Category Archive : GSB daily blog

Commercials Banks Seeking To Compete With Bitcoin?

With Bitcoin having thrown the fits-and-spasms of history on its head, commercial banks are now taking a route other than straightforward co-option in favor of creating their own virtual money.

With individuals all over the world seeing the utility in the low cost of international Bitcoin transfers, some commercial banks want to compete with Bitcoin, according to Kirk Hope, the chief executive officer of the New Zealand Banker’s Association in an e-mailed transcript of an interview with TVNZ television. Read More

PayPal, Western Union & Others Look To Clinch Bitcoin Market

The Money Transmitters – that is, those with the licenses to transfer value – have garnered quite a bit of attention with their public interest in offering Bitcoin services.

Their sudden interest, of course, comes from the power of a law on their side. Bills across the entirety of North America, for instance, dictate that many new Bitcoin-startups are unable to enter into the market cleanly.

Instead, in that space, some of the world’s biggest corporations not only have interest, but have the licenses needed to be a money transmitter. Read More

Marijuana, Tide Detergent, Chewing Gum & Bitcoin: A Basket Of Currencies For The Near-Future?

[heading]Marijuana, Tide Detergent, Chewing Gum & Bitcoin: A Basket Of Currencies For The Near-Future?[/heading]

The dollar fell to a two-month low versus a basket of currencies on Tuesday on the dollar index. Although merely a technicality – a blip in the overall trajectory – the recent weakness continues cast doubt upon the dollar from all around. In places like Colorado, Washington and the Internet, new forms of currency are taking hold: Marijuana and Bitcoin. Both are sterile assets, meaning they serve a purpose other than just as exchange medium. Read More

Ron Paul: The Atavism

Ron Paul pulled something that is quite familiar to sports fans in the 2012 Presidential Election: he threw in the towel. This is a common phenomenon in sports, as players and coaches sometimes bet against their own team, thus leading to lackluster play on whatever field it may be. One of the most infamous examples of this are the 1919 Chicago Black Sox when 7 or 8 players all promised bookies they’d throw the game for a pre-determined payout. Read More

Love & Bitcoin: OkCupid First Online Dating Site to Accept BTC

OkCupid, one of the world’s most popular dating sites, will now introduce Bitcoin to millions of people who have yet to hear of it. Bitcoiners can now pay for a list of functions at the OKCupid website, such as PM’ing individuals with priority messages.

On Tuesday, despite Bitcoin’s recent correction, OKCupid announced its acceptance of the digital currency for users wanting to pay for the site’s bonus features. The popular, free dating site boasts approximately 4 million active users, and will now become on the world’s largest websites accepting Bitcoin. Read More

Silver Dip Lends Bitcoiners Buying Opportunity

With Bitcoin hovering around $100, and silver at $23.60, it lowest price in three years, now might be a good time for bitcoiners to possibly look into becoming silverbugs. There are lots of reasons to buy silver with Bitcoin, especially now.

One of the primary reasons is sheer demand for silver. Currently, silver holdings are at an all-time high, and this recent dip will surely contribute some to that. With so much money sitting with few individuals in Bitcoin, there is no reason for them  to not diversify some and add to the demand pressures on silver, which since May 2011 have been on the losing side of the price.

First, let’s look at silver demand in recent, recent history.

Appearing on November 9, 1998, “India Silver Hoarding Worries Users Group,” penned by Silver Users Association spokesman Walter Frankland, stated:

“Is there a role for the Silver Users Association–in conjunction with groups in other countries–to take action that would focus on India and see if their market can be opened to freer trade? There’s no reason to wait around until volatility hits the market again, in my opinion.”

In the United States and the “west”, doused in mainstream media mustard gas,  less than 1% of the retail public buys silver. In other countries, taxes of 50% and more on silver sales has dampened demand. But it cannot forever. The derivatives bull market has created a bull market in physical silver that does not exist and a pop-panic out of paper like the world has never seen will ensue. The war on silver will spin epically out of control, and there is no telling where the price may land.

That, alongside short-and-medium term speculation, is why investors’ holdings are near a record high set last April for silver, despite that hedge funds are the least bullish on silver in nearly four years. In the medium-term, speculators have reduced bets on higher silver prices by 72 percent  since the end of February, according to U.S. Commodity Futures Trading Commission data. Silver products held in exchange-traded funds, however, have increased three straight months and now totals $16.2 billion, according to Bloomberg.

Since the first three months of 2012, silver has, for the lion’s share, been held under the $30 mark. Until March, silver appeared to be heading back towards $50 an ounce, its previous high, after climbing above $36. This was short-lived. Now, analysts, based on a survey by Bloomberg, expect the price of silver to average $33.02 an ounce in the fourth quarter.  Despite any bias that a panel chosen by Bloomberg might encompass, silver remains on a long-term trajectory poised to continue its peak-every-two-years model.

The long-term, to be sure, is only in terms of human lifespans, for already the silver price has sat well-off its recent high in April of 2011 for a year-and-four months. That would mean that, although silver might have a doldrum 2012, it would then begin to rise significantly in early 2013.   The price of silver will average $33.02 an ounce in the fourth quarter, 18 percent higher than its current price, according to the median of 13 analyst estimates compiled by Bloomberg. Silver could then easily be poised for a 100-150% rise in price in early spring 2013, landing it at least around $66 per ounce.

But, some hedge funds are predicting an economic slowdown which they surmise will curb demand for silver.  On the opposite side of the rope in the tug-of-war for silver, many monied investors and  main street investors are anticipating a price rise based on the implementation of global quantitative easing, spearheaded by the Federal Reserve. The price of silver tripled when the Federal Reserve purchased $2.3 trillion of debt through Quantitative Easing 1 and Quantitative Easing 2 from December 2008-June 2011. One can tease also from the chart below that in the late summer of 2007, as there was a stealth Q.E., silver responded predictably.


Much of the Bloomberg article is focused on the “schizophrenic” model for silver, which is a seriously flawed axiom from which to look at the silver price. Silver’s history is one much longer than that of Industrial Society. Industry has created novel demand for silver.  And so, therefore, is predisposed to act as upward price pressure in the long run. Even if there were a complete collapse of industry in the world, in the fog of a broken price mechanism, silver would retain desirability. It would be psychologically comforting to many to default onto the money of their forebearers. Silver will be one item of many that has cultural relevancy were there to be an industrial collapse. It would be one of few with history as money.

