Digital gold and silver currency comes to Texas

[sixgun]

I have mentioned gold and silver digital currencies on blockchain rails before - going back about 5 years or so. i have said that this is the way of honest money in the future.
The Indonesian president will be launching the PosGold / MetalGo gold monetary system - a collaboration of Kinesis and PT Pos the Indonesian Post Office on 23rd August 2023 - this coincides with the BRICS Summit in South Africa where a BRICS commodity based currency may be launched / will certainly be heavily discussed.

Now Texas is getting in on the act. In 2015 Texas passed legislation mandating the creation of a Gold Depository - this has now been built and is operational. Legislation 'C.S.H.B. 4903 seeks to make the depository more accessible and usable for Texans by providing for the issuance of gold and silver specie and the establishment of a digital currency based on gold and silver.'

'The comptroller of public accounts shall undertake to purchase during the state fiscal biennium beginning September 1, 2023: (1)  $4 billion worth of gold bullion; and (2) $1 billion worth of silver bullion.'

This is most certainly the funeral bell tolling for fiat. As best i know Kinesis has 9 other projects in addition to the Indonesian one which will all be sucking gold and silver out of the system and turning them into digital money. BRICS will have its gold and silver trade currency. Texans will have theirs. There will be more countries joining BRICS, there will be other states, all will have a keen appetite for precious metal. 

Sadly i expect the UK will not be at the party. All the treasure of the ages was stolen away and wasted.  

 

[silvergaga]

Great news for honest money futures in Texas and Bricts. 

Only the politicians in the UK can party, we never get invited.

Maybe Chris Silver could do a digital gold TSF currency using our members 4 billion gold and 1 billion silver stacks as backing eh?

I would happily put mine into the pile.

[westminstrel]

I don’t understand anything ☹️

You said: 

1 hour ago, sixgun said:

This is most certainly the funeral bell tolling for fiat. As best i know Kinesis has 9 other projects in addition to the Indonesian one which will all be sucking gold and silver out of the system and turning them into digital money.

So then what’s the point of owning physical gold and silver if “they” are basically going to turn it all into digital  money?

What’s stopping “them” from banning the sale of physical PMs and also making it illegal to own?

I genuinely don’t understand this stuff. 🫤

[harrygill111]

Backing money with silver doesnt seem bright anymore... its like backing money with VHS tapes or DVDs, the world and technologies have moved on. 

[HonestMoneyGoldSilver]

12 minutes ago, harrygill111 said:

Backing money with silver doesnt seem bright anymore... its like backing money with VHS tapes or DVDs, the world and technologies have moved on. 

Ironic then that the latest technologies like EVs and solar panels require silver to be viable. Silver might be old but the universe made it for a reason - it's the most lustrous metal, malleable yet stable, the best thermal and electrical conductor of any known element

Edited July 14, 2023 by HonestMoneyGoldSilver

[sixgun]

1 hour ago, westminstrel said:

I don’t understand anything ☹️

You said: 

So then what’s the point of owning physical gold and silver if “they” are basically going to turn it all into digital  money?

What’s stopping “them” from banning the sale of physical PMs and also making it illegal to own?

I genuinely don’t understand this stuff. 🫤

Well i presume you understand that fiat currency, is currency by decree. It is the currency and has a value and has a symbol because the government says it has, not because it really does.
Most of the Western fiat monetary systems are bankrupt. The debt that has piled up by reckless fiat money printing can never be paid off. All fiat has historically gone to zero.

So members of TSF like collecting gold / silver coins and bars as a hobby - they love shiney coins and stuff and take them as their personal possessions, their chattels. I say this b/c broadly speaking the sale of chattels in the UK doesn't attract CGT liabilities (IMO). But anyway they collect gold and silver coins. Members know fiat is shlt and goes down in value all the time. They want to preserve their purchasing power and maybe make a bit more over time. This is the point of owning physical gold and silver.

