If you have been reading my posts, you may recall that I mentioned Goldmoney before. Goldmoney reminds me of bitcoin. It proposed to be a medium of exchange over the internet. You could pay for goods with Goldmoney in units of gold grams, which is the equivalent of 1 gram of gold at market rates.
Well, I was looking at the Goldmoney site yesterday and something caught my eye. Back in 2011, they were compelled ( in my opinion) to stop the practice of using gold as money. If I am not mistaken, this coincides with the beginning of the European crisis.
Now, bitcoin has only been around since 2009. Goldmoney has been around since 2001. Do any of these dates ring a bell? Bitcoin is kind of like Goldmoney without the gold.
What I get from this is that the central banks and the politicians suppressed Goldmoney and they are trying to do the same with bitcoin. Note that bitcoin is harder to suppress. It is intangible. It can exist anywhere on the world wide web. Therefore, it is going to be harder to stop than Goldmoney. Bitcoin may be stopped, but if it is, something else even harder to stop will emerge in its place. When that happens, fiat currencies will be in big trouble. Their continued existence relies upon a captive audience.
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