Canadian Prepper, I watch all your videos! Nice seeing you here, i'm a fellow Canadian also. As a finance professional, I can vouch for the quality of work produced by JR. He is very intelligent, but being that he was ex-CIA (if that even exists) take what he says with a grain of salt. At the end of the day, the best hedge for SHTF is your health, intellect, skills, land and relationships. All the best to you and your family in 2021.
anything that benefits the big banks and corporations and puts money in their pockets gets a high five but when it helps the consumer benefit then it is a scam and should be regulated
The group that created crypto did it for big banks & IMF and have used the public to adopt it. It’ll be terrible to have a cashless world... so many people bought into it and it’s like a giant psyop control tactic. Alas...nothing we can do but stay wise and prepare ourselves for changes. Also don’t be a debt slave, that’s what they want. By 2030 the UN & IMF want most of these goals completed
"block chain technology is fantastic". I personally find blockchain tech to be extraordinarily overrated. Its taking a centralized database and distributing it across several peers. It moves trust from a single authority (which is usually accountable) to several smaller authorities who can do as they please such as perform 51% (majority) attacks on the network and get away with it. Its a terrible system for day to day use as the customer has nowhere to go if there are problems. Speculating in blockchain however is worthwhile provided you can time the entry and exits fairly accurately.
Jim Rickards is the same smart 🤓 man who said Trump will be re-elected. Jim said his cutting edge software used statistics and math to predict Trump re-election. Sometimes they get it wrong.
All value is dependent on the behavior of others. If you assume what the behavior of others will be then everything is a ponzi scheme with the right assumptions. Why defend against assumptions? An assumption skips the diligent work of actually constructing a valid argument.
so bitcoin is just a protocol to interact with a database ledger (block chain). In order to interact with this ledger I have to use gas called bitcoin (same name). There are people who create (mine) bitcoin and use up their electricity so they get paid while creating the ledger. If I want to use money on this ledger I need to go to an exchange center who gives me a price for whatever currency I am using per bitcoin. So the exchange rate is high because of demand to have this currency. So why does the cost of using this currency rise? Is it the historical value of having one of the 20 Mil coins? What is the value of being able to do entries with this database? At the end of the day it's technology that will be outdated at some point right? Is this the same thing as saying I BOUGHT ONE OF THE FIRST COMPUTERS EVER SO ITS WORTH THIS MUCH MONEY. The average person has no reason to interact with this database right? I mean if everyone cash out their bitcoin for cash where did all that money come from? It's like the only thing backing this created money is real actual money. It's a demand to have one so it drives supply up but what does having a BItcoin really mean? Doesn't someone have to be willing to PAY that much for it? Am I missing something? I just don't get it. I understand the concept but not why having bitcoin is worth anything. Sooner or later it will be free to interact with a blockchain, we all know that's coming. It will be better than Bitcoin, so why would having this Bitcoin be worth anything?
When the bubble bursts, it will be painful. Miners will simply stop mining if it becomes unprofitable. It may be a month or a year from now, but people will at some point realise they bought bits that need to be continuously be fed with electricity to simply keep going. Is actually sad that more and more will be fooled, it all became a greater fool game.
1 guy spent £2200 on parts to build a mining rig. its costs him £2.50 a day in electric to run it. He only gets £5 worth of bitcoins a day which will drop as less and less coins will be avaible. so he wil never get back the money he invested. As more and more minors see its costing them more to mine than they get out of it they wil just stop mining. when that happens the price will crash and they will be worthless.
Thir 13n, perhaps you are not experienced at gambling. Having this bitcoin will be worth enormous amounts of dollars (if you can get someone to trade your bitcoin for dollars) if you know at the precise moment the bitcoin will be devalued and sell before that time. Simple?
When a central bank issues real currency, it does it as a loan for some securities that are held in reserve as a guarantee of repayment. Each dollar represents a "piece of the pie" if you will, of the reserves held by the central bank. Securities must be something of real value (a pool of mortgages, treasury bills, senior corporate bonds), and provide the legal means for the central bank to eventually recover the issued dollars in case of default. Dollars have representative value and are thus a type of representative currency (look it up, that's ac actual thing). Bitcoin and its variants, in the other hand do not represent any value and their only value is the ability to be owned and exchanged. So, in other words you are paying for the right to play but the tokens themselves hold no value. It is okay to play but just don't put in any money that you don't want to lose because the value can evaporate as quickly as it can be created, it is entirely controlled by the net inflows of money... just like a Ponzi scheme.
Easiest way to know " WHY" a speaker has a particular view, is to look at where his investments and interests lie, and also what is a threat to those investments. This guy is heavily into Fiat and Gold.
Bitcoin could go to a million dollars just like Madoff could still be going today had it not been for the 2008 crash. You can still get into bitcoin and make a load of money if you're lucky. But it's nothing more than luck and a whole load of risk, even if you're the guy designing the new antminer and you have access to free power from a hydro dam in china. Good luck if you're going into it and you're young. If you're old and you want to keep your life savings, avoid bitcoin and go into an index fund instead.
I can’t believe how lucky gold investors have been the last 20 years. Always buying it hoping the next suckers buy it for more. Completely lucky. Gambling.
Jay Chizza I was being sarcastic. Bitcoin has doubled 75 times to the price where it is now. In 6 years. Bitcoin will keep doing what it has been doing. Up to millions and beyond. Golds good too but I think Bitcoin is much better.
Jay Chizza With Precious Metals, the price is more manipulated. Bitcoin is more free from price manipulation. Bitcoin is censorship resistant, decentralized, limited in quantity, fungible, etc. people misunderstand Bitcoin. You really don’t need to use the Internet to use Bitcoin. I believe it’ll be the reserve currency within 10 years. Wether people like it or not.
Relekta Bitcoin is a store of value. It’s a hedge against out of control money printing. Bitcoin is 5 times the value of gold. But it’ll be 50-200 times the value of gold within 5-15 years. Because it’s fits the attributes of money more than gold. People with off shore money will realize that they don’t need to trust banks anymore and go through all that hassle when they can take possession themselves. I don’t know what to tell you.... The world will finally have a bench mark to value things against. And that will be Bitcoin.
"Will Bitcoin be valuable tomorrow?" - I don't know. Will Gold? - No one knows. Will the USD - NO, virtually impossible. 20 Trillion in Dept, so no. Will Land? - I mean, yeah most likely. But even that, you don't know what laws will be passed.
Then what do we do ? limiting a country gdp to the assets it has to the amount of raw materials isn't good because countries has more resources than others but having a currency back by nothing means you can create unlimited value or unlimited debt. The production of computing value is represented in binary but it actually has no intrinsic value for example a png logo so bitcoin could have been the way of representing value of digital goods. It's all complicated.
@@Barnes-ml9wg so in ur world Bitcoin is the only way to make money. Funny u buy it so u can SELL it in exchange for fiat Bitcoin can be copied. It’s a joke. I guess you’d tell Buffet to stay poor forever too he doesn’t like Bitcoin either
Bitcoin is the best form of money humanity has seen. It is superior in attributes compared to gold and Fiat money... Much like how gold is superior to seashells before it.
Not technically a ponzi scheme but has elements of it. There's a need for new suckers to get in for everyone else to benefit. The price is disconnected from the coin itself and instead relies on newbs.
Because bitcoin itself is a useless asset that does not produce any value, which single use case is to speculate and trade for profit. That's the definition of a ponzi scheme, where those that come early take a lot of profit, and the last ones to arrive will bare all the cost. The only reason people are making money is because someone else is loosing it. It's a zero-sum game.
