Gold Price prjection - what do you think?

[sixgun]

15 hours ago, Oldun said:

Was it this thread someone mentioned Venezuela ? Anyway

https://www.reuters.com/article/venezuela-gold/venezuela-gold-holdings-in-bank-of-england-soar-on-deutsche-deal-sources-idUSL1N1ZI19I

Yes i mentioned Venezuela - that the BoE is refusing to hand it back to Venezuela, like it is still holding German gold and it is playing silly buggers with Australia who wants to check their gold. Why would there be a problem? Just let the Australians check all their gold. Send all the Venezuelan and German gold back. Can't think why there could be a problem. There isn't any skullduggery going on is there, well is there?

[HawkHybrid]

2 hours ago, sixgun said:

Perhaps you might do your own research. i can't help you any further.

 

what I'm saying is that you either back your claims of gold

price suppression with actual evidence that stands up to

scrutiny or...

stop misleading newer forum members who are asking for

help with your biased conspiracy theories.

(the op is asking for help and you choose to send him on a

wild goose chase, what's with that?)

 

HH

[sixgun]

@HawkHybrid i have posted pointers - i have posted evidence already. You don't accept any of it. There is more than the aspect of speculative traders betting on the direction of price with no real interest in the underlying asset. If anyone is sufficiently interested they can start look into this subject further.

They look at what has been a multi-decade war on gold, since at least WWI - the withdrawal of gold and eventually silver from circulating coinage, gold confiscation, the 1966 amendment to the Exchange Control Act, 1947, which made it illegal for UK residents to hold more than four gold coins dated after 1817, or to buy any gold coins unless they applied for and were granted a collectors licence from the Bank of England. This was on the books until 1971.

In 1960 the gold price was $40 - this was $5 higher than central banks wanted it. Kennedy said the US would maintain the price at $35 and price fell. This was about capping price. The Fed, US Treasury and the Bank of International Settlements then secretly created the London Gold Pool, a cartel of central banks fixing the gold price. This ran from 1961. It was designed to keep buyers away and cap the price. In 1968 it collapsed and they closed the gold markets for several weeks, they introduced more rules but they lost control of the gold price which got to $44. The US faced large scale redemption of USD for gold as they had not stuck to the Bretton Woods agreement not to print too many dollars. Nixon then 'temporarily' ended the convertibility of the USD for gold and the world entered a fully fiat system. Since then the amount of fiat, unfettered by a link to gold, has exploded.

The BIS is still has a gold desk and is one of the entities responsible for smash the gold price - they are outside the law so they can do as they like. Members who follow the charts will be aware of these price smashes in the middle of the night - 2 and 3am GMT. Here many 1000's of contracts were dumped by one or two sellers at market (sold at any price) over a matter of seconds, when prospective buyers have gone to bed - these breach position limits and make no commercial sense.

I have posted plenty here for those who are interested to investigate further if they wish.

The OP asked what people think - i posted my thoughts - i did exactly what he asked. i gave him lots of leads to follow, conspiracy facts.

[silenceissilver]

I don't understand the gold market enough yet, to decide who is right but I tend to think it's @sixgun. The reasons are: There are not just "market" forces active in the markets, generally. (A factor that influences if we see both up and down manipulations or politically motivated ones that go only one direction.)

E.g. there is the plunge protection team to prop up the share markets. Also, we have a corporatistic, highly controlled economic system with the players at the top not being preliminarily interested in financial gain or free markets but in political power and control. Once at the top, you don't need much of it to get more financial gains, anyway. Also, there are billionaires saying socialism is the way to go (total control, in other words). I'm referring to Bill Gates but also the actions of other billionaires are telling (e.g. some supporting far left, basically Marxist parties (thus the contemporary mainstream left)).

Other factors that will influence the gold price have not been discussed at all. Gold is said to run out in ca 20 years. Also the discovery of new reserves has been declining for decades, so even an odd big find would rather not change the trend per se.

On the other hand, in the oceans, there is a gigantic multiple of all gold dug out of the earth so far. It was tried to get it out, in the 1920ies, unsuccessfully but who can guarantee it will always be impossible in large quantities at an affordable cost? Same for gold extremely deep that might become accessible through technological progress. Finally, most unlikely - as they can make a few gold atoms in CERN, we know it's principally possible to artificially create gold. Again, no one can exclude the possibility it could be done on a big scale through technological progress. Also, future alternative ways to get energy, might play a big role (on the negative side for gold owners, cheaper energy, lower gold production cost) All in all I think getting it out of the Ocean might happen at some point but I think it's unlikely to happen at anyone's current life time. Chances for gold to rise a lot are bigger than the other way round and chances it will not hold value for us who live now, exist but are tiny. Gold along with silver are still the safest bet to keep your purchasing power and will probably still be around for several generations after us. In 5000 years? I don't think so but we will be dead anyway.