Now the problem in a modern age is physical gold and silver are impractical. I cannot buy something on ebay, i can't go to the shops, i can't easily send value to Auntie Mary in Milan. How am i going to get change for a box of matches if i tender a 1 oz Perth Mint gold coin? It doesn't work. However i can with digital - i can send it with the click of a mouse, a tap on my phone, a swipe of a card. 

I know the Kinesis Monetary System well so i will mainly talk about that - it was born Downunder. There are digital tokens which are title of ownership over physically vaulted metal, 1:1 backing. If i collect enough tokens and i decide to i can redeem the tokens for the metal behind them. Having a system like that does not take away the value of the metal. Indeed gold and silver will take on a new lease of life. I can buy metal with the tokens in the shops. The token value is backed up by the metal vaule and to some extent the metal value is backed up by the tokens' utility if digital gold becomes very widespread. With Kinesis within minimum limits you can also deposit your actual coins and bars in the KMS and they are converted into tokens by metal weight. You still have claim on your metal - but you can spend the tokens and as long as you don't fall below certain limits within fix time periods you will always have all those specific coins in your account and against your name, to be reclaimed when you want to.

So here we have a system where your gold and silver is converted to money you can instantly access without actually selling your treasure. The Texas state depository won't be as flexible i don't suppose but as that system is rolled out, Texans will still keep their coins and bars and they will still have value. Indeed with the full frontal monetisation of the metals the value of the metals will almost certainly go up.
The value of different precious metal money system tokens are easily comparable. If a BRICS Monaro (i made that name up) were 1 gram and a KAU is one gram, they are the same - plus or minus how the integrity of the system is viewed plus or minus any differences in utlity value.

What is to stop them saying it is illegal to own gold? What are they going to do - kick the door in and search your house?
If a government did that with the world adopting gold and silver digital currencies, then you know you are in the wrong country - it has gone full retard, gone rogue and you need to skedaddle. The country will be in chaos with the walls and ceiling falling in.

People often say what is to stop them doing XYZ? - well firstly in a place like Australia the people should have a lawful rebellion and clear out all the vermin in parliament. You should know from COVID the politicians in Australia are mainly pondlife, scum not fit for purpose. They are employed by you to serve the people, they are not slavemasters. If the people say no and kick back it is all over in a heartbeat and should be followed by a festival of hemp neckties. 

Gold and silver digital currencies on blockchain rails are coming - they are here - it is unstoppable - once BRICS flicks the switch we are off to the races. Gold and silver prices will start to reset and with Texas on the buy for $billions closely followed by several other US states - plus BRICS and the streetlong queue of countries applying to get in - control of the metals market will be taken from London / NYC. Their toilet paper contracts will be seen as just that and flushed away. Russia is developing her gold exchange, we have the one in Shanghai, Dubai will be a world gold hub. The jig is up. So many reasons for stacking metal right now. It only takes Beijing to say we have reset the gold price and it is done. They only need to say we sold and repurchased our 40 000 tonnes of gold at the 35 000 Yuan (about $5000) an ounce and we are backing the trade yuan or whatever it will be and it is done. They don't need to ask permission - He who has the gold makes the rules. The world is changing very fast and the West no longer has the upperhand.

 

Edited July 14, 2023 by sixgun

[harrygill111]

1 hour ago, HonestMoneyGoldSilver said:

Ironic then that the latest technologies like EVs and solar panels require silver to be viable. Silver might be old but the universe made it for a reason - it's the most lustrous metal, malleable yet stable, the best thermal and electrical conductor of any known element

You miss my point, people have moved on from paper backed by metal.

Cryptocurrencies evidence that, bitcoin is worth 600 billion, yet no one knows who made it, there is no backing other than its scarcity and the ledger. 

We already have money backed by gold (albeit fractionally) and guns, the only thing new here is the currency will be digital, and we will probably find its exchange rate as gold/gbp or whatever currency. 

