With the advent of crypto currencies came an entirely new marketplace that was nonexistent just a decade ago. And as with all new things, once the market started adopting blockchain technology like Bitcoin, everybody wanted a piece of the action.
So much so that prices for Bitcoin and other digital currencies have skyrocketed to the tune of thousands of percentage points over the last few years.
But how high can Bitcoin really go?
To answer this question we must consider this new space in similar light to other speculative investments, and there’s no better person to give us a realistic, unbiased view of this new investing sphere than Rick Rule, the billionaire Chief Executive Officer of Sprott Global Resources. As a long-time advocate of free markets and decentralization from government control, in his recent interview with Crush The Street Rule says that with a $70 billion market cap, and perhaps more importantly the distributed ledger technology that makes it function, Bitcoin and the blockchain are here to stay.
Bitcoin to me is all positive… I’m a consumer of currencies and currencies are a medium of exchange… and the more competing currencies there are the better it is for consumers of currencies… I use U.S. dollars, I use Canadian dollars, I use gold, I use silver, and from time-to-time I use BitCoin.
The more competing currencies, the better the currency has to perform for the consumer.
Watch:
If you move beyond the discussion of crypto currencies to a discussion of the distributed ledger, that the distributed ledger is perhaps finally the conjunction between information technology and the broader economy… It is the way you to take control of the ownership of assets, the transfer of assets and the title of assets from governments and deliver them back to the market… that’s truly revolutionary.
It won’t be all sunshine, however, despite all of the hype being promoted in the crypto currency community. Many of the blockchain technologies being introduced and funded to the tune of tens of millions of dollars are literally comprised of just a website and an idea. Bitcoin, of course, has a longer track record and is already being used as a mechanism of exchange for goods and services. Nonetheless, warns Rule, like most currencies it is backed by nothing more than market confidence and the faith of its participants:
But the fact that it’s revolutionary doesn’t mean that Bitcoin and all of the other crypto currencies will march every onwards and ever upwards for all time.
The truth is, a situation where six pimply faced 21-year olds in a garage can invent an algorithm and call it a currency, then paint that algorithm with a narrative and then turn it into money means that there will be an enormous proliferation of scams, just like there are in the penny stock business. Billions of dollars will be lost to unsupported narratives.
That does not change the fact that crypto currencies, and more importantly the distributed ledger, are an extremely important factor for our time and a factor that is absolutely for the good in aggregate.
So, how high can we see Bitcoin go?
According to Rule, just as we’ve seen historically with stocks, there will be bull markets, bear markets, bubbles and bursts. But astute investors who position themselves in the right blockchains or companies that operate them could see incredible gains. At the same time, however, he cautions that, at least for now, much of the market is based on speculation:
I don’t know [if it can go to $500,000 or $1 million per Bitcoin]… But I also think it’s possible for the market cap to go to zero if people lose faith in the algorithm… What happens in a market that goes from $450 where it was two years ago to $4500 is people only look in the future to directions gone in the past…
It’s an instrument of faith… Could it go to $10,000? Yes. Could it go to $100,000. I guess. Could it go to $0? Yes. Keep both numbers in mind.
This interview has been made available by Crush The Street.
Rick Rule is the CEO of Sprott Global Resource Investments.
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This morning was a crypto bloodbath after China blocked current “Initial Coin Offering” schemes because of exactly what Rick Rule mentions in this interview. There have been all sorts of scams. However, some really well developed blockchain tokens/currencies dropped double digit percentages today so I used this as an opportunity to stock up on more.
They won’t all be winners. All you need is one 🙂
Exactly, all you need is one. Today was also a GREAT day to load up on your favorite crypto while everyone else was dumping.
but what if your computer gets wet?
Another distraction IMHO. This is THEE MONTH to watch everything. Death of petro dollar
underway and gaining traction. Shall we have another war? Something on a grand scale?