I invested in AML BITCOIN through coinbase so I could avoid the anonymity ; but the network is so slow that I am not sure if I have been robbed. The market could just as easily crash before I find out. I am totally freaking out. For those of you who think this is normal, it is not. Even Ponzi schemes take less time to give you back money than bitcoin does. Not everyone is as lucky as you are.
think of it, when people buys with gold, and suddenly a paper money was being used as a form of payment, and guess what, you dont believe what happens for the next century. same as bitcoin, currency for the digital age. Think about it, your paper money is just a digit on your passbook. Digits. no gold no nothing, just digits.
Because ppl are stupid. The narrative is that bitcoin is recession proof, ppl believe it and buy increasing the demand and price. Its not bitcoin that has done shit, its the panickers thinking there gonna save their money from tanking through the touted holy grail that is crypto. The surprise will be real, we'll read the news of the ppl that commited suicide.
Atleast the government is held accountable when there is a fiat crisis. You vote for different government and protest , etc. Who is accountable if bitcoin drops? Where can you go fight if bitcoin loses all its value?
How can someone speak on something that holds no experience in the industry of online currency. That's like telling a Burger King worker how to make a burger yet you're a used car salesman. I think he's just a bitter old man who missed the boat on Bitcoin.
but he does have experience with it, by knowing what bitcoin is and all the functionalities about bitcoin and the same about the markets, infact it's you who's inexperienced by stating something so non related like what u mentioned...just distorting the reality of what bitcoin is, a ponzi scheme scam...simple and obvious.
If Bitcoin is a ponzi I don't want to know what fiat currency is. The fact is in this century neither bitcoin or gold are going to kill one another. Rather I would guess people in a decade from now will be trading a Bitcoin/Gold ratio. It doesn't really matter how many United states dollars your bitcoin can buy but rather how many ounces of gold it can buy. Right now I would guess Bitcoin is still going to be roaring ahead whilst gold keeps up a steady pace.
No Jim, you aren't into both. You don't understand the technology. Nobody with any decent amount of bitcoin stores their bitcoin wealth on exchanges. And tulip mania is a terrible argument for several reasons, mainly because btc has a fixed and continually decreasing supply. Tulip bulbs can infinitely be created from tulip seeds... did the whole purpose of the tulip bulb high school economics lesson pass you both by? can't believe Rickards is still this short sited with btc.. must be the age setting in. I expect it out of neocon Keith.
Evidence? Digits can be created till the end of times in cuadrillions, gazillions, whatever the name of the big number you can think. Beautiful things in life are scarce, the proof is that anyone stops his walk to watch something beautiful
You're working with a false premise. Digits are not what is being exchanged. I don't have time to walk a blind man through a cave he refuses to admit exists. Stick to flowers and plastic bags floating in the wind. Good day sir.
He just said that between 2 miners they could sell $4000.00 to one, then sell it back for $4100.00, then sell it to the second guy again for $4300.00! That's Laughable! You don't sell high and buy higher! If you did, it's value would never reach a maximum limit. do you see people on wallstreet looking for the more expensive, less profitable purchase than the one they just had? NO! and people on wall street don't have the exhorbatant expense of mining. That's a horrible example Richards put forth and is not reflective of how ANY market works, especially not the blockchain which when you talk about ETHER, goes beyond just a financial store of wealth and ties it to functional contracts that are completely visible and reviewable by anyone on the blockchain. Transactions too! That's 1 million times more transparent than wall street. Give me a break!
Since transactions are anonymous, "painting the tape" doesn't even require 2 parties. You can easily automate "tape painting" (which really needs to be redefined with Bitcoin) to a certain level, then dump, rinse, repeat. I firmly believe whales have multiple wallets and are doing this - and that it is the key driver of valuation and volatility.
The reason Bitcoin is a scam is becasue there's a few "shareholders" who own roughly 50% of the Bitcoin supply and manipulate the market as they please to have a never ending stream of profit. Rinse and repeat. Good luck with Bitcoin.
Shame, Jim has gone senile and forgotten the definition of a Ponzi scheme. I used to like him, he is one of the reasons why I got into bullion and crypto 8 years ago :-(
I’m with you exactly. There are older gold bugs like him that are very bitter about Bitcoin. And it’s understandable. They’ve been waiting for the big wealth transfer and teaches people about it for decades..... only to find out that it’s been happening with Bitcoin. And will continue.
24,000 DOW and this clown is telling us Bitcoin is a ponzi scheme. Funniest thing I've ever heard!! Presently I'm all in on LItecoin and all out of stocks forever unless the indexes fall back to or below fair market valuations. DOW 4,500 S&P 500 at 400 NASDAQ back to the 1,000 level... Bitcoin is a ponzi ha, ha, ha that's rich!
Decentralisation is nothing new. Often people mention gold and its longevity but decentralization has been used for centuries. A recent example - which Rickards undoubtedly knows - are split tally sticks in England prior to capitalism. Split tally sticks were a decentralized ledger between creditor and debtor. Peer to peer. Split tally sticks were used as money (alongside gold and silver), it represented a contract between two parties, and nature's algorithms provided consensus via wood grain if the two pieces fitted together - proving the contract. For the wood grain (nature's algorithms), for today's equivalent read the BTC / crypto algorithms. This tally stick monetary system lasted a full 700 years - from the 1100s to 1826 and tally sticks were considered valuable enough to be used as collateral in the formation of the Bank of England. Today - this decentralised concept is digital, secure, built upon a protocol (as are today's most valuable stocks), and global - which is an infinitely more powerful proposition.
I highly doubt it. People invest in what they feel has value and security to them. For many people (including myself), Bitcoin will never be worth the risk.
$300 "It's a bubble, it's going to pop" $1000 "Trust me, it'll burst, just wait a few more months" $2500 "Give it a few more days" $2000 "Ha, told you all" $4000 "It's still a bubble" $5500 "Ohh boy, that’s gonna hurt when it bursts" $7000 " This is the end , we are close ..." $9000 " We all knew it wouldn't last " $11000 " Within a month it's toast " $13000 " It should have never made it this far " 9 years later ..... and counting ..... see where this is going..... the only BUBBLE BURST will eventually be FIAT currency . Join the REVOLT join the RESISTANCE join BITCOIN .
So, some guy that nobody knows creates digital money out of thin air, tells people there is a limited supply, stashes away who knows how many bitcoins for himself, and people start paying money for this? Would he accept digital money that I created and trade me? Why not? You mean he wants real money like dollars and euros? But, those are just fiat currency right? Why would I need to buy it with that shit? LMAO, like they say, there is a sucker born every minute!
Yea, i mean first of all its just a number, and number are infinite, even if there's only 21 million bitcoins. Looks like it's going to be just like star trek.
First of all, value is an entirely subjective topic, something can be incredibly valuable to me and worth nothing to you. Currencies value comes from the fact that they facilitate peoples transactions, making them faster and easier. In order to do so, they need some specific properties such as: are hard to falsify, scarcity, and high divisibility so smaller amounts can be obtained for smaller transactions, etc. The reason people value some currencies over others come from the fact that they have better properties as currency, take gold for example, it has no "inherent" value, people just believe it serves incredibly well for trading and people generally agree, it therefore has value. Bitcoin is no different, it has all of the properties these currencies need and more such as anonimity and complete decentralization, thats why it is valued. One could say all value comes out of thin air, more specifically from people's desires and purposes. If you manage to design a digital currency that people are receiving of and has all the properties strong currency needs to be efficient, then yes people would trade with you. It definitely is a valid form of currency but the volatility in its price is an obstacle for a full adoption of this sort of money. What I'm trying to say here is that it definitely still has mistakes and imperfections and its price can be quite distorted due to speculation, but dismissing this incredible revolution as "just digital money some guy created' is incredibly irresponsible.