Granted the relative price of gold/the currency may go up, but this only works if the Gold backed currency is used. You can bet lightening will strike and 'terrorists' or WMDs will be found in those countries and they will be dealt with swifty, as if NATO's life depended on it. 

Edited July 14, 2023 by harrygill111

[HonestMoneyGoldSilver]

4 minutes ago, harrygill111 said:

You miss my point, people have moved on from paper backed by metal.

Cryptocurrencies evidence that, bitcoin is worth 600 billion, yet no one knows who made it, there is no backing other than its scarcity and the ledger. 

We already have money backed by gold (albeit fractionally), the only thing new here is the currency will be digital, and find its exchange rate as gold/gbp or whatever currency. 

I respectfully disagree - governments have moved on from paper backed by metal but central banks globally are moving back to monetary metals, with gold a Tier 1 asset alongside USD and US Treasuries. The government (the USA gold standard and Nixon Shock of 1971), did not move away from metals by choice but by necessity

Most cryptos are utter BS. Having been in that sphere from the very beginning - I probably owned BTC at least 10 years before most people here - I can tell you the only practical application is for crime. Having said that BTC is not suited for crime as it's fully traceable. XMR and ZCash are better suited but look at the observables - crypto exchanges don't even promote these opensource currencies let alone the mainstream. They want to feed you c**p they can profit from and control, like their own tokens, their own printing presses, their own ecosystems. BTC and eventually ETH will fall into the ecosystem of a larger player, be it BlackRock, JPM, Fidelity and Ark or the governments of North Korea, Iran, El Salvador, Venezuela, Nigeria and the Central African Republic

There is no fundamental scarcity. If you wish you can create 8 trillion more BTC tomorrow, just like with DOGEcoin, which is partially based (copy/pasted) from BTC along with LTC and LuckyCoin. There is no pretence of scarcity with DOGE yet it doesn't stop Elon Musk and other muppets pumping it like there's no tomorrow due to perverse incentives.

Compare that to gold and silver. You can wish all you want but you will never be able to create more gold than the universe itself set as a fundamental limit from supernovae and the interaction of massive celestial bodies like neutron stars and black holes. As a physicist I understand you can transmutate other elements into gold but this is a highly impractical exercise that does not yield monetary metals, unless gold is worth 300,000 times the current value and you don't mind a touch of radiation poisoning

Please understand I am not necessarily anti-crypto but I am anti-fraud and against mass market mis-selling of these assets. BTC is being mis-sold as very few truly understand what is going on. It's also mis-sold as it meets none of the official labels/characteristics attributed to it

Our currency is not backed by gold at all. You can print infinite amounts of fiat without adding a single extra gram of gold. Our currency is fully digital with instant payments. You can pay by card, you can pay with your phone, you can pay with a chip inserted in your forearm or your forehead if you so choose

Cryptos have zero utility outside of crime and by that I specifically mean there is pre-existing technology that does the job better and more efficiently (faster/cheaper/less energy). The clue is in the name - cryptocurrency. It is a currency (although really it's not, it's a fad of toxic waste according to the entirely of Wall Street in 2012 and Warren Buffett, whom we may as well group together as the most sophisticated investors on the planet). So it's a currency, it is not money. The only money that has ever existed and ever will exist are precious metals. PMs have a fundamental universal limit, not a "fundamental" human or technological limit, which we know are fundamentally flawed and have expiry dates. 