 

[HawkHybrid]

1 hour ago, sixgun said:

when prospective buyers have gone to bed - these breach position limits and make no commercial sense.

 

this makes every bit of sense. if I want to trigger stop losses

for those stubbornly going long. I'm going to do it when

everyone else is asleep, trigger the stop losses and take my

profit before anyone realises what's happened. many stop

losses are triggered if strong support/resistance is breached.

therefore you must breach those prices if you want to

trigger the stop losses and make a profit. why is it that only

long contract stop losses are triggered? because people like

to hold long contracts on gold. it's not a conspiracy that you

trigger stop losses based on what is available to be triggered.

 

conspiracy theory, the queen hires thieves to steal other

peoples jewellery. how did I work it out? easy, only jewellery

from people other than the queen are ever stolen. when was

the last time you heard that the crown jewels was stolen?

not even once let alone matching the times that other

peoples jewellery have been stolen. there, proof, you see.

question : how many crown jewels do you know are available

to be targeted by thieves?

(obviously untrue but illustrates how facts can lead to crazy

conspiracy theories. ie jewellery are stolen: fact. crown

jewels are still on record as being in owners possession: fact.

therefore queen must be linked to thieves of jewellery: not fact.)

 

cherry picking historical facts that seem to be linked together

and then jumping to speculative conclusions don't change the

fact that it's speculation.

you are misleading him with implications of huge price rises

based on nothing but speculation.

1 hour ago, sixgun said:

conspiracy facts.

misleading again, it's a conspiracy 'theory'.

it's not remotely close to a fact until you can decisively prove

that it has no other option than to be true.

are there conspiracies? yes there are.

should we then condemn based on any/every unproven

conspiracy theory available to us?

 

HH

[sixgun]

32 minutes ago, HawkHybrid said:

 

this makes every bit of sense. if I want to trigger stop losses

for those stubbornly going long. I'm going to do it when

everyone else is asleep, trigger the stop losses and take my

profit before anyone realises what's happened. many stop

losses are triggered if strong support/resistance is breached.

therefore you must breach those prices if you want to

trigger the stop losses and make a profit. why is it that only

long contract stop losses are triggered? because people like

to hold long contracts on gold. it's not a conspiracy that you

trigger stop losses based on what is available to be triggered.

 

conspiracy theory, the queen hires thieves to steal other

peoples jewellery. how did I work it out? easy, only jewellery

from people other than the queen are ever stolen. when was

the last time you heard that the crown jewels was stolen?

not even once let alone matching the times that other

peoples jewellery have been stolen. there, proof, you see.

question : how many crown jewels do you know are available

to be targeted by thieves?

 

cherry picking historical facts that seem to be linked together

and then jumping to speculative conclusions don't change the

fact that it's speculation.

you are misleading him with implications of huge price rises

based on nothing but speculation.

misleading again, it's a conspiracy 'theory'.

it's not remotely close to a fact until you can decisively prove

that it has no other option than to be true.

are there conspiracies? yes there are.

should we then condemn based on any/every unproven

conspiracy theory available to us?

 

HH

i am not misleading anyone - i will say it is you who is misleading b/c you don't know enough of the history of the precious metals market.

There will be big price rises - fiat goes to zero in the end, it is a mathematical certainty. Precious metals are about preserving value and purchasing power. When you need £100 to buy a loaf of bread then expect gold is £50 000 an ounce and upwards. If i am giving cherry picked historical facts - please give us the historical facts that defeat what i have said. You haven't given any facts you have simply described how you think about trading and as how speculative traders think. i agree with this - i said so. These people don't make monetary policy, they don't sit on the BIS gold desk, they aren't in the Exchange Stabilisation Fund or the central banks.

Where people get mislead is when people give definite time frames and price targets. Prices will ultimately be event driven. When the West is exhausted of gold, then whomsoever has the gold will fix the price. China and Russia have huge reserves. They will fix the price and if they have gone to the trouble to amass these reserves they have no reason not to make it much higher. This is not some wild conspiracy theory speculation this is logical extrapolation of what has been happening. There are massive amounts of gold being exported into Asia, it distorts the non-EU trade balance for the UK. This is greatly depleting gold reserves in the West. He who has the gold makes the rules especially when it comes to the price.