We the dinosaurs, born before 2000s, have a different perception of markets and economy. Most of what goes on today are scams in our eyes. If I were a hedge manager, I'd be careful about losing money. To anyone concerned with building and preserving wealth, this conversation makes absolute sense. I recall talking to a new neighbour, who is also a small investor. We exchanged our views on the 2008 crash and other topics. He is younger than me and works with information technology. Talking about Bitcoin, we nearly fell off of our chairs laughing. "It's a Madoff scheme" he said, and he is fifteen years my junior; he knew. This is why I found this interview immensely enjoyable. It is the level of analysis, not what is said.
I think BTC and other crypto are also adding a lot of entropy to the system, for no particular reason. No need for an economy at all if entropy is too high lol
If your a banker or a economist all your life, you'll never get it with Bitcoin. So keep thinking the old fashion way and more then likely you have a pager not a cell phone, your going to blockbuster video never heard of Netflix, use a cab instead of Uber, shop at a vacant mall instead of Amazon, use the post office instead of e-mail, hand out flyers instead of marketing on social media. You just don't get it. Banks never experienced competition until now. And this is why they are screaming negativity about Bitcoin.
Jim's books have gold and silver and SDR playing a major role in the future. Cryptos emergence puts a big dent in these theories. Guess Jim will need to re-write the books or drop to irrelevance. The dollar decline will require a fix and cryptos will be nicely positioned to take over. Gold and Silver will still have value in wealth preservation but not in terms off the future of monetary transactions. I bet Jim has never conducted a blockchain transaction over the Ethereum smart contract system. Obviously he is a smart guy but he might want to try this some time.
its very simple. if you are in a country that the currency is deflating at fast rates and society falls apart which is more practical . PMs or crypto? what r u going to do with ur gold? trying to flee with it will prob get u killed , same with trying to spend it. crypto is the obvious safer hedge
2:56 why would you trade back and forth? There's a very slim chance either would get the mining prize 🙄 Also 4:00 if you buy with bitcoin a year later and not with dollars or whatever paper currency there's no way they can know and that's what they don't like!
Sorry Jim but most illegal activities are done with the US dollar and credit card not the bitcoin. You have really came down imagine your credibility with that statement. For a person who is in the know it's quite surprising that you would say something so ludicrous
He didn't say that wasn't true. What he said was that most transactions on Bitcoin are for illegal activities. Not at all the same thing. Most animals with fur are not dogs, but that doesn't change the fact that most dogs have fur.
You could say this, if the BTC was dissolved and all investors got their money out .... but since that's not the case, your message just doesn't make any sense. I think you know it too.
@@ontheroad151 what are you talking about? The video aged horribly, BTC just made another new all time high literally yesterday. And no I don't think that, you're completely wrong. Btw Paul Tudor Jones, Stanley Drunkenmiller, and Jack Dorsey all like BTC. And there are all more successful than Dave Ramsey, by a long shot. Ps. Have fun staying poor.
Well i was thinking about a massive internet propaganda scheme to make people believe froot loops are going extinct and each box will be worth 100k very soon so that everyone's rush to the stores and buy all of them till the factories run out. Then wait for the value to go up, then unload all my boxes for astronomical prices just before the new factories are up and running to produce tons of froot loops. Then when price goes down to 0.99$ a box i'll buy some with milk and have a breakfast :D.
Hows that silver working out? Seems to be chugging along..... it's outlasted the Roman, Mongol, Ottoman, British, Persian, Spanish Empires. The Qing, Xin, Tang, Yuan Song, Liao Dynasties have all faded into dusty history books but silver is still bought in every corner of the earth for wealth preservation and industry. If I remember it was found with pharaohs, sultans, emperors, kings and queens...even my mama has some..... So ya, seems to be good, valuable and timeless... How about your BTC? Think it will be valuable in 5000 years?
At one point in history , I think England. They used notched wooden sticks that circulated around and were used as money/ taxes to the king. This form of currency worked very well. This is what’s so great about bitcoin. Yes it isn’t gold , yes there can be more digital coins. But we all agree bitcoin is sound money to the tune of a 1/4 trillion of the worlds wealth
There are only 16M BTC in the world today. There are 7 billion of us. So if BTC is to be distributed evenly that would be...0.002285714 BTC per person. If the world's per capita is $15,000 that means if BTC is to be the currency of the world each of those 0.002285714 BTC is worth $15 000. Which is roughly $6.5M per BTC. That's the reason for the insane BTC value rise we are experiencing right now. The world's currency is seeking a new equilibrium. We are migrating to a currency which cannot be tampered by evil bankers.
The same can be said of any fiat currency today. Their value is only what the society using them believes it is, they're not actually backed by real assets.
@@Aliens-Are-Our-Friends2027 exactly what I've just been saying. Though for some reason people single out bitcoin for being backed by nothing as if USD isn't.
right you make some money in bitcoins before it crashes then you report your capital gains its only a money making vehicle at the moment until it crashes
Bitcoin has survived many crisis in its short lifetime. Rickards is way full of sh.t on this one. I have followed him and with a grain of salt have respected his insights. Problem is his calls of late of been way off. He is more salesman for his tired opinions than bringing any insight to anything. And Jim, your boy Jamie Dimon has changed his opinion since he is investing large in the space. Rickards, you have just stuck a spike in your own business. Who do you think follows your crap, the mainstream or the alt crowd? Well you will surely lose the majority of your current supporters if you keep schilling for the man on this one.
I don't think people understand the implications of what you just said. The main use case for gold isn't a doomsday scenario. It is to create honesty , to force honesty, to hedge against dishonesty of governments and centrally planned markets. Bitcoin has the same basic use case and it will succeed where gold failed. Gold standards were abandoned by governments because they don't want to be honest. The gold back currency liberty reserve was attacked because they don't want to be honest. Good luck at stopping bitcoin. It will force honesty. The fact that Jim lambastes bitcoin shows me that he doesn't even understand why gold is valuable to humanity.
it won't force no honesty, it is just a fucking digital currency, the world will still be moved by real currencies. and it is a ponzi scheme no matter what u fucking idiots dislike of, bitcoin is nothing but another form of economical control, the owners of bitcoin are already extorting the new welcomers to it. and how do u know the owners of bitcoin aren't already big bankers and the wealthiest people in the world? bitcoin just got here to help those criminals even more easily...trading money fast and easy without getting traced so there is no criminal proof...tax avoiddance...u people supporting this are pathetic, only see what is in your interests, but never see the negatives, typical worthless capitalists
Bitcoin has lost it's value as a currency due to it's hyper-volatility. No one will touch it but the zipperheads that are trading it back and forth right now.
Jim Blane the btc are highly manipulated everyday. Every trader knows a stable market is bad as they can't make money out of a stable price. So the big btc owners artificially make the price go up and down like crazy so they can sell high buy low sell high buy low forever creaming all the newcomers forever and ever. Selling high and buying low is easy when you control the price of the thing.
I have a strong dislike towards BTC and crypto in general, however i did invest 6% of my portfolio in it in december 2019, following the hype and its about 4X my original investment now as i didn't unload any, didn't buy anymore. Pure speculation and a guessing game. I don't really know what to do now, kinda in the dark, don't trust these dummies drawing lines on charts. I think it will all come down at some point, nobody can predict when exactly, its a guessing game. Just like im guessing when is the best time to unload, might aswell flip a coin
@TallStack-su8sq time definitely flies. When they first came out, I was like, "Why the hell would someone buy one of these for $250?" Now I am sad I didn't buy a few for $250.
