Edward Snowden’s Wrong About Gold
I saw an article a few days ago about a speech given by famed whistleblower Edward Snowden at a recent cryptocurrency conference. Reportedly, Snowden said “Gold is great, but gold is not portable. Gold is not transmissible beyond borders at the tap of a button. But Bitcoin and crypto, more broadly, are.”
Up until about six months ago, I would have thought he was right. However, I have discovered that the marketplace was several steps ahead of Snowden and had already anticipated, and addressed, his concern. It’s too bad he doesn’t know about it.
There are now several offerings in the marketplace of gold-backed digital currencies that can indeed be moved at the tap of a button.
I have looked at a few, but the one I have chosen to try out over the past few months is called Kinesis Money. It has been in the works for about ten years, and it now offers a gold-backed currency (called a KAU) in which one unit of the currency is backed by a gram of gold. There’s also a silver-backed currency unit (a KAG) backed by an ounce of silver. (Cryptocurrencies are also available through Kinesis, but I’m not particularly interested in them. I’m there for the digital gold.)
If you exchange your US dollars (or any other fiat money, or cryptocurrency) for KAUs or KAGs, your holdings will be kept in a digital account on Kinesis’s platform, accessible by computer or phone app. You can buy, sell, exchange, send, or receive very finely divisible units of KAUs or KAGs literally at the tap of a few buttons.
If you want to pay someone in gold or silver, you can send the payment from your Kinesis account, so long as you’ve got
Article from LewRockwell