 

[n1k0s]

37 minutes ago, HonestMoneyGoldSilver said:

I respectfully disagree - governments have moved on from paper backed by metal but central banks globally are moving back to monetary metals, with gold a Tier 1 asset alongside USD and US Treasuries. The government (the USA gold standard and Nixon Shock of 1971), did not move away from metals by choice but by necessity

Most cryptos are utter BS. Having been in that sphere from the very beginning - I probably owned BTC at least 10 years before most people here - I can tell you the only practical application is for crime. Having said that BTC is not suited for crime as it's fully traceable. XMR and ZCash are better suited but look at the observables - crypto exchanges don't even promote these opensource currencies let alone the mainstream. They want to feed you c**p they can profit from and control, like their own tokens, their own printing presses, their own ecosystems. BTC and eventually ETH will fall into the ecosystem of a larger player, be it BlackRock, JPM, Fidelity and Ark or the governments of North Korea, Iran, El Salvador, Venezuela, Nigeria and the Central African Republic

There is no fundamental scarcity. If you wish you can create 8 trillion more BTC tomorrow, just like with DOGEcoin, which is partially based (copy/pasted) from BTC along with LTC and LuckyCoin. There is no pretence of scarcity with DOGE yet it doesn't stop Elon Musk and other muppets pumping it like there's no tomorrow due to perverse incentives.

Compare that to gold and silver. You can wish all you want but you will never be able to create more gold than the universe itself set as a fundamental limit from supernovae and the interaction of massive celestial bodies like neutron stars and black holes. As a physicist I understand you can transmutate other elements into gold but this is a highly impractical exercise that does not yield monetary metals, unless gold is worth 300,000 times the current value and you don't mind a touch of radiation poisoning

Please understand I am not necessarily anti-crypto but I am anti-fraud and against mass market mis-selling of these assets. BTC is being mis-sold as very few truly understand what is going on. It's also mis-sold as it meets none of the official labels/characteristics attributed to it

Our currency is not backed by gold at all. You can print infinite amounts of fiat without adding a single extra gram of gold. Our currency is fully digital with instant payments. You can pay by card, you can pay with your phone, you can pay with a chip inserted in your forearm or your forehead if you so choose

Cryptos have zero utility outside of crime and by that I specifically mean there is pre-existing technology that does the job better and more efficiently (faster/cheaper/less energy). The clue is in the name - cryptocurrency. It is a currency (although really it's not, it's a fad of toxic waste according to the entirely of Wall Street in 2012 and Warren Buffett, whom we may as well group together as the most sophisticated investors on the planet). So it's a currency, it is not money. The only money that has ever existed and ever will exist are precious metals. PMs have a fundamental universal limit, not a "fundamental" human or technological limit, which we know are fundamentally flawed and have expiry dates. 

 

So, this is plain wrong "you can create 8 trillion more BTC tomorrow". 

No, you can't. 

That's what makes blockchain such an important invention. That up until the bitcoin white paper you could copy/paste any digital mean. You could copy/paste an MP3 file, or a Word document or an Excel sheet and modify its metadata and make the two copies identical to each other. Then, there is no scarcity or uniqueness. 

But the white paper changed all that; in order to modify anything on the blockchain you have to modify the entire blockchain. But modifying anything ruins the verifiability thereafter. So, everyone will notice. 

The BTC issuance protocol cannot be modified and there will be 21 millions of BTC only (ever). You could fork the chain of course and create another one with another issuance protocol but then you would have to convince everyone to follow your chain and not the original one. At a market cap of 600 billion I would say that will be quite a challenge. 

[Groundup]

5 years in kinesis, they have made huge successes in the digital gold and silver space. The partnerships they have are top draw, forward thinking countries and companies.

Security is best in class. Vaulting is free and I receive yields for my account activity, just to name a few of the attributes of their system. 

I was talking to a PM stacker the other week about Kinesis, they took a look. When I saw them again they said, No that's not for me, If you don't hold it, you don't own it was his mantra. So I said you've been stacking for years, you must have loads, surely you don't keep it in the house, no he replied I vault it. So his mantra had a flaw. He had to trust a third party.

Why not Kinesis. 

[n1k0s]

11 minutes ago, Groundup said:

5 years in kinesis, they have made huge successes in the digital gold and silver space. The partnerships they have are top draw, forward thinking countries and companies.

