This looks like the beginning of the end for gold tbh. Bitcoin does everything gold does, but 1000x better. As we witness the controlled demolition of the old, corrupt, dying system(I know I know, it's the flu's fault)--this will be the battle to watch in the coming years. Epstein coin is fundamentally and structurally broken, the only way out for $EC is to inflate the balance sheet of the Federal Reserve (and all major central banks) into oblivion. Then the question becomes--who bails out the central banks as Jim Rickards puts it. Peder Schitt, and all the rest of the btc haters assumption is that it's going to be you (gold is the biggest asset of global CB's). Will it be you? I have no intention of bailing out the central banks. It's nothing against the gold bugs, or inanimate heavy yellow metal, its simply the hope for (and game theoretical inevitable conclusion) of a better world. Listen to cypherpunks argue, then listen to the fed minutes and see if your IQ points drop dramatically. The bitcoin/cryptocurrency community has the greatest intellectual capital in the world, so it only makes sense for the nerds to be the greatest benefactor of the coming wealth shift (wealth inequality has been on the rise for the last century and bitcoin puts an end to this).
That's what's real interesting about the coming depression, the original great depression began the start of a historical creation of wealth *inequality, and this one starts a transfer back to the people, or at least those with any sense enough to pay attention to cryptocurrency. Also this time around we have the internet. Sure old jobs are dying in droves but new forms of business models/jobs will arise in parrallel through the crypto economy. Bitcoin/cryptocurrency is the missing puzzle piece that will help alleviate the shift into a modern economy as technological obsolescence emerges and demographic realities take hold. Those not savy enough to realize what is occurring all around them will be the last to leave their jobs which require more and more hours of work for less pay, but eventually everyone will start working from home, and eventually working for themselves as they realize the jig is up, and old captains of the ship are now just essentially paid actors pretending they are still important. Oh the horror! The avg individual will have more time to enjoy their lives, and creativity will flourish amidst a new renaissance.
But I digress, back to btc vs gold. It's almost a tired argument at this point, lets see how it plays out. Pragmatically, in all honesty, gold just seems completely useless to me in 2020. The gold bugs were obviously right about the sound money aspect of things, but now btc does it better for the modern world, if you haven't realized this by now no one is going to do your homework for you. At this point the gold bugs are sadly stuck in intellectual glue, I feel bad for them. They've been telling people to pay off their debts at the end of a grand debt supercyle...doesn't make much sense to me. It's creditors who will be the biggest losers from the extinction of this system as going broke is a million times more severe for governments, institutions, corporations, and currencies (individuals can simply not pay--and afterall--why would they?).
The gold bugs major arguments against btc are truly laughable, and in any rational appraisal in the battlefield of ideas fall flat on their face. "Gold has been around for thousands of years" ...ah yes okay the old dinosaur argument. Gluck with that. One can simply ask themselves: If there ever were to be a successor to gold how this argument would anticipate it. But mkay, stick your fingers in your ears and put it all on "well it always has been this way so it always will" K lol. Then there's the old internet argument which is hilarious. "But what if the internet goes down!" In other words, gold survival depends upon the incredibly unlikely event of the entire internet going down forever? Really doe? U might as well give up if that's the case. What does that even look like? Bob kicked the chord in the IT room and dat internet went down? LOLOLOL. K. Gluck with your gold and your bet on the internet going down, in other words, your hoping for the end of the world and essentially admitting your investment depends upon it, weird thing to hope for. And honestly gold would be at the end of my list of things I would want in that scenario, after food, drugs, etc. If it ever does happen (spoiler alert it won't) after those responsible are dealt with--many in the cryptocurrency space are overlapped with general IT and are probably the most qualified to fix it (Irony futures skyrocketing).
Anyway, enough blabbering, grab your popcorn and enjoy the show! The Truth Social Network signature for this chart will be provided in my >ltc_joe block.
That's what's real interesting about the coming depression, the original great depression began the start of a historical creation of wealth *inequality, and this one starts a transfer back to the people, or at least those with any sense enough to pay attention to cryptocurrency. Also this time around we have the internet. Sure old jobs are dying in droves but new forms of business models/jobs will arise in parrallel through the crypto economy. Bitcoin/cryptocurrency is the missing puzzle piece that will help alleviate the shift into a modern economy as technological obsolescence emerges and demographic realities take hold. Those not savy enough to realize what is occurring all around them will be the last to leave their jobs which require more and more hours of work for less pay, but eventually everyone will start working from home, and eventually working for themselves as they realize the jig is up, and old captains of the ship are now just essentially paid actors pretending they are still important. Oh the horror! The avg individual will have more time to enjoy their lives, and creativity will flourish amidst a new renaissance.
But I digress, back to btc vs gold. It's almost a tired argument at this point, lets see how it plays out. Pragmatically, in all honesty, gold just seems completely useless to me in 2020. The gold bugs were obviously right about the sound money aspect of things, but now btc does it better for the modern world, if you haven't realized this by now no one is going to do your homework for you. At this point the gold bugs are sadly stuck in intellectual glue, I feel bad for them. They've been telling people to pay off their debts at the end of a grand debt supercyle...doesn't make much sense to me. It's creditors who will be the biggest losers from the extinction of this system as going broke is a million times more severe for governments, institutions, corporations, and currencies (individuals can simply not pay--and afterall--why would they?).
The gold bugs major arguments against btc are truly laughable, and in any rational appraisal in the battlefield of ideas fall flat on their face. "Gold has been around for thousands of years" ...ah yes okay the old dinosaur argument. Gluck with that. One can simply ask themselves: If there ever were to be a successor to gold how this argument would anticipate it. But mkay, stick your fingers in your ears and put it all on "well it always has been this way so it always will" K lol. Then there's the old internet argument which is hilarious. "But what if the internet goes down!" In other words, gold survival depends upon the incredibly unlikely event of the entire internet going down forever? Really doe? U might as well give up if that's the case. What does that even look like? Bob kicked the chord in the IT room and dat internet went down? LOLOLOL. K. Gluck with your gold and your bet on the internet going down, in other words, your hoping for the end of the world and essentially admitting your investment depends upon it, weird thing to hope for. And honestly gold would be at the end of my list of things I would want in that scenario, after food, drugs, etc. If it ever does happen (spoiler alert it won't) after those responsible are dealt with--many in the cryptocurrency space are overlapped with general IT and are probably the most qualified to fix it (Irony futures skyrocketing).
Anyway, enough blabbering, grab your popcorn and enjoy the show! The Truth Social Network signature for this chart will be provided in my >ltc_joe block.