“Since the beginning of the year it has reacted more like a base metal than a precious one,” said Frederique Dubrion, the Geneva-based president and chief investment officer of Blue Star Advisors SA, which manages metals and energy assets. “The main negatives are still in industry. We’re waiting for more quantitative easing, and that would be really positive.”

The idea that quantitative easing is the only basis for a rise in the price of silver is preposterous. What about war? An open war with Iran would send gold up, and then also increase industrial and fear demand for silver. Gold could head up towards $1900 if there is a further breakup of plans for an European Stability Mechanism (ESB). That would mean a price rise for silver. Quantitative Easing alone is not the only reason to expect silver to increase in price.

The silver price tumbled 29 percent from February-June 2012, but, as Bloomberg points out, the metals volatility is “masking what are already historically high prices.” Despite that silver is trading 44 percent below its recent high of $49.85 of April 2011, the two-decade average for the devil’s metal is $9.97.

“Industrial demand may remain weak at least for another six months,” said Jochen Hitzfeld from UniCredit SpA in Munich. “This makes the gap that investors have to absorb even higher,” said Hitzfield, who forsees an average 2012 Q4 price of $28.

Investors purchased 797 tons via silver-backed ETPs this year and are now holders of 18,093 tons, if one does not want to question the solvency of COMEX.That is more than eight months of global mine output.  Investors sold a net 812 tons out of ETPs last year. Total silver assets are currently 2.9 percent below the record 18,639 tons reached in April 2011, and Barclays and Morgan Stanley predict that investors will buy 500 more tons in 2013. Hedge funds are adding to their depressed silver position, too. They doubled their net-long position to 9,323 futures and options in the two weeks leading into Aug. 7, according to the CFTC, although this is still 58 percent below the five-year average, a figure which clearly signals that more shorts have accrued as the global awakening in the wake of the 2008 banker-wealth confiscation, as well as the associated fear trade, has put the spotlight on silver and precious metals.

Although silver is usually tagged as schizophrenic metal due to its dual monetary and industrial applications, it really might be the options traders who are schizo. For example,  the most held contract offers the right to buy silver at $50 per ounce by November 2013, whilst the next two biggest enable holders to sell silver at $20 by November 2013 and November 2012. For a comparison, the five largest gold options are all for purchases at higher than today. Those silver positions suggest that there is a tug-of-war taking place over the silver price.

The 100-day historical volatility for futures in silver is at 30.8 percent, which is a volatility more pronounced than gold, platinum, palladium and the main industrial metals traded on the London Metal Exchange.  All these dynamics with the vast majority of the retail public not taking part in this popular investment – less than 1%.

Currently, silver sits at its lowest level in years.

Demand for silver will continue to increase. In India, where silver hoarding has been of concern to the silver abusers (big industry, mostly) for over a century (at least), gold and silver demand is expected to exceed 6000 tons annually by 2016-2017 from the current levels of 3000 tons.  By 2025, according to the Mineral Exploration and Development Report for 12th Five Year Plan Period by the Ministry of Mines, that number could exceed 10,000 tons.

Bitcoin Price March 15-April 10: The Bubble Heard ‘Round The World

Like mistaking the true process of biological evolution, many mistake the ebb-an-flow of supply-and-demand as oozing steadily from the pipes of commerce. The truth behind human action is more complicated than that, and the Bitcoin price over the past week has demonstrated that.

On April 10, Bitcoin climbed to a high $266 and closed at $124.9 the next morning before Mt. Gox, the leading Bitcoin exchange and de facto bitcoin price-fixer, went down for nearly a day. This was the bubble heard around the world, as during this time Bitcoin was the talk of the financial world.

When trading began Thursday, Bitcoin fell again to a low of around $65, before rebounding to sit around $100 through Sunday night trading.

Bitcoin began the year around $13.51. It’s percentage increase fluctuating around 750%. It has outperformed all other assets Year-To-Date, with Natural Gas up 27% since Jan. 1. The green line on top, BTC, would have to be extended 5.5 times to show bitcoin’s 2013 performance.

As I wrote at my blog Silver Vigilante in January:

In the last six months, according to Google trends, countries the world over searched the term “Bitcoin” for the second most amount of times since the digital currency was extremely volatile at the beginning of the 2011 summer. In December, “Bitcoin” was searched the third most amount of times in its history, behind June 2011 (the peak) and just this passed September.

Egypt historical peak search volume, September 2012.
Saudi Arabia, second highest search volume, December 2012
Kazahkstan, 2nd highest search volume
Pakistan, third highest behind February 2012 and June 2011
India, November 2012 second highest behind June 2011
Vietnam, August 2012 second highest behind June 2011,
Turkey second highest December 2012 behind June 2011
In Spain, December 2012 is third largest search volume behind August 2012 by one point, and the peak June 2011.

That Bitcoin is holding at $100 is ominous in that, should it fall below $100 and experience continued bad press and Mt. Gox exchange technical difficulties, the next stop could conceivably be $20, with some support at $30. On the other hand, in consideration of unrelenting demand by increasingly moneyed individuals and groups, it could continue the trajectory it was on during the bubble phase of March 15-April 10, finding support between $150-$300.

After months of gold and silver becoming cheaper in Bitcoin, the trend has reversed this past week, despite the break of key support for precious metals. Nonetheless, gold and silver have become more expensive compared to Bitcoin:

But Mt. Gox has been center-stage throughout a week of DDoS attacks on their server, failed customer service, locked funds and the volatile Bitcoin price largely due to how easy it is to disrupt the Bitcoin network by simply attacking the center for its unfortunately centralized exchange.

Mt. Gox held a Reddit “Ask Me Anything” on Friday for those worried by recent trading problems that culminated with a 12-hour trading halt. Currently, 20,000 new Mt Gox are being opened a day compared with the 60,00 opened in all of March, according to the website.

Mt. Gox explained some issues:

Our system was designed to handle 2~3x our normal load, but now we’re experiencing 10x the amount, which was difficult to prepare for (it takes weeks) with the sudden new accounts. We have two problems: the DDos and volume related to new accounts.

The trade engine is capable of accepting much more of a load. Within 2~3 weeks we will completely rewrite the trade engine, in the meantime we shut down the system today and installed a new server with the current trade engine. Of course, if we didn’t have DDos everything would be fine, so now we’re dealing with two issues at once.