You aren't going to agree and at this stage you aren't going to agree whatever, so i will leave it there and other members can decide and do their own research.

 

[sixgun]

1 hour ago, silenceissilver said:

I don't understand the gold market enough yet, to decide who is right but I tend to think it's @sixgun. The reasons are: There are not just "market" forces active in the markets, generally. (A factor that influences if we see both up and down manipulations or politically motivated ones that go only one direction.)

E.g. there is the plunge protection team to prop up the share markets. Also, we have a corporatistic, highly controlled economic system with the players at the top not being preliminarily interested in financial gain or free markets but in political power and control. Once at the top, you don't need much of it to get more financial gains, anyway. Also, there are billionaires saying socialism is the way to go (total control, in other words). I'm referring to Bill Gates but also the actions of other billionaires are telling (e.g. some supporting far left, basically Marxist parties (thus the contemporary mainstream left)).

Other factors that will influence the gold price have not been discussed at all. Gold is said to run out in ca 20 years. Also the discovery of new reserves has been declining for decades, so even an odd big find would rather not change the trend per se.

On the other hand, in the oceans, there is a gigantic multiple of all gold dug out of the earth so far. It was tried to get it out, in the 1920ies, unsuccessfully but who can guarantee it will always be impossible in large quantities at an affordable cost? Same for gold extremely deep that might become accessible through technological progress. Finally, most unlikely - as they can make a few gold atoms in CERN, we know it's principally possible to artificially create gold. Again, no one can exclude the possibility it could be done on a big scale through technological progress. Also, future alternative ways to get energy, might play a big role (on the negative side for gold owners, cheaper energy, lower gold production cost) All in all I think getting it out of the Ocean might happen at some point but I think it's unlikely to happen at anyone's current life time. Chances for gold to rise a lot are bigger than the other way round and chances it will not hold value for us who live now, exist but are tiny. Gold along with silver are still the safest bet to keep your purchasing power and will probably still be around for several generations after us. In 5000 years? I don't think so but we will be dead anyway.

 

What fuels the Western cabal is the USD. Anything that takes the shine off the dominance of the USD must be defeated and as we know gold is rather shiny. Countries have been bombed into the stone age when they have threatened the dollar. We saw Saddam selling oil for EUR and we saw Gaddafi threaten an African wide gold Dinar. We know what happened to them.

US sanctions are about military might and the dollar system. Cutting countries out of the dollar system and threatening others who trade with them, to cut them out. When the USD is king and you have control of the USD you can control the world. As NM Rothschild said "I care not what puppet is placed on the throne of England to rule the Empire. The man who controls Britain's money supply controls the British Empire and I control the British money supply." Then Sterling was king.

As you point out there is the Plunge Protection Team and the big daddy of them all, the Exchange Stabilisation Fund which gained its initial capital from the confiscation of US citizens gold. After confiscating the gold the US government repriced it. The ESF is about defending the dollar and that in part means defeating gold. Gold is money and everything else is credit. That is the key to understanding why the price of gold is capped. The major miners aren't making money. Some of losing money. Mining output is falling b/c they cannot afford to explore and develop mines as they ought. Why not? Because true price discovery isn't happening. Why not - b/c defending the USD is what is important and that in part involves capping gold.

Governments and banks have power through their currencies. This is how they buy bombs and bullets, how they pay soldiers and police, how they buy CCTV and run courts and finally how they tax and fine the people. You must keep your currency looking credible. Fiat is ultimately backed by nothing - it is created when debt is created. It only has value as long as people believe it does. The anti-matter to currency is gold. Gold is money. Whilst pure fiat currencies last decades, gold has been money for millennia. The banking system which greases many palms is toast if their out of thin air currencies are rejected and diminished. This is why, especially since the advent of worldwide pure fiat, there is a war on gold.

Gold is money and everything else is credit. Fiat is fraud, it is counterfeit. The £5 note promises the bearer will be paid on demand £5. The note is a promise of £5 not £5. Five pounds is five sovereigns. Every BoE note is fraud. If people realised this, if people believed in gold and not fraudulent paper how could governments print more 'money'? They couldn't. The power to print currency which people believe is money is what controls the world.

There is a constant battle between gold and currencies - if you believe it is just about running price up and down a chart you have missed the point - but the powers that should not be quite like it that way.

[Guest]

Hi bro six-gun, thank you so much for your elaborate explanation .

