It simply had to happen, and it did. I wore my computer out telling everyone that bit coin was a fraud, worthless, and to please stay away. I hope you did, because now the bit coin has been faked, and faked beautifully. Not only faked, but the official web site on bit coins has been hacked, and many who have lots of money in fraction of bit coins, may have been robbed. That statement may be in partial error, I don’t know nor care, but google ‘fake bit coins,’ and see for yourself.
Why would anyone with half a brain in first grade economics, not realize that for something be valuable, it must have value. Stocks represent a mini-fraction of ownership in a corporation, and even the paper dollar has value, because it says on them, “This note is legal tender for all debts, public and private.” I get no assurance from that little sentence, but it is there. Deeds and titles represent ownership of real estate, a car, boat, or RV maybe. If you want to borrow money from a lender, you will be required to sign a note which is your promise to repay, and generally, depending on your credit worthiness, maybe additional liens or other security will be required. All these things have value and liability.
Bit coin is a classic gyp, and no one is obligated to do anything with bit coin. Millions have fallen for it, and lost billions I am sure, since it went from a bit under $20,000 to a bit under $4,000, and for what? An 80% drop in fictional ‘value,’ as if there ever was any. $20,000 for what? $4,000 for what?
The world is loaded with liabilities. Mortgages, loans, liens, promises, and debts of all kinds. The Wall Street Journal recently pointed out that auto debt alone is over a trillion dollars! (I have never bought a car on time, and haven’t had a mortgage for over 60 years. You can act wisely even with dollars.) The mortgage debt for residences in America, is over $10.7 trillion dollars, and the average mortgage debt is over $211,000. Total credit card debt in America is close to a trillion also, and the average credit card debt is over $6,000. I never realized how well of I am with no debts and gold and silver as savings. Which brings me up to another subject, and that is liabilities.
Gold and silver have no liabilities to any one, government, or entity. None. If you have an ounce of silver or an ounce of gold, there is no government or entity that has a lien on it, and it has no liabilities of any kind, which I am certain, makes them unique in history. Gold and silver can be sold anywhere, and they have value anywhere. As the buck declines, due to there being ever more of them, it constantly requires more of them to purchase things. Remember, a gallon of gasoline can still be bought for a couple of silver dimes, just like a couple of silver dimes bought a gallon of gasoline 75 years ago.
You still saving your surplus assets in dollar denomionated things? You should have your head examined. Is that brief enough? Call David, Melissa or Morgen to save in real money. David – 1-888-436-7077. Melissa – 1-888-442-0994. Morgen – 1-888-630-7847.
Don Stott, 1-888-786-8822