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The world is running out of Bitcoin! No wait, that would be gold, actually . . .

Photo above - The UN is concerned about working conditions of 3rd world Bitcoin miners like these . . .

“Land is the one thing they're not making any more of”. That's what you hear people say all the time, if they already own land. (If someone doesn't already own any, they're probably saying something like “why are effing mortgage rates the highest in 25 years?”) However, it also turns out they're not making any more gold. Or platinum. Silver either, but apparently there are a gazillion tons of that still close to the surface. But gold, especially, now has people concerned. See link below. Unless this is a scam by the "World Gold Council" to boost prices . . .

First, a nod to the Bitcoin miners of the world. Nobody expected Bitcoin to hit $78,000. Or $65,000 in 2021, before plummeting down to $16,000 last year. It's an exciting roller coaster ride for sure. Especially if you get the timing exactly right. There are several bitcoin fanboys on the social media sites I visit claiming that they did just that. And they're still online trolls because now that they're independently wealthy they can do whatever they want. They post troll stuff a dozen times a day rather than attending events like the F1 grand prix in Canada this weekend.

But today's topic is gold. CNBC says the easy to reach stuff is gone. Of course, doom predictors have been saying that about crude oil for decades. And proven (in ground) reserves keep going up. Evidently you can now extract oil from sand in Canada, without too much problem. Most gold is mined in Africa. And Australia and Russa. California has been apparently picked clean. Some guy at a gem show in Los Angeles walked off with a gold nugget as big as a goose egg though. The owner is offering $10,000 for its return. Good luck with that plan. Hey, Los Angeles IS the shoplifting capital of America, you know. Be informed!

Apparently Bitcoin is even easier to steal. There's been $3 billion stolen, this year alone. And the year isn't even half over. There's no telling how many of the 620 other flavors of crypto currency are being shoplifted. The idea that crypto is an untraceable asset might be a double-edged sword. The FBI did crack a huge crypto theft ring recently, however. But not the one run by Communist North Korea, which is evidently the gold standard of crypto theft/hacking.

Last year more electricity was spent mining for crypto than was consumed by the entire state of California. Someone will soon figure out that crypto is responsible for this year's record temperatures. I don't know how much energy is used to mine gold in South Africa, but I'm pretty sure it doesn't exceed California's annual electric bill.

So what's my point? They aren't making any more gold. But they ARE making more crypto – they made 620 different kinds of crypto, shortly after Bitcoin. And all those Bitcoin miners are getting paid with newly minted Bitcoin apparently. Remember guys . . . electrons are infinite. Gold isn't.

I'm just sayin' . . .

~Gold miners struggle with excavating more, says World Gold Council (
one day you know whats going to be more valuable than bitcoin and gold. water and food. LOL
@wildbill83 weapons, anti-biotics, batteries, fuel, etc.
SusanInFlorida · 31-35, F
@wildbill83 for like 2 months. then the ammo will be used up. gangs with knives will control the streets. MS13 with machetes. This is how "highwaymen" in Victorian England made their bones. they didn't carry flintlocks or derringers. Just blades.
@SusanInFlorida you mean there will still be violence without guns...... oh, how can it be ?? LOL
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SusanInFlorida · 31-35, F
@jshm2 gold tracks closely with oil prices. middle eastern oil sheiks are big buyers. there are kruggerand vending machines in high-roller airport lounges.

there is apparently no association between bitcoin and crude oil . . . yet. Oil prices were quite high when bitcoin crashed to $16,000 a couple of years ago.
dale74 · M
I used to own a Bitcoin or two sold them way back when I was around $1,500 a coin I see it more as a Ponzi scheme but then again so is the US dollar
SusanInFlorida · 31-35, F
@dale74 anything that pays no dividend, and has no utilitarian value (manufacturing, food production, consumer good) is suspect.

at least you could plant your dutch tulip bulbs after the value crashed. what would anyone do with bitcoin?

half the world thinks it will go to zero. the other half to $1MM. suppose they're both right? bitcoin is extremely volatile, and is thinly traded. a few "whales" are responsible for all the price movement.
eMortal · M
Wait until you see the electric bill of AI models.

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