How about millions of people getting offed? Who the hell knows what they are planning, but I guaranfuckingtee it won’t be small potatoes. We are well past that exit. All of the major players (i.e..Russia, China)will not be sitting on the sidelines for long. Let’s not forget
that China jumped into the last Korean War when they did not yet have nukes. When you consider that we had nukes at that time, and they didn’t….. that’s BALLS. They don’t want
a bunch of round eyes on their border. Ain’t gonna happen as far as they are concerned.
But don’t worry America. It’s football season and almost time to go Christmas shopping with money that you don’t have. Cheers.
Bitcoin is a Scam, The stock is even a worse scam, because there is no real value in Bitcoin or backed up by any hard assets. The only thing propping this up are ignorant fools buying it, by marketing hacks who are selling the crap out of it.
At any moment they can pull the plug, and you got Nothing. It should be considered a Ponsi scheme and illegal.
“At any moment they can pull the plug,” This statement along *clearly* shows you have *absolutely* no idea what you’re talking about.
There is no “they” that can pull any plug. Period.
“because there is no real value in US dollars or backed up by any hard assets.” Here, I fixed it for you.
More “dealers” and their “addicts”.
Its value is only worth what the customer wants to pay. Same as any other trinket.
Your description of Bitcoin sounds exactly like the Federal Reserve note (US Dollar)
There is no real value in the Dollar or backed up by any hard assets. The only thing propping this up simple confidence. Confidence that the dollar you receive will be accepted by others at face value. And just like a light switch, the moment that confidence wanes, the dollar goes straight to zero
crypto currency=feds giving you the horse laugh.
The Only real Money with Value to hold is physical Gold and Silver you hold in your hand, which both have been screaming upwards this last week. The train has left the station, are you on Board or playing circle jerkoff with digital and paper IOU wanna-be play money? Get real.
Today I went to Wallmart here in Central N Florida, All the shelvew in the Isle of Bottled water were wiped clean, many snacks shelves are wiped clean, empty to the rafters. Then I went to Lowes, and all these Guys buying Plywood for window coverings. And may other supplies are disappearing fast. I got my anchor ground mounts for my ground mount solar system so the wind does not blow it over. Been installing those today and taking break since it is friggin 90+ degrees out and sweating like a busy slut on Saturday night. lol
All and all, I still think this Hurricane storm Irma will do a Right Hook and go north hitting GA/SC & NC and up the coast and will hit NY City on 9-11. I took a photo of all the empty shelved in the water isle today just like what is posted on this site many times. All empty. Panic is setting in for the amateurs. I still have plenty of water and various water filters if needed. Stay safe folks.
IRMA Tracking Map Link: ht tp://www.nhc.noaa.gov/refresh/graphics_at1+shtml/085048.shtml?cone
How about an ICO in TitCoin.
Off topic. I took a break from commenting here for a while.
But I’ve been reading..
Tomorrow is final hurricane prep time.
Latest prediction from NHC is for 50-60 mph winds in our area.
I have solar panels mounted on pvc filled cement pilings with perforated angle iron inside and forming the horizontal mounts. At this time I plan on leaving them up.
If the winds change in the forecast to a higher mph I will take them down and store them safely inside. We are tucked away with a line of mountains in between us and the wind direction.
Thankfully we have a cinder block and concrete house but a steel roof. We have a basement in the hillside under the main floor that is built like a bank vault and has a 5″ thick concrete floor. Very secure but I think we’ll be okay in the main house..:)
Busy day tomorrow although being prepped ahead of time is vital in any area where weather is a threat.
We’ve had a tornado blow through the area a couple years ago and zero damage.
Still hoping Irma turns more North.
Generator full, extra gas stored, extra propane tanks on hand…power expected to be off for days.
We’re ready.
Ketchup, we live in the NEast. We hardly get the business end of a hurricane, but we always get the rain and rain and more rain. The power goes out here when a mouse farts but it’s usually back on within minutes. I’ve been watching Irma for a couple days and decided to get stocked up, just in case. Agnes came thru here in 72 and we’ve had a couple less severe since but it’s best to be ready for the worst. where we are, flood waters won’t get up to but if the power goes out, we’re set for food and cooking. Good thing rifles and shotguns aren’t battery powered.
consider buying a few more gas cans….you can never have too much gas…..unless, of coarse, there’s an ignition source close-by. good luck!
