"I am attesting to [...] the root hash of a merkle tree containing all balances that were considered in the audit. If you are a customer of Kraken, you'll be able to verify using open-source tools that your balance at the time of the audit is part of this root hash. If it is and if you believe that I am trustworthy, then you can be confident that your balance was covered by 100% reserves at the time of the audit."With gold there is more trust involved because such proofs are not possible in the same way. link
"Investors should understand that there's a physical gold market and a paper gold market. The paper gold market consists of a number of contracts: COMEX futures, exchange traded funds (ETFs), gold swaps, gold leasing, forward contracts, and so-called unallocated gold issued by London Bullion Market Association banks. Those derivatives--futures, swaps, ETFs, leasing, forwards and unallocated gold--form the paper gold market.Because bitcoin is so easily transferred, because there is no large associated cost with the acquirement of it due to shipping and all the losses that involves, and because over time it gets easier to use and store in a secure way and how people are more likely to actually have it than simply have a piece of paper that says they have it... we probably won't see the same problem in the future where there will be a "fake bitcoin" market that dwarfs the actual bitcoins that exist. This means its value.... if it starts to etch into golds market could be far higher than some people calculate based on the simple rarity of gold in proportion to its value.
The paper market could easily be one hundred times the size of the physical market. This means that for every hundred people who think they own gold, ninety-nine of them are wrong. Only one of them is going to get physical gold when the panic begins"
Rickards shared his bearish outlook on cryptocurrencies, particularly Bitcoin, ahead of the release of his latest book, Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos. According to James Rickards, the author of the bestselling book “Currency Wars,” any currency in the history of money is backed by trust, the same goes for cryptocurrencies. In the Bitcoin community, this trust is called consensus. Bitcoin’s value also stems from its network effect: the more participants, the higher the price. Remaining an experimental technology, Bitcoin is subject to ... Jim Rickards is a joke… He isn't qualified to bag groceries at Walmart… Another Clown In America operative trying to lead the sheep astray… He doesn't even understand Bitcoin, which is a VERY simple concept… Bitcoin isn't a currency…. Bitcoin is the Internet Reserve asset that will back ALL future cryptos. Every crypto that isn't ... Join in with Jim’s Project Prophesy here: https://londonreal.link/jim-ytd ReConnect WORLD PREMIERE Tickets: https://londonreal.link/reconnect LAST CHANCE: Business ... [ August 31, 2020 ] Vertalo to Tokenize Real Estate in Mexico, Canada Crypto News [ August 31, 2020 ] Bitsonar Whistleblower Says Police Faked Kidnapping Crypto News [ August 31, 2020 ] Federal Jury Indicts Three Accused of Posing as Pastors in Alleged $28M Ponzi Scheme Crypto News
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Bitcoin, Pandora's Wallet and My Schedule Update - Duration: 7:49. davincij15 2,583 views. 7:49. James Rickards - Bitcoin'ers have blood on their hands and Goldbugs don't? - Duration: 37:27. But the Bitcoin plan calls for the creation of only 21 million bitcoins. In this way, Bitcoin will try to avoid the pitfalls of modern fiat currencies such as inflation, deflation, market ... #current bitcoin price #bitcoin wallet #bitcoin stock #bitcoin price chart #bitcoin usd #bitcoin chart #1 btc to usd #how much is bitcoin worth #bitcoin price live #bitcoin calculator #bitcoin ... Bring back Ivan on Tech https://twitter.com/IvanOnTech/status/1231662333577048065 Risk assessment: https://www.forbes.com/sites/forbesfinancecouncil/2018/12/... Krypto verstehen lernen - https://goo.gl/hGPpnE Bitcoin.de Wallet - https://goo.gl/s6wMpq Folge mir auf Twitter - https://goo.gl/9pYCWv -----...