I have noticed that some people I respect have jumped on the bandwagon of calling Bitcoin a cult. I will agree with the word cult even know it is ment to be pejorative, giving the movement a religion like meaning. Is is a cult in the sense that it is a movement based on philosophical believes. Underlining the complete philosophy is not my intention neither my place. Bitcoin is a cult in the sense that it is a movement of people who are sick of currency manipulation, and war for dominance.
Before I get to the conversation; I find it necessary to note that I have been listening to Peter Schiff’s podcast on and off, and find his inside to be agreeable most of the time. He knows his stuff, and is explaining it very well. Me Why invest in Gold rather then diamonds? What makes gold a better money then diamonds? Peter Schiff Diamonds are not fungible! Diamonds can now be created by industry, rather then mining.
There is an interesting article about The Summit for Democracy titled Biden Invites Taiwan to Democracy Summit Alongside 110 Countries. I want to add a short but important observation. As mentioned in the article Hungary and Turkey have not been invited to the Summit. But contrary to the article, I believe that the reason has nothing to do with the leaders of these countries. More authoritarian leaders then Viktor Orban and Erdoğan have been invited after all.
Once upon a time China was a flourishing country. Trade was booming. Europe was buying and China was producing. Hence the silk road from way back in time. China was selling and was selling for silver. All the world’s silver was flowing to China in exchange for goods. However Europe, all the individual countries in Europe were trading in Gold. Money in China was silver, money in Europe was gold.
Peter buys a house for $100. 10time passes and Peter sells his home for $200. 2time later he decides he wants to buy the same house back but now the house costs $210. However Peter has only $160 after paying $40 capital gain taxes. He lost $50 buying power, and therefore is poorer. Peter was hedging inflation with real estate.