Who is attacking Mt.Gox with a DDoS? “We cannot disclose details, but we have some ideas…Basically because by naming them it makes our job harder because they will move to protect themselves.”

Trading Updates too much to ask for? “We absolutely understand this. The fact is that we are programmers and engineers, not PR guys, and we are still building out our capabilities beyond technology and into servicing our customers better. So, yes, we’re moving on this now and have secured help.”

Question from pmarches: Does mtgox run as a fractional exchange? Meaning, do you have 100% of the bitcoins your users have deposited in your system? “NO. Everything is accounted for (BTC and money). Fractional reserve is absolutely against our principles. In fact 90~95% of BTC are held in cold storage.”

No matter how Mt. Gox plays this off, the jugular of the issue is that users have been unable to withdraw their funds throughout most of the turbulence. Many former capacities of Mt. Gox have been nullified. With Mt. Gox transacting 80-90% of Bitcoin transactions, Bitcoin has suffered.

But, Mt. Gox is not to be mistaken with the actual Bitcoin protocol, which itself has proven unhackable by even the world’s foremost hackers and engineers.

It is impossible to know if Bitcoin will rise and fall until an attack or sudden spike in demand falls upon the market. As Erik Vorhees, an early adopter of Bitcoin, wrote: “Guessing short term price movements is a fool’s game.”

In an Austrian’s eyes, some recent explanations for bitcoin’s price rise, which is really still the main story for Bitcoin in 2013, read as follow:

The emergence of respected online merchants such as Mega, NameCheap, Reddit and others accepting Bitcoin has proven that businesses see its value, thus leading to the price increase.
Europe’s confiscation of Cypriot bank accounts have led to an influx in Bitcoin purchasers, not so much in Cyprus, but in North America and Europe. This has led to greater levels of speculation upon the price of Bitcoin, with cliques of buyers-and-sellers pumping the price only to sell all at once, and buy in the aftermath of the ensuing panicked selloff.

FATCA regulations have driven individuals to bitcoin for privacy.
Venture Capitalists and other private investors, now moving into Bitcoin, also want Bitcoin at the best prices. While their bitcoin purchases help explain the price rise, they could also explain the volatility and even DDoS attacks on key websites. To DDoS a website, it costs under $500.
Gold and silver buyers, moreover, have moved into the Bitcoin market. Largely thanks to the work of Trace Mayer, many former gold-and-silver bugs have seen the parallels in Bitcoin to precious metals.
The recent FinCEN ruling could have been made at the request of venture capitalists who did not want to put money into Bitcoin only to see it shortly thereafter outlawed. Now, people can be assured the government sees it as just another financial instrument.

Mainstream press interest in Bitcoin has been parabolic. This has led to incredible “hype” around Bitcoin.
Many, many people who simply do not understand Bitcoin are now buying bitcoins due to its media-hype.

Thankfully, Mt. Gox does not act as the Federal Reserve. It can be supplanted based on simple competition or cooperation within the Bitcoin market. This time will come, and more alternatives, such as BitcoinATM, will pop-up online. Greater Internet and computer security literacy could secure privacy for future generations, and Bitcoin encourages this spread. A free market has been born, and it will experience high price volatility and a arm’s race of ideas and technologies built around it.

Paul Krugman, Adam Smith & Bitcoin Mining

The understood return potential for Bitcoin is well-known, as at year’s onset a Bitcoin was worth $13.51. On April 10, it traded as high as $266. And on Thursday, it fell to less than $100 mostly due to issues at Mt. Gox. For good measure, that is similar to if the exchange rate for the British pound soared from $1.62 (where it was on Jan 1.) to $31.90 and the falling back to $12.

Paul Krugman took his swing at Bitcoin on Friday.  He cites an article, first of all, in which the author states two reasons Bitcoin cannot be money:

First, because it has the endorsement of no government, it will never be usable for official transactions. If you are an American, you will eventually have to pay your taxes, which means getting hold of some dollars, and as long as everyone needs to use dollars, that will be the way the currency in which an overwhelming majority of U.S. transactions occur.

A central premise for this statement is the eternal and ubiquitous nature of government. In fact, there is no law of social relationships or economics wherein it is stated that a government must exist. And also,

Second, the cap on the supply of bitcoins may reassure people that there will be no inflation, but in fact it ensures that it can never go into widespread use. A currency needs to be elastic — that is, its supply has to rise and fall in order to keep prices stable even as people’s demand for money varies. Part of the reason the Federal Reserve was created a century ago is that the dollar was at that time an inelastic currency, its supply was basically fixed based on how much gold banks had in their vaults. That meant that when harvest season came around in what was then a heavily agricultural nation, there was always a shortage of cash and a spike in interest rates, and in some years a banking panic.

Due diligence can be a pain, but often spares the outspoken of mis-stepping in their reasoning. In this one by Neil Irwin, he clearly understands that only a certain amount of Bitcoin will ever exist. But, what this individual does not get, is that Bitcoin can be divided to the eighth decimal place, creating so much elasticity that, in today’s dollar terms, the market could grow to theoretically 21 quadrillion.

Krugman fails to use his imagination, and thus viewing Bitcoin as literally being gold. He cannot make the extrapolation that there is a theory on which Bitcoin is based to which the gold mining process can lend insight. But the insight must go much deeper than merely Internet workers digging holes into the dirt of the web to pull out certain specs from the digital abyss, with the same variables input as with real-world mining. Krugman writes:

One thing I haven’t seen emphasized, however, is the extent to which the whole concept of having to “mine” Bitcoins by expending real resources amounts to a drastic retrogression — a retrogression that Adam Smith would have scorned.

But, the real resources expended in mining Bitcoin do not equal the real resources expended in mining gold. Plus, the vector of real resources eventually expended to create money based on fiat ends up draining the economy much more. Krugman:

Smith actually wrote eloquently about the fundamental foolishness of relying on gold and silver currency, which — as he pointed out — serve only a symbolic function, yet absorbed real resources in their production, and why it would be smart to replace them with paper currency:

The gold and silver money which circulates in any country, and by means of which, the produce of its land and labour is annually circulated and distributed to the proper consumers, is, in the same manner as the ready money of the dealer, all dead stock. It is a very valuable part of the capital of the country, which produces nothing to the country. The judicious operations of banking, by substituting paper in the room of a great part of this gold and silver, enable the country to convert a great part of this dead stock into active and productive stock; into stock which produces something to the country. The gold and silver money which circulates in any country may very properly be compared to a highway, which, while it circulates and carries to market all the grass and corn of the country, produces itself not a single pile of either. The judicious operations of banking, by providing, if I may be allowed so violent a metaphor, a sort of waggon-way through the air, enable the country to convert, as it were, a great part of its highways into good pastures, and corn fields, and thereby to increase, very considerably, the annual produce of its land and labour.

