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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (137082)	12/11/2017 12:13:44 AM
From: Elroy Jetson	1 Recommendation Recommended By Cogito Ergo Sum Read Replies (1) \| Respond to of 217836

Even the small minority of people who own gold simply want to pay for dinner with a Visa card. I don't need or want to pay for dinner with Crypto-Google or Crypto-Chevron shares. Google shares are an investment and Chevron is a trade - but I spend money. If you or I were actually that hard-up for money I could sell some shares and you could sell some gold and then we'd both have more money to spend. And when I pay for dinner, I don't want to pay a $15 crypto-transfer fee on top of paying for dinner. Instead the credit card company charges the restaurant 2% and my credit card issuer rebates that 2% to people like myself with excellent credit and they pocket all or part of the 2% when dealing with less desirable customers. They may even charge them an annual fee. And neither I nor the restaurant owner are going to be happy with the fact that the crypto transfer will take 7 to 72 hours to complete unless we pay a higher express transfer fee. People "investing" in Bitcoin overlook these horrible disadvantages because of the very real possibility that this price bubble will surge higher. But a crypto currency tied like a boat anchor to the price of gold, lead or steel takes away the only reason people are "invested" in Bitcoin. At least if you introduced a crypto currency tied to the price of cement in China you'd have a reasonable expectation of a price increase. Crypto-gold is an answer to a problem which doesn't exist. People own physical gold because they're paranoid nutters and don't trust someone else to hold their gold for them. The premise of crypto-gold is these paranoids will suddenly be willing to entrust their gold to a crypto-currency promoter - similar to Mt Gox which collapsed leaving customers without 96% of their Bitcoins. It baffles me what part of this you don't understand.