Bitcoin is 'self interest?' And the banks, and stocks, and 401ks, and corporations, and insurance companies, and the IRS. It's all pure as the driven snow, right? It's called you're making a living.
Jim is one of the best but Remember, he was talking about jacking up the price of gold to $10,000 per ounce to balance the debt. Really? Sounds like manipulation to me. With bitcoin, no creature can Manipulate it. I doubt he truly understands the entirety of bitcoin.
Bitcoin Cash is the Bitcoin that has the best chance of replacing Fiat, gold, and BTC. Study monetary history. Medium of exchange comes before store of value, not the other way around like how BTC pounds it’s chest as a store of value first and someday will be a medium of exchange with 2nd layer protocols like lightning.... which fundamentally breaks the whole point of Bitcoin to begin with.
2 miners sending bitcoin back and forth to each other would not affect the price of bitcoin. That is like you and I exchanging $100 bills back and forth thinking we will increase the value of those $100 bills. This is not how the price of bitcoin is effected. The price of bitcoin is affected by supply and demand like anything else. I am surprised with your level of intelligence that you do not understand how this works. I do agree with you on the regulation part. The exchanges where people trade and buy these cryptos can be manipulated. I do not agree with you saying that people who use bitcoin are probably criminals and are not reporting their gains to the IRS. I have a highly respected accountant who who stays up to date with the tax laws who told me as long as you don't convert your bitcoin into US Dollars you do not have to pay taxes(this is like owning a business or rental properties to lower your tax rates). I know car dealerships that accept bitcoin and ethereum. Maybe you should read "Cryptoassets" by Chris Burniske and Jack Tatar. Maybe talk to some of the people that are highly respected in the cryptocurrency space. I am not saying that the price of bitcoin has not risen to fast but with mining difficulty increasing and the amount of bitcoin being given out to the miners being halved every so many years the price will continue to rise.
Once there were dinosaurs that were so big that they thought they were kings of the universe, but one time something hit them and they were gone... this guys problem is he absolutely sure he knows what he is talking about, not even a shred of doubt?!
Do you have to be a bitcoin miner to paint the tape ? I feel that can be done by bitcoin trader. I am skeptical if Jim Rickards understands what is Bitcoin mining is all about.
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hes right about bitcoin not being recession proof, that was demonstrated in march/ April when it basically followed the market down and then back up
false, it is recession proof simply because it was the only asset to bounce back in a couple months
Canadian Prepper, I watch all your videos! Nice seeing you here, i'm a fellow Canadian also. As a finance professional, I can vouch for the quality of work produced by JR. He is very intelligent, but being that he was ex-CIA (if that even exists) take what he says with a grain of salt. At the end of the day, the best hedge for SHTF is your health, intellect, skills, land and relationships. All the best to you and your family in 2021.
@Adrián López Pérez BTC goes from $3k to $60k that is a 20x in at least 1 year.
@@franciscooteiza and now down to 34k
@@HenryPaulThe3rd Yeah you're right anyway bitcoin is a scam, a ponzi scheme, it wastes to much energy and for sure is going to zero.
anything that benefits the big banks and corporations and puts money in their pockets gets a high five but when it helps the consumer benefit then it is a scam and should be regulated
If people see there numbers going up in btc they will holdoff on buying land which then benefits the banks
The group that created crypto did it for big banks & IMF and have used the public to adopt it. It’ll be terrible to have a cashless world... so many people bought into it and it’s like a giant psyop control tactic. Alas...nothing we can do but stay wise and prepare ourselves for changes. Also don’t be a debt slave, that’s what they want. By 2030 the UN & IMF want most of these goals completed
@@birdgirl1516 I like the way you think. I'm the same way, outlier soaking in all the market activity ;)
"block chain technology is fantastic". I personally find blockchain tech to be extraordinarily overrated. Its taking a centralized database and distributing it across several peers. It moves trust from a single authority (which is usually accountable) to several smaller authorities who can do as they please such as perform 51% (majority) attacks on the network and get away with it. Its a terrible system for day to day use as the customer has nowhere to go if there are problems.
Speculating in blockchain however is worthwhile provided you can time the entry and exits fairly accurately.
You clearly don't know how impossible a 51% attack is
“In the tulip mania at least you got to keep the tulip”
Well put, sir
not really... in fact, not at all!
I agree - it is what it is.
In Bitcoin all you get are magic beans.
except those were tulip futures to the best of my knowledge
Do you use software? Ever buy any of it? People are funny, I’m sure they said this about the internet televisions and cars too.
Its being tested during a financial crisis right now.
lol was just thinking this when i checked the date
And it is failing
The amount of patronizing is painful.
Yes indeed, at 71 I know a few things about investing and wealth preservation, so I have lost any respect I had for Rickards.
Jim Rickards is the same smart 🤓 man who said Trump will be re-elected. Jim said his cutting edge software used statistics and math to predict Trump re-election. Sometimes they get it wrong.
@@laturista1000 Mathematics cannot predict blatant fraud.
What isn't a Ponzi Scheme ??
All value is dependent on the behavior of others. If you assume what the behavior of others will be then everything is a ponzi scheme with the right assumptions. Why defend against assumptions? An assumption skips the diligent work of actually constructing a valid argument.
Precious metals
Good answer !
LMAO !! :-) That was great ! Thanks you !! Good advise too !! cheers !
You're a Ponzi scheme
so bitcoin is just a protocol to interact with a database ledger (block chain). In order to interact with this ledger I have to use gas called bitcoin (same name). There are people who create (mine) bitcoin and use up their electricity so they get paid while creating the ledger. If I want to use money on this ledger I need to go to an exchange center who gives me a price for whatever currency I am using per bitcoin. So the exchange rate is high because of demand to have this currency. So why does the cost of using this currency rise? Is it the historical value of having one of the 20 Mil coins? What is the value of being able to do entries with this database? At the end of the day it's technology that will be outdated at some point right? Is this the same thing as saying I BOUGHT ONE OF THE FIRST COMPUTERS EVER SO ITS WORTH THIS MUCH MONEY. The average person has no reason to interact with this database right? I mean if everyone cash out their bitcoin for cash where did all that money come from? It's like the only thing backing this created money is real actual money. It's a demand to have one so it drives supply up but what does having a BItcoin really mean? Doesn't someone have to be willing to PAY that much for it? Am I missing something? I just don't get it. I understand the concept but not why having bitcoin is worth anything. Sooner or later it will be free to interact with a blockchain, we all know that's coming. It will be better than Bitcoin, so why would having this Bitcoin be worth anything?
When the bubble bursts, it will be painful. Miners will simply stop mining if it becomes unprofitable. It may be a month or a year from now, but people will at some point realise they bought bits that need to be continuously be fed with electricity to simply keep going. Is actually sad that more and more will be fooled, it all became a greater fool game.
1 guy spent £2200 on parts to build a mining rig. its costs him £2.50 a day in electric to run it. He only gets £5 worth of bitcoins a day which will drop as less and less coins will be avaible. so he wil never get back the money he invested. As more and more minors see its costing them more to mine than they get out of it they wil just stop mining. when that happens the price will crash and they will be worthless.
Seriously this is one if not the best comment i ever read on this topic. You just nailed it completly.
Thir 13n, perhaps you are not experienced at gambling. Having this bitcoin will be worth enormous amounts of dollars (if you can get someone to trade your bitcoin for dollars) if you know at the precise moment the bitcoin will be devalued and sell before that time. Simple?