 

Hope to learn more from you.

 

Take care

[Oldun]

Found asmashing quote from an American fella

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.

 

I would recommend you read the rest here:

https://www.goodreads.com/quotes/108530-a-democracy-cannot-exist-as-a-permanent-form-of-government

[HawkHybrid]

9 hours ago, sixgun said:

i will say it is you who is misleading b/c you don't know enough of the history of the precious metals market.

 

9 hours ago, sixgun said:

There will be big price rises - fiat goes to zero in the end, it is a mathematical certainty.

 

plot your historical facts on a time chart again.

big changes take time... you are misleading by not

quoting time. years, decades, centuries.

you are implying that there is a suppression of the price

that could happen tomorrow, or are weeks or months away.

I'm saying it takes a minimum of decades. ie don't expect it

to happen any time soon(if ever depending on how old your

are).

so what if you know how to cherry pick historical facts, non

of what you have quoted is relevant in our lifetimes.

the dollar has lost 98% of it's value over decades... it's still

falling. for how much longer? anyone's guess. I wouldn't hold

my breath.

 

9 hours ago, sixgun said:

You haven't given any facts you

'yet in 2011 gold reaches a meagre

$1900/oz.'

is this not a historical fact about pricing?

9 hours ago, sixgun said:

When you need £100 to buy a loaf of bread then expect gold is £50 000 an ounce and upwards.

what kind of historical fact about pricing are you

giving here?

pure speculation? it should be if we get to that point in

our lifetimes. if bread is currently priced at £1-2 then

this represents a 50x increase in the price of bread.

at the current rate of increase (25x per the last ~45 years)

then those young enough may see these prices are

projected to see these price in maybe 90+ years time.

exactly when do you predict these pricing will occur?

 

in a price projection, timing is one of the 2 key elements.

 

HH

[Oldun]

To be mathematically fair, if bread were at £2, and inflation was at a constant 72% a year, it would take 6 years to reach £100.

If inflation were at a constant 12% it would take 36 years to reach £100 for a loaf of bread.

At 2% a year it would take 216 years.

[sixgun]

i have posted the evidence. i have posted dates and periods where they exist - it is for the reader to do the plotting if they wish.

i did not project a price or a time. Perhaps you are imagining i am.

You imagine that young people will see a loaf at £100 when they are ninety years old. Think again. Looking at the expansion of debit and the 'money supply' since the dollar was uncoupled from gold it has been accelerating and now has become exponential. Inflation is a function of the 'money supply.' Real inflation if you look at the chapwoodindex.com  this is over 10% per annum and has been for at least the last 5 years. Our present currency system will be long gone before youngsters reach their 90's.  The Fed is trying to reduce its balance sheet, exchange its (toxic) assets and bonds for cash which it then 'destroys'. It has already indicated it is becoming more dovish - ie fewer or no interest rate rises. It isn't going to get rates to 4% so it can drop rates in the next stimulus package. Without the discipline of currency tied to gold the bankers and politicians have driven the 'money' system off the rails.

Gold is at all time highs in 72 currencies. The fiat system is coming apart - every previous fiat currency has collapsed. The world went pure fiat in 1971. The powers that should not be are struggling but all fiat is going to hell in a handbasket and eventually they will not be able to keep a cap on gold.

Quote

But what most Americans do not realize is that the reckless and runaway expansion of the U.S. money supply by the Federal Reserve is absolutely destroying the wealth of all Americans.  Take a minute to examine the chart below…..

This chart shows the growth in the U.S. money supply in fifteen year intervals.  Since about 1985 you will notice that the money supply has been radically expanding, but the real shocker is at the end of the chart.  Due to the Fed recklessly pumping money into the economy, the graph is basically going almost straight up now.

 

[HawkHybrid]

historically the $ has taken decades to lose 98% of it's value.

ie $100 = $2. or 50x it's value. so what was priced at $2 is now

priced at $100. so if we continue at same rate of inflation

over decades we can expect the price to take decades for

a similar occurrence in the future. £1 (sovereign) is now ~£200

over ~100 years. so we're still looking at maybe 30-40 years as

a rough expectation. ie we're still counting decades. temporary

short term non crazy spikes are unlikely to reduce the years

taken by that much.

