Jim Rickards is the editor of Strategic Intelligence and the author of Currency Wars: The Making of the Next Global Crisis. He believes gold can go to $10,000 an ounce but he is much more skeptical about bitcoin. Rickards doesn't trust the bitcoin price action and doesn't believe the cryptocurrency will fare well in a financial crisis.
Read more: http://www.businessinsider.com/sai
Greatest minds on the world including nobel prize winner for economy say its worthless but ppl that were flipping burgers for a living say buy and u will believe burger boys cause they say experts want to buy in cheap???? Loooool
He's missing the main point about Bitcoin. A peer-to-peer money. No one has the unique power to emit it. Of course it can be manipulated. But "legacy" currencies can be too. What about European Central Bank buying banks' non performing loans with quantitative easing?
Bitcoin is basically a fiat money big and complicated game, it has not any value for itself, only a demand/offer structure of finally nothing. Well, not nothing, the big human imagination. Can hold its value when the next financial crisis begins? I dont think so.
Almost all bitcoins will be mined in about a year, so no electricity costs involved in the long term... Who is this guy? Regarding criminality, the US dollar is the most broadly currency used... Again, who is this guy?
It's funny how agitated people get when someone says there is a huge probability and possibility that you are wrong about this thing. If I asked 1 person to lend me 100 dollars of there hard earn cash for 200, they scratch their heads. They ask for my credit score. Yet, this same person will swear up and down wall street that bitcoin is here to stay. Same thing was said for so many pieces of technology, we can't even count. In retrospect, the ones who got out early will brag about it at every dinner party, and the ones that got creamed will go to work wearing uniforms and having to ass kiss someone of low intellect. I usually say, you could be right but the idea of trading is to be right at any time. So being oblivious to it's downside, that will be the end of a lot of people. Don't be surprise, when your next door neighbor jumps before some form of transportation because he lost all the equity in his house and his daughter's college fund. We are all too smart for our own good until we aren't. As far as bitcoin, I would say, invest any money you would mind losing the best casino house in vegas. That way you know you aren't taking much risk at this point.
This guy is a whacko because the only bubble is in his head. Nobody knows how any currency will act or even exist 6 months from now. So many currencies have collapsed over the last 10 years while bitcoin is sovereign.
the only point that stands true is the miner's fees which is no different than bank fees. Other than that mining gold requires a physical capacity on the other hand mining bitcoin requires computing capacity which is bound to improve in the near future.
Did he really say that Bitcoin is no good because of tax evasion and other criminal activities? Cause nobody has ever done anything illegal with fiat money, stocks, bonds or gold have they.....everyone who owns or trades them is completely, 100% legit right...right? Hmmmmm.....
Biggest bubble in history.
1/ Unlimited supply of various coins. 1000's digital currencies are created (a lot of them are scams), very easy to create a digital currency.
2/ Unregulated, so even more manipulation than Wall Street. Hard to imagine, I know :)
3/ Secure? Many of the exchanges have been hacked, lots of people have lost money.
4/ Gold has many uses, such as medical and electrical. Recently, doctors are harnessing gold for cancer treatment.
5/ Criminality? Irrelevant, all currencies are going to be used for criminal activities.
Etc and etc.
Crypto's are not an investment but gambling. Know this before going in.
Bitcoin: secure, deflationary, and fixed supply..
Gold: none of the above
Your currency: none of the above
1) It cost $1,000 USD to mine 1oz of gold..does that sound worth it??
2) Gold is absolutely worthless.. its only use case is around a someones neck..
3) Gold markets are totally manipulated..
4) EVERY investment exists in a bubble.. its called speculation..
5) A global currency unsustainable? hello lightning network/proof of stake
6) USD services every criminal use case he listed
7) andreas antonopoulos would destroy this guy
I could go all day..... HOLD your coins and/or claim your gains!
If these doomsday people are truly correct, there is more than enough room for bitcoin, cryptos and gold. Gotta own both if you want to be prepared for that. These anti-bitcoin arguments are very short sighted. Long term Blockchain and crypto will overcome many of the current shortcomings. That doesn't mean there is anything wrong with gold. It's not one or the other, but both.
Gold is complete bullshit and has absolutely no long term value. Last time I checked, data can't degrade over time... Also, blockchain is essentially the internet of currency. This guy is old as fuck and living in the past.
Moron doesn't understand that it's regulated via math!!!
He just called traders, miners. He doesn't know shit. That's like calling an accountant a stock trader.
Don’t buy the subscription to his Strategic Intelligence. You won’t get what they advertise but you will get email after email of chances to buy more subscriptions. Some are complete scams like mysterious healing oil used by, allegedly, Jesus.
I think cryptocurrencies will skyrocket during a financial crisis. They are already very popular in countries with broken economies. Gold is not going to solve shit, but if you would create some cryptopesos in venezuela and spread it among the people, you could restart the economy with those
so if the confidence in gold is lost? whats left? If we were to purely value gold for the usage in electronics, it would be barely anything. And nobody would make jewels anymore due to the cheap price.
last part about tax though, is totally correct. Pay your taxes, whatever you invest in.
There was no valid points in this discussion, He says "I don't know it so I am afraid of it". No discussion of potential applications of technology or Future. It may be used with criminal intent that does not mean the technology is bad, People may evade taxes but that is not fault of the technology. This is merely someones opinion and they may be wrong.
