Rick’s Comments on Bitcoin and Tax Reform
After discussing off mic with Rick Ackerman what markets were interesting Rick said pretty much everything was boring. That left us talking about Bitcoin and Rick’s thoughts on its investment narrative.
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Goldman Is Setting Up a Cryptocurrency Trading Desk
December 21, 2017 – By Hugh Son , Dakin Campbell , and Sonali Basak
“Gold Could Be The Pin That Pricks Bitcoin’s Bubble” – Peter Schiff Part 2
Kitco News – Dec 21, 2017
“A big move up in the price of gold could cause a fall in Bitcoin prices, according to Peter Schiff, CEO and chief global strategist of Euro Pacific Capital Inc.Schiff sees investors’ shift back into gold as a negative for flows into cryptocurrencies. “To the extent in which people think Bitcoin is digital gold…it’s not, but to the extent that people think that, some money that might otherwise be used to buy real gold, is buying fool’s gold instead, and that is taking some of the demand for gold,” he told Kitco News.Speaking on his outlook on gold, Schiff sees positive growth for the yellow metal in 2018. “I think the price is going higher,” he said, “once people really come to terms with reality on the true state of the U.S. economy, and what the future direction of Fed policy is going to be, there’s going to be a mass exit of dollars, and a scramble to buy gold.”
Remy: Bitcoin Billionaire – Remy rides crypto to the moon.
ReasonTV – Dec 21, 2017
Cryptocurrencies – The End or Just the Beginning?
by FI Fighter on December 22, 2017
“So, everywhere I go these days, all the rage is: cryptos, cryptos, cryptos…”
“Herd mentality at its finest…”
“No, I’m not writing this post to give cryptos a hard time… If anything, I’ve had to eat a lot of humble pie this year for greatly underestimating the growth potential in this new emerging sector…”
“But just as it applies to any asset class, usually the best time to buy anything is when fear is paramount and people are running towards the exit scared that prices will fall even further still…”
“With cryptos, I’ll admit that I have a growing interest to load up much more aggressively in the space… I mean, just being in Manila is already re-affirming many things that I believed to be true, but didn’t really know for certain until stepping foot outside of the United States…”
“For example, the other day I attended a local meet up, and like I always tend to do, I found a way to talk about clean tech/EVs and the impending paradigm shift that’s fast coming our way globally… But here’s the thing with stocks and traditional asset classes — They are a pain in the ass to buy.”
“So far, all the locals that I have met here have no idea how to setup a trading account, let alone think about venturing onto the TSX-V/ASX to buy some microcap junior mining stocks…”
“It’s just not the norm out here… and I’m pretty sure in many places across the globe.”
“And that’s precisely what makes cryptos so damn appealing to the “Average Joe” on the street… Cryptos are within reach to the masses, and it almost feels like everyone here in Manila knows how to setup an account and start trading (if they aren’t already doing it)…”
“Cryptos have (potential) mainstream appeal…”
http://fifighter.com/cryptocurrencies/2017/12/cryptocurrencies-the-end-or-just-the-beginning/
Bitcon’s bubble got pricked a week ago. Whatever tiny value exists in the other 1300+ frauds is going to disappear as the baby get tossed out with the bathwater. I did an interview now on Youtube ten days ago predicting exactly this and 95% of the comments mocked the old and stupid fart who doesn’t understand bitcon.
Well, maybe but I don’t, maybe this time really is different but I do understand what a bubble is and what happens with bubbles.
https://wolfstreet.com/2017/12/22/cryptocurrencies-crash-25-to-50-across-the-board/
I think the energy usage of BitCoin is a real problem, fiat currencies may be awful but they don’t consume much energy. So in that sense I don’t think Bitcoin in that sense has any value, it doesn’t produce cars, build tractors, produce and transport food etc. it doesn’t really do anything useful. I guess gold doesn’t much either but the mining industry employs real people, CAT etc. have to build the mining equipment and it has a 6000 year history
NIgel – I tend to agree with that point regarding the obscene energy use to produce the cryptos (and the irony is how many of the biggest proponents are millennials who have bought into radical environmentalist ideology ).
