22 thoughts on “CHALLENGE UPDATE

    1. Jim Dandy

      What´s better than fixed supply of imaginary coins like Bitcoin? Turns out Ripple supposedly destroys or ¨burns¨coins in each transaction, so that decreases supply. Bitcoin is old, slow, and the supply can´t drop. I´m not buying any magic beans, but if I were it would be Ripple.

    1. Gary Post author

      I have to laugh when I see these kind of videos.

      First off the dollar hasn’t lost 90% of it’s purchasing power because wages aren’t the same today as they were in 1913.

      It still requires about the same percentage of an average persons salary to purchase a weeks worth of food as it did in 1913.

      Also money isn’t solely created out of debt loaned to the US government. Money is created by the productive capacity of the economy. Money is simply a convenient way to store wealth and transact trade.

      If I build an automobile I’ve added to the GNP and the money supply would need to grow as the economy grows and expands otherwise a situation of extreme deflation would arise.

      In 1913 the total money supply was roughly 15 billion. The total GNP in 1913 was 500 billion.

      Obviously since 1913 the productive capacity of the US as expanded exponentially. Clearly the money supply needs to grow along with the economy. We aren’t going to be able to function in today’s modern economy with a money supply of 15 billion.

      If managed properly money supply will grow at roughly the same rate as the economy. It’s when central banks try to print money much faster than economic growth that inflation becomes a problem, and as we know from past experience when inflation becomes excessive economies stagnate and roll over into recession.

      1. faz

        Gary. Just because ppl get enough more dollars salary nowadays to pay for living costs doesnt change the fact that the dollar has lost value.
        You say yourself that trillions of QE can’t be without consequences .. the same for sterling. I remember a pint of milk used to cost 5p in the 70s. It’s at least ten times that nowadays.

      2. faz

        I dont buy this argument about deflation. My reading around this topic : gold supply has grown around the same rate as the economy over the longer trend and there’s no real issue even during periods of abnormal changes – there’s no physical law that prevents minting smaller gold coins if need be. And silver ones too.
        Furthermore if deflation were the scary monster about to destroy consumer spending in a vicious circle then why has the consumer electronics industry not collapsed? I know the laptop I want will be better and cheaper next year but that doesn’t stop me buying one now if I need one.

        Actually I agree with Mike Maloney view that fiat money printing and fractional reserve banking is a tool used by the bankster insiders to live off the rest of us. Had we still a real hard money system we would see the same kind of increase in affordability outside of electronics. Probly only need to work 4 hours a day too and have way more free time to devote to more productive stuff.

        They’re parasites these central banks.

  1. Jim Dandy

    This can´t be good for Bitclowns…

    ¨The move also means that Bitcoin’s relative market cap share in the crypto universe has tumbled to just shy of its all time low, hitting 37.7% on Saturday morning, down from 85% at the start of the year.¨

    Even Ripple is going to zero, but not as fast as chitcoin.

    1. faz

      Mike Maloneys Hidden Secrets of Money videos are also worth chasing down on YouTube as well as Chris Martensons ‘crash course’. The idea that banks on the high street can create money out of nothing to lend someone to buy a car was news to me. I used to think they only lend what someone else had deposited. Then the borrower has to slave the 9 to 5 routine to pay back the loan that ends up disappearing. But the interest he pays doesn’t… it is a fat profit these fat cats are lapping up sitting on their fat derrieres while the rest of us sweat.
      No wonder the main high street corner is often occupied by four high street banks in lavish buildings.

  2. ras

    Congratulations to all star performers. Gary also would be up there in the top, if he follows individual stocks, like jp, aeo, urbn, boot, shop, pets, etc. in addition to etfs.

  3. faz

    I’ve just viewed the video that Jake linked above – I actually found it much clearer in some ways than the Mike Maloney / Chris Martenson videos I had seen on this topic to date. And just a few minutes too.
    Thanks for sharing Jake.
    I also found it hard initially to accept that we are living in such a box, stuck in the hamster wheel.

  4. Jim Dandy

    It begins. https://www.zerohedge.com/news/2017-12-30/australian-banks-reportedly-freeze-accounts-bitcoin-users

    I know Bitclowns will tell us chitcoin cannot be stopped, for example China outlawed it but the Chinese continue to trade it. The fact the governements are trying to curb it means they will not accept being steamrolled by imaginary coins. Even if chitcoin triumphs, just like the Americans over Britain, it will be one hell of a fight first, with lots of pain and loss in the process. Next stop, $6K on the magic beans.

    1. Jim Dandy

      I really wish the Bitclowns would have listened to Gary and moved their profits from bitcoin to gold, silver, and miners. It would have been best for everybody, both investors in miners like me, and the bitclowns that would have parked their profits in much safer and cheaply priced assets.

      Now it is too late, 2018 is going to wipe it all away, 40% is gone already and the rest will vanish early in the year.

        1. Jim Dandy

          And Batty thinks he has finally whipped the entrenched cartel that has bought off all politicians, media, etc, by sitting at home and pointing and clicking on a new ïnvestment¨. And he did it in only a couple years.

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