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Are GOLD-BACKED Cryptos About to BURN the Dollar TO THE GROUND?

 

Hat Trick Letter Editor Jim Willie says cryptocurrency technology will replace the dollar.

Willie sees gold-backed cryptocurrencies soon to be released.

At that time, you can say goodbye to the U.S. dollar and U.S. Treasury bonds…

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    • When talking about Willie, it’s actually Shittish that he’s speaking.

       

      I guess he’s looking for a successful invention to follow up his original hit, the football bat. Either that or he got a particularly potent bag of blow.

  1. well well well, finally starting to catch up are we ?? his “Scheissdollar” is actually going to be crypto, which looks like an upgrade to me. i tried to tell sprott team to build a pm-backed crypto months ago, which they did not listen . people who adapt early will have the advantage .

     

    disclaimer: i own a load of silver that i have hodlored. i hodlor bunches of cryptos. i believe i probably own more cryptos than Clif High & Bix Weir together. i own both Bitcoin and Ethereum, as well as multiple other crypto-currencies. i’m in balls deep in cryptos for past three years. i am becoming famous legendary early adapter of crypto-currencies .

    • I’m looking to buy a crypto like bitcoin, told best to keep in a encrypted wallet, do you have it in a wallet on your phone? I was think a USB device.

      I also don’t know how you could back a crypto with gold since unlike a central bank there’s no one that actually prints the money so who would be the guarantor?

    • @Felix i mostly keep my coins in cold storage using a nano ledger S available from amazon . although i do sometimes keep some on reputable exchanges .

       

      in the case i was talking about, sprott would have to back the crypto with gold.

    • @Felix  Use cold wallet like Trezor on Amazon.  Wallet on your phone or exchange is like leaving money on public table.  Cold wallet physically isolated from crackers.  For saving.  Use phone wallet like credit card.  Use exchange for conversion from Jew money, and immediately transfer to yourself

  2. Didn’t Jim Willie just recently (a week or 2 ago)explain how the dollar was going to go down the drain in a previous article? And didn’t his argument have NOTHING WHATSOEVER to do with gold backed crypto currencies? Typical Willie BS.  He drops one wild ass argument in favor of another and never even mentions he originally was saying something completely different.

    • We have?  I read a couple of his screeds and then caught one of his pod-casts.  His hysterical screeching completely turned me off.  I have not read or listed to him since.  That was, what, 5 years ago?  Something like that.

       

  3. Poor Willie… he is like a guy drowning, and grabbing what turns out to be rotten twigs… a different one every month or so… for years… none of them keep his nose above water… reminds me of Polyp Polny and Humble Harve…

  4. I like Jim Willie but he seems kind of clueless on this one. Gold got its monetary value from functioning as a trustless bearer token. Bitcoin also gets its value from being a trustless bearer token.

    With gold backed crypto you ain’t got any gold and you ain’t got any trustless token either. You’ve got a worthless ticket that’s infinitely rehypothecateable (ok the token isn’t but the gold that’s meant to be backing it is).

    People will try every way to Sunday to make gold liquid on a worldwide trading platform because their minds are still so welded into the ‘intrinsic value’ b.s. They’ll keep discovering through that no matter how hard they try, gold cannot travel through wires.

    It’s monetary function has however been preserved and endowed in an asset that can, and which is now slowly accruing an associated valuation. That asset is Bitcoin.

  5. “The Voice believes very clearly that blockchain technology, which is the gut of bitcoin, will be very much central to the gold trade note which kills the dollar and the treasury bill for trade payment potential.”

    [*] That sentence is pure idiocy! I don’t know where to start…

    The Voice believes, not Jim knows, The Voice believes, and very clearly so, that the blockchain will be central to the gold trade note […]
    So what exactly is a “gold trade note”, Mr. Willie?
    If a “gold trade note” is defined as a physical certificate from a state level player like a central bank it cannot be based on the blockchain for several reasons. One being that the blockchain forces total gold reserves transparency on each player. Every transaction is part of the chain and a worldwide audit of central bank gold reserves is a precondition to start the blockchain.  A worldwide 3rd party CB audit would be required for this, right? Not happening without a Mad Max scenario happening first. And in a Mad Max scenario you will not think about blockchain at all for a very long time!

    Secondly, a physical certificate is only a promise to pay later and promises should not be cast into blockchain. They could! Like Bitcoin, that gets its value only from the merchants who accept Bitcoins. Although there is by design no default possible on the blockchain the (sub-)system using the blockchain can default easily: picture a central bank issuing her own cryptocurrency and immediately Gresham’s Law will magically be effective. Henceforth the merchants will prefer the “officially guaranteed cryptocurrencies” and good money will drive out bad. The subsystem “merchants” failed to back “the common cryptocurrency”, not the blockchain. What would the merchants have done, if the protocol was backed by a physical asset like gold or silver? Physicality matters!

