Buy Gold And Silver But Gold Backed Cryptocurrency Is Here Right Now!

in #bitcoin7 years ago

This is what we "gold bugs" have been talking about and waiting years for. The Dubai-based company OneGram is offering coins in an IPO (Initial Coin Offering) through the gold vault GoldGuard. The truth be known, I am more of a "silver bug" and if you have been following the one and only Gregory Mannarino like I do then you know that the cheapest physical asset on planet earth right now without a shadow of a doubt is physical silver and it is likely to make a big move up soon!

Do your own research on silver and you will find it is really the bargain of the century at this moment. It is dirt cheap at well under twenty bucks because it so very unloved right now, but it is both a source of wealth and value and also an incredibly useful industrial commodity that is used and will continue to be used in all array of things such as smartphones, solar panels and electric cars and even for medical uses. It has also been used as money for an even longer period than even gold! It will lead gold when the time is right. Remember, that in a bull market, both metals should be going up together! We are setting up for a major bull in the precious metals as we are seeing higher lows with the lowest low reached back in December 2015. Only a fool would dismiss owing physical silver. There could be huge opportunities for silver ahead like a silver-backed cryptocurrency.

Everybody should own physical gold and silver and become their own central bank because central banks have and will continue to create mind boggling amounts of fiat money using key strokes. They are masters at ripping off citizens by devaluing our fiat currencies so that our money has less and less purchasing power every year. In other words we become poorer and poorer. Think of the old folks who scrimped and saved their whole lives and paid their taxes diligently; they dotted every i and crossed every t only to be rewarded with extremely low or negative interest rates. In Germany, a customer must pay the bank to look after their money. What a slap in the face! The old men should be storming the Western banks with their canes yelling "Come on boys, let's get at em". The little old ladies should be hitting these worthless bankers with their handbags. The bankers are truly masters at screwing their customers over by charging extortionate fees for even the most simple of everyday transactions that ought to cost virtually nothing in this digital world. The banks are dinosaurs! I recently paid $60 for two telegraphic transfers through my bank. That is simply a blatant rip-off. It was also a slow and tedious experience like something from the dark ages. We all know how this current banking system will end. The bankers will be dragged kicking and screaming to their fate if they don't make drastic changes to start putting their customers first.

Already confidence in the whole sorry system is eroding. Bitcoin and other cryptocurrencies have shown people around the world that the current banking system is seriously flawed. More and more people are waking up. Get your physical gold and silver now, but don't write off the cryptocurrencies! They may in fact be a lifeline which helps us make a transition to an entirely new monetary system. All this debt will blow up. It is simply a mathematical certainty. Remember that the Economist magazine warned back in 1988 that we would have a gold-backed global currency in 2018. You should heed such clues and warnings from the globalists. Do not wait until it is too late to get onto your lifeboat. Look at the madness that is going on around the planet. This will not end well! We are simply heading into uncharted waters here. Tensions are rising again in the Middle East and we have political uncertainty around the globe and growing economic problems. Gold is and has always been the greatest store of value on the planet. It is what endures strife and chaos. You doubt me? What has actually survived countless wars and collapsed civilizations? Wonderful architecture crumbles to dust; only a few relics survive from the Greek and Roman civilizations which today can only be viewed in museums. Gold can be a way to pass on wealth from generation to generation yet so very few people own it. It is portable unlike real-estate. It is a supreme store of wealth by weight. How short-sighted people are not to own this amazing and unique asset! This may be all about to change with a gold-backed cryptocurrency however.