People investing in these crypto currencies are no different than those that invested in tulips from 1634 to roughly 1637. So for 3 years a speculative market in tulips evolved. Come on folks, there will always be a Wizard of Oz.
This Hurricane Irma is no joke. Floridians and Carolinans better brace themselves.
Got the feeling the man upstairs might be using nature to dump his wrath on us?
Been reading about Hurricane Irma on The Drudge Report. It looks pretty ugly /bad. Good for you Ketchup, always good to be prepared.
Living in FL, I am glad I moved away from the Gulf Coast. My house in the city was a Block from Tampa Bay, and my first floor slab was just 8 Ft in elevation above sea level. Went through 4 hurricanes in a month in 2004 as another hurricane rolled in every weekend. I had my windows boarded up for 3 strait weeks and it was hell living in a cave like conditions. Evacuated to higher ground twice, to also get my vehicles our of potential flood areas. My Work grinded to a halt for the entire month, and I even had most of my furniture on cement blocks in the house. The best things about a Hurricane opposed to most all other disasters, is that we get several weeks notice in which to prepare. But like in the case of Irma, it could still do a right hook and go north up the Atlantic coast or keep heading west and still circle around. So all eyes on the tracking map. I have a NOAA hurricane tracking map Application on my cell phone to watch.
Go here for Irma tracking Map, wind, etc: ht tp://www.nhc.noaa.gov/refresh/graphics_at1+shtml/085048.shtml?cone
I relocated several years ago to my BOL up in Central N Florida to higher ground. I learned my lesson, and as pretty as the Gulf waters are, it is costly to live near the water. Flood Insurance, Hazard Insurance Wind Insurance. I paid for nearly 14 years into the program and never filed a single claim. So it was not worth it. Where I am now, and everything I have, land, and buildings I own in full, and I am self insured and will just take my chances and secure my assets myself. Screw that Insurance BS. In the peak of the hurricane era, I was paying nearly $5K a year for insurance. Today, many mortgage companies will not even give loans for water front property. You have to pay cash. Even those in high rise condos on the 10th floor still have to pay hefty flood insurance. Its crazy.
Live and learn. I still need to tie down my ground mounted solar panels as they are mounted on a large aluminum enclosed box and configuration of Pool Screen enclosure framing and stuck in the ground. I just don’t want any wind to get behind them and tip the unit over. So I have some time this week to get this in order. I already had 40 extra filed sand bags that yesterday, I put most of them around my shed foundation blocks that the building is sitting on. My cottage looks like a Bunker with full 100+ sandbags 2 ft high around all sides protecting that foundation. I am about 44 to 46 Ft in elevation now so I am not worried about the Gulf water flooding, but the Big Green swamp can fill with water and flood local areas, down stream, as I have a canal and lake on 3 sides of my property.
All and all it is very much worth it to live here in FL. Its still paradise, a little hot in the summer, but it still beats the cold frozen tundra of the north and feet of snow for 7-9 months of the year. Good Luck all in Irma!!
PS. Both of my buildings I have are rated at 160 MPH winds factor, so I’m pretty good there, and with metal roofing. I still need to raise my main building up 2 Feet now. The Jackass Surveyors that did the original survey said the Base flood level was 44 Ft, and the newest survey they just redid for my addition said it is 46′ Base Flood Elevation. I said WTF? Why the difference? And the info comes off the same supplied data they use. They shut down their old company and renamed themselves to avoid more law suits for incompetence a few years back. I have no recourse to sue them. And had to pay $550 again, for the newest survey. So even what a survey says, it can be flawed. And now this is why I need to raise my building up 2 more feet to pass code inspection. Mutha Fockers!!
Crack, best of luck…
no, may God protect you from the worst Irma has to offer.
may God be merciful unto you.
in prayer. peace~
Instead of bit coin I’ve been investing in irradiated bacon with a 5,000 year shelf life.