And now here we are in a world of high information technology — and people think it’s smart, nay cutting-edge, to create a sort of virtual currency whose creation requires wasting real resources in a way Adam Smith considered foolish and outmoded in 1776.

Resources expended mining Bitcoin are nowhere near the amount of real resources expended in eighteenth century gold and silver mining technology

Krugman lacks an understanding about the nature of the Internet. He fails to note that never before has information technology and its infrastructure been used for such purposes, and it is by far an exact mathematical equivalent to the mining process. It is not the gold mining industry. This is as clear as day. He takes the simile too far.

Bitcoin, World Energy Use & Prospects For Growth

Time Magazine has defended the social viability for the spread of Bitcoin, proclaiming that “stopping the movement of [Bitcoin] will be possible only if countries are willing to impose harsh taxes and capital controls. Once alternative currencies are frictionlessly available on the Internet, every laptop will become its own Cayman Island.”

All sorts of characters have come out of the woodworks to take a swing at Bitcoin. As Bloomberg wrote:, a site that tracks data on Bitcoin mining, estimates that in just the last 24 hours, miners used about $147,000 of electricity just to run their hardware, assuming an average price of 15 cents per kilowatt hour … That’s enough to power roughly 31,000 U.S. homes, or about half a Large Hadron Collide Read More

Opportunity Cost: Silver, Bitcoin

Opportunity Cost: Silver, Bitcoin

Let’s say that at $49 you had 1,000 ounces of silver.  And you kept it. You’d have 1,000 ounces of silver, valued in USD denominated terms at $27,500.

Now, let’s say that anytime between then and now, you moved just half of that silver into Bitcoin. Let’s look at your silver, now, as insurance on your liquid funds via the bitcoin protocol.

That 500 ounces of silver could have been $15,000 in value to about $300,000 now.  That’s assuming a $10 bitcoin price…That could have been as recently as January, 2013.

Now, let’s say you traded back into silver now, with premiums on silver products rising in price now. You could buy about 10,344 ounces of silver… Read More

Bitcoin, The Hive & Spontaneous Order

An important question when pondering Bitcoin’s place in the world is this: is it a phenomenon of the hive or spontaneous order? Was it given by modern day philosopher-kings or did it rip through the cracks in the “boot stamping on human face forever” as an alternative to submission?

First things first, let’s learn more about the hive and spontaneous order.

Smart phones and social media have created the next step in technological collective consciousness.  More so than ever the individual is connected to friends, family and acquaintances 24/7. A constant stream of information informs us and is, ultimately, meant to guide, making more like the greater group.

The Borg is known from Star Trek, and is essentially a synonym of “hive mind” or “collective consciousness.” The Borg Collective is a civilization with a group mind. Each individual is not truly an individual, for they are linked to the collective by a sophisticated network. Today, this is known as the Internet, which ensures each “individual” is under constant supervision and guidance.  In fiction, this collective consciousness, known as the borg, allows the individual to “share the same thoughts,” and adapt quickly to defensive tactics used against them. We are today cybernetic organisms,  to a degree, thanks to our droid phones and so on.  The ultimate goal of borg society is achieving perfection and “resistance is futile.” Read More

Guest Post: Bitcoin: The New World’s Orders Plot For a One World Currency?

[Editor’s Note: The following post is by TDV Researcher, Justin O’Connell]

As a general rule, if anything is covered en masse by the mainstream media, then I tend to believe that which I am watching is actually one long promotional spot.

The same could potentially be said for Bitcoin as over the past months its popularity has grown so much that “anarcho-capitalist…Libertarian…Freedom Fighter against mankind’s two biggest enemies, the State and Central Banks,” Dollar Vigilante Chief Editor, Jeff Berwick, has been on CNBC, CNN, Fox News, and BBC, and other mainstream outlets.

What brought on this sudden attention? No, not our anarcho-capitalism, but our announcement of the world’s first BitcoinATM.

So, is Jeff just a patsy so that the New World Order can bring in a digital currency? I began wondering this myself, and I came to what I think is a reasonable conclusion.

What many skeptics fail to understand is that the so-called New World Order – with its global governance, fiat currencies and so on – has already, for the most part, been implemented on a global scale. Especially economically. For instance, 95%+ of fiat money today is digital, and it’s all based on the Federal Reserve System, thus creating one worldwide currency with lots of different designs on the actual notes supposedly representing the various cultural backgrounds of nation-states.

Despite nearly everything being digital already, there are mainstream technologies that go above-and-beyond, aiming to rule out the need for cash.

One particular app for this cashless society, above-and-beyond credit and debit, is called Square, and was developed by Jack Dorsey, Twitter’s co-founder. According to CNN, “this is a telltale signs that the mobile-payments revolution has arrived.” CNN writes, as anyone who has studied American consumers know, “changing the way Americans pay for stuff is going to be really hard work.”

But Bitcoin is turning out to be a force to be reckoned with. For instance, in comparison to long-time friends of the liberty movement, gold and silver, Bitcoin seems to have been the play to make over the past six months and beyond. For months, besides today’s drop from $150-$115, after running to $150 from $105, our charts over at Gold Silver Bitcoin have shown a bimetallic standard precipitously dropping relative to Bitcoin.

The CNN article surmises that,

“Paying by phone will be as transformative as the advent of the credit card in the 1950s. It will change the way we shop and bank. With powerful smartphones and tablets taking center stage on both sides of the checkout counter, it will reshape the relationship between buyer and seller. Not only will the phone or the tablet become a wallet for consumers, but it will also turn into a credit card reader and a register for merchants. Shoppers will use their mobile device as a coupon book, a comparison-shopping tool, and a repository of those unwieldy loyalty cards they carry from everyone from giant retail chains to the corner bakery. And your smartphones will serve as beacons that will alert a retailer when you walk into its store so that it can recommend products, show you reviews, or direct you to aisle five, where that beanbag chair you didn’t buy last week still beckons — and you can now have it for 10% off. You won’t even need a few singles to tip the valet or pay the dog walker, because they’ll take mobile payments too.”