A gold-backed cryptocurrency may change the irrational thinking and prejudices some people still have about gold. Perhaps the rationale of the lay person and why they don't own it is that you can't carry a big kilo bar of gold around with you safely! This is silly. Would you walk around with a huge amount of cash? Imagine if you will a cryptocurrency that is released at the current price of a gram of gold and which is backed by physical gold held in a compound in a special jurisdiction at an airport outside your country of origin in Dubai in a high security vault. (It's highly recommended to have at least some of your precious metals stored offshore). You desire your gold to be audited on a regular basis (through Loomis) and that ownership of your gold is legally in your name and that the gold in the vault is identifiable by bar and serial number. Your wish is now granted. Now the reason I and many others are quite excited by this new coin offering called OneGram is because of the stability this cryptocurrency will have compared to any others. It will always be worth at least a gram of gold, so you know you are getting a good deal when you buy it. You are not overpaying because you are only paying the backing price for the coin! It means the price will likely not fluctuate as wildly as coins backed by nothing other than blockchain.

Gold has never gone to zero in all of human history and it is highly unlikely it ever will! It simply takes a huge amount of energy and labor just to get it out the ground, so it always has a certain intrinsic value. Think carefully about this. With other cryptocurrencies the price is set mostly by supply and demand. That is why we have seen massive price swings in most cryptocurrencies. Yes, you can successfully argue that energy is required to generate Bitcoin, you can even argue about the limited number of coins in circulation, but the plain fact of the matter is, there is nothing to stop someone using energy and block chain to create yet another cryptocurrency. There are plenty to choose from now on the cryptocurrency block and there will be plenty more of them. Will they all survive? A gold-backed cryptocurrency on the other hand is totally unique. Nobody as of yet has ever figured out a way of creating gold. It came out of the Big Bang! It required an amount of energy that we cannot even fathom to create. It is a very rare and finite resource that is easily divisible. It is held by central banks. It is likely something a civilization from another planet would want and covet due to its unique properties. Some think it is beautiful. It does not tarnish or corrode and it conducts electricity superbly. There are many reasons it has been prized by all manner of peoples throughout history as money par excellence. It is simply, the money of Kings and Queens. The Aztecs thought it was the tears from the sun.

With OneGram coins, which can be purchased through the Dubai airport based gold vault, GoldGuard, you are buying each coin at the market price of one gram of physical gold. This means you are not being ripped-off. You know exactly what you are getting and there is a significant chance for price appreciation once the coins start trading on the exchanges. Like Bitcoin, there will only be a limited number of coins created which are being sold right now in the ICO. At the time of writing this article, over 21% of the offer as been taken up. I believe the chance of anything going wrong here is almost nil. There are experienced people and there is some serious money behind it. The potential market for a gold-backed coin is far greater long term than even for Bitcoin. It is Sharia approved which means all the very wealthy people in the Middle East can buy it. Remember, there are limited places they can park their money under Sharia law, so we may be looking at a new asset class here that they can easily access. I see interest from the Indians and Chinese too. In other words, there are potentially huge markets for this coin. The people in the Middle East and Asia know gold and trust gold. It has been far more important to them historically than in the West and Asia is where the financial hub of the world is eventually moving to as Europe turns down hard going into 2020. As much as I love Bitcoin, the fact is the average housewife in Asia doesn't trust it yet. The truth is, many people in the world are conservative by nature whether we like it or not and they cannot stomach too much volatility with their life savings. Do you blame them? That should matter to you as an investor. A cryptocurrency needs to be trusted by the masses to become widely-adopted and used and it appears that coins from One Gram will soon fulfill this need. There is currently a plan for a gold credit card also which will make it easy and convenient to use your gold-backed cryptocurrency. The best part is, each transaction fee will be put back into physical gold meaning that the amount of gold backing each coin you own will increase over time. That is called having your cake and eating it too.

Disclaimer: this article should not be considered as any form of investment advice. Cryptocurrencies do carry risks. Please do your own research and due diligence. I currently have interests in cryptocurrencies and precious metals.

Sort:  

Yes yes and yes.... Nice post

Cheers, regular guy! I think people are massively underestimating the potential of a gold-backed or silver-backed cryptocurrency. They are also underestimating the potential market size for this coin once it gets going.