Rick Rule of Sprott Assets Discusses Bitcoin as an Alternative Currency

Silver Vigilante came across this unique video by Gold Silver Bitcoin of a pretty girl (I know how Max Keiser fans like pretty girls) talking with silver expert Rick Rule of Sprott Asset Management on his opinion of Bitcoin. Rule said: “My personal opinion is that while philosophically I like the idea of competing currencies, I personally don’t like mediums of exchange that aren’t simultaneously stores of value.”

The comments harp on Rule’s focus on having something tangible, and went something like: “The only “tangible” use Rick mentioned was a “necklace” that you can make out of gold or silver. Gold is just as tangible as dirt. We just put value on precious metals because their supply is limited. How is this any different than a Bitcoin?”

and “store of value” can mean has value to another. He misses this point. He is talking about the fact that you can touch gold/silver. Bitcoin doesnt have that characteristic but neither does gold or silver have the ability to be transferred instantly to anywhere in the world. With that said, bravo to Rick for at least speaking on the topic!

11 comments on “Rick Rule of Sprott Assets Discusses Bitcoin as an Alternative Currency
  1. Robespierre says:

    The best store of value is a big garden with a lot vegetables and fruits. The central bankstrs NAZIS will find a way to destroy bitcoin like they do with everything. A small garder with good tomatoes, carrots, lettuce, is a lot of trouble to try to control.

  2. jarrollin says:

    Great, so he’s in on it too. I can count the people I can trust on one hand not using all the fingers.

  3. Steven says:

    He who controls the computer networks will control bitcoin and any thing like it.
    Bitcoin will play the game or it will be off line, end of story. With gold and silver bullion and coin plus base metal coins transactions can be local , private and anonymous as it should be. Once the nukes and emp weapons start flying ,power grids and electronic data and funds transfer systems will start dying. Coin will endure, bitcoin won’t so why bother?

  4. BankingThiefs says:

    @ Robespierre “The best store of value is a big garden with a lot vegetables and fruits. The central bankstrs NAZIS will find a way to destroy bitcoin like they do with everything.”

    Food Modernization Act 2010
    http://www.youtube.com/watch?v=32aDdKU6zfk

    Using rain water is illegal????? WTF!!!
    http://www.youtube.com/watch?v=mxFzJ2Gtgxc

    :D

  5. Mike Hunt III says:

    They tried to shutdown BitTorrent too, but that didn’t work out so well. Will bitcoin be shutdown? I haven’t seen a reasonable argument explaining how yet. That doesn’t mean it can’t be done. Bitcoin is easy to use (once you get thru the initial purchase hassle) and could be invaluable if your gummint cracks down on PMs. I think diversifying with some Bitcoin is a good idea.

  6. Badsey says:

    When BitPay (BitCoin bank payment) came in many feel that BitCoin was taken over.

    I don’t like criminal fiat. Once BitCoin blends with criminal fiat they are part of the fiat system. I would rather stay physical silver and barter.

    Once you go fiat -the criminals have their claws into you and you must pay tribute (tax)

  7. Nicholas says:

    Bitcoin is a debt free currency exchange mechanism for goods and services. No different versus physical money that is NOT controled by the “private” central bank.

  8. Kevin Eshbach says:

    Bitcoin is also highly dependent on electricity. (Or should I say cheap energy.) What happens if electricity is lost from let’s say a hurricance? How would you convert them into paper currency to purchse a loaf of bread? I also realize that paper and precious metals have their own unique trade-offs too.

  9. mijj says:

    the significance of “tangible” is the implication of being borne of nature.

    But Bitcoin, too, is borne of nature. Not from matter, but from numbers. Bitcoin and gold are both objective qualities that fit certain criterea – gold is a particular atomic construction – Bitcoin satisfies a particular mathematical algorithm. .. and neither are created on a whim out of the fevered imagination of some thieving central authority.

    Really, “tangible” should be replaced by “natural”. Gold, silver and Bitcoin are all “natural”, objective substances.

  10. Nicholas says:

    “Bitcoin is also highly dependent on electricity. (Or should I say cheap energy.)”
    True, you are right, Bitcoin is highly dependent on electricity just like we humans are highly depedent on electricity (cheap energy) and water.
    True, you are right, but :
    1. Hurricanes don’t happen everywhere plus people should be prepared (have their bitcoins in a USB port which is their wallet) before the hurricane strikes. After that, life goes. It’s difficult to be prepaired for earthquakes, but you can have it in mind when you live in an area where their are earthquakes. It’s your responsibility to be prepaired.
    2 If you don’t live in a nation where there are hurricanes and earthquakes (where I also live if i’m not in the United States for work), bitcoin is still highly depedent on electricity (duh, no difference) but you know it’s not centralized, it’s not in one private hand or in hands of a cartel. It’s we the people, around the world, but different nationalities, cultures and languages.

  11. Hegelian Dialectic says:

    Mix, match, diversify, motherfucker!

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