In this early market report I look at the price action in gold of the last 24 hours and talk about who are the Gold Cartel and why they try to control the price of gold and silver.
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hi maneco64, ive been a subscriber on youtube for quite a while now and enjoy your sound economic views, dont forget to follow me on steemit and keep it coming! :)
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I already follow you! :)
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Does Billy collect Dogecoin?
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LOL!
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Love your analysis of fiat & btc, expect steem to reach $10 by Aug... just saying!
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Never heard of the gold cartel. Do you think this could happen to the blockchain tech???
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I looked at Mining coins. You can mine any coin. Most use common algorithms that can be run on your PC. However forget about making any money in most countries as our energy costs are too high. Also no matter what they try to allow mining to be done by the common person, mining is done in the majority on special dedicated hardware miners in large data centres in places like china. Blockchain is meant to be decentralised so there is a bit of a battle trying to stop the dedicated miners from centralising all the mining so developers try to add complexity to the algorithms to stop dedicated mining hardware. People still try to mine on their Video cards (GPUs) but there is little or no money in it. You can buy Antminers which are special dedicated ASICs (Rigs) which can mine but thats all they can do. They are noisy and run quite hot and are about the size of a shoebox. So if you got a few , you'd need a dedicated room with Air conditioning. Your only hope is wait for a new algorithm that is used by a new coin that's yet be converted to run on ASIC chips. You then would probably have 3-4 months of a window , before they start producing the new ASIC chips for the new algorithm, to make your money. Then the mining return will fall through the floor. But as your general hardware such as a PC with a good GPU can run any algorithm , you can then wait for a new algorithm / coin and try the cycle again. If a new coin comes out, it may well use an existing algorithm so the large miners can still use their dedicated hardware so it doesn't work unless the algorithm changes.
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It would appear the miners are currently making a killing on transaction fees. See my blog where they took 80% in transaction fees; robbed me of £200.
@andrewballantine/jaxx-bitcoin-rip-off
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Dear Maneco! In general humanity is corrupt and it will forever vote for the politician that promises to bribe them the most ( due to the rule of "democracy"). And this politician will forever protect the bankster, the religious leader, the police force, the magistrate,the regulator, and even governmental medical authorities----... by means of rotten and corrupt legislation methods i.e. amendments and intricate legislative manipulations to the basic laws and constitutions BECAUSE they help to keep his raft afloat (keep the herd of voters pointing the horns and hooves all in one direction). So actually what happens in this economic reality is that the parasitism loving herd is chewing on its economy and eventually chewing on its own behinds unknowingly (sawing off the branch they are sitting on).The only winner here is the politician and his gang as described above...That's why the manipulating banksters don't go to prison!! Essentially its the average voters fault!
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I think silver and gold may be ready to start moving up again. Here is an article I wrote breaking down some mining companies, the better of which should outperform the metals themselves by a wide margin. https://steemit.com/money/@motowngold/i-think-gold-and-silver-are-staging-for-a-run-here-are-some-mining-stock-ideas
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Yes they have been moving up fairly these last few weeks but you can bet the cartel will do everything they can to turn it around by stopping it from making a definitive new leg higher above $1295. I hope I am wrong and they don't succeed.
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I hope you are wrong too, lol! I think the scheme is finally unraveling, lots of smoke out there now.
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Good post Maneco - I've been watching you on youtube for a while. I think the world is going to move to steemit as word gets out.
Check out my latest gold post, i'd be interested in your thoughts.
https://steemit.com/gold/@unclehermit/does-the-break-out-in-gold-signify-the-end-of-the-dollar
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