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Hacked BitCoin Exchange Sued By Customers
judgecorp writes "Bitcoinica, an exchange for the BitCoin virtual currency, is being sued by former customers, after it was hacked. Thieves stole around $180,000 worth of BitCoins in two attacks. The site is now closed, and customers are suing to get their money back."
That's nice. Gold fluctuates, yes, but not as many as the paper dollar which has lost 95% of its value since 1913. You can take one-third-ounce of gold and buy yourself a nice wool suit. Ditto back in 1920. The value has remained almost constant. Suit == 1/3 ounce of gold.
In contrast it would take ~500 paper dollars to buy the same suit that would have only been ~25 dollars in 1920. The dollar's devalued.
The way to preserve your savings over the long term is to dump the Federal Reserve Note, which they are steadily eroding in value, and switch to something else that the Fed can't run off a printing press.
My AC stalker: " I personally agree with your posts most of the time, but that won't keep me from modding you troll"
>>>Gold isn't feasible. There simply isn't enough of it available to back all the money necessary for the modern economy.
Everytime I hear this, it makes no sense. You fix the dollar to the amount of gold you have. Most likely that means one ounce of gold equals 5000 Fed Reserve Notes. And then you hold it there..... no more running of the printing press. The supply of notes is fixed.
Oh well. You can continue holding onto your paper, and watch as it loses ~75% of its purchasing power from the time you're 20 until you retire. I'd rather put my wealth into something the Banks can not run off a printing press & devalue.
My AC stalker: " I personally agree with your posts most of the time, but that won't keep me from modding you troll"