Where do they think the energy for the developers & miners to produce Bitcoin, Ethereum, or CryptoKitties comes from? For that matter where does the energy to charge their tablets, smart phones, or electric vehicles come from?
The vast majority of it is from dirty Coal, Oil, and Gas. The irony runs thick, eh?
This is why there is such a strong case to make for Nuclear Power’s place in the energy mix as the only zero carbon base load energy source. Wind and Solar are nearly big enough to mop up all the energy that Coal & Oil & Gas produce for the energy grid.
As for the Precious Metals, many of the crypto fanatics would point out how energy intensive it is for miners to pull the metals out of the ground, and they’re right to make that point. At least they are something tangible though.
Rick Ackerman made the point on that interview that the only value behind Bitcoin is the scarcity; however, the guest Cory had on earlier this week (Jimmy Song) made a good point that the value behind the cryptos and blockchain is in the developer network & their updates/patches and the miners who are all working the security and verifying the transactions by solving the algos. I never thought about it quite that way before, and he pointed out the coins where the participation in the developers and miners dried up and so did the value of the coins. It’s an interesting point to consider.
Correction: Wind and Solar are (NOT) nearly big enough to mop up all the energy that Coal & Oil & Gas produce for the energy grid.
While Solar and Wind are definitely growing in use in some of the countries in Europe and the USA, most of the world is still boot-strapped to Coal, Oil, Gas, Hydro, and Biomass for energy.
Two PSC commissioners explain their votes to continue construction on new Vogtle reactors
December 21, 2017 – By Chuck Eaton Tim Echols Georgia Public Service Commissioners
“Plant Vogtle is Georgia’s premiere nuclear site on the Savannah River just south of Augusta. Together, the two existing Vogtle units produce annually nearly 17 million megawatt-hours of baseload, around the clock, electricity. The units came on-line in 1987 and 1989 amidst cost overruns and controversy, but now serve the state’s energy consumers with carbon-free electricity at ultra-low prices. And here we are again—with the plant’s 3rd and 4th units running behind schedule and set to cost substantially more than we anticipated and Georgia Power forecasted. But hindsight is not only 20-20—it is helpful to us as commissioners as we weighed the pros and cons of finishing what is possibly the largest construction project in the country.”
“Let’s start with low rates. Affordable electricity and a reliable grid are what companies looking to locate new facilities or relocate to a new state often look for. As commissioners, we froze Georgia Power’s base rates in 2013 and they will remain frozen until Georgia Power’s next rate case in 2019. Those Vogtle reactors built in the 80’s now provide some of the cheapest power in the state. Based on a consulting study by the Brattle Group, a single nuclear plant produces about $450 million annually in sales of goods and services in the local community.”
“Moreover, the federal Bureau of Labor Statistics show the median nuclear plant operator earns an average annual wage of $91,170, so the 800 permanent jobs created by these new reactors will go a long way to boost the Georgia economy too. So too are the 6000 construction jobs now on site at the plant. Ceasing construction on the new units would have been like pulling $115 million in annual payroll from the regional economy.”
The Movement to Divest from Fossil Fuels Gains Momentum
Bill McKibben – December 21, 2017
“Tuesday should have been a day of unmitigated joy for America’s oil and gas executives. The new G.O.P. tax bill treats their companies with great tenderness, reducing even further their federal tax burden. And the bill gave them something else they’ve sought for decades: permission to go a-drilling in the Arctic National Wildlife Refuge. But, around four in the afternoon, something utterly unexpected began to happen. A news release went out from Governor Andrew Cuomo’s office, saying that New York was going to divest its vast pension-fund investments in fossil fuels. The state, Cuomo said, would be “ceasing all new investments in entities with significant fossil-fuel-related activities,” and he would set up a committee with Thomas DiNapoli, the state comptroller, to figure out how to “decarbonize” the existing portfolio. Cuomo’s office even provided a handy little Twitter meme of the type that activists often create: it showed three smoke-belching stacks and the legend “New York Is Divesting from Fossil Fuels.” The pension fund under Albany’s control totals two hundred billion dollars, making it one of the twenty largest pools of money on Earth.”
