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Can This Happen To Bitcoin?www.zerohedge.com/markets/suppressing-silver-prices-has-been-official-us-policy-1965
2060 sats \ 17 comments \ @siggy47 28 Jul econ
In the last decade, the bank has pleaded guilty to five felonies and has paid more than a billion dollars in government fines and civil lawsuit settlements, including a fine of $920 million for manipulation of the monetary metals markets by some of its traders
Signing the act into law, Johnson proclaimed:
"If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content":
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87 sats \ 0 replies \ @Athena 28 Jul
These are the instnces when banks are caught manipulating n the price. Can we imagine how many times these banks have escaped any form of punishment?
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91 sats \ 5 replies \ @grayruby 28 Jul
In the short term it can. I would like to see the etf issuers move their holdings between custodians quarterly to prove they have what they say they have. I am open to the idea we are already seeing funny business going on. We know paper futures contracts settled only in fiat can manipulate the price until the time comes when contract buyers demand the bitcoin instead of fiat.
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60 sats \ 4 replies \ @siggy47 OP 28 Jul
I'm still waiting for gold investors to demand delivery. That's the beauty of bitcoin. No big trucks and ships to unload.
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54 sats \ 3 replies \ @grayruby 28 Jul
Fees so low now. This is an opportunity to onboard people to self custody.
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50 sats \ 2 replies \ @siggy47 OP 28 Jul
It's also a great time for LN swaps
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0 sats \ 1 reply \ @grayruby 28 Jul
I am having problems with breez. Keep getting transactions failing to swap from onchain to lightning. Testing blixt but I don't know if you can swap back.
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0 sats \ 0 replies \ @Recongraves 29 Jul
I haven't had a lighting wallet work yet 😕
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86 sats \ 1 reply \ @BitcoinAbhi 28 Jul
I think India still manages Gold standard. I'm not sure! But why did US leave it is quite obvious. IS wanted to upscale the power of dollars by just printing and distributing it. They still have so much silver in the treasury is may be for facing any global bad weather! I'm not expert in it.
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0 sats \ 0 replies \ @Enemy_of_the_state 28 Jul
LOL
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161 sats \ 0 replies \ @freetx 28 Jul
A few random thoughts:
  • Silver / Gold prices are set at the paper market (yes, its set at COMEX / LME price .... but 95+% of those people are trading paper contracts). This creates a perverse situation where physical purchases have a premium attached, but sales are sold at spot. For example right now price of AG is $28.15 but buying a 1oz Silver Eagle is going for $35.50 (a 25% premium). This gap between buying premium / selling at spot is caused by paper market distortion.
  • If even 20% of Gold/Silver buyers took physical delivery, it would rekt their scheme....but people dont take physical delivery....because big heavy rocks
  • BTC is going to be less susceptible to these schemes because its so easy to take physical delivery.
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65 sats \ 0 replies \ @Coinsreporter 28 Jul
Interesting and astonishing!
Clearly Government views silver or gold lying idle in the treasury as a guarantee of people's faith in the state. State knows that it will require a treasury to control the masses once the fiat system will fail!
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64 sats \ 0 replies \ @Undisciplined 28 Jul
In short, who cares?
Note how badly this policy failed:
"If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content"
Silver dimes and quarters are worth several dollars now, so it clearly was worth keeping them out of circulation.
Price manipulation is not worth the cost in the long-run.
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54 sats \ 0 replies \ @SatsMate 28 Jul
The price can be surpressed over shorter windows of time, but over the long run (10 years+) I don't think the government or Blackrock can keep it suppressed for that long.
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54 sats \ 0 replies \ @Satosora 28 Jul
This seems a bit counterintuitive. Keeping silver is a hedge against the federal system, right? Of course they will keep the price suppressed, but eventually it will rise with the market. Silver isnt just used in coins anymore, it is used in a lot of emerging technologies.
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10 sats \ 0 replies \ @02bcd3eeb0 29 Jul
Unlike gold, silver is primarily an industrial metal not a monetary one.
All that will happen if the US gov tries to suppress the price is a worldwide subsidy for industries that consume a lot of silver.
No different to trying to suppress oil prices by draining the SPR.
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0 sats \ 0 replies \ @jgbtc 28 Jul
No, as long as bitcoin is a transparent ledger where anyone can verify the total supply easily and inexpensively.
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0 sats \ 0 replies \ @037aef6755 28 Jul
That's what will happen, it's obvious! There's too much hype around this topic. Obviously not without reason.
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