    Thirdly, Mr. Willie, there already are central bank letters of credit, not backed by gold, but by trust and military. “Trade notes”, if you will. Or simply: bank notes!
    To back ’em by gold would require gold to be (again) made center stage of a new IMFS and to be drastically revaluated to instantly pay off almost all government debts.
    A reintroduced gold standard….
    So, NO, Mr. Willie, the blockchain will not be central to the “gold trade note”, whatever you mean by that.

    A “gold trade note” wouldn’t kill the dollar and the treasury bills either. No gold standard would and ever has! The inevitable collapse of the dollar is a natural consequence of the way money is created https://www.youtube.com/watch?v=iFDe5kUUyT0    in combination with Triffin’s Dilemma https://www.youtube.com/watch?v=MKOTQCpJGUs .
    On top there can be no infinite growth in a finite world: https://www.youtube.com/watch?v=DZCm2QQZVYk
    We all know that. The WRC “dollar” simply ages and gets more and more overvalued and eventually dies. And with it the US Treasury bills.

    Dear Mr. Willie. I stopped listening to you after the first sentence…. You simply shouldn’t talk about something you haven’t even started to think through.

  6. If Willie does not fathom bitcoin and cannot get his head wrapped around what it is,  not that I am anything close to being BTC literate, he is going to leave himself open to becoming irrelevant in this field.  If BTC and other crytos continue their relentless march into our realities and wallets, Jim best get up to speed on this  If Cryptos are syngergistically tied to gold,silver or FIAT currency then he could be caught flatfooted and miss tremendous connections between these three currency paradigms

    BTW  Doesn’t he know about Claritin or Sntlokr.com

    Heck, even a handkerchief would be good

  7. I’m sorry, but this was truly pathetic. It was Willie’s Wizard of Oz moment. When the little dog (his “flu,” or “whatever”) pulled back the curtain, what we could clearly see was a Loud Voice with no clothes. Over time, I’ve learned that the less Willie knows about something, the more he shouts. He’s a Voice Bully … he tries to shout people into submission when he’s just blowing worthless spume out of his nose. And where does he broadcast from? A bus station? What’s with all the bus noises in his broadcasts? If he’s actually broadcasting from a living place or office, can’t he afford air conditioning, so he can close his windows? What, his spume is so “precious” that we’re supposed to gladly submit to the irritating bus and traffic noises in order to receive his pearls of wisdom? To me, this was a deeply disturbing interview. For a long time, the mythology has been that this guy has deep sources and presents solid information. My conclusion after listening to this thing was that he is a complete fraud. Just making it up as he goes, and pulling one empty stunt after another to suck in subscription fees for his letter. Classless, hyperbolic nonsense, and a total waste of time. No more of it for me.

  8. Jim is a warrior, battling the forces of evil on our behalf.  His track record might not be as spectacular as we are all cheering for, but it’s important for us to rally behind him and follow his lead.  It might not always be clear to us what he is saying.  Often it is extremely confusing to me and I walk away from my computer shaking my head, wondering what I just read.  But after a few minutes of quiet reflection, I realize that the reason I don’t understand isn’t Jim’s fault.  The blame all lays at my feet due to my inferior knowledge of the precious metals markets.  Now as Jim delves into crypto-currencies, I find myself more and more eager to learn more about them.  A few years ago, a good friend begged me to buy them but I didn’t (and still haven’t).  Fear radiates through my whole body when I think about having a large fortune tied up in something that I can never touch or hold.  But then I become depressed when I realize that a mere $5000 investment in Bitcoin a few years ago would have made me many many monster boxes of ASEs now.  I wish that the pricing mechanism of Bitcoin was in terms of silver or gold ounces per Bitcoin.  The amount of USD per Bitcoin is very irrelevant as we are soon at the point where it will collapse and disappear forever.  Once that has occurred, we will then need to know Bitcoin in terms of its value versus gold and silver so why not start right now?  On a recent trip to my local coin store, the proprietor informed me that we would soon be accepting Bitcoin as a form of payment for precious metals.  That deepened my regret for not buying Bitcoin.  Hopefully Golden State wins again tonight as I have wagered three ounces of silver on them.  That would be a small win, but would offset a little piece of my lost potential silver victory with a purchase of Bitcoin in 2014.

  9. I just don’t see a gold backed cyrpto currency replacing the dollar. What will the CIA do without cash? This would sink the CIA and they won’t let that happen. Their drug trade requires cash. There bribes and paying for inside info requires cash. Keep in mind the CIA runs this country.

    • CIA can legally crack your bank account and empty it for their slush fund, bribery and wetworks.  By spoofing IPs they blame NK or Russia or Santa Claus or Wikileaks etc.

  10. Gold backed crypto currencies are akin to COMEX paper.

    It’s not the Chinese who are are buying up physical gold, as insinuated elsewhere at Silverdoctors.com.

    As Jacob Rothschild has recently announced that he is to buy up all remaining gold to replace stock market and currency exposure, which signals the biggest financial crash since the Lehman Brothers crash, is coming.

    http://www.neonnettle.com/news/1647-rothschild-s-buy-up-remaining-gold-signalling-world-banking-collapse-

     

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