Security is best in class. Vaulting is free and I receive yields for my account activity, just to name a few of the attributes of their system. 

I was talking to a PM stacker the other week about Kinesis, they took a look. When I saw them again they said, No that's not for me, If you don't hold it, you don't own it was his mantra. So I said you've been stacking for years, you must have loads, surely you don't keep it in the house, no he replied I vault it. So his mantra had a flaw. He had to trust a third party.

Why not Kinesis. 

Because of centralization. 

The difference with bitcoin is that it is decentralized which means that no single individual has the authority. All nodes need to agree on a transaction in order to add it to the blockchain. 

At Kinesis (or any other stablecoin) someone has to store the gold that backs up the tokens.

This someone is the counterparty risk. If one day he (or she) disappears, there goes all the gold. 

You could add layers of security of course, but the project is fundamentally centralized, i.e. different from the bitcoin idea. 

[Groundup]

Just now, n1k0s said:

Because of centralization. 

The difference with bitcoin is that it is decentralized which means that no single individual has the authority. All nodes need to agree on a transaction in order to add it to the blockchain. 

At Kinesis (or any other stablecoin) someone has to store the gold that backs up the tokens.

This someone is the counterparty risk. If one day he (or she) disappears, there goes all the gold. 

You could add layers of security of course, but the project is fundamentally centralized, i.e. different from the bitcoin idea. 

I may need correcting but doesn't a small percentage BTC whale addresses own the majority of BTC. So is that not like centralised in those few addresses.

[sixgun]

17 minutes ago, Groundup said:

I may need correcting but doesn't a small percentage BTC whale addresses own the majority of BTC. So is that not like centralised in those few addresses.

Most of the BTC is controlled by a handful of wallets. 

[n1k0s]

26 minutes ago, Groundup said:

I may need correcting but doesn't a small percentage BTC whale addresses own the majority of BTC. So is that not like centralised in those few addresses.

that is correct. 

But the point is that these were not pre-mined tokens distributed or air-dropped. They were bought at their market price from whoever sold them and all these transactions are public.

So, if these people decided to get in early, then good for them. They were more clever than the rest of us. 

But this doesn't impact the validation process of the blockchain. A validation does not depend on your wallet. Unlike a proof-of-stake like ethereum where the more you own, the more transactions come to you to validate.

[n1k0s]

14 minutes ago, sixgun said:

Most of the BTC is controlled by a handful of wallets. 

I would not say "controlled" but "owned". 

Yes, they own BTC but they don't control anything. They don't control the issuance protocol or the validation process. 2

They could use their coins to dump them into the market and cause panic and short-sell, but that's different, it's a trade strategy.

[HonestMoneyGoldSilver]

52 minutes ago, n1k0s said:

So, this is plain wrong "you can create 8 trillion more BTC tomorrow". 

No, you can't. 

That's what makes blockchain such an important invention. That up until the bitcoin white paper you could copy/paste any digital mean. You could copy/paste an MP3 file, or a Word document or an Excel sheet and modify its metadata and make the two copies identical to each other. Then, there is no scarcity or uniqueness. 

But the white paper changed all that; in order to modify anything on the blockchain you have to modify the entire blockchain. But modifying anything ruins the verifiability thereafter. So, everyone will notice. 

The BTC issuance protocol cannot be modified and there will be 21 millions of BTC only (ever). You could fork the chain of course and create another one with another issuance protocol but then you would have to convince everyone to follow your chain and not the original one. At a market cap of 600 billion I would say that will be quite a challenge. 

Yes you can. Either the devs and 51% of the network can agree upon it and do it tomorrow or a sophisticated adversary (DARPA or the CCP) could perform a 51% attack

It is extremely possible and indeed trivial under the right conditions to modify the BTC protocol. It is controlled by devs and the network - human beings. Gold and silver on the other hand are under the authority of stars and black holes along with the laws of physics - i.e. the universe itself. There is infinite distance between the "fundamental constraints" and laws of BTC and the fundamental constraints of the laws of physics and the universe. 