 

HH

[sixgun]

6 minutes ago, HawkHybrid said:

historically the $ has taken decades to lose 98% of it's value. ie $100 = $2. or 50x it's value. so what was priced at $2 is now priced at $100. so if we continue at same rate of inflation

over decades we can expect the price to take decades for a similar occurrence in the future. £1 (sovereign) is now ~£200 over ~100 years. so we're still looking at maybe 30-40 years as a rough expectation. ie we're still counting decades. temporary short term non crazy spikes are unlikely to reduce the years taken by that much.

HH

And this is why i posted the chart in the last post - (you will have typed your last post before i posted) - this is not progressing in a linear fashion. This is why it is a mathematical certainty the fiat system will blow up.

i saw a very interesting video from a gold specialist the other day. i may have posted it on another thread but it is worth repeating. This fund manager asked clients where they saw the USD in 10 years - i guessed a USD would be worth 50 cents - by luck or judgement i matched what his clients thought and what he seems to think as well. The bond market is not pricing a USD at 50 cents in 10 years. That means they are not pricing gold correctly. When the USD looks a bad bet, value starts to move into gold. The banks and governments must make gold look like a dog and cash look like a king. They cannot issue bonds and create debt if cash looks like a dog. i will say the game is up, we are into added time but i don't know exactly when the ref will blow the whistle. None of that is speculative - it comes from the evidence.

 

[HawkHybrid]

currency inflation is a logarithmic process.

ie £2, to £100 taking 36 years

£100 to £5000 takes an additional 36 years.(it's £5000 at

the same inflation rate and not £198, it's not linear)

so £5000 needs to be printed for every £2 and £100 printed

before it. the rate of inflation is still constant at 50x for every

36 years. it has not increase. you can't look at the exponential

chart and say that the rate of inflation has increased cos they

are all exponential charts. you need to work out the rate of

inflation.

 

your 10% inflation figures is close enough to 12%. oldun says

at 12% it takes 36 years. it still takes decades by your figures.

1 hour ago, sixgun said:

i did not project a price or a time.

I didn't say you did. I said you didn't post a time and

that is misleading as a reply to a thread titled 'gold price

projection', when you post facts on massive problems,

make claims on price suppression etc. implying changes

needs to be made 'now' to fix things. historically change

may not come for some time yet.

it's your 'things are bad, real bad'. and I will not post a time

on a fix. this is misleading the people to think that things

are due an imminent fix, when in reality it might takes

decades. cherry picking and leaving out the fact that

historically it has taken decades for big changes like this

to happen, is the problem. you are implying a sense of

urgency yet you purposely choose to not give a timing

when one is available.

 

HH

[Oldun]

Don’t take my word for it

https://m.youtube.com/watch?v=eOykY2SMbZ0

 

edit...whoops, I calculated using 72. I forgot it was 70, so the numbers should be

70% a year would take @6 years

12% would take @34 years

2% would take 210 years

[Martlet]

I find the conversation around inflation to be quite false.  Yes, CPI/RPI/others are incorrect and manipulated, but they about averages across the entire nation.  It does not and is not claimed to apply individually.  But is it really wrong over long term?   I know my personal inflation doesn't reflect the official numbers, because I dont buy lots of stuff, a telly or fridge lasts me until its broke or way past the expected life time.  Simply changing shops or buying shopping around can change your costs.  Only thing i'm conscious of changing prices over last  couple of decades is chocolate bars, bread and beer (and petrol cigarettes, though the duty grossly distorts that.  I know other things have changed, but not enough to notice.

So much for anecdotes, heres the economics.  This page shows some data from 1888  and this from 1910, here is BoE inflation calculator or alternative (better) and compare some of these figures (£1=£127).  I dont know about others, I do not eat 10 loaves of bread, if i did it wouldn't cost more than £12, and far less pasta/rice equivalent. Who drinks £6 worth of tea in their house? I dont recognise the amounts after adjustment, everything is comparable or cheaper today. 

Which comes to the point of the matter, while inflation might erode the value of the money, the cost of most things has got so much cheaper relative to real terms.  And we have so much more in terms of technology, media, travel to save labour, time and entertain us, which is entirely missing from inflation figures.  We are much richer than 1888 Victorian even if the currency has supposedly collapsed and gold is twice the price. 