When a central bank issues real currency, it does it as a loan for some securities that are held in reserve as a guarantee of repayment. Each dollar represents a "piece of the pie" if you will, of the reserves held by the central bank. Securities must be something of real value (a pool of mortgages, treasury bills, senior corporate bonds), and provide the legal means for the central bank to eventually recover the issued dollars in case of default. Dollars have representative value and are thus a type of representative currency (look it up, that's ac actual thing). Bitcoin and its variants, in the other hand do not represent any value and their only value is the ability to be owned and exchanged. So, in other words you are paying for the right to play but the tokens themselves hold no value. It is okay to play but just don't put in any money that you don't want to lose because the value can evaporate as quickly as it can be created, it is entirely controlled by the net inflows of money... just like a Ponzi scheme.
Drug dealing
Tax evasion
Arms dealing
Sounds like the USD
Ponzi schemes are usually profitable in the beginning. So he's actually saying buy more bitcoin!
except this might be the end
@@tyrelgoldberg661 aged like milk
@@pomp4401 😂😂😂😂
How much have banks paid in money laundering??? So weak to start out with a moral argument
EXCHANGES WILL BE RAIDED AND SHUTDOWN,,,
The federal reserve is the pink elephant in the room.
lol they're so smart but they don't even know what a Ponzi scheme is
I Respect Richards when he talk about Gold ,Fiat money and SDR's but i think he has no clue about Bitcoins....
Easiest way to know " WHY" a speaker has a particular view, is to look at where his investments and interests lie, and also what is a threat to those investments. This guy is heavily into Fiat and Gold.
Bitcoin could go to a million dollars just like Madoff could still be going today had it not been for the 2008 crash. You can still get into bitcoin and make a load of money if you're lucky. But it's nothing more than luck and a whole load of risk, even if you're the guy designing the new antminer and you have access to free power from a hydro dam in china.
Good luck if you're going into it and you're young. If you're old and you want to keep your life savings, avoid bitcoin and go into an index fund instead.
"You can still get into bitcoin and make a load of money if you're lucky." - Best comment, "still make money"...
I can’t believe how lucky gold investors have been the last 20 years. Always buying it hoping the next suckers buy it for more. Completely lucky. Gambling.
Jay Chizza
I was being sarcastic. Bitcoin has doubled 75 times to the price where it is now. In 6 years.
Bitcoin will keep doing what it has been doing. Up to millions and beyond.
Golds good too but I think Bitcoin is much better.
Jay Chizza
With Precious Metals, the price is more manipulated. Bitcoin is more free from price manipulation.
Bitcoin is censorship resistant, decentralized, limited in quantity, fungible, etc.
people misunderstand Bitcoin. You really don’t need to use the Internet to use Bitcoin.
I believe it’ll be the reserve currency within 10 years. Wether people like it or not.
Relekta
Bitcoin is a store of value. It’s a hedge against out of control money printing. Bitcoin is 5 times the value of gold. But it’ll be 50-200 times the value of gold within 5-15 years. Because it’s fits the attributes of money more than gold.
People with off shore money will realize that they don’t need to trust banks anymore and go through all that hassle when they can take possession themselves.
I don’t know what to tell you.... The world will finally have a bench mark to value things against. And that will be Bitcoin.
"Will Bitcoin be valuable tomorrow?"
- I don't know.
Will Gold?
- No one knows.
Will the USD
- NO, virtually impossible. 20 Trillion in Dept, so no.
Will Land?
- I mean, yeah most likely. But even that, you don't know what laws will be passed.
Then what do we do ? limiting a country gdp to the assets it has to the amount of raw materials isn't good because countries has more resources than others but having a currency back by nothing means you can create unlimited value or unlimited debt. The production of computing value is represented in binary but it actually has no intrinsic value for example a png logo so bitcoin could have been the way of representing value of digital goods. It's all complicated.
THANK YOU. I have too many friends putting money into bitcoin and I just shudder.
Stay poor. Forever
@@kingtrawal it’s a scam idiot. High cost per transaction. Can’t undue transactions even if fraud. It’s bad system.
Enjoy being poor forever
@@Barnes-ml9wg so in ur world Bitcoin is the only way to make money. Funny u buy it so u can SELL it in exchange for fiat Bitcoin can be copied. It’s a joke. I guess you’d tell Buffet to stay poor forever too he doesn’t like Bitcoin either
@@Mountainman524 you sound butthurt
Bitcoin is the best form of money humanity has seen. It is superior in attributes compared to gold and Fiat money... Much like how gold is superior to seashells before it.
Jim does not really answer the question why Bitcoin would be a ponzi scheme though ...
Read the definition of a Ponzi scheme
Yes it doesnt apply to bitcoin
yes it does apply to bitcoin, and its just another form of economical control.
Not technically a ponzi scheme but has elements of it. There's a need for new suckers to get in for everyone else to benefit. The price is disconnected from the coin itself and instead relies on newbs.
Because bitcoin itself is a useless asset that does not produce any value, which single use case is to speculate and trade for profit. That's the definition of a ponzi scheme, where those that come early take a lot of profit, and the last ones to arrive will bare all the cost. The only reason people are making money is because someone else is loosing it. It's a zero-sum game.
If you invest in bitcoin YOU own the coin.
You have it on your computer or ledger, paperwallet.
It is not possible for anyone to take your btc.
Best performing asset. I wouldn't be at all surprised if both of these guys held btc.
Bet they’re glad now they didn’t
Tulip bulbs and beanie babies were also the best performing “asset” at one point
@@HenryPaulThe3rd Try sending it around the world in a few seconds 😂
@@pomp4401 My comment aged like a fine wine, thanks for bringing me back to it
I invested in AML BITCOIN through coinbase so I could avoid the anonymity ; but the network is so slow that I am not sure if I have been robbed. The market could just as easily crash before I find out. I am totally freaking out. For those of you who think this is normal, it is not. Even Ponzi schemes take less time to give you back money than bitcoin does. Not everyone is as lucky as you are.
In 5 years or less these guys will be investors in Bitcoin or some other Crytocurrency and pushing it hard to their clients. Just wait and see.
Robert Olson In 5 years Crypto will be completely dead and would have been responsible for the next recession
Oh really? Seen the price lately? HA!
think of it, when people buys with gold, and suddenly a paper money was being used as a form of payment, and guess what, you dont believe what happens for the next century.
same as bitcoin, currency for the digital age.
Think about it, your paper money is just a digit on your passbook. Digits. no gold no nothing, just digits.
Soopafly Gaming Except Bitcoin isn't accepted anywhere and has no backing of any government
I'm from 2020 and I can state that Bitcoin has tested a major recession and sill was 120% on the year
Because ppl are stupid. The narrative is that bitcoin is recession proof, ppl believe it and buy increasing the demand and price. Its not bitcoin that has done shit, its the panickers thinking there gonna save their money from tanking through the touted holy grail that is crypto. The surprise will be real, we'll read the news of the ppl that commited suicide.
This guy just said we haven't had a financial crisis since 2009... fiat is a crisis.
Atleast the government is held accountable when there is a fiat crisis. You vote for different government and protest , etc. Who is accountable if bitcoin drops? Where can you go fight if bitcoin loses all its value?
How can someone speak on something that holds no experience in the industry of online currency. That's like telling a Burger King worker how to make a burger yet you're a used car salesman. I think he's just a bitter old man who missed the boat on Bitcoin.
but he does have experience with it, by knowing what bitcoin is and all the functionalities about bitcoin and the same about the markets, infact it's you who's inexperienced by stating something so non related like what u mentioned...just distorting the reality of what bitcoin is, a ponzi scheme scam...simple and obvious.
