The Korean government is preparing to ban the trading of crypto-currencies on exchanges. The country's Minister of Justice, Park Sang-ki announced “Cryptocurrency trading is looking similar to speculation and gambling. South Korea’s [cryptocurrency] trade is considered abnormal abroad.” We have written skeptically about crypto-currencies many times at Youngresearch.com (see here, here, here, and here for a sample). Despite structural issues facing the use of cryto-currencies as a normal means of transaction, the biggest threat to the currencies has always been regulatory. China was the … [Read more...]
Gold, Silver, and Currencies
Young Research & Publishing has been providing research and insights on precious metals and currency markets to institutional investors, corporate financial officers, business owners, and individual investors for over four decades. Richard C. Young started Young Research & Publishing in the 70s to publish the authoritative Young's World Money Forecast, a 50-page monthly investment report on the precious metals and currency markets. Today, our research on gold, silver, and currencies is geared toward investors in or nearing retirement who are looking to preserve and protect wealth.
Crypto-Mania has Gone Mainstream
Crypto-Mania has gone mainstream, reports Bloomberg. Kodak, a household name to those over the age of 35, saw its shares soar over 270% over the last two trading days. What is the catalyst for the Kodak share price surge? The company announced that it will use blockchain technology and launch a "photo-centric cryptocurrency" called Kodakcoin. I wish I were kidding. What are crypto-currency investors thinking? If you are wondering why the cryptocurrency bubble hasn't yet popped, a quote from Warren Buffett may shed some light. “In terms of cryptocurrencies, generally, I can say almost … [Read more...]
Are Futures a Good or Bad Evolution for Bitcoin?
Bitcoin futures began trading on Sunday. In a maniacal market like the one for bitcoin has become, no one is sure what to expect. On the first day, the contract's trading became so volatile that its trading was halted twice. Web traffic was so heavy that the CBOE website was slow or unavailable at times. While many are cheering the potential of these futures contracts, others are worried about threats to bitcoin and the cryptocurrency's market stability. Alexander Osipovich and Gabriel T. Rubin report: The launch of the bitcoin futures represents a milestone for the digital currency. But the … [Read more...]
$70 Million in Bitcoin was Stolen, Did Anyone Notice?
Judging by the seemingly unstoppable rise in the cost of bitcoin, it would appear no one even noticed that $70 million worth of the digital currency was stolen by hackers. The victim was the crypto-currency mining operation known as NiceHash. Steven Russolillo reports: Andrej P. Škraba, head of marketing at NiceHash, said to The Wall Street Journal that approximately 4,700 bitcoin had been stolen from a bitcoin wallet, an online account that stores the digital currency. Bitcoin wallets, like other online bank accounts, have been targets of hackers in the past. “It was a professional … [Read more...]
Trust in Money, Store of Value, Part II: Bitcoin, Dollars and You
On a recent outing to the Mt. Washington Hotel, I was concerned my car wouldn’t get us home. You can read that story here. But I also had a chance to think about the Bretton Woods Agreement which was signed there in 1944 and another historic event, bitcoin, and what they mean to all of us. The Bretton Woods Agreement, by pegging the U.S. dollar to gold, created a store of value. The system worked well until the 1960s where high demand for reserve currency dollars dwindled the gold supply. The gold window was closed in 1971. The dollar and other fiat currency values have been floating … [Read more...]
What do I think of Bitcoin? Part IV
When exactly should you start worrying about bitcoin volatility? Online trading platforms are beginning to get concerned about the crypto-currency's meteoric rise. Hannah Murphy writes for the Financial Times: Bitcoin’s value has risen more than 850 per cent from about $1,000 at the start of the year to a high on Monday of $9,747, an ascent that masks dramatic drops along the way. IG Group, the world’s largest online trading platform, told the Financial Times it had suspended trading of some of its bitcoin derivatives on Monday after roaring demand for the products left the company facing … [Read more...]
What do I think of Bitcoin? Part III
The late great Richard Russell, writing about the third phase of a bull market, called it the speculative phase. The third phase was when the average Joe couldn’t stand missing the boat. The third phase was when momentum would take over, and any reasonable measure of valuation would be kicked to the curb. Bitcoin certainly seems to me to be in a third phase, but it also feels too young to even begin measuring which phase we’re in—the whole thing feels like a speculative third phase to me. Steven Russolillo of the WSJ, an expert on bitcoin writes, “Bitcoin, which started 2017 at … [Read more...]
What do I think of Bitcoin? Part II
While I don’t like bitcoin as an investment, blockchain technology is here to stay. What is blockchain technology? Imagine all the costs, paperwork, and third parties involved to buy a home. Just to refinance a mortgage costs around a percent, to do what? Answer: To make sure there is trust. To make sure there’s a system of recourse in case trust isn’t enough. Blockchain technology allows two parties to do business by locking an agreement into a public ledger for all to see. Sound crazy? So did the internet back in the early 90s. So did Airbnb. Let someone stay in another person’s house for … [Read more...]
What do I think of Bitcoin? Part I
In light of recent events, it's worth reexamining this series I originally posted November 15, 2017. I’ve been asked the question “What do you think of Bitcoin,” as much as any question I’ve received about my website www.yoursurvivalguy.com or my series on the S&P 500. I’ve been in the weeds studying bitcoin (the currency) and Bitcoin (blockchain tech) and I’ll tell you, I haven’t had that “Aha!” religious-like moment experienced by, I’m told, its cult of followers. Count me in the “still skeptical” camp, with a distinction. Bitcoin, the technology, or blockchain, is here to stay … [Read more...]
Would you invest 30% of your assets in Bitcoin?
Famed Value Investor Bill Miller is making news again by putting up to 30% of his fund’s assets in Bitcoin. Value Investor seems like the wrong label for a manager holding 30% of his fund’s asset in a speculative “currency.” Jason Zweig reports: In the letter [to shareholders], Mr. Miller pointed out that a “Murderers’ Row” of revered investors have been declaring that bitcoin is overpriced or a “bubble,” including Berkshire Hathaway Inc.’s Warren Buffett, James Dimon of J.P. Morgan Chase & Co. and Laurence Fink of BlackRock Inc., Bridgewater Associates’ Ray Dalio and Howard Marks of … [Read more...]
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