11 minutes ago, sixgun said:

Most of the BTC is controlled by a handful of wallets. 

Correct, specifically 0.5% of wallets control > 85% of the wealth, and this is not due to crypto exchanges. The wealth in BTC is 50-100 times more concentrated than the wealth in fiat currency, with Ethereum being roughly 300 times as concentrated as fiat. The price of BTC and all cryptos is being manipulated by whales and fraudsters - including Tether (USDT) - which is the 3rd largest entity in the cryptosphere behind only BTC and ETH

[Groundup]

22 minutes ago, n1k0s said:

that is correct. 

But the point is that these were not pre-mined tokens distributed or air-dropped. They were bought at their market price from whoever sold them and all these transactions are public.

So, if these people decided to get in early, then good for them. They were more clever than the rest of us. 

But this doesn't impact the validation process of the blockchain. A validation does not depend on your wallet. Unlike a proof-of-stake like ethereum where the more you own, the more transactions come to you to validate.

TBH my friend, done it, been there wore the shirt. listened to all the fundamentals ect since 2012(LTC). My first BTC ironically was an Adam Smith 2 BTC solid silver token by Alitin Mint. To me BTC is just speculation that just gets converted to precious metals or for a fast transaction to Kinesis for converting to the metals. 

One thing I have learned is rely on technical analysis not fundamentals.

Upwards and onwards ❤️

Edited July 14, 2023 by Groundup
Spelling

[sixgun]

2 minutes ago, n1k0s said:

But this doesn't impact the validation process of the blockchain. A validation does not depend on your wallet. Unlike a proof-of-stake like ethereum where the more you own, the more transactions come to you to validate.

And this is why we WILL see gold and silver currencies on blockchain rails. This is happening - it is official. 
 

7 minutes ago, HonestMoneyGoldSilver said:

Yes you can. Either the devs and 51% of the network can agree upon it and do it tomorrow or a sophisticated adversary (DARPA or the CCP) could perform a 51% attack

i do not know and haven't cared to independantly investigate this but this is what i have heard. 

Alphabet agencies are very likely behind BTC - as early as 1996 we see this NSA document.

HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH

i don't have much to any interest in BTC - it is a speculation - it isn't money. Money needs to be stable to be usable. BTC from a commercial point of view is useless. It is what it is and some people are fans. Let them be fans but as a matter of fact precious metals money on blockchain rails has arrived and it is probably a good idea for precious metal stackers to be aware it has entered the station with a multi trillion horsepower engine.

[sixgun]

21 minutes ago, HonestMoneyGoldSilver said:

The price of BTC and all cryptos is being manipulated by whales and fraudsters - including Tether (USDT) - which is the 3rd largest entity in the cryptosphere behind only BTC and ETH

When USDT dies Lord help us - a Ponzi scheme jacked up to the sky.

[HonestMoneyGoldSilver]

Just now, sixgun said:

I do not know and haven't cared to independently investigate this but this is what i have heard. 

Alphabet agencies are very likely behind BTC - as early as 1996 we see this NSA document.

HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH

i don't have much to any interest in BTC - it is a speculation - it isn't money. Money needs to be stable to be usable. BTC from a commercial point of view is useless. It is what it is and some people are fans. Let them be fans but as a matter of fact precious metals money on blockchain rails has arrived and it is probably a good idea for precious metal stackers to be aware it has entered the station with a multi trillion horsepower engine.