@@UCiWrMgES50tlUhV3l6NqjNA Bitcoin is based on the blockchain technology I doubt that he can understand the mathematics behind it.
If Bitcoin is a ponzi I don't want to know what fiat currency is.
The fact is in this century neither bitcoin or gold are going to kill one another. Rather I would guess people in a decade from now will be trading a Bitcoin/Gold ratio.
It doesn't really matter how many United states dollars your bitcoin can buy but rather how many ounces of gold it can buy. Right now I would guess Bitcoin is still going to be roaring ahead whilst gold keeps up a steady pace.
WHEN YOUR KNOWLEDGE AND CAREER IS THREATENED BY BITCOIN !
Closing in on a trillion dollars and it's a coin for criminals? That's a lot of criminal cash.
No Jim, you aren't into both. You don't understand the technology. Nobody with any decent amount of bitcoin stores their bitcoin wealth on exchanges. And tulip mania is a terrible argument for several reasons, mainly because btc has a fixed and continually decreasing supply. Tulip bulbs can infinitely be created from tulip seeds... did the whole purpose of the tulip bulb high school economics lesson pass you both by? can't believe Rickards is still this short sited with btc.. must be the age setting in. I expect it out of neocon Keith.
A beautiful flower is infinitely more scarce than digits
Uh okay? care to show any evidence for that claim? there are more attributes to value than beauty... lol... otherwise I have a sunset to sell you bro.
Evidence? Digits can be created till the end of times in cuadrillions, gazillions, whatever the name of the big number you can think. Beautiful things in life are scarce, the proof is that anyone stops his walk to watch something beautiful
You're working with a false premise. Digits are not what is being exchanged. I don't have time to walk a blind man through a cave he refuses to admit exists. Stick to flowers and plastic bags floating in the wind. Good day sir.
pablo has overcome you with the stupidity of his arguments! PABLO WINS!!!!!!
Tired of fiat currency, manipulated silver, and gold.
if there is another financial crisis again the price of bitcoin will go through the roof!
john stetson Bitcoin is safe.
Stay poor my friends.
Exactly my opinion
@john Stetson what you say now when s&p and stocks fall 25% and btc is stable.
not only that I would love to see how many people jump in
"Buy worthless shiny metals that have their price manipulated by central governments and banks."
yes when it suits them , they engineer crashes , booms and busts to keep others poor and reduce competition
Jim, I kept some gold by your recommendation for five years. The price halfed! I sold off all gold and bought Bitcoin.
good job now you lost 80% more...
Today you should have gold & it will go up... it’ll never go to zero. Bitcoin can. Gold is to preserve and hedge!
Now bitcoin is now more than 50% lower from it's high 🤣🤣🤣
The recession plot has thickened again and the bullion price is up and over your entry level, seven years ago.
k kim how can the price of gold halved when its high was 1900 and its low around 1100.? can you do math.
He just said that between 2 miners they could sell $4000.00 to one, then sell it back for $4100.00, then sell it to the second guy again for $4300.00! That's Laughable! You don't sell high and buy higher! If you did, it's value would never reach a maximum limit. do you see people on wallstreet looking for the more expensive, less profitable purchase than the one they just had? NO! and people on wall street don't have the exhorbatant expense of mining. That's a horrible example Richards put forth and is not reflective of how ANY market works, especially not the blockchain which when you talk about ETHER, goes beyond just a financial store of wealth and ties it to functional contracts that are completely visible and reviewable by anyone on the blockchain. Transactions too! That's 1 million times more transparent than wall street. Give me a break!
Since transactions are anonymous, "painting the tape" doesn't even require 2 parties. You can easily automate "tape painting" (which really needs to be redefined with Bitcoin) to a certain level, then dump, rinse, repeat. I firmly believe whales have multiple wallets and are doing this - and that it is the key driver of valuation and volatility.
The reason Bitcoin is a scam is becasue there's a few "shareholders" who own roughly 50% of the Bitcoin supply and manipulate the market as they please to have a never ending stream of profit. Rinse and repeat. Good luck with Bitcoin.
no one owns that much, what the fuck are you talking about
Satoshi never sold a single one of his Bitcoins.
What about their point where miners can sell and buy between themselves to drive the value up again? Can it's value be controlled in this way?
Yes, at least temporarily. That's probably why you see such extreme spikes. But that doesn't necessarily mean it's worthless. That's my understanding.
Good -- i hope boomers and the usual suspects miss out
Shame, Jim has gone senile and forgotten the definition of a Ponzi scheme.
I used to like him, he is one of the reasons why I got into bullion and crypto 8 years ago :-(
I’m with you exactly. There are older gold bugs like him that are very bitter about Bitcoin. And it’s understandable.
They’ve been waiting for the big wealth transfer and teaches people about it for decades..... only to find out that it’s been happening with Bitcoin. And will continue.
Wow, I agree completely with everything this guy said!
Cause you don’t have Bitcoin?
24,000 DOW and this clown is telling us Bitcoin is a ponzi scheme. Funniest thing I've ever heard!! Presently I'm all in on LItecoin and all out of stocks forever unless the indexes fall back to or below fair market valuations. DOW 4,500 S&P 500 at 400 NASDAQ back to the 1,000 level... Bitcoin is a ponzi ha, ha, ha that's rich!
You'd think they would have the common sense to delete it.
Decentralisation is nothing new. Often people mention gold and its longevity but decentralization has been used for centuries. A recent example - which Rickards undoubtedly knows - are split tally sticks in England prior to capitalism. Split tally sticks were a decentralized ledger between creditor and debtor. Peer to peer. Split tally sticks were used as money (alongside gold and silver), it represented a contract between two parties, and nature's algorithms provided consensus via wood grain if the two pieces fitted together - proving the contract. For the wood grain (nature's algorithms), for today's equivalent read the BTC / crypto algorithms. This tally stick monetary system lasted a full 700 years - from the 1100s to 1826 and tally sticks were considered valuable enough to be used as collateral in the formation of the Bank of England. Today - this decentralised concept is digital, secure, built upon a protocol (as are today's most valuable stocks), and global - which is an infinitely more powerful proposition.
2 years since this interview and I bet both of these guys have at least a couple of bitcoin now.
No doubt. They are major tools with minimal understanding on the topic
@@h2w25 absolutely.
I highly doubt it. People invest in what they feel has value and security to them. For many people (including myself), Bitcoin will never be worth the risk.
@@CBatista1234 brilliant
Soooo which of you guys have read the Whitepaper for Bitcoin at least?
The new case of Bitcoin.
$300 "It's a bubble, it's going to pop"
$1000 "Trust me, it'll burst, just wait a few more months"
$2500 "Give it a few more days"
$2000 "Ha, told you all"
$4000 "It's still a bubble"
$5500 "Ohh boy, that’s gonna hurt when it bursts"
$7000 " This is the end , we are close ..."
$9000 " We all knew it wouldn't last "
$11000 " Within a month it's toast "
$13000 " It should have never made it this far "
9 years later ..... and counting .....
see where this is going..... the only BUBBLE BURST will eventually be FIAT currency . Join the REVOLT join the RESISTANCE join BITCOIN .
Yeah mate. Liberation through decentralisation.
Update - 60k and counting
So, some guy that nobody knows creates digital money out of thin air, tells people there is a limited supply, stashes away who knows how many bitcoins for himself, and people start paying money for this? Would he accept digital money that I created and trade me? Why not? You mean he wants real money like dollars and euros? But, those are just fiat currency right? Why would I need to buy it with that shit? LMAO, like they say, there is a sucker born every minute!
