What a crazy couple of weeks we have had with bitcoins, with the price rising to $30 dollars then crashing with all the negative media hype. I am pleased to see that things have settled down and back to normal. What is comforting considering all the disasters, is that bitcoin did not crash and burn, but is more than likely starting to regain its momentum up in value and usage.
You have to remember that considering all the hype the official bitcoin video by www.weusecoins.com has only had just over 500,000 hits and I have watched the video more than once. So in my mind it is good to have had some of the negativity out of the way so it can go forward. What is important is that www.mtgox.com had its disaster for a few days and survived and I was pleased to see all my coins still intact, but what I couldn’t believe is the attitude of some of the crazies going bis erk on their forum, even wanting to sue them. You have to laugh at the idiots, do they not understand this is all new!!
All this needs to be put into perspective, bitcoins can be seen as an investment like any company and as a result you can make some cash and like any company you can buy shares in that company and it will either grow or crash and burn. On top of this it is a means to transfer money to buy things without having to use a credit card, I can see the benefit more than most because I sell a service to the world and PayPal and the credit card companies are so fical at times they are impossible to deal with.
So where does silver fit into this, well if you like me has been buying Silver as a protection or hedge against the impending doom in the monetary system it makes sense to cover your back, as I say to many if we do have a financial melt down then it was a good move and if we don’t then we are fine anyway. But this is where the crunch comes, particularly as I was driving in a traffic jam, particularly thinking of all the silver gurus knocking bitcoins, well how the hell am I going to buy a cup of coffee with a Silver coin or gold I certainly do not want my change in dollars, but more importantly you cannot buy anything with a silver coin over the internet!!