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Jim C.
Member since May 2012
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Bitcoin Crashed. Again

- Keith Weiner - Keith Weiner Posterous

Hardly a day goes by without some revelation of a security breach, whether of a government site or a business one. To suppose the secure technology of bitcoin to be impervious to hacking goes against experience. Where there's a will there appears always to be a way, both for war and greed -- and there has already been several minor breaches of bitcoin security.

And then you have the danger of a mega solar flare wiping everything clean -- or being told that everything was wiped clean. The last mega flare occurred in the late 1800s and caused wide spread telegraph failure but limited inconvience. The next one may be castatrophic. And also danger to digital technology from an nuke EMP pulse exploding high in the atmosphere.

My bet is on tangible gold and silver. I'd rather deal with the problems of that.

Commented 4060 days ago

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Beginning of the headline :When writing about economics (as opposed to trading), one does not expect to be proven right within days of publishing something. Things can take years to play out. On Monday, February 25, we published What Drives the Price of Gold and Silver? In that article, I wrote: If there is a credible rumor that the Fed is planning to further extend its “Quantitative Easing”, how would you expect the monetary metals to react? Typically, the gold price would rise and the silver price would rise even more... Read More

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