Yea, i mean first of all its just a number, and number are infinite, even if there's only 21 million bitcoins. Looks like it's going to be just like star trek.
First of all, value is an entirely subjective topic, something can be incredibly valuable to me and worth nothing to you.
Currencies value comes from the fact that they facilitate peoples transactions, making them faster and easier. In order to do so, they need some specific properties such as: are hard to falsify, scarcity, and high divisibility so smaller amounts can be obtained for smaller transactions, etc. The reason people value some currencies over others come from the fact that they have better properties as currency, take gold for example, it has no "inherent" value, people just believe it serves incredibly well for trading and people generally agree, it therefore has value.
Bitcoin is no different, it has all of the properties these currencies need and more such as anonimity and complete decentralization, thats why it is valued. One could say all value comes out of thin air, more specifically from people's desires and purposes. If you manage to design a digital currency that people are receiving of and has all the properties strong currency needs to be efficient, then yes people would trade with you.
It definitely is a valid form of currency but the volatility in its price is an obstacle for a full adoption of this sort of money. What I'm trying to say here is that it definitely still has mistakes and imperfections and its price can be quite distorted due to speculation, but dismissing this incredible revolution as "just digital money some guy created' is incredibly irresponsible.
This video aged really well. You would have been so foolish to buy bitcoin 7 years ago relative to what it's worth today.
That’s because this cocker is a gold bug
I sold my worthless silver and bought bitcoins
I am up 600%
what are you up now?
Hahaha hahaha
@ItsAllUnity It's at 12k right now. You coulda bought Bitcoin for a penny Debbie Downer but ya didn't.
@ItsAllUnity Bitcoin is at $13k right now and rising
300% after Uncle Sam comes a knockin'
Bitcoin reminds me of the Tulip bubble in the Netherlands.
i mine btc and have done none of the above lol
You think all Bitcoin enthusiasts are bots? Then I DARE you to do a live debate with Andreas Antonopolous. He will tear you to shreds.
"Is that the economy I want to join?"
*thinks about the US economy*
lol. What?
We the dinosaurs, born before 2000s, have a different perception of markets and economy. Most of what goes on today are scams in our eyes. If I were a hedge manager, I'd be careful about losing money. To anyone concerned with building and preserving wealth, this conversation makes absolute sense. I recall talking to a new neighbour, who is also a small investor. We exchanged our views on the 2008 crash and other topics. He is younger than me and works with information technology. Talking about Bitcoin, we nearly fell off of our chairs laughing. "It's a Madoff scheme" he said, and he is fifteen years my junior; he knew. This is why I found this interview immensely enjoyable. It is the level of analysis, not what is said.
You buy in to give previous buyers a profit. Later buyers buy in to give you a profit. The last buyers will make no profit.
If someone gets smart enough they can destroy BTC. Nothing is impossible.
DINOSAUR
Crypto Lover
Most truthful comment I've seen 😂
The more true, the funnier lol
What a crock
Crypto Lover - Basement boy.
I think BTC and other crypto are also adding a lot of entropy to the system, for no particular reason. No need for an economy at all if entropy is too high lol
I like how that one guy is taking notes with a pen while this is all being recorded on video.
Pretty much a metaphor for point being expressed.
its faster to read notes than watch a video
yeah it stops him having to re watch the entire video again.. and then take notes that time around...
He is taking notes to make next questions.. Easy
Do you have to pay a capital gains tax if you don't cash in your coin?
dont worry Jim you will have that financial crisis in 2018 and you will see all your precious assets slump whereas Bitcoin soar
$17,000 bitcoin...Stay poor my friends.
Ouch! Bitcoin slumped in 2018 and the stock market boomed!
If your a banker or a economist all your life, you'll never get it with Bitcoin. So keep thinking the old fashion way and more then likely you have a pager not a cell phone, your going to blockbuster video never heard of Netflix, use a cab instead of Uber, shop at a vacant mall instead of Amazon, use the post office instead of e-mail, hand out flyers instead of marketing on social media. You just don't get it. Banks never experienced competition until now. And this is why they are screaming negativity about Bitcoin.
Bitcoin $6,000 !!!
$11,090
I can't even say, because it's probably $1,000 more since I started typing
$19,000
$9700.00
did you get the bottom of this big pullback there?
Never point your foot at anyone!! Rude AF!
they aren't muslim, its much ruder to stick a middle finger up for these 2 gentlemen
Jim's books have gold and silver and SDR playing a major role in the future. Cryptos emergence puts a big dent in these theories. Guess Jim will need to re-write the books or drop to irrelevance. The dollar decline will require a fix and cryptos will be nicely positioned to take over. Gold and Silver will still have value in wealth preservation but not in terms off the future of monetary transactions. I bet Jim has never conducted a blockchain transaction over the Ethereum smart contract system. Obviously he is a smart guy but he might want to try this some time.
its very simple. if you are in a country that the currency is deflating at fast rates and society falls apart which is more practical . PMs or crypto? what r u going to do with ur gold? trying to flee with it will prob get u killed , same with trying to spend it. crypto is the obvious safer hedge
2:56 why would you trade back and forth? There's a very slim chance either would get the mining prize 🙄 Also 4:00 if you buy with bitcoin a year later and not with dollars or whatever paper currency there's no way they can know and that's what they don't like!
It's funny watching this more than two years later
Its funnier watching it 3 years later.
and funnier again 6 years later@@Fray2221
You can track down all bitcoin so cash is acctually the criminal currency of choice.
Sorry Jim but most illegal activities are done with the US dollar and credit card not the bitcoin. You have really came down imagine your credibility with that statement. For a person who is in the know it's quite surprising that you would say something so ludicrous
He didn't say that wasn't true. What he said was that most transactions on Bitcoin are for illegal activities. Not at all the same thing. Most animals with fur are not dogs, but that doesn't change the fact that most dogs have fur.
well this video aged badly lol
You could say this, if the BTC was dissolved and all investors got their money out .... but since that's not the case, your message just doesn't make any sense. I think you know it too.
@@ontheroad151 what are you talking about? The video aged horribly, BTC just made another new all time high literally yesterday. And no I don't think that, you're completely wrong.
Btw Paul Tudor Jones, Stanley Drunkenmiller, and Jack Dorsey all like BTC. And there are all more successful than Dave Ramsey, by a long shot.
Ps. Have fun staying poor.
Rickards is smart and comes up with good narratives about the past, but he has always been wrong about the future.
Bitcoin’s jingle sounds remarkably like that of “the new economy”; you don’t get it, this is different, the old rules don’t apply.
On the contrary, the old rules do apply, it's the critics of cryptocurrencies that treat them as fundamentally different to traditional currency.
How's that silver working out for you? Me thinks thou doth protest too much.
PaiNExoTIC i bought 500 box of froot loops 5 years ago, im still waiting for them to go up so i can sell for profit and retire :D.
Well i was thinking about a massive internet propaganda scheme to make people believe froot loops are going extinct and each box will be worth 100k very soon so that everyone's rush to the stores and buy all of them till the factories run out. Then wait for the value to go up, then unload all my boxes for astronomical prices just before the new factories are up and running to produce tons of froot loops. Then when price goes down to 0.99$ a box i'll buy some with milk and have a breakfast :D.
Hows that silver working out? Seems to be chugging along..... it's outlasted the Roman, Mongol, Ottoman, British, Persian, Spanish Empires. The Qing, Xin, Tang, Yuan Song, Liao Dynasties have all faded into dusty history books but silver is still bought in every corner of the earth for wealth preservation and industry. If I remember it was found with pharaohs, sultans, emperors, kings and queens...even my mama has some..... So ya, seems to be good, valuable and timeless... How about your BTC? Think it will be valuable in 5000 years?
