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Friday, June 1, 2018

"Regarding Ron Giles" by (Anonymous) - 6.1.18

Entry Submitted Anonymously at 4:12 PM EDT on June 1, 2018

In response to my being fed up with “Ron-THE-BE-ESSER” GILES:

I believe this article to be junk disinformation. He is using a bunch of buzzwords to make it sound like he is saying something useful.

I also have read several postings by Ron Giles and conclude he is but another wannabe needing to be recognized as being intelligent.

The only purpose for commodity-backed currency is to prevent the legalized counterfeiting called fractional-reserve banking.

As you've said, there is an enormous amount of gold. But the fact there is so much gold means that gold-backing will not prevent over-printing of currency.

The true value of bitcoin is that is it un-counterfeitable and limited. Therefore it can truly retain value. Bitcoin, for example, does not require commodity-backing.

What this also means is that current robber-barons who hold ill-gotten gold can't suddenly become the top of the new heap. Their gold is only good for people with old-school thinking that gold is a store of value. Once the vast quantities of gold are revealed, the value of gold will fall.

It is true that if the world does what this article suggests, every bit of currency would be trackable.

That is why this article is junk. Smart people will not use this new currency. Unless guns are involved of course.

There are crypto-currencies that fundamentally protect privacy. No one would know who is doing the transaction if you wanted.

But of course the minute you try to have your new yacht delivered, that crypto-address is compromised.

So every transaction would have to be funneled through a temporary, single-use crypto-address.

But that is easily doable.

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