This basically explains the Bitcoin experience. One big difference? While CNN assumes a central authority, Bitcoin does not. With big players like AT&T, Verizon, Visa, Mastercard, Google, Microsoft, and eBay’s PayPal unit investing in billions in digital payment solutions,  it is no surprise that the mainstream media is serving the idea to the public domain in kind and uncritical ways. One of their assumptions is a monopoly on the technology by some corporation friendly to compromising. While the mainstream press has been unable to ignore Bitcoin, it certainly has been critical of Bitcoin being prone to hackers. Sure, a great many people have lost bitcoins. But, imagine if the general population had to become their own banks. Most of them would get eaten right away by sharks in the economic waters.

The CNN article champions the ease of digital transactions, and the time saved. Bitcoin is surely faster:

“While this revolution will be powered by complex technology, its ultimate effect will be to greatly simplify things for consumers. Think about my experience at Grumpy. While I had to fiddle with my phone ahead of time — to upload my credit card to the Square app and to authorize it to talk to the Grumpy register — once there, the phone never left my pocket. All I had to do was order my cappuccino.”

The article portends that “a cashless future is more real than many suspect.” According to the global head of mobile at Visa, “financial institutions are going to have a big role to play.”

“We are, I think, on a precipice of some fundamental change in the way money is exchanged between consumers and businesses,” Rep. Shelley Moore Capito, R-W.Va., said as she opened the first of a string of hearings one year ago on cashless ways.

The Federal Reserve found that 12 percent of cell phone users had already made a payment through their phones, and almost two-thirds of technology experts surveyed by the Pew Center on Internet and American Life said they expected mobile payments to eclipse cash and credit cards by 2020.

But, Square and similar technologies are different from Bitcoin. Bitcoin has caught on with a younger generation that, as Trace Mayer once put it to me (to paraphrase), “grew up in a digital sea. [The younger generation] are fish in a digital sea, whereas the older generation are snorkeling tourists.” In other words, p2p technology is a concept in-and-of itself for the Internet-literate. That goes a long way to explaining its popularity.

As the late Bob Chapman of the International Forecaster asked about gold and silver relative to fiat, “where else are you going to go” in a time of ubiquitous deceit? Bitcoin offers yet another alternative to what I’ve coined a “rebel’s portfolio” already heavy in silver and gold.

The pseudonymous nature (read: not totally anonymous) of Bitcoin does associate IPs with wallets. But, the paper-trail is a more obtuse alternative to the traditional bank account. The Powers That Be focus intensely on record-keeping, the historical record shows this, and so any added time-cost for their zeroing-in on you acts as the new privacy.

The popular appeal of Bitcoin – its p2p foundation – is as simple as first-language to the younger generation. Trace explains this well. Max Keiser recently said that he called gold in 2008, and people asked “What if the government confiscates my gold?” To which Max Keiser responds, “What you should have been asking yourself is, ‘What if the government confiscates my bank account?’” He then goes on: “Since $5 per BTC I’ve been recommending Bitcoin and many of you asked, ‘What if the government shuts off the Internet?’” Max Keiser answers thus: “What you should have been asking yourselves is, ‘What if the government shuts down the banks?”

And so, there are fundamental differences between the digital payment technologies pursued publicly by TPTB, and Bitcoin. This is what caught the eye of so many tech-savvy and Austrian-minded individuals across the world, but largely concentrated in the US and greater North America. Now, with Bitcoin skyrocketing from $9.31 last Fall to $150 today, the power of the Internet has never been clearer.

Bitcoin is a bet on the Internet. And, if you read our recent TDV Homegrown issue, you might have learned something about the Egyptian experience with a government using the “internet kill switch.” I wrote:

“Over one year ago, the Egyptian government cut off approximately 88% of the country’s internet access. Here is what happened: The government owned the biggest Internet provider in the nation, and only had to contact a few other companies to make this happen. The government ordered the shutdown of nearly all Internet access within Egypt. Ninety-three percent of Egypt’s networks went down. One of the only connections to the Internet that was not blocked belongs to Noor Data Network, the ISP used by the Egyptian (stock) Exchange.”

I then went over some of the ways Egyptians worked around this Internet shutdown, as well as the likelihood of it happening in the US. The conclusion of the article was bullish for the Internet, for the Internet is a vibrant and evolving system. It is crucial to everyone’s way of life, and we see this with centralized and decentralized payment solutions. The Internet will continue to be defended by its users and impinged upon by its self-appointed overseers. It’s a battle in which any Dollar Vigilante would delightfully indulge.

[Editor’s Note: News of Jeff’s latest Bitcoin venture along with a list of Bitcoin-related business opportunities are in the pages of the latest TDV Dispatch, which is available only to subscribers. To learn more about becoming a TDV subscriber, and getting access to more in-depth analysis and actionable ideas, just click here now.]

Currency Wars Ramp Up As BRIC Propose Global Fund a la IMF, World Bank

The IMF and World Bank sit across the street from each other, facing each other, in Washington DC.  They were set up as institutions of the Bretton Woods Monetary System which ended in August 1971. These institutions have taken taxpayer money from western countries like the US and UK, to restructure so-called Third World countries. Along the way, the former First World has grown to be more like the Third World, and vice versa. This has resulted in a synthesis, the Third Way, or, as it is sometimes referred, the globalization of poverty. Read More

Cyprus Government Stealing Depositors Money for New Brand of Austerity

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With the world watching the new brand of banking austerity taking place in the tiny island of Cyprus many will not see the United States’ own version of austerity.

The Senate on Friday voted for what has been called the “Amazon tax” which allows states to tax businesses outside of their borders. The tax received very strong bi-partisan support in a congress not known to work well together.

While the legislation is non-binding, meaning that the details of the new tax will have to be hammered out in subsequent legislation, “Brick and mortar” companies are hailing the passing of the new law, as now they will not have to adapt to the changing economy.

Interestingly enough, the bill was passed with the help of 26 free market worshiping republican senators. Of course the mantra behind the passing of the bill is that it will help local small business owners compete with larger competitors. This of course will not work any better than central banking has helped to create jobs.

With the ongoing wealth confiscation developing in Cyprus, the U.S’s desperate attempts to siphon off as much wealth from the people as possible should not go unnoticed.

While the world is watching what a corrupt bankrupt government is capable of, they may not notice the noose that is ever so slightly being tightened around the wealth producers necks here in the United States. Austerity is going worldwide. The U.S only has one advantage in that its time is farther down the road.