Yum! Bacon!
yes but but but ….. amaricant will have 100,000
how can it be zero? our confidence in the bloackchain is 100%
NO our confidence is 100,000,000,000,000,000,000,000,000%
MOR THAN THE FEDreseved and ALL cb combined!!!
SO IT HAVE TO BE WORHT 100,000!!!
NO I will not have it any other way…. NOW GIMME MY MONEY MA!!!
I am USSA!!! china and other country can have zero BUT NOT ME MA!
NOW MY MONEY!!!
I SAID MY MONEY MA!!!
p/s zero would still be fine as it is its intrinsic value but beware 1984 room 101 protocol – now thats badshit not worth gazillion to experience, agree?!
Squatters Liars and Thieves in Palestine. Prime Ahole Minister Netanyahu’s Pig Looking wife gonnna be indicted soon. And he’s next.
Sara Netanyahu Expected to Be Indicted for Fraud in Pocketing $110,000 in Goods
Attorney general likely to inform Sara Netanyahu of charges in a few weeks; Source tells Haaretz testimony by state’s witness Ari Harow could change nature of the suspicions against Benjamin Netanyahu from fraud and breach of trust to acceptance of a bribe
Sara Netanyahu is expected to be indicted, pending a hearing, on charges of fraudulently receiving items worth 400,000 shekels ($111,851), Haaretz has learned. Attorney General Avichai Mendelblit is expected to inform Netanyahu, wife of Prime Minister Benjamin Netanyahu, of the charges against her in a few weeks.
ht tp://www.haaretz.com/israel-news/1.810418
CSS, but even if he and she are indicted, (and convicted) will anything really change?
(((They have long tentacles.)))
Six hours of moderation for using 3 parentheses.
So be it.
New policy?
Funny… I made the exact same prediction years ago.
“It can go to $100,000, or it can go to $0, it’s impossible to predict.”
Meanwhile back at the ranch, GOOGLEADS is vomiting nonstop Obama and Clinton pics and pleas to take their surveys as SHTF makes their money. Gee Mac, can you complain to them to choose other ads at all, or is all that matters is click and cha-ching? Like you really have no choice to edit the advertising choices on your own site but you are captive to the easy money of the constant visual diarrhea of what GOOGLEADS chooses to put on your pages. never mind, I said I would leave if it kept up, so I will go. Its not like there is anything original being posted that’s worth reading anyway, regurgitated rewritten fear porn from the same sources.
if only, JUST ONCE, really just once, just one of your featured authors could be right, and just one event would or had happened. Just once. Even slightly correct, just once.
Irma is a Cat.5 now. The current path looks like it will hit south Florida. Key West, get out now. It’s a long drive up to the mainland. Also, more bad news. There is a big possibility of a tropical depression in the Gulf, right now. Near Mexico. Click on NHC. National Hurricane Center.
Irma is a non-event. just another wall street scam to sell umbrellas?
OFFGRID
ALL HUMANS ARE IN HIDING FROM ALIENS THAT WOULD LIKE TO USE BODIES AS AVATARS.
Learn to use no ID, Marriage by writing in Bible, Cellphone not using id or name and do not talk about where you are from..
They attempt to get legal verbal permission such as ‘for you’ let me take u, attempt to say they will eat you I am silent when checking out at stores stores are where they scout hot human hosts.
Love u even if homeless post an ad to find a place. I have no agreement with them.
I am not waiving the form that is my body.
OFFGRID
ALL HUMANS ARE IN HIDING FROM ALIENS THAT WOULD LIKE TO USE BODIES AS AVATARS.
Learn to use no ID, Marriage by writing in Bible, Cellphone not using id or name and do not talk about where you are from..
They attempt to get legal verbal permission such as ‘for you’ let me take u, attempt to say they will eat you I am silent when checking out at stores stores are where they scout hot human hosts.
Love u even if homeless post an ad to find a place. I have no agreement with them.
I am not waiving the form that is my body.
Shouldn’t we just stop talking about BTC altogether? I lay out how it is fraudulent here:
http://markwidmer.com/2017/08/the-bitcoin-fairy/
At some point the evidence overwhelms hype and greed. Doesn’t it?