Here we are in agreement once more. I've posted links to the Texan bill several times over the past 2 months btw

And yes, BTC was created by DARPA or the central authorities as a psy-op against the masses. The reason "Satoshi Nakamoto" doesn't exist and why there is 616 BTC sitting there unused is because BTC and that wallet were created by a government worker who filed away the cryptographic keys. They are sitting in the bowels of some top-secret US archive

I find it equally ironic and infuriating that so many "liberal minds" and "independent thinkers" adopt BTC as an act of rebellion against the central authorities when this is precisely what they had in mind from the beginning - the precursor to a digital CBDC. Are the youngsters today going to protest against the CBDC when it comes with climate strings attached, with covid passports attached, with digital IDs attached, with free benefits like university, housing benefit and universal credit? No, they will swallow the blue pill and criticise those who took the red pill

[theman73]

2 hours ago, HonestMoneyGoldSilver said:

I respectfully disagree - governments have moved on from paper backed by metal but central banks globally are moving back to monetary metals, with gold a Tier 1 asset alongside USD and US Treasuries. The government (the USA gold standard and Nixon Shock of 1971), did not move away from metals by choice but by necessity

Most cryptos are utter BS. Having been in that sphere from the very beginning - I probably owned BTC at least 10 years before most people here - I can tell you the only practical application is for crime. Having said that BTC is not suited for crime as it's fully traceable. XMR and ZCash are better suited but look at the observables - crypto exchanges don't even promote these opensource currencies let alone the mainstream. They want to feed you c**p they can profit from and control, like their own tokens, their own printing presses, their own ecosystems. BTC and eventually ETH will fall into the ecosystem of a larger player, be it BlackRock, JPM, Fidelity and Ark or the governments of North Korea, Iran, El Salvador, Venezuela, Nigeria and the Central African Republic

There is no fundamental scarcity. If you wish you can create 8 trillion more BTC tomorrow, just like with DOGEcoin, which is partially based (copy/pasted) from BTC along with LTC and LuckyCoin. There is no pretence of scarcity with DOGE yet it doesn't stop Elon Musk and other muppets pumping it like there's no tomorrow due to perverse incentives.

Compare that to gold and silver. You can wish all you want but you will never be able to create more gold than the universe itself set as a fundamental limit from supernovae and the interaction of massive celestial bodies like neutron stars and black holes. As a physicist I understand you can transmutate other elements into gold but this is a highly impractical exercise that does not yield monetary metals, unless gold is worth 300,000 times the current value and you don't mind a touch of radiation poisoning

Please understand I am not necessarily anti-crypto but I am anti-fraud and against mass market mis-selling of these assets. BTC is being mis-sold as very few truly understand what is going on. It's also mis-sold as it meets none of the official labels/characteristics attributed to it

Our currency is not backed by gold at all. You can print infinite amounts of fiat without adding a single extra gram of gold. Our currency is fully digital with instant payments. You can pay by card, you can pay with your phone, you can pay with a chip inserted in your forearm or your forehead if you so choose

Cryptos have zero utility outside of crime and by that I specifically mean there is pre-existing technology that does the job better and more efficiently (faster/cheaper/less energy). The clue is in the name - cryptocurrency. It is a currency (although really it's not, it's a fad of toxic waste according to the entirely of Wall Street in 2012 and Warren Buffett, whom we may as well group together as the most sophisticated investors on the planet). So it's a currency, it is not money. The only money that has ever existed and ever will exist are precious metals. PMs have a fundamental universal limit, not a "fundamental" human or technological limit, which we know are fundamentally flawed and have expiry dates. 

 

 

Somehow I must agree with you. Strange

[HonestMoneyGoldSilver]

16 minutes ago, Groundup said:

TBH my friend, done it, been there wore the shirt. listened to all the fundamentals ect since 2012(LTC). My first BTC ironically was an Adam Smith 2 BTC solid silver token by Alitin Mint. To me BTC is just speculation that just gets converted to precious metals or for a fast transaction to Kinesis for converting to the metals. 

One thing I have learned is rely on technical analysis not fundamentals.

Upwards and onwards ❤️

Care to explain how technical analysis works and what the success rates are?

