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October 02, 2015, 05:56:52 AM |
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Q: I have a question for your Q&A day on Wednesday. I'm thinking you must be aware of the new "Bit Gold" currency where physical gold accounts can be opened and accessed through debit cards just as any bank debit card. What are your thoughts concerning "Bit Gold"? And, when the Banking Holiday hits and all cash machines and cash transaction terminals cease working, won't these "Bit Gold" cards cease to work, also? Your thoughts are greatly appreciated.
Answer: There is no such thing as "Bit Gold." It was simply a marketing gimmick used by conniving bankers to get James Turk's GoldMoney public - which they did this Spring. Once it went public, and they hyped the stock up, they changed the name back to what it has always been, GoldMoney. And lo and behold, the stock has crashed. Not only that, now that it's public, we got a look into its books - to see it is losing money. And by the way, given that Bitcoin - which in my view is yet another scam - has been an utter disaster, why would anyone, or any banker, use it as a selling point? Unless of course, LOL, they actually mean a selling point. GoldMoney has been around for at least a decade. All it is is an un-allocated pool of metal that you can supposedly tap to pay for things. It has never gotten off the ground, and I doubt it ever will. Too complex, and in my view, has a big X on its back due to a) it's competing with fiat currency, and b) it is a relatively large, known pool of metal. And if the banking system collapses, I highly doubt it will save you. Let alone, if computers are down.
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