Shrink the State. End the Fed. Balance the budget. Make a profit. Leave an inheritance.
Gary North
Written by Gary North on January 16, 2016
Click the link to see graphics of the world’s markets, from the smallest (bitcoin) to the largest (derivatives). When you are finished, ask this: “How could the Federal Reserve System deal with a meltdown in either of the final two markets?”
Continue reading →Written by Gary North on October 10, 2015
It’s time for me to revisit the story of bitcoins. As you may have noticed — or not have noticed — you don’t hear much about bitcoins these days. A bitcoin used to be worth about $1100. These days, it is worth $250. The price has settled into this range for most of the year. […]
Continue reading →Written by Gary North on February 2, 2015
Bitcoin’s promoters pretend to talk techie. They don’t understand it, but it sounds impressive. The public isn’t buying the story. The public is wise. Now comes this from a hackers’ convention. This is techie talk. My conclusion: “Get out while you still can!” presented by Jin-hyuk Jung & Jieun Lee Decentralized Malware on the Blockchain […]
Continue reading →Written by Gary North on January 14, 2015
A week ago, a bitcoin cost about $290. Today, $190. The price went through $250 like a hot knife through butter. This is not a currency. This is a speculative market supported by programmers under age 30 with hardly any money. This financial sinkhole has moved from over $1,200 in late 2013 to this. A […]
Continue reading →Written by Gary North on January 6, 2015
Bitcoins are now around $276 each. The rout continues. Now there is this bad news. Bitcoin exchange Bitstamp has frozen accounts and transactions while it investigates a breach. Hackers have stolen more than $5 million in virtual currency from Bitstamp, a major bitcoin exchange, forcing the company to freeze user accounts, suspend trades and block […]
Continue reading →Written by Gary North on December 31, 2014
The trend remains down. Reminder: Washington Post article (Feb. 3, 2014): “These four charts suggest that Bitcoin will stabilize in the future” Still, the longer the Bitcoin economy grows, the greater confidence users will have in its continued stability. And that has important implications for Bitcoin users. One is that volatility doesn’t strike at random. […]
Continue reading →Posted on December 12, 2014
By Steve Hanke Kevin Dowd, a long-time friend and eminent free-banking authority, set his sights on Bitcoin in the book he published this summer: New Private Monies: A Bit Part Player? His work delivers a refreshingly accurate and straightforward assessment of Bitcoin, ignoring the hype which surrounds it. Both Kevin and I appreciate the importance […]
Continue reading →Posted on December 12, 2014
NEW YORK (Reuters) – After skyrocketing to more than a thousand dollars in price late last year and attracting global attention, bitcoin, the leading digital currency, has stalled. Figures obtained by Reuters show that while “wallets” – cyberspeak for accounts – are being created at a steady clip, many of them are empty. Analysts also […]
Continue reading →Written by Gary North on October 30, 2014
This was the headline on November 29, 2013: Bitcoin hits record $1,242 as it nears value of ounce of gold. Today, gold is about $1200. One bitcoin sells for $335. Here is what I published on November 29, 2013: Bitcoins: The Second Biggest Ponzi Scheme in History. Here is how I ended it. There has […]
Continue reading →Written by Gary North on October 10, 2014
This is not a good sign. Bitcoins are not money. Ludwig von Mises defined money as “the most marketable commodity.” Bitcoins are a barely marketable non-commodity. Bitcoins transactions are recorded at your bank as soon as you sell them or buy them. Privacy? Only while you are holding them in your virtual bank account. Too […]
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