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Skybird · 12-26-13, 06:53 PM

Virtual currencies are no commodity money like a gold standard. They are like paper debt money, just without paper. They do not offer areal alternative to the state's paper debt money, if people want to use it as a security tool to preserve their wealth against a paper money crash. Also, different to the gold standard or any other commodity money, the state can perfectly intervene anytime and declare it illegal. In case of gold coins, you are left then with the own-value of the gold, you just bear the risk of severe legal penalties if you own it. Gold nevertheless remains to be a proven valuable commodity. But a virtual currency declared illegal - leaves you with nothing.

Chinese bought Bitcoins like crazy, like the Chinese state currently buys off all gold reserves globally that it can get its hands on (they have practically emptied the London gold market, they maybe even helped Western governments to keep the gold price artificially low due to most likely illegal manipulations: the Europeans want that low gold price to support the shine of the Euro and discourage people from turning Euros into gold, the Chinese to buy gold cheaper). And then, some days ago, China practically banned trade and possession of Bitcoins, causing massive panic sales of Bitcoins and causing huge losses for Bitcoin believers.

Virtual currencies are not much different from paper money, just without paper. It leaves the user vulnerable to the state in practically the same way. And you can bet your money on that any state will crack down on virtual currencies once they start to thgreaten and really compete with state's paper debt money. Politicians depend on unlimited paper money printing too much as if they can or would give that option up. It's the only reason why politicians have instituted these criminal organizations we call central banks. It's organized crime.

I know that some economists in the Austrian school of economics defend virtual currencies as an alternative to state paper debt money. This time I leave them alone in the rain, I think they are very seriously wrong there.

12-26-13, 06:53 PM	#5
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 42,650 Downloads: 10 Uploads: 0	Virtual currencies are no commodity money like a gold standard. They are like paper debt money, just without paper. They do not offer areal alternative to the state's paper debt money, if people want to use it as a security tool to preserve their wealth against a paper money crash. Also, different to the gold standard or any other commodity money, the state can perfectly intervene anytime and declare it illegal. In case of gold coins, you are left then with the own-value of the gold, you just bear the risk of severe legal penalties if you own it. Gold nevertheless remains to be a proven valuable commodity. But a virtual currency declared illegal - leaves you with nothing. Chinese bought Bitcoins like crazy, like the Chinese state currently buys off all gold reserves globally that it can get its hands on (they have practically emptied the London gold market, they maybe even helped Western governments to keep the gold price artificially low due to most likely illegal manipulations: the Europeans want that low gold price to support the shine of the Euro and discourage people from turning Euros into gold, the Chinese to buy gold cheaper). And then, some days ago, China practically banned trade and possession of Bitcoins, causing massive panic sales of Bitcoins and causing huge losses for Bitcoin believers. Virtual currencies are not much different from paper money, just without paper. It leaves the user vulnerable to the state in practically the same way. And you can bet your money on that any state will crack down on virtual currencies once they start to thgreaten and really compete with state's paper debt money. Politicians depend on unlimited paper money printing too much as if they can or would give that option up. It's the only reason why politicians have instituted these criminal organizations we call central banks. It's organized crime. I know that some economists in the Austrian school of economics defend virtual currencies as an alternative to state paper debt money. This time I leave them alone in the rain, I think they are very seriously wrong there. __________________ If you feel nuts, consult an expert.