There are many people who don't believe in TA and I'm talking about financial and economic professionals:

--------------------------------------------------------------

Debunking 8 Myths About Technical Analysis (investopedia.com)

Some traders and investors denounce technical analysis (TA) as a superficial study of charts and patterns without any concrete, conclusive or profitable results. Others believe it is a sort of Holy Grail that once mastered will unleash sizable profits .... 

.... Technical analysis provides a large basket of tools and concepts for trading. There are successful traders who don't use it, and there are successful traders who do. Some believe technical analysis is the best way to trade, while others claim it is misguided and lacks a theoretical basis.

Ultimately, it is up to each trader to explore technical analysis and determine if it is right for them. It doesn't guarantee instant profits or 100% accuracy, but for those who diligently practice the concepts, it does provide a realistic possibility of trading success.

--------------------------------------------------------------

I do put some credence in TA but I understand its fundamental weaknesses. The success rate of the most successful TA traders in the world is 55-70%, with that 70% figure being unobtainable in most markets. A stellar investor, a billionaire TA, might have a success rate of 60-65%, with 65% being on the high side

As a poker player how I translate that is you've just went all-in with 2 pair against a flush draw on the flop (~60.4% vs 38.69%), or AIPF with QK hearts vs J4 spades (65.75% vs 33.54%)

You are gambling, technical analysis is gambling. If you believe you are doing anything other than the scenarios I've described above, consider this a friendly heads-up, excuse the pun

For reference I was both a very successful poker player and am also a Master of Finance. I understand it's more than possible to win using TA but I've outgrown some of my hubris. I used to tell myself because I always won that poker wasn't gambling. It is gambling and even if you win you still pay a price. The same rules apply to trading and technical analysis. You can claim omnipotence if you want but those that do often end up like this guy:

 

[theman73]

1 hour ago, n1k0s said:

That's what makes blockchain such an important invention.

Who said this? The tulips sellers?

[Groundup]

1 minute ago, HonestMoneyGoldSilver said:

Care to explain how technical analysis works and what the success rates are?

There are many people who don't believe in TA and I'm talking about financial and economic professionals:

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Debunking 8 Myths About Technical Analysis (investopedia.com)

Some traders and investors denounce technical analysis (TA) as a superficial study of charts and patterns without any concrete, conclusive or profitable results. Others believe it is a sort of Holy Grail that once mastered will unleash sizable profits .... 

.... Technical analysis provides a large basket of tools and concepts for trading. There are successful traders who don't use it, and there are successful traders who do. Some believe technical analysis is the best way to trade, while others claim it is misguided and lacks a theoretical basis.

Ultimately, it is up to each trader to explore technical analysis and determine if it is right for them. It doesn't guarantee instant profits or 100% accuracy, but for those who diligently practice the concepts, it does provide a realistic possibility of trading success.

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I do put some credence in TA but I understand its fundamental weaknesses. The success rate of the most successful TA traders in the world is 55-70%, with that 70% figure being unobtainable in most markets. A stellar investor, a billionaire TA, might have a success rate of 60-65%, with 65% being on the high side

As a poker player how I translate that is you've just went all-in with 2 pair against a flush draw on the flop (~60.4% vs 38.69%), or AIPF with QK hearts vs J4 spades (65.75% vs 33.54%)

You are gambling, technical analysis is gambling. If you believe you are doing anything other than the scenarios I've described above, consider this a friendly heads-up, excuse the pun

For reference I was both a very successful poker player and am also a Master of Finance. I understand it's more than possible to win using TA but I've outgrown some of my hubris. I used to tell myself because I always won that poker wasn't gambling. It is gambling and even if you win you still pay a price. The same rules apply to trading and technical analysis. You can claim omnipotence if you want but those that do often end up like this guy:

 

I don't use it as a Bible that I would swear on, more as a guide to the weight of possiblity. Hope that helps❤️.

[theman73]

1 hour ago, Groundup said:

5 years in kinesis

Today my Kinesis account manager called me to remember me that I have an account with them, great idea but to redeem your silver in the UK ...