At one point in history , I think England. They used notched wooden sticks that circulated around and were used as money/ taxes to the king. This form of currency worked very well. This is what’s so great about bitcoin. Yes it isn’t gold , yes there can be more digital coins. But we all agree bitcoin is sound money to the tune of a 1/4 trillion of the worlds wealth
@little drane 💩
Things like this are always entertaining to look back on, knowing what we know now. LOL!
None of this has changed. It’s a pyramid scheme without a Madoff.
There are only 16M BTC in the world today. There are 7 billion of us. So if BTC is to be distributed evenly that would be...0.002285714 BTC per person. If the world's per capita is $15,000 that means if BTC is to be the currency of the world each of those 0.002285714 BTC is worth $15 000. Which is roughly $6.5M per BTC. That's the reason for the insane BTC value rise we are experiencing right now. The world's currency is seeking a new equilibrium. We are migrating to a currency which cannot be tampered by evil bankers.
I agree, bitcoins are back by nothing
The same can be said of any fiat currency today. Their value is only what the society using them believes it is, they're not actually backed by real assets.
@@robokill387 I agree, this is why having big piece of land and a house. this is real assets
@@robokill387 BOTH DOLLARS AND BITCOIN ARE FIAT- BACKED BY NOTHING
@@Aliens-Are-Our-Friends2027 exactly what I've just been saying. Though for some reason people single out bitcoin for being backed by nothing as if USD isn't.
@@robokill387 USD = ponzi. BTC = ponzi
right you make some money in bitcoins before it crashes then you report your capital gains
its only a money making vehicle at the moment until it crashes
Bitcoin has survived many crisis in its short lifetime. Rickards is way full of sh.t on this one. I have followed him and with a grain of salt have respected his insights. Problem is his calls of late of been way off. He is more salesman for his tired opinions than bringing any insight to anything. And Jim, your boy Jamie Dimon has changed his opinion since he is investing large in the space. Rickards, you have just stuck a spike in your own business. Who do you think follows your crap, the mainstream or the alt crowd? Well you will surely lose the majority of your current supporters if you keep schilling for the man on this one.
I don't think people understand the implications of what you just said. The main use case for gold isn't a doomsday scenario. It is to create honesty , to force honesty, to hedge against dishonesty of governments and centrally planned markets. Bitcoin has the same basic use case and it will succeed where gold failed. Gold standards were abandoned by governments because they don't want to be honest. The gold back currency liberty reserve was attacked because they don't want to be honest. Good luck at stopping bitcoin. It will force honesty. The fact that Jim lambastes bitcoin shows me that he doesn't even understand why gold is valuable to humanity.
it won't force no honesty, it is just a fucking digital currency, the world will still be moved by real currencies. and it is a ponzi scheme no matter what u fucking idiots dislike of, bitcoin is nothing but another form of economical control, the owners of bitcoin are already extorting the new welcomers to it. and how do u know the owners of bitcoin aren't already big bankers and the wealthiest people in the world? bitcoin just got here to help those criminals even more easily...trading money fast and easy without getting traced so there is no criminal proof...tax avoiddance...u people supporting this are pathetic, only see what is in your interests, but never see the negatives, typical worthless capitalists
Bitcoin has lost it's value as a currency due to it's hyper-volatility. No one will touch it but the zipperheads that are trading it back and forth right now.
Jim Blane the btc are highly manipulated everyday. Every trader knows a stable market is bad as they can't make money out of a stable price. So the big btc owners artificially make the price go up and down like crazy so they can sell high buy low sell high buy low forever creaming all the newcomers forever and ever. Selling high and buying low is easy when you control the price of the thing.
A Ponzi Scheme promises a certain return which Bit coin doesn't do.
I have never seen a dumber collection of comments... wow.
These are the clowns spruiking crypto with $200 (their life savings). Completely clueless.
I have a strong dislike towards BTC and crypto in general, however i did invest 6% of my portfolio in it in december 2019, following the hype and its about 4X my original investment now as i didn't unload any, didn't buy anymore. Pure speculation and a guessing game. I don't really know what to do now, kinda in the dark, don't trust these dummies drawing lines on charts. I think it will all come down at some point, nobody can predict when exactly, its a guessing game. Just like im guessing when is the best time to unload, might aswell flip a coin
Hello Everyone! I'm from the future! Bitcoin crashed miserably, and reading this comment section was F**king hilarious XD
YOU WERE RIGHT OMFG
I'm from the future and it's sitting near 11k.
I’m also from the future 2020. I held btc and now I’m laughing all the way to freedom.
Regular people can't afford a single bitcoin. Now its over $3500 for 1 bitcoin.
@TallStack-su8sq time definitely flies. When they first came out, I was like, "Why the hell would someone buy one of these for $250?" Now I am sad I didn't buy a few for $250.
That is the strangest looking comedy club I've ever seen. Great routine though.
Bitcoin has not been tested during a financial crisis? Bolivia and venezuela switched to crypto cause their fiat aint shit.
Much has changed since this video...
yes, it this video did not age well
Bitcoin is 'self interest?' And the banks, and stocks, and 401ks, and corporations, and insurance companies, and the IRS. It's all pure as the driven snow, right? It's called you're making a living.
Jim is one of the best but Remember, he was talking about jacking up the price of gold to $10,000 per ounce to balance the debt. Really? Sounds like manipulation to me. With bitcoin, no creature can Manipulate it. I doubt he truly understands the entirety of bitcoin.
Bitcoin Cash is the Bitcoin that has the best chance of replacing Fiat, gold, and BTC. Study monetary history. Medium of exchange comes before store of value, not the other way around like how BTC pounds it’s chest as a store of value first and someday will be a medium of exchange with 2nd layer protocols like lightning.... which fundamentally breaks the whole point of Bitcoin to begin with.
BTC has tripled in price since this interview
then dropped 80%?
2 miners sending bitcoin back and forth to each other would not affect the price of bitcoin. That is like you and I exchanging $100 bills back and forth thinking we will increase the value of those $100 bills. This is not how the price of bitcoin is effected. The price of bitcoin is affected by supply and demand like anything else. I am surprised with your level of intelligence that you do not understand how this works. I do agree with you on the regulation part. The exchanges where people trade and buy these cryptos can be manipulated. I do not agree with you saying that people who use bitcoin are probably criminals and are not reporting their gains to the IRS. I have a highly respected accountant who who stays up to date with the tax laws who told me as long as you don't convert your bitcoin into US Dollars you do not have to pay taxes(this is like owning a business or rental properties to lower your tax rates). I know car dealerships that accept bitcoin and ethereum. Maybe you should read "Cryptoassets" by Chris Burniske and Jack Tatar. Maybe talk to some of the people that are highly respected in the cryptocurrency space. I am not saying that the price of bitcoin has not risen to fast but with mining difficulty increasing and the amount of bitcoin being given out to the miners being halved every so many years the price will continue to rise.
4 years later - Bitcoin still Running. Block After Block.
Once there were dinosaurs that were so big that they thought they were kings of the universe, but one time something hit them and they were gone... this guys problem is he absolutely sure he knows what he is talking about, not even a shred of doubt?!
Do you have to be a bitcoin miner to paint the tape ? I feel that can be done by bitcoin trader. I am skeptical if Jim Rickards understands what is Bitcoin mining is all about.
How is BTC involved in money laundering if it is all tracked by anybody in a blockchain?
Rickars angry that bitcoin higher in price than gold.