Cliff Küle's Notes:

Cliff Küle's Notes Reflections on our world & its money (The Great Confidence Game)

Apr 13th 2013, 23:59 Weekend Special The Great Gold vs Bitcoin Debate: Casey vs Matonis Doug Casey of Casey Research debates e-money researcher Jon Matonis on Bitcoin, how it compares to gold as a form of money .. Casey, a Bitcoin sceptic, notes that Bitcoin satisfies Aristotle's definition of what constitutes "good" money in all but one important aspect: that it doesn't have value in any kind of non-monetary sense, unrelated to its use as a medium of exchange - this is in contrast to precious metals, which have unique chemical properties & uses in an industrial context .. Matonis argues that this is unimportant set against Bitcoin's strengths: notably the ease of transacting in them & its decentralized nature ..  points out that -- unlike gold -- physical confiscation of Bitcoin, a la FDR in 1933, is for obvious reasons impossible .. 33 minutes [Cliff Comment: Apparently, Bitcoin protocol on the Internet uses protocol port number 8333 - this means there are ways for governments, service providers & companies to filter out this protocol on their firewalls by simply prohibiting any traffic with this port number - in other words, the whole Bitcoin network can be taken down in total by implementing a few rules on the firewalls of the Internet, or on the firewalls of a country, or on the firewalls of an entire service provider if desired or mandated (for example by governments) - LINK HERE to a big list of Internet application port numbers.]

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