• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
Advertisement

Hugo Salinas-Price: “Bitcoiners Will be Crying”

Justin OConnell by Justin OConnell
7 years ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Politics, News, News teaser, Trending
0
Advertisement

Mexican businessman Hugo Salinas-Price founded Mexico’s Elektra retail chain, which has more than a billion in revenue annually. Obviously, Elektra, whose current head is Hugo’s son Ricardo Salinas Pliego, is one of the largest retailers in Mexico.

Also read: Why JP Morgan’s CEO Sees Bitcoin as Unimportant

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Salinas-Price is the President of the Asociación Cívica Mexicana Pro-Plata A.C., founded in 1997. He is a big proponent of precious metals; in particular he advocates for the remonetization of silver in Mexico. Salinas Price recently wrote a piece on his thoughts regarding Bitcoin.

In his piece, Salinas Price writes:

A “Bitcoin” is a molecular magnetic field on a computer memory. The “Bitcoin System” allows a person to purchase one or more Bitcoins for fiat money and to move the purchased Bitcoins around the world, from one computer to another, free of interference by any governmental agency and independent of all banking systems.

So far, his definition of Bitcoin mirrors that of Bitcoiners themselves, who highlight all of the same things Salinas-Price does in the quote above. So far, it seems as though Salinas Price is a friend of Bitcoin.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Those who promote the Bitcoin System sing the Bitcoin’s praises as being a money that is free of any interference or influence by any government agency or monetary authority, and the owner’s Bitcoin property is known to no one but the owner. Secrecy and privacy are the Bitcoin’s great merits.

Bitcoinist_Bitcoin StackBut, as Salinas-Price goes on, one discovers he is not so sympathetic to what he calls “The Bitcoin.” He highlights the marketing pieces used by Bitcoiners since the crypto-currency’s incipience. The gold coin that has been used as a marketing tool to promote Bitcoin is a lie, according to Salinas Price.

To enhance the desirability of the Bitcoin, its promoters have engaged in fraudulent advertising. They present the totally imaginary Bitcoin on the Internet as a pile of shiny gold-colored coins labeled ‘Bitcoin.’ The deception is calculated to have prospective buyers of Bitcoins and actual “owners” of Bitcoin balances think of these brassy, gold-colored coins when dealing in Bitcoins, thus confusing them with images of non-existent coins. The promoters want the public to associate the imaginary digital Bitcons with something tangible. This is most certainly fraudulent advertising.

This is actually a good point. The gold bitcoin (pictured) has been a symbol of the “magic internet money” for some time now, and probably has confused more people than it has educated.

Salinas-Price does a good job of explaining the most basic aspects of Bitcoin in his first paragraph. However, a breakdown in understanding becomes clear when he tries to describe the mining process.

Additionally, Bitcoins are promoted as free of inflationary risk, for the fanciful reason that the Bitcoins are “mined” – evoking the strenuous labors of gold-miners in their dark caverns – by specialists who must rack their brains to “mine” Bitcoins and produce new, additional digital Bitcoins to contribute to the Bitcoin System as their property. The idea is to enhance the value of Bitcoins because they are very hard to “mine”. The fact is, that scarcity does not necessarily make a thing valuable. Nor does the work involved in “mining” them give them any value.

No specialists must rack their brains to “mine” bitcoins and thereby produce new bitcoins; rather, computer processes handle this. Bitcoin’s network growth has been dependent upon this processing and has resulted in Bitcoin becoming one of the biggest computing networks on the planet — larger than many government systems. That Bitcoin is also dependent upon decentralized mining operations only creates a certain antifragile aspect of Bitcoin. In 2013, the global Bitcoin network was already 256 times faster than the top 500 supercomputers combined.

Is Bitcoin new money?

The answer is “No”…The Bitcoin is merely a new-arrival on the scam scene, as an alternative to the established scam scene of exclusively digital fiat money in all the world’s banks.

Salinas-Price believes Bitcoiners will soon be fleeced.

You own Bitcoins? Have fun! You will be crying, at some point down the road, but you will be able to cry secretly and privately, with no one the wiser, when your dreams of secret wealth prove to be just that – dreams.

While Salinas Price goes into details about his opinion on Bitcoin, there are still many questions left unanswered. Many people believe that Bitcoin was created by the-powers-that-be in order to trick people into investing into Bitcoin only to ultimately control it themselves and thus Bitcoiners. Whether or not Salinas-Price believes this is the case is unclear.

To be sure, it appears Salinas-Price is warning most against those who are going “all-in” with Bitcoin. Going “all-in” on any solitary investment — even silver — is an ill-advised investment plan. Diversity is the safehaven of the sophisticated investor.

Bitcoin, furthermore, is merely one contrarian investment among others, which includes gold and silver. Precious metals investors and Bitcoiners have much in common, and each would do well to learn about the other’s investment. In other words, precious metals investors should buy some Bitcoin, and Bitcoiners should buy some precious metals.

Although they are both contrarian investments, they are fundamentally different. Bitcoin is still too new to be considered a savings instrument. It is primarily speculative or a medium of exchange. It is also not entirely accurate to call Bitcoin a tangible investment like gold and silver. In these ways, Bitcoin and precious metals are very different, despite being attractive to the same central banker-averse investor.

What do you think about Hugo Salinas-Price’s opinions? Let us know in the comments below!


 

Image Source: Elektra

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Justin OConnell

Justin OConnell

Justin is the founder of GoldSilverBitcoin . His work has appeared in VICE, MERRYJANE, Bitcoin Magazine and elsewhere.

Related Posts

Bitcoin

Bitcoin Long-Term Holders Are Still Selling At Loss: Glassnode

9 mins ago
Bitcoin BTC

Will Bitcoin And Ethereum Crash? DCG Sells Grayscale Trust Shares

3 hours ago
Bitcoin

Top Crypto Miner At Record Bitcoin Production, Bear Market Over?

14 hours ago
Bitcoin price

This Will Be Important For Bitcoin And Crypto This Week

1 day ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

2 days ago
Bitcoin Derivatives Markets Volumes Show Bullish Trend After 2022 Downturn

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • The Crypto Bull Market Trend Has Started! What Does This...

    9 mins ago
  • Orbeon Protocol (ORBN) Grows 1625% During the Presale...

    40 mins ago
  • The 7 Best Altcoins to Buy Now to 10X Your Money

    1 hour ago
  • These 7 Best Cryptocurrencies to Buy During Presale

    2 hours ago
  • Which Is The Best Crypto Meme Coin To Invest In 2023...

    2 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.