Interesting to note the gold bugs are converting.
Jeffrey Tucker puts it down to experiencing bitcoin; he related the story of being ridiculed by P Schiff for 18 months over his bitcoin stance until one day Schiff approached him, marvelling at how quick bitcoin transactions were completed and how it saved his company plenty on fee payments. Schiff had decided to accept bitcoin purely opportunistically to cash it out, but is now converted.
Wonder if this kind of story, multiplied across the market, will see an increased flow from gold to btc?
Jeffrey Tucker puts it down to experiencing bitcoin; he related the story of being ridiculed by P Schiff for 18 months over his bitcoin stance until one day Schiff approached him, marvelling at how quick bitcoin transactions were completed and how it saved his company plenty on fee payments. Schiff had decided to accept bitcoin purely opportunistically to cash it out, but is now converted.
Wonder if this kind of story, multiplied across the market, will see an increased flow from gold to btc?
Of course it would but, link please.
OK, im not sure how far in it is but the whole segment is a good listen.
http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-134-disruptive-leaps
Tucker first mentions Schiff around 10:00, tells that story around 11:40
lol:
Tucker: What?
Schiff: See, i told you we could process online tx's immediately and for virtually 0 tx cost!
remember schiffs explanation (I think in an interview with Stefan Molyneux) why it actually wasn't cheaper at all? "You have to exchange BTC/USD first then the other way around on the other end. Fees involved everywhere.". hehe.
when he first announced accepting BTC for gold, i said he probably was already convinced and was trying to accumulate. i still stand by that.
