Topic: Reminder: Goldbugs are a joke (Read 472 times)

Bitcoiners consider gold to be shit and a horrible asset overall, while gold bugs refer to Bitcoin in the exact same way. I don't see anything wrong with it.

Both camps are emotionally connected to their investments.

blockchain technology that allows people to gain the full monetary benefits of gold on a digital platform

Gold finally gets a little pump after years of stagnation and underperforming when it should have been performing against the ongoing fiat clusterfucks all over, and goldbugs start giving "told you so" lessons.

Whenever you see a goldbug giving you a 101 on economy and investments lesson (the same goldbugs which told you to buy gold instead of "that Bitcoin scam" since 2012) show them this pic which exposes the mother of all goldbugs:

Unbelievable that this guy and their followers still have the audacity to go around lecturing Bitcoin holders. They should be quietly hiding under a rock at best.

I disagree with the notion that gold is a bad investment. It is actually one of the best ones out there, you may think that bitcoin is better and you are probably right but it has super volatility as well and not that many old people like volatility (and can really understand what bitcoin is).

Look at all other investments, maybe buying a house would be better? Not in a bad market when house prices go down, maybe stocks? not when those scammy CEO is in charge, maybe forex? Not when governments are this bad at controlling the economy. There are so many horrible investments that even when you list all bad things about gold they are still ahead of others because other investments are even worse. I am not saying gold is the ideal investment method but looking at the others they are not half bad neither.

I think it is not nice to call people joke if they want to get gold for savings. I mean gold is still one of the most viable value storage things in the world, I know we are using bitcoin and we like it over gold any day but that doesn't mean everyone should be like that.

Gold is so strong in value storage that if you buy it constantly and keep it aside instead of stocks or forex or whatever than you will not lose any value over your purchasing power until you die

Guess this is the kind of thing governments will be glad to promote...things they have good control of and can easily manipulate the price as it suits them.

Gold finally gets a little pump after years of stagnation and underperforming when it should have been performing against the ongoing fiat clusterfucks all over, and goldbugs start giving "told you so" lessons.

Whenever you see a goldbug giving you a 101 on economy and investments lesson (the same goldbugs which told you to buy gold instead of "that Bitcoin scam" since 2012) show them this pic which exposes the mother of all goldbugs:



Unbelievable that this guy and their followers still have the audacity to go around lecturing Bitcoin holders. They should be quietly hiding under a rock at best.

wait for it to be validated and probably accept an offer quite a bit below spot as the only person who'd buy it would be a gold dealer.

Obviously if you have an IOU then that's a different matter but real gold believers shouldn't be touching that anyway.

he might have thought he could attract some investors by waging a war against bitcoin

Gold finally gets a little pump after years of stagnation and underperforming when it should have been performing against the ongoing fiat clusterfucks all over, and goldbugs start giving "told you so" lessons.

Both are fungible and easily tradable, liquid assets.  

I agree that most goldbugs are really insane about how much they think the price will increase.  However gold is still worth buying and most wealthy people keep a percentage of their net worth in precious metals.  Gold has been valuable for thousands of years and with that type of track record it is worth buying.

People are saying the same thing about Bitcoin, that banks/governments can print money and buy it, that futures are used to manipulate the price. People are talking about whales and manipulators in Bitcoin every day.


Everything is a [conspiracy] theory until there is evidence. Manipulation, insider trading and other illegal practices happen all the time, on any market, but it doesn't mean that the whole market is rigged, especially if the market is huge.

In October 2018, the U.S. Treasury imposed a $5.3 billion fine in a settlement with JPMorgan Chase for the violation of Cuban Assets Control Regulations, Iranian sanctions and Weapons of Mass Destruction sanctions 87 times. Back then, the U.S. Treasury also said it had found the bank violated sanctions on narcotics and Syria, when it processed 85 transactions and maintained accounts for six sanctioned individuals.

In December 2018, JPMorgan Chase agreed to pay $135 million to settle Securities and Exchange Commission (SEC) allegations that it mishandled U.S. securities that represent shares of foreign companies, the latest bank fined in an industry crackdown on the practice. The bank improperly provided what's known as American depository receipts (ADR) to brokers when neither the brokers nor their clients held shares in foreign companies that were required to support such transactions.

Again in December 2018, the Hong Kong Monetary Authority (HKMA) said on Friday that it had fined the Hong Kong branch of JPMorgan Chase $1.60 million and reprimanded it for breaching anti-money laundering and counter-terrorist financing rules. An investigation by the HKMA had found that between April 2012 and February 2014 JPMorgan Hong Kong contravened six provisions of the anti-money laundering and anti-terrorist financing rules.

In January 2017, the Indonesian government suspended ties with JPMorgan Chase after the bank's research analysts issued a negative report on the country and stopped using the bank for bond issuance. The ban on the U.S. investment bank was lifted and the Indonesian government commissioned JPMorgan Chase to issue bonds on May 2.

In 2016, an investigation by U.S. authorities found out that the JPMorgan Chase hired children of Chinese authorities from 2006 to 2013 in order to do jobs in China. The bank had to pay a $264 million fine to settle claims that its hiring violated the Foreign Corrupt Practices Act (FCPA).

In 2014, JPMorgan Chase agreed to pay over $2 billion for failing to alert federal courts about the largest Ponzi scheme fraud in U.S. history, the Bernie Madoff scandal. The bank had to pay over $1 billion to settle criminal charges, millions to settle civil claims by Madoff's victims and millions to be paid to the Treasury Department.

Serving as Madoff's primary bank for more than two decades, JPMorgan had a unique window into his scheme. In a document outlining the bank's wrongdoing, prosecutors had argued that "the Madoff Ponzi scheme was conducted almost exclusively" through various accounts held at JPMorgan. A fraudulent investor, Bernie Madoff was estimated to have swindled nearly $65 billion into his own accounts.

In 2013, the American investment bank was fined $13 billion for its manipulations on the quality of the mortgages it had been selling to investors in the runup to the 2008 financial crisis. The deal included a $4 billion consumer relief package, and a $4 billion settlement with the Federal Housing Finance Agency, which oversees government mortgage financing companies Fannie Mae and Freddie Mac.

Again in 2013, the bank had to pay $410 million in fines for its manipulation of the American power market in California and the Midwest, as an investigation by the U.S. Federal Energy Regulatory Commission (FERC) revealed. JPMorgan Ventures Energy Corp, the commodity trading unit of the bank, agreed to pay a civil penalty of $285 million and disgorge $125 million for "manipulative bidding strategies" from September 2010 through November 2012.

In 2010, JPMorgan Chase was fined $49 million by the Financial Services Authority (FSA) of the U.K. for failing to protect billions of dollars of client money over almost seven years between November 2002 and July 2009.

Well not all of them are invested into physical Gold... a lot of them only have a piece of paper that promises them that they own that percentage of Gold somewhere in a vault.      

They trust centralized entities with their wealth and they trust that the digital entry next to their name would guarantee them ownership of that so-called asset/commodity.    Most of them have never even saw the physical Gold in those vaults... they just trust that it is there.