Yep, Bitcoin can be used by money launderers, drug dealers and hitmen but so can fiat currency, I'll bet that fiat currency is more widely accepted by these groups than will accept Bitcoin. This is a ridiculous argument, Anything can be used as payment for goods and services if both trading persons agree on a means to settle a trade or debt through exchange or services rendered
Quote from the guys Wikipedia profile "None of Rickards' major predictions thus far have been realized." Something tells me that sooner the sun will implode and destroy our galaxy than this funny character will be right.
That was the dam fu%#£¥ reason I did not buy bitcoin back in 2014 when I first heard about bitcoin. Listing to these jerks spreading the negative side of bitcoin saying shit like poeple would pay with bitcoin to watch murders on the deep web redrooms live torture and on .... today I would be sitting on 20 million dollars
Nothing he says has happened! Used to listen to him, no more. Cryptos are the future, not gold. And they are free of banker control. 1% of population knows about and is invested in cryptos now. Predicted to be 10% by this summer. 2018 is the year of the cryptos. The dollar will be history and cryptos will take their place. He does not understand cryptos and bitcoin.
This video sums up most of the reasons that bitcoin is the next tulip mania, today Jan. 17th it hit sub $10k as china continues to crack down on cyber currencies. I have not seen a collapse this bad since the Hunt brothers tried to start a silver backed currency in the 70's. Bitcoin has never made it thru a recession or any type of panic, so its robustness is in question.
We know how bitcoin performed during crises whether it was greek crises, arab spring, cyprus crises, zimbabwe crises, venezuala crises or brazil crises. Crises is not always global it can be local and we know bitcoin behaves during crises.
i dun think 2 big exchanger even manipulating price will not drop bitcoin price to 0 but i do believe one day bitcoin will get to the stage of falling chart as long people believe its value bitcoin still worth buy
Interesting to see literally every single analyst and economist point out why bitcoin is shit and then these kiddies who never picked up an Econ book in their life made $300 off bitcoin and claim it’ll replace the dollar.
Wake up call people - Bitcoin has NEGATIVE value. That's LESS than zero lol. Mostly due to it's current RIDICULOUS cost of production, but also due to the fact that it's newly found massive volatility makes it inappropriate as a transaction media (currency).
Viable currencies, even fiat, need at least some form of price stability. No one wants to sell their house for bitcoin, and find out an hour later their bitcoin devalued 50%. LOL. Come on people. You shouldn't need an expert like Jim to help you see this.
Jim, wake the f*** up, we're in the 21st century, do you actually know how the whole crypto currency system works? Shut what down?? This is virtual currency, not your buddies banks, where was it that you worked....Citi bank....which YES, they can be shut down, and eventually will, because more and more people are waking up to reality and are fed up with the obsolete robbing, crooked financial institutions (banks), backed up by a few greedy capitalists, who are seeing their "goldmine" slip through their fingers. Welcome to the Internet! It's open 24/7...365 and accessible to everyone, not just a few bankers, and the owners of the whole corrupt system - "The Rothchilds". When personalities like Bill Gates or Elon Musk are open to this new technology, should we rather believe this measly economist, or people who are open to progress and have proven that nothing is impossible, and have shown the world what can be achieved. Btw...electricity?? Solar energy is here, the same as Bitcoin, and like John McAfee says..." it's here to stay!! Why do ppl like this even get a chance to talk.
Beavis and Butthead painted the tape when they had to sell candy bars. The bought each other's candy bars with the same one dollar until they accumulated all the candy bars.
The other thing is, JR and PS have been saying the same thing for at least five years. Actually, its been much longer than that. . They have been talking about a scenario that is eventually going to play itself out. We haven't reached that day yet but they have been talking about it for ten, fifteen years. I still believe in these two guys. These guys, one day, will be so right about markets, that it will make your head spin.
The miners are interested in finding a nonce which will create a hash with certain characteristics. Lastly, they have to find a random value that they included in the header, which makes the computed hash over that header a value below a particular target. In other words, they do not have to agree to change the protocol. Though there are a few gold diggers attempting to fill their pockets and certain projects that aren`t viable and shouldn`t be encouraged in any way. For users running a complete node, it is a fairly painless procedure to upgrade the software to the newest version. The process of locating a new block to extend the blockchain is known as mining. Proof-of-Work systems utilize cryptographic hashing algorithms to create the action of mining a block a complicated computation. Our software is totally incompatible with altcoins. Changes and modifications to how that it works need to be approved by consensus and every CPU gets a vote. To start with, it`s essential to realize that hardware wallet users control entirely their private keys. Whether you`re bullish or bearish on Bitcoin Gold, you ought not lose your coins as a result of careless mistakes! On the 1 hand, it may result in making a coin that solves all the pending issues. There`s no currency or digital asset named Bitcoin Core. Bitcoin Cash increases the range of transactions that may be processed per block. You could send any quantity of money, any place in the Earth, almost at no cost. You`ve made some great money already on the market, but you want more. For a wealthy individual, BTC`s price premium may be viewed as a plus. For someone without lots of money, BCH`s low price may look like a great deal for Bitcoin. If you have some concerns about the worth of Bitcoin after all forks, you need to be ready for a drop. The distinction is that not all of these suffer the chain split. The primary problem is Bitcoin imposes a hard limit on the magnitude of a block, the location where transaction information becomes stored. The end result is many straightforward wallets, called SPV wallets and very commonly found on your phone, will be quite confused about which chain is Bitcoin. In Bitcoin, the most important reason is known as the network effect.