With these kinds of austerity measures occurring it is no wonder that gold silver and bitcoin interests are at all time highs. While the metals haven’t got the assistance that it should’ve with this government-sanctioned theft, Bitcoin has certainly shown well.

Gold and especially silver’s time will certainly come again as banker theft becomes more blatant in the mist of the ongoing world financial meltdown. Look around to see what is ahead. The banks have shown their card. It is time the people showed theirs by moving their wealth outside the banking larcenists hands and moving it to hard assets instead.


Sorry, But Maybe You’re An Idiot: Bloomberg Says Bitcoin Is Not A Currency

Bloomberg reports today that Bitcoin is not currency. There is nothing wrong with this assertion, other than the reasons submitted where fore are based on the baseless. But, before all that, I’d like to say that, no, Bitcoin is not just a currency. Bitcoin is not merely money. Bitcoin is something totally beyond the scope of monetary history. For 7000 years since the official discovery of silver, man’s monetary exchanges have been on a course for total centralization. Maybe you’ve learned about it in church as “The Great Work.” Maybe you heard about in your history books in school as “progress.” Or, maybe even more recently, you’ve heard about this tendency towards mandated centralization known as the “New World Order” via the “web.” Read More

Cyprus Steals Bank Depositers Money. Not if You Have Gold Silver Bitcoin

Citizens of Cyprus, known as Cypriots, are finding out that their duly elected representatives have now sanctioned theft of their private bank accounts.

President Nicos Anastasiades first proposed the wealth confiscation this last Friday. Under his plan, parliament would levy a 6.75 % tax from all bank deposits of 100,000 Euro or less and 9.9% on bank deposits of more than 100,000 euro.

“The solution taken may be painful, but it was the only one” worth taking said President Anastasiades in regards to his proposal.

This is the first time that the IMF and the Eurozone have actually dipped into people savings accounts. It is the next stage in austerity that is affecting the world as the banking plunder continues.

The purpose of banking holidays is to stop any runs that my occur on a bank by holders that fear the bank will not be able to make good on their deposits or for people getting their money out before it is revalued.

Cypriots are making every attempt to avoid this new tax by going to ATM’s throughout the county to withdrawal as much money as possible. However, with banks in the country being closed, it is unlikely that depositors will be able to get any sizable amount of their money out before it is too late.

Holders of gold, silver, and Bitcoin in Cyprus do not have this problem though as they have hard assets in their possession at any given time and can use those assets to barter and trade with.

For everyone else it seems that they will have a portion of their wealth taken from them because they choose to have their wealth in the wrong currency. With all government in the world facing fiscal crisises like Cyprus sometime in the near future, this brand of wealth confiscation will evolve and continue. Hard physical assets do not have this problem.

Gold Silver Bitcoin “it’s your choice”

Gold, Silver, Stock Market Disinterest Helps Bitcoin

The markets are in the midst of what will be remembered as a renaissance from paper-crack gamblers, especially the variety who only made money when the indexes, like the DOW, were up day-in and day-out. And they have been. If you are a devout paper addict, you’ve been doing great for the past month. Yet, despite the all-time highs and record winning streaks, people aren’t interested in the stock market. Just as everyone knows each politician is compromised or corrupted, so too will the markets give way to dizzying flash crashes or tumult in the Euro zone and eventually North America. All this in the wake of the 2008 banker bailout has driven the retail client out of stocks. Most of the people with money these days are heading out of paper, into real estate again or precious metals and other safehaven plays. Nobody trusts the stock market, for it is rigged and in the favor of the monied. Read More

Global Political Awakening & Bitcoin

 For the first time in human history almost all of humanity is politically activated, politically conscious and politically interactive… The resulting global political activism is generating a surge in the quest for personal dignity, cultural respect and economic opportunity in a world painfully scarred by memories of centuries-long alien colonial or imperial domination… The worldwide yearning for human dignity is the central challenge inherent in the phenomenon of global political awakening… That awakening is socially massive and politically radicalizing… The nearly universal access to radio, television and increasingly the Internet is creating a community of shared perceptions and envy that can be galvanized and channeled by demagogic political or religious passions. These energies transcend sovereign borders and pose a challenge both to existing states as well as to the existing global hierarchy, on top of which America still perches
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Against A Gold, Silver or Whatever Standard

There’s no point in waiting around for an official  gold standard to arise. People can start their own governments in a world of competing currencies. But if their governments are not some of the best and freest institutions that have ever existed, they will fall to the lonesome wayside, no doubt. They will be out of business. Read More

Namecheap Accepts Bitcoin

Yet another website has announced their acceptance of Bitcoin: Namecheap, the webs’ top domain buying service, now accepts the digital files for their services.  The company had been in works to begin accepting the currency for some time. Namecheap has served more than 1 million customers. Their statement went as such:

Bitcoin March 2 Pullback By The Numbers

March 2, the Mt. Gox chart shows a price fall from about $34.80 to $33.15. During this selloff, 22,000 BTC or 6.1 of the BTC supply were sold in one hour. That’s about $748,000 sold off in one hour moved the price 4.75%.  Are these the signs of weakness in the underlying Bitcoin price. While any investor will tell you that what comes up must come down, most mainstream investors, when discussing Bitcoin, cite this as a reason to stay away from BTC. But, BTC is much more than a mere speculative instrument. Rather, it is also a transactional unit. So, weakness in the price should not scary anyone off, unless you are overbought and speculating your life away. This is something that was experienced with silver purchasers in April 2011. Those unfortunate souls were dubbed the “49ers.” Here is what silver blogger Silver Vigilante wrote of the waterfall in silver and the ultimate devastation:

The silver market has been battered by the psychological warfare of command-and-control economics. This economic warfare has been psychologically exhausting for the silver investor as silver remains a no-news market with short-term bearish price movements. Over the last year, however, the silver investor has become hardened or acclimated to a market without new buyers or new sellers and little legitimate price action. Instead, they’ve watched as banks colloquially known as “commercial hedgers” bluff a long, long position in physical silver with shorts exceeding three-times the yearly supply at any given time.  What’s likely is these banks do not own any a position of physical silver anywhere near this amount.


