it spends $200,000 a day on Google a...
Emails From Kiev: Free Speech Va...
25 Febovertheedge
"The problem is, the asshats associated with Poroshenko are even worse than he is." I'm assuming you mean the predators in the US White Ho...
The Bull Case For Gold This Year...
25 Febdepourcq1
You talked about all the wrong reasons that gold will rise or fall, their is only one that everyone should know. The US has a debt of 18.134 trilli...
The Bull Case For Gold This Year...
25 Febneville
The fact that you are very lowly rated might be one of two things .1.You have been playing this card to often (Bear Joker) 2,The other is that you ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Tinka Resources(Ag)TK.V
Announces AGM Results
CA$ 0.27-12.90%Trend Power :
Corporate news
Silver Standard(Ag-Au-Cu)SSO.TO
Early Glance: Silver companies
CA$ 6.57-0.90%Trend Power :
Corporate news
Pan American Silver(Ag-Au-Cu)PAAS
Early Glance: Silver companies
US$ 9.68+1.04%Trend Power :
Corporate news
Gold Fields(Cu-Ni-Mo)GFI
Early Glance: Gold companies
US$ 4.65+0.87%Trend Power :
Corporate news
Randgold Res.(Au)GOLD
- Total Voting Rights
US$ 79.19+0.24%Trend Power :
Corporate news
Continental Precious Min.(Ag-Au-Co)CZQ.TO
Engages Golder Associates for the Next Step in the Development of the Viken Project
CA$ 0.56-6.67%Trend Power :
Corporate news
Beaufield Res.(Ag-Au-Ni)BFD.V
Reports Annual General Meeting Results
CA$ 0.04-11.11%Trend Power :
Corporate news
Probe Mines(Ag-Au-Cu)PRB.V
Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders of Probe Mines
CA$ 4.94+0.82%Trend Power :
Corporate news
Newmont(Cu-Le-Ni)NEM
Why the Earnings Streak Will Continue for Newmont Mining (NEM) - Tale of the Tape
US$ 26.33+0.08%Trend Power :
Corporate news
Newmont(Cu-Le-Ni)NEM
Increased Earnings Estimates Seen for Newmont Mining (NEM): Can It Move Higher? - Tale of the Tape
US$ 26.33+0.08%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.