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News Link • Bitcoin

The Great Rotation: From Bullion To Bitcoin

•, by Tyler Durden
Well you buy what's working, right? Don't fight the Fed? Oh wait... BTC just hit $670...

2 Comments in Response to

Comment by Ed Price
Entered on:

Bitcoin hit $900 within the last half-hour or so. Since, it has dumped back down to about $600 as of this writing. I checked for the largest recent transactions. THEY - the Bitcoin big owners - are doing it differently this time. This time, rather than selling off bitcoins in blocks of 30,000 at a time, now they are selling off a whole bunch of smaller blocks of coin, never quite reaching 7,000 bitcoins at once. Interesting.

Comment by Ed Price
Entered on:

Bitcoin hit $750 a little while ago. As of this writing, it's hovering around$725.

When something becomes valuable, there are always lot's of folks who try to find ways to steal it from you. The biggest thief is almost always the Government and the banks. Keep this in mind, always.

If you hold actual gold and silver, or platinum or palladium, you have something that is actually in your hand. You can actually hold the metals in your hand if you want to buy it that way.

Bitcoin is different. Bitcoin is electronic. It resides in an electronic ledger called the blockchain. This ledger is being kept active by the whole Internet system. If the Internet goes down, if the electrical grid goes down, if hackers break the encryption, your bitcoins are simply gone.

If you have gold or silver bullion or coins around the house, you probably have it hidden somewhere. Thieves need to know that you have it before it becomes practical for them to try to steal it. Even if they know that you have it, they need to be prepared to find your hiding place. They have to be able to crack your safe. They need to be ready to fend you off when you wave your guns in their face. And they have to do it fast, because you might call law enforcement in.

With Bitcoin, they can spend all their idle time thinking up ways to crack the blockchain, to making fraudulent websites to get you to hand over bitcoins to them, or in the case of Government and the banks, to take down the Internet or the electrical grid or computers in general, all without attracting too much attention from you, and often completely legal even if they get your attention.

Search Freedom's Phoenix over the past week and you will be able to find several articles that talk about the grid going down, the Internet being turned off, threats by Government and other thieves, etc. Don't put all your eggs in one basket. If this Bitcoin jump has given you some extra "cash," use a little of it to buy some gold and silver. Use some of it to stock up on bullets.

We need to find three major things in this Bitcoin boom...

1. A method to ensure that the Internet will never go down... or at least a method of person to person Internet-like communication so that we can keep our blockchain ledger alive;

2. Encryption processes that are far stronger than the ones currently used by the blockchain... they won't tell us when they have a practical, fully-functional quantum computer working;

3. Practical methods that will generate electricity for us all, outside of the power grid.

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