James Turk Explores Bitcoin in Interview with Félix Moreno de la Cova!

Stacy Summary: Nice to see James Turk cover bitcoin. As you know and as was stated over and over at the Bitcoin 2012 conference in London, the Keiser Report was the first media to cover this new crypto currency and it’s great to see some deeper penetration across the spectrum of favourites of ours. James was our first ever guest booked and that was in 2006 for the original Death of the Dollar. He’s a real thinker open to debate, discussion and ideas, he’s the tops in guests we’ve had in terms of explaining things in the clearest manner so I’m glad he’s covering this topic; here you go:

9 comments on “James Turk Explores Bitcoin in Interview with Félix Moreno de la Cova!
  1. marcio says:

    I know @Max has the best intention at heart but I’m trying to imagine how this bitcoin business can go wrong. I’m neutral about it I just don’t want it to blow up in people’s face. Let quantum computers aside for a while, but what if Globalist-X decided to sell a trillion bitcoins in 1,5 minutes? Gold cannot go to zero, bitcoin can?
    The Best.

  2. snoop diddy says:

    I am only speculating on this as I dont know for sure,
    but I imagine there has to be buyers and sellers so the bitcoins would just be in other peoples hands with the same amount of bitcoins in the market. There might be some more mined as a result so the bitcoin supply may increase. But nevertheless there is nothing to stop the price crashing if people are spooked I guess, but unlike the Federal Reserve system money does not disappear once debts are paid or appear when debts are made.

    At the moment I think the highest amount of bitcoins at one address is just over 1 million bitcoins iirc. There is somewhere to see that info i think but I cant remember where

  3. snoop diddy says:

    lol, one of the comments for that vid on Youtube:
    ‘gold is analog bitcooin.’

  4. Danny Cunnington says:

    @marcio, That wouldn’t work because you can’t just create Bitcoins. They have to be mined. If someone wanted to dump a load of bitcoins on the market then they would have to buy them first. It’s a small market and just buying up that many bitcoins would force the price up and involve a huge cash outlay.

    Dumping them on the market could cause the price to temporally fall but not that much lower then it was before the buy up started. The key is that bitcoin is not fractional reserve created. Nobody can deposit one bitcoin and leverage up ten bitcoins like they can with fait paper.

    Bitcoin mining takes time and it increases supply. The price is dependent on the expansion of it’s use and circulation. If Use and circulation increases faster than the rate that mines can increase the supply the value goes higher and more people get into mining. If there’s more bitcoins on the supply side from mining and the circulation and usage is declining then the value will go lower. (bearish).

    At the moment, the circulation is increasing pretty much in line with the increase in mining. There could be a correction either way if a lot of new users suddenly come in (bullish) or long time holders sell in volume without the new users to absorb the sudden supply.

    There’s already been a pretty sharp correction about a year ago when Bitcoin went up to around $27 and then crashed to $6. This was because the Bitcoin use was mainly speculation where gamblers who normally play on-line poker bought large holdings. They were not using the Bc as a currency to buy other stuff but buying up looking for gains. They got burned and now it’s matured a bit and most people don’t take large holdings and buy in, in order to use it as an on-line currency that works like cash.

    There’s going to be various corrections going forward almost like growing pains. At a certain critical mass it will become more stable it just hasn’t reached that point yet.
    Basically you need more on-line retailers accepting Bc and a directory of retailers who accept Bc on one website. Then people could browse the directory, check out stuff they want and then buy bitcoins to make the transaction.

  5. Dilberta says:

    Given the strong evidence that we will be experiencing a carrington event next year. I pity the fool that keeps his assets electronically.

  6. Goldman Sucks says:

    @Dilberta/Chicken Licken

  7. John Robb says:

    Someday an outfit like JPM will amass bitcoins and sell them short, but as far as we can tell that hasn’t happened yet. At least right now they remain impervious to HFT, so there’s something to be said for their industrial manipulation to require some degree of effort.

    I agree with Stacy that the Turk is tops in explaining things in the clearest manner. This continues to be one of my faves…

    Bitcoin is simple, does not “violate” or exist outside Mises’ regression theorem, and provides a model that could ultimately benefit frustrated GoldMoney customers like me who don’t live in Jersey and can’t currently use the GoldMoney payment system. James could develop a decentralized, peer-to-peer system on top of the current system. It could function as does bitcoin, but ultimately clear through GM accounts. It could certainly exist outside current regulatory restriction, and even if future regulatory anomalies came to pass, it could be designed to place regulatory burden on individual transactors. Better yet, and in the spirit of the bitcoin model, instead of GM/Turk developing the higher-tier peer-to-peer system, Max, KarmaBanque, or I could propagate such a system independent of GoldMoney yet backed by our GM accounts. Hey, let’s call it goldbits!

  8. Daidalos says:

    This is all well and good in 3000AD but you cannot get someone to blow you off for 30 bitcoins in 2012.
    In 2013, we will be strangling our neighbours for a tin of beans- we won’t be dissuaded by his offer of his bitcoin fortune.
    All profit is derived from Labour. Labour is capable of all profit. Therefore bitcoin neither reconcilable with profit nor labour, as you cannot physically determine your personal bitcoin wealth by your own toil.
    It is useless.

    Jesus- I think I was just possessed by Karl!

  9. jimbo says:

    Bitcoin may be ok for funds transfers but not as a store of wealth as some are advocating. Gold is completely nature based vs bitcoin which is man based. Continued bitcoin use is assuming that the lights will always stay on. Keeping funds as ones and zeros is not reassuring.

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