For the 49er (those who bought silver in the 40s), who entered into the market in March-April of 2011, the price of silver has been a source of discomfort if not inner-turmoil. Retail bullion shops across the country started to provide services outside their previous jurisdiction of bullion slinging, working for several weeks after the May Drive-By Shooting as therapists and counselors. That price action in the Spring of 2011 was such to entice a whole new breed of silver investors – the 49er  – into the market, only to subsequently discourage them and break their confidence that, perhaps this once, they made the correct investment decision.

While Bitcoiners have experienced similar destruction in their market, with the market metastasizing, there is one phenom that has not fully realized itself in the Bitcoin price – price management. Currently, the mechanisms are not in place for major bankers or individuals or organizations to manipulate the price of Bitcoin, but one can imagine that there is some interest in doing so. Silver Vigilante touched on this this weekend in regards to CoinLabs’ creative innovations:

You think Bitcoin price above silver price has not been acknowledged by High Finance? It’s likely, contrarily, they know what’s going on, and they are not pleased with this new p2p currency stealing headlines, allowing the entire world to ignore fiat in real time, now, today. Nothing short of a 51% attack on the network can allow them to control the price.  The dominant financial system must protect itself from $100 Bitcoin prices as large-scale investors move into the market. Marketing this new advent as a bank, the place to store your Bitcoin, the Bitcoin community has to acknowledge that the Powers That Be will need a mechanism (bank/exchange) to control our beloved BTC price.

But, Bitcoiners scantily need a reminder of The Powers That Be, as based on a demographics survey recently conducted by  Spacedruid, the demographics of Bitcoin look like this:

  • 31.7 year old libertarians/anarcho-capitalist (although 30%
  • top motivations are curiosity, profit and politics

As a savvy bunch, Bitcoiners realize the strengths, and perhaps, the weaknesses of their p2p file. The interesting part is that, while living outside of the dominant financial system, Bitcoin exchanges, where Bitcoiners store their value online in hot wallets, have been victimized by fraud. Those storing their wallets in cold storage mediums have not had so much to worry about. As with any form of freedom, a great deal of responsibility is quite important to the equation.  However, one possibility that many have not swallowed, is the eventually entrance of control mechanisms into the price of Bitcoin. As Murray Rothbard said: “government is powerless to create money for the economy; it can only be developed by the processes of the free market.” But, at the same time:

“Money…is the nerve center of the economic system. If, therefore, the state is able to gain unquestioned control over the unit of all accounts, the state will then be in a position to dominate the entire economic system, and the whole society.”

The Powers That Be cannot come up with cashless payment solutions and brandish them as a safer, mainstream Bitcoin. The Bitcoin community does not like strings attached. So, whatever you Silicon Valley brains are up to, it will likely be rejected by the future as humanity moves towards a more elastic, freer payment model.

The problem with Bitcoin, for power, is that it is a private solution to public transactions – generally, two parties, not kin, enter into an arrangement. Always, unless you use BTC or cash, there is a third party watching over you.  Even if its cash, that cash theoretically has a trail. The current dominant financial system is a public solution to public transactions, and everything is out in the open. States since the turn of the nineteenth century have been doing what they can to break down the barrier between public and private society, to make them one. That is what the credit and debit cards have done. No matter how small or personal your transaction, its noted. Bitcoin is such a strong solution because of its personal nature.

So, it is a threat. And legitimizing this threat would be the emergence of a mechanism to control the price. If the price begins to appear to be managed, like silver, Bitcoiners can take this as a backhanded compliment.

USD to gold price index

Miserable Week for Precious Metals. Bitcoin Breaks Through All Time High and Keeps Gaining

As a long time gold, silver, platinum, and palladium bug I will say that it is a good thing that I caught on to bitcoin $24 ago. It seems that everything has done well recently with the exception of metals. Bitcoin however is another story as its impressive rise continues.

Gold tried to make a rally this week making its way up to $1617 before being taken down and finishing off the week at $1575.00. Oddly enough silver did not have as miserable a time as gold did, starting and finishing the week within cents.

Platinum like gold tried to make some headway but fell along the same lines starting off the week at around $1590 and finishing at $1573.

Palladium, although being the best performing metal in the last six months, also came up short losing around 2% to take a much needed weekend break at $723.

Ah but then there is bitcoin, which the central planners cannot manipulate. Bitcoin started off the week at $34.40 and finished at 35 showing a 4% increase. This week turned out to be pretty extraordinary for bitcoin as, not only did it continue its bullish rise despite other hard assets being taken down but, it also took out its all time high.

Again the talking heads will claim that gold’s recent demise was the product of a strong dollar and yen. How anyone can say that the dollar is strong in our present currency war is too much to bare. That being said, the best way to take advantage of this artificially strong dollar is to buy those hard assets that are blatantly suppressed. The chart below outlines this beautifully by showing the half-life of the U.S dollar since 2001, which shows that USD is currently 17% overvalued.

USD to gold price index

As for bitcoin, that it is going higher is not even a question but what better way to take some profit now by changing it into precious metals? Since August of 2012 bitcoin has gained over 240%! For those that have bitcoin it would be wise to take a look at silver’s performance in the first half of 2011 where the devil’s metal gained upwards of 60% before its manipulated take down.

An argument can be made that there are no “regulators” that can bring down the price of bitcoin like they could with silver. The real value of bitcoin is being discovered naturally as it should be but, trading a portion in now for clearly undervalued metal on an overvalued dollar is a wise choice.

Rick Rule of Sprott Assets Discusses Bitcoin as an Alternative Currency

Rick Rule On Bitcoin, Brought to you buy Gold Silver Bitcoin & Sinn Hooper:

Strange Markets: Comedian Bloggers, Bitcoin & Precious Metals

Strange times are upon us. In Italy, a famous comedian blogger who was found guilty of manslaughter in a car accident, killing three people, has led his party, The Five Star Movement, to international headlines as the underdog in Italy. Where fore?  In a nation where Communism was once bred in the 1950s by The Agency, people are just sick of seeing the same damned faces. Sound familiar? Read More

Get Your Gold Out of Dodge With Bitcoin

Get Your Gold Out of Dodge With Bitcoin

From my time working at a walk in precious metals dealer one of the questions that I remember coming up with relative frequency is what do I do with the metals? How do I store it? Should I keep it at home or in a safety deposit box? These questions were, for the most part, easy to answer as you could present the customer with three quick options for their storage and let them decide which would be the best. On the other hand, the question that never came with a quick simple answer was always, “how do I get my gold out of the country?”

