"I am attesting to [...] the root hash of a merkle tree containing all balances that were considered in the audit. If you are a customer of Kraken, you'll be able to verify using open-source tools that your balance at the time of the audit is part of this root hash. If it is and if you believe that I am trustworthy, then you can be confident that your balance was covered by 100% reserves at the time of the audit."With gold there is more trust involved because such proofs are not possible in the same way. link
"Investors should understand that there's a physical gold market and a paper gold market. The paper gold market consists of a number of contracts: COMEX futures, exchange traded funds (ETFs), gold swaps, gold leasing, forward contracts, and so-called unallocated gold issued by London Bullion Market Association banks. Those derivatives--futures, swaps, ETFs, leasing, forwards and unallocated gold--form the paper gold market.Because bitcoin is so easily transferred, because there is no large associated cost with the acquirement of it due to shipping and all the losses that involves, and because over time it gets easier to use and store in a secure way and how people are more likely to actually have it than simply have a piece of paper that says they have it... we probably won't see the same problem in the future where there will be a "fake bitcoin" market that dwarfs the actual bitcoins that exist. This means its value.... if it starts to etch into golds market could be far higher than some people calculate based on the simple rarity of gold in proportion to its value.
The paper market could easily be one hundred times the size of the physical market. This means that for every hundred people who think they own gold, ninety-nine of them are wrong. Only one of them is going to get physical gold when the panic begins"
Rickards acknowledged that Bitcoin has made some people multimillionaires, but said he doesn’t own any Bitcoin. I don’t recommend it. My reasons have to do with bubble dynamics, potential for fraud, and the prospect of government intrusion.” Many cryptocurrency apologists blow people like Rickards off as old fuddy-duddies who don’t understand the technology and who are unwilling to ... Rickards claims this random cryptocurrency is expected to rise 3 million percent – the same as bitcoin. That would turn a $100 investment into $2.7 million. In fact, Rickards’ is selling his email subscription with a special 1000% profits guarantee attached. Obviously, there are plenty of “hot tips” crypto newsletters available online. James Rickards, an American economist, lawyer and investment banker posted an opinionated article on Bitcoin detailing what he feels about the digital currency. He first explains what exactly Bitcoin is. He writes that the digital currency isn’t backed by anything just as how the... Rickards noted that contrary to conventional economic thinking, now is not a bad time to own gold. “People say that gold does well in inflation, and you don’t want to have gold in deflation, and we may be looking at deflation, that may be coming, but the point I make is the greatest period of sustained deflation in U.S. history was 1927 to 1933 and in that period, gold went up 75%,” he said. Jim Rickards, the New York Times best-selling author of Currency Wars and The Death of Money, recently discussed his latest book, The New Case for Gold, during a reinvent.money hangout. Although the majority of the conversation focused on Rickards’ new book, the economic commentator also shared some thoughts on Bitcoin.
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