Makes no Difference who you are,
Anything your heart desires
Will come to you.”
First verse from Walt Disney’s Pinocchio, released in 1940.
A perfect description of bit coin. Wishing upon a star, is a great way to create a real puppet into a real being, even though Pinocchio was still a wooden puppet. Pinocchio was the third big hit by Disney, the first being “Snow White,” in 1937. Can you name the dwarfs in Snow White?” Pinocchio’s wood carver creator?
I’ve just done some research, trying to find the origin of bit-coin, that backed by nothing, non-metallic, computer created, fictitious, ‘store of value’, which was created by Satoshi Nakamoto whoever he really was or is, but the domain name “bitcoin.org” was registered on the internet on August 18, 2008. Nakamoto whoever he was or is, “mined” a million bit coins in 2008, and bought two pizzas with them. In 2010, bit coin achieved equality with the U.S. dollar. Bit coin was $1.00.
One of Nakamoto’s followers attempted to establish its value by petitioning the Federal Securities and Exchange Commission, and never received a reply.
Bit-coins’ predecessor was ‘bit gold’, which failed.
President Trump is very excited by bit-coin, and has established a sort of semi-bureaucracy with a bit coin ‘czar,’ and Trump wants the U.S. to be the world’s premier center for the worthless computer ‘mined,’ nothingness.
Is astrology and palm reading, authentic means of reading or controlling the future of an individual or nation? At least you don’t have to ‘mine’ them on a computer, as planets and human palms actually exist and can be seen with the naked eye.
One wag recently declared that the national debt could be paid off with bit coin, since they’re now at $117,000 for a single, non-physically extant, ‘mined’ mythological entity. I wonder where is the ‘mine’? Suppose the computer ’mines’ do as all computers do on occasion, and fail? Will all the mythical ‘wealth’ be lost?
My career in precious metals, only goes back to November of 1977, but of course gold and silver were prevalent in Biblical times, as opposed to millions of idiots wishing on a star in the form of bit coin, which originated fifteen years ago, not as a national currency or measurable value, but as a dream of whomever Satoshi Nakamoto was or is. No one seems to know. All nations, also since Biblical times, have failed because of economic failure, because no matter what has been used as money in history, none of them have used gold and silver, except at the beginning of some, like we did here in America. That finally failed completely, 61 years ago, when our dime, quarter and half coinage, ceased to be made of silver. I still have a little packet of silver sent to me by the Treasury, when I sent in a silver backed paper dollar. Pre-1964 U.S, coins today, bring a minimum of 30 times their value or cost pre-1964. They’re physical AG (silver). Is a bit coin made of metal? IT doesn’t seem to matter, as long as computers can ‘mine’ them!
Responsible people prepare for their future in many ways. Examples of responsibility are, caring for their bodies, homes, autos, mates, offspring, and of course, money. “Money,” is supposed to be not only a device to purchase and sell things with, but as a store of value. If the U.S. dollar, is a store of value, as unfortunately most think it is, demonstrated by most saving that store of value in a savings account or certificate of deposit (CD). If a currency is a ‘store of value,’ prices in currency will never go up, although the Federal Reserve says prices should go up 2% a year, which is the ‘desired’ inflation rate.
One of the nice things about being ancient, as I am, is that you can remember what prices were in your childhood. Among them, vividly in my mind, are quarter a gallon gasoline, nickel Hershey bars, and $650 new Plymouths, which my Dad bought one for in 1940. 48 years ago, when I first began dealing in gold and silver, they were at $250, and $1.25 per ounce respectively. As I write this on Friday, July 18th, 2025, gold is $3354, and silver is $38.50. Is he dollar then, an extremely poor ‘store of value’? If so, what can one do about it, to be a responsible parent, or anyone, for that matter?
“Stores of value,” do exist today, but they’re not very compact, and some have to be recorded as to ownership, or profit made upon selling. Land, antiques of all kinds, can be stores of value, but they’re often huge, at the whim of nature, and are not easily sold. Gold and silver, are compact, easily sold, and can be passed on to others, with no tax consequences. Colorado Gold supplies them to you for 1% of their current wholesale prices, including delivery.
-Don Stott. don@coloradogold.com 970-249-4646