Ya know… some people are not investing to get rich… they exchange their paper money for something a bit better, so they can keep gov’s thieving little hands out of their pockets. And I’m not even talking about involuntary taxes.
See Cypress as an example.
See illegal confiscation (Coming to the US with more than $10k cash and the gov will steal it and never give it back… Just cause they can.)
See Imminent domain laws
The list of ways govs can steal from it’s people goes on and on.
Some people get out of failing local currencies into bitcoin, to avoid going broke due to hyper-inflation.
See Venezuela
Some people desire it to move the entire monetary system out of gov and private control.
See reckless money printing done by the fed (which ironically isn’t even part of the Gov.), who have increased the total cash inside the US from $200B to $4.5T, multiplying the money supply by over x20. Which… again will cause hyper or at least severe inflation.
Gold and silver will never be a reliable currency ever again, short of being knocked back into the stone age. It’s to easily faked for common use.
Don’t agree with you re: gold and silver, but otherwise I’ve addressed all your points here:
http://markwidmer.com/2017/04/shades-of-things-to-come-1/
OFF TOPIC NOT TO CHANGE THE SUBJECT MATTER.
I don’t usually monitor money, bitcoin and this type of stuff in the middle of SHTF.
CSS, Hey Crack, i was supprised after this post you just did, and had now idea that you had been through that kind of crap and was attacking me calling me a nut job. I’ll stop giving you a hard time because now I am seeing that you must be the real deal. If you bad taking the cabal and worked in a fusion center, your ass would have been fired by now. WELCOME TO THE SHTFPLAN.COM.
I am here to let my shtfplan.com fans know that Cracksomeskulls is legit. I had to check him out to be certain.
What’s been happening with a lot of you guys who keep attacking me thinking that I was getting a little too excited, and now Harvey the HAARP attack just crippled the infrastructure of our city. The stores are still out of food in South Houston and in the Galleria, and people are massing traffic on the streets and causing accidents all over the place this past weekend, in the Galleria, 610, Westheimer which was a dead standstill and we were blocked in for some time to curve tail and turn around to exit to H10 to get out in time.
Now your up there in Florida getting ready to deal with MEGA SHTF and have your ass handed to you, except this time your ready. Good luck, and let us know. Half of Florida will be under water by 2021. The rich metro sexual jokers in Houston is busy sleeping in blankets in public buildings with his Massarati under water, and cant get to his 1,000,000 a VP year job, waiting for food and help while FEMA ships in bob wire fensing with KBR, to activate and detain his metro ass, the soldiers, and they don’t have a clue that Marines and other nationals are being flown in, and you aught to see the heavy lift helicopter transports constantly flying over my city.
Sounds to me like you are living the SHTF Lifestyle. Good luck with 150-180 mph wind. I am familiar with your area, and have heard that its higher and better ground. Texas is water level and we are just as screwed. But don’t under estimate that wind. If they steer it with HAARP, it could wind up in your neckada woods. I think you’ll be alright up in that region. If the Hurricane strikes, let us know about the end result. We are a doom and gloom website. We do not report on positive news around here. Patriots need to report on here is they see and UN soldier of any contingents of chi-com soldier in groups roaming around the city so that the citizenry, veterans, patriots, cops and ex military know where they are at and how to find them.
Regards,
HCKS.
GROWING DREAD LOCK ISSUE IN THE CITY
Old Guy, your full of shit but your alright. My city is a mess, its really bad out there and I saw some of it this weekend. The camps equipment and bob wire fencing is coming in by the shit loads with more soldiers deploying. And active curfew in force, and anyone caught we be taken in. The cops are dealing with a dred lock problem all over the city, some of them caught these dred lock with guns on them after the curfew.
HCKS.
Bob Wire? Lmfao. You mean Barbed Wire right?
Well fall is here and our harvest is coming along ok. Still getting lots of tomatoes and squash. Deer food plots all planted. Fall garden stuff planted. Need to dig the white sweet potatoes in a few weeks. Ive never been more ready. So let it happen.