“Not to be outdone, half an hour later the comptroller of the city of New York, Scott Stringer, sent out a similar statement: he, too, was now actively investigating methods for “ceasing additional investments in fossil fuels, divesting current holdings in fossil-fuel companies, and increasing investments in clean energy.” Stringer’s pension funds add up to a hundred and ninety billion dollars—that’s in the top twenty, too.”
“Seize the Opportunity” A Dialogue with David Cates (Denison/Uranium Participation Corp)
Cambridge House – on Dec 11, 2017
“Still Learning, Always Evolving” A Dialogue with Jordan Trimble (Skyharbour Res)
Cambridge House – Dec 12, 2017
Uranium Investment Panel with Rick Rule
Cambridge House – Nov 27, 2017
Left to Right: Dev Randhawa (Fission), Amir Adnani (UEC), Jordan Trimble (Skyharbour), David Cates (Denison)
‘Is the Electric Vehicle Revolution Real?’ with Marin Katusa of Katusa Research
Cambridge House – Dec 20, 2017
Marin does a good job of showing the changing energy dynamics, and has some interesting things to say on the increase in market share of both Wind and Solar, and had nice things to say about Nuclear as well.
The most important trend is really that back-up batteries, and Energy Storage will require Battery Minerals – Lithium, Cobalt, Graphite, Nickel, Copper, Manganese, Rare Earths.
Solar will help the Silver marktes.
Wind will help the specialty metals.
Re: ARV.AX NVO ARTTF Bulk Samples: Mine$haft on HotCopper writes – No Dingo you are the smart one by keeping your head together !
I am a Mining Eng and retail investor and purchased $250,000 worth of ARV at 0.47 cents recently. Unfortunately I did not pick the bottom because the bot attack happened the next day, then the scare scenario because nobody understands RC drilling, then the bulk sample circus from NOVO but luckily DL had bases covered. Then Quentin, Eric and the gang, Creasy, Newmont, Rio Tinto, BHP, Newcrest all called into town with Northern Star. All up to their necks in it but “nothing is going on” in the billion dollar gamesmanship. It just a few nuggets right. Then we turned the lights on at Radio Hill and displayed the Queen chess piece for all pawns to see.
Now we get our Christmas sell down (happens every year), Canadians doing their tax returns and a really positive bulk sample announcement at 15 F%$ING g/t. This project would work at 5 GRAM. REMEMBER THAT $$$.Some samples have been 45g/t and some 85g/t. Guess what, In January there will probably be 100g/t+ one and wouldn’t surprise me if a stupid one went through at 500+ with the amount of nuggets. I am currently down -$122,000 in my little shares account and guess what ….I’m not bothered. This is because I can add up and multiply and can see the big fat flat watermelon seed iceberg heading for me. When the samples comes out over the strike length I will post a mineral economics calculation to the blog and show you how much money these cats are going to make along with other shareholders. In the short term, have a beer, enjoy Christmas and let someone else do the digging. Its at the surface so wont take long.
If you don’t understand by now, you don’t belong. Sorry to be blunt but the market and commentary on here is 85% idiot 15% informed and it just plays havoc. I don’t know how better these people can explain things in their announcements. I mean, they’ve even used YOUTUBE and a metal detector WTF ???
Enjoy the ride next year and lets not even mention Cobalt. Jeezuz.
All the best for Christmas to all holders and try to post when you’re on recreational drugs, we might stand a chance of being on the same wavelength as some of the people on here. 🙂
https://hotcopper.com.au/threads/novo-ann-just-released.3927329/page-3#post-29834849
Some excitement in Novo. Might be just be sell the news or general Wall Street corruption.