[ChrisF]

8 hours ago, sixgun said:

And this is why i posted the chart in the last post - (you will have typed your last post before i posted) - this is not progressing in a linear fashion. This is why it is a mathematical certainty the fiat system will blow up.

i saw a very interesting video from a gold specialist the other day. i may have posted it on another thread but it is worth repeating. This fund manager asked clients where they saw the USD in 10 years - i guessed a USD would be worth 50 cents - by luck or judgement i matched what his clients thought and what he seems to think as well. The bond market is not pricing a USD at 50 cents in 10 years. That means they are not pricing gold correctly. When the USD looks a bad bet, value starts to move into gold. The banks and governments must make gold look like a dog and cash look like a king. They cannot issue bonds and create debt if cash looks like a dog. i will say the game is up, we are into added time but i don't know exactly when the ref will blow the whistle. None of that is speculative - it comes from the evidence.

 

So when the USD dies what happens?  I assume we wont go back to gold and silver and if we did would it be greatly undervalued?

[STONE]

 

Reform the international monetary system

https://www.bis.org/review/r090402c.pdf

[sixgun]

Fiat currencies are a scam. They come into being when debit is created. The bank's customer 'borrows' 'money' from the bank which 'lends' on the basis of their credit. The bank's customer thinks the bank has money to lend them. The banks has nothing to lend. The principal way in which they are created is through commercial banks making loans: whenever a bank makes a loan, it creates a deposit in the borrower's bank account, thereby creating new money.

So the bank creates new 'money' with the push of a button. A bank might make £500k for a house at the push of a button and the man spends the best years of his life paying this back and if he doesn't they will take his home.

The central banks, the Bank for International Settlements will only give us more of the same. More parasitic banks making $trillions out of thin air.

A solution is nationally created debt free currency. The people make their own currency, cutting the banks out. Take away the ability of banks to create currency out of thin air.

When cryptos were booming there was talk about Bitcoin and the like could and would be the currency of the future. It is outside the banking system which government does not like b/c they want to know every red cent you have so they can tax it all. i think the blockchain is the way forwards and asset backed cryptos. This means we have honest money, there will be currency stability and low inflation. i expect countries such as China and Russia will eventually create asset backs digital currencies. i am a big fan of Kinesis b/c it ties blockchain with currency which is title over gold and silver.

[Oldun]

Does anyone really think the governments will let private cryptocurrencies survive outside their reach ? In my opinion, no chance. I understand the technology of blockchain etc. There is just no way governments are going to let private cryptos survive and operate untouched. One swish of a pen by a government(s), and they are finished, leaving the governments to have it all to themselves.

[sixgun]

1 minute ago, Oldun said:

Does anyone really think the governments will let private cryptocurrencies survive outside their reach ? In my opinion, no chance.

There are government organisations already signing up for these, so the horse has bolted. Many of these are Sharia compliant. Currency which is digital gold and silver - Islam enters the 21st century. i know Indonesia for one is starting to link up.

[Oldun]

That is fine for them but that wont fly elsewhere....governments will take their taxes on the way in or on the way out of cryptos or make transactions in certain cryptos illegal....surely ? 

[Martlet]

7 minutes ago, Oldun said:

That is fine for them but that wont fly elsewhere....governments will take their taxes on the way in or on the way out of cryptos or make transactions in certain cryptos illegal....surely ? 

The prevailing advice and guidance on crypto is that taxes apply as normal.  Most jurisdictions dont allow loophole of trading assets to bypass tax, so crypto is covered by default.  While some governments have made noise on specific regulation and banning, its haphazard often seems to be worked around, as is the nature of them being on the internet.  I dont believe any nation has yet outright banned possession/control of crytpocurrency. 

[HawkHybrid]

currency is not a scam.

it's like a current account that pays little to no interest.

given time, money in a current account will buy less due

to inflation. are current accounts a scam? current

accounts are designed to allow easy access to tradable

resources at the expense of longevity. you are not

supposed to leave large amounts of resources in

current accounts, for long periods of time. it was never

designed to keep up with inflation.b

pm's would be something like savings accounts. access

to credit put there is less liquid than that of current

accounts. savings accounts are designed to try and keep

up with inflation so are more suitable for long term storage

of purchasing power.

currency is designed to be easily traded. pm's are there for

long term storage of purchasing power. in cases where

people scam others using currency, it's the person that is

at fault(the criminal with the intention to pull off a scam).

just as knives are not murdering weapons. should we

ban daily use of knives because of knife crime? what

else should we ban that can be used in crime?

the internet is more widely available now than ever

before. we should spread the knowledge to make use

of currency responsibly and effectively. save in gold and

trade in currency.

I remember reading an article about a person who had

his life savings in zimbabwe dollars before the hyper

inflation. if only he was taught to work with the system

and saved in ways that preserved purchasing power.

currency is a tool. misuse of it can result in undesirable

effects.

 

HH