Comments by "Edward McLaughlin" (@edwardmclaughlin7935) on "People are claiming Bitcoin is the new gold It isn’t" video.

  1. Quite apart from the Bitcoin discussion, there seems to be an inordinate faith in, and a slavish - quite literally - devotion to the operation of fiat currencies here. 'Stick with fiat currency because it will be of value, come what may'? OK. Let's look at how our hallowed Pound has kept its value over the past 25 years. One ounce of gold bought on this date in 2000, would have required handing over £189. Imagine then, if you had bought that one ounce and simply held on to it until today. To buy an ounce of gold today would require payment of £2232. Other investments might have proved more lucrative but that is how gold and the Pound have fared. Alternatively, we could have taken Professor Murphy's advice and stuck with the fiat currency, dutifully leaving it in our bank. During that time our £189 would have earned interest so that it now stands at the princely sum of £324. So fiat currency has performed dreadfully. In a quarter of a century, our deposit in the bank has been effectively whittled away. Our trusty fiat currency has done what fiat currencies will always do: been used as a tool to rob people of the buying power of their wages, their savings and their pensions. Please explain, Professor, the basis of your enthusiasm for staying in a scheme which performs so poorly.
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  2. I heard recently that the words 'satoshi' and 'nakamoto' could be translated fairly into English as 'central' and 'intelligence'. Having no Japanese whatever, I must remain cautious as to whether this is reliable. If true though, it would provoke some thought on the part of existing and potential holders; and perhaps invite a little prudence.
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