The presumably intentional vague regulation put out by U.S Customs reads like this;

“There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer. Please note a FinCEN 105 form must be completed at the time of entry for monetary instruments over $10,000. This includes currency, ie. gold coins, valued over $10,000. The FINCEN definition of currency: The coin and paper money of the United States or any other country that is (1) designated as legal tender and that (2) circulates and (3) is customarily accepted as a medium of exchange in the country of issuance.”

As mentioned before, the regulation is conveniently vague because it does not say whether the $10,000 value will be assessed by the face value of the coin, in the case of the American Gold Eagle this would mean that every ounce of gold has the value of $50 USD, or the market value of the gold, being around $1565.00 currently. Either way it is not a value that you want to be assessed by the U.S’s elite and respected TSA force.

People even come up with rather ingenious ways to circumvent the system. I can remember one of my customers devising a plan to take a cruise ship down to a location that he was expatriating to because he said that customs inspections on cruise ships were not as thorough as they were by flight. Still other customers would talk about taking the gold out of the country in increments or to make the gold into jewelry so as to avoid the customs declaration.

All of these ideas are viable options but they remind me of various scenes from the movie Deer Hunter as all these options, if done enough, will lead to the same disastrous wealth confiscation by the proper authorities.

Ah but what about Bitcoin? The great thing about Bitcoin is, as of now, there are no foolish laws that tell you that you must declare them. More importantly there is no way of knowing that you had moved your mathematically encrypted digital files to another country or, were in the process of doing so.

There are large Bitcoin exchangers that you can sell your Bitcoin to and they will deposit money into your checking account or you may even receive a wire from a money sending company. The problem with services like these is there is a record of the payment. Money transactions should always only be between two parties. It is only in our mixed up, central banking, fiat money dominated world, that this reality has been skewed to the public.

But if I take my Bitcoin to another country how will I use it? Well Bitcoin is quickly becoming a form of payment all and in and of itself. More and more vendors are taking Bitcoin as a payment directly but for those that need to still have local currency for day to day living a simple search on will reveal where you my meet a local dealer in the country that you reside and sell your Bitcoin directly.

Of course Gold Silver Bitcoin recommends always having physical precious metals along with having Bitcoin. This allows for the maximum security in the preservation of your wealth.

The problem in answering the question a few years ago of “how do I get my gold out to the country?” is that there was not a good answer. That was when Bitcoin was still in its infancy and its potential was not clearly understood. Today however, it is the best option that one has for moving wealth out of whatever collapsing economy one may find they need to escape from without any form of declaration.

Bitcoin: Silver = 1:1: Trace Mayer & Silver Vigilante Discuss

[heading]Bitcoin: Silver = 1:1: Trace Mayer & Silver Vigilante Discuss[/heading]

RTG: Hello and welcome to the Run to Gold Podcast. I’ve got with us special guest Silver Vigilante of Gold Silver Bitcoin. One Thing I admire about you is you’ve got an open mind. We’ve got some people in the gold and silver niches who don’t have open minds, whether it is Chris Duane who has been bad-mouthing Bitcoin for two years and continues to badmouth it or people who think they can just ignore it like James Turk at GoldMoney. What do you think is driving BTC?

SV: Well, I think first and foremost it’s the internet. Everyone believes in the Internet. Bitcoin is a microchasm of the Internet that can actually lead it in new directions. Google is going to try to shutdown websites that provide links for users to copyrighted material. They are going to do this the same way they did with WikiLeaks, through a “financial blockade.”  WikiLeaks got around that with BTC, and The Pirate Bays will do the same. Read More

Where Does Bitcoin Fit in the Historic Ratio of Gold and Silver?

gold silver bitcoin

Where Does Bitcoin Fit in the Historic Ratio of Gold and Silver?


Long time investors in gold, silver, platinum and palladium as a means to protect themselves against the debilitating effects of inflation, brought on by the central bankers and their failed monetary policy, are all to aware of the fundamentals of the precious metals market and how ratios are crucial to wealth building during our current dissent into economic collapse. After all the ratios are the simplest ways to analyze the blatant manipulation (suppression) of the fair market value of metals in general.

Take the easiest and most suppressed monetary metals as a primary example. Silver and gold comes from the ground historically at a ratio of around 15:1. This means that for every 15 ounces of silver you have acquired through your labor you should be able to exchange it for an ounce of gold. Insiders in the silver market will even say that the ratio of silver to gold is closer to 10:1 do to industrial demand for silver but that is for another date and time.

A helpful website to look at for the current market rigged ratio of gold to silver is Through this website one can find what the current ratio is which is around 53:1 meaning it takes 53 ounces of silver to be able to obtain an ounce of gold. Can I get an SEC witness? Probably not, but for those with the slightest bit of intelligence and who are willing to let their minds work on logic rather than rely on all thoughts and beliefs to be fed to them by the Main Stream Media (MSM), they already know the markets are rigged and as of right now are doubling down on their purchases of silver or, for the extra savoy sound monetarist , trading their gold for silver.

One can do quite well by taking advantage of the paper suppression of these assets. For instance, during the run up of precious metals from January 2011-May 2011 the silver/gold ratio went from 53:1, roughly what it is now, to 31:1 by May before the central planners had to intervene in the markets and artificially collapse the value of the metals. For those that traded gold to silver in January of 2011 and were able to trade back before the take down they were able to stack a considerable about of gold.

During that time Bitcoin was having its own remarkable climb moving from 5 dollars a coin to 10. A 100% return is never a bad thing and Bitcoin had its own disastrous downturn about a month later but remember that we are looking at the ratios.

Back in May of 2011 it would’ve taken you 4 bitcoin to be able to get one ounce of silver. Even recently the best that you could hope for was 2 bitcoins in order to get on ounce of silver. That was however before bitcoins recent rise of nearly 40% for the beginning of 2013. Click here for more on that rise.

The point is that, for the first time in bitcoin history, holders of the digital silver (bitcoin), will be able to exchange their digital tangible assets for physical tangible assets! This one to one ratio coincides perfectly with a bullion company that takes bitcoin for precious metals. Through you can move your bitcoin to silver without having to cash out of the bitcoin and find a dealer that will sell the metals to you in USD.

No one knows what the rate of climb will be for bitcoin. Could it overtake silver? Of course but taking a portion of your bitcoin now and buying some hard metal is never a bad idea. Especially for the first time that you can do it on a 1 bitcoin to 1 ounce of silver basis.

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