Time to Get Out of Bitcoin Now?

Bitcoin prices are plunging after the Mt. Gox exchange went offline and closed all transactions. CNBC’s Mary Thompson details the problems plaguing bitcoin.

Mt. Gox, one of the currency’s biggest exchanges, just went offline and took hundreds of millions of USD worth Bitcoin equity with it. Mt. Gox had claimed in the past that it handled about 80% of all global trades for BTC/USD. Issued a statement? Planned downtime? Nope, neither. It just shut down and went away without telling anyone or saying anything.

The unverified document called “Mt. Gox Crisis Strategy Draft” that’s making its rounds online is putting out the number of 744,408 BTC that have just disappeared. Could you imagine walking into a Wells Fargo tomorrow and having them tell you your account and money contained therein simply didn’t exist anymore? And, in the face of this, Mt. Gox is just shrugging its shoulders:

“While we are unable to comment on whether or not Mt.Gox’s business operations employed operational best practices and reasonable accounting procedures, we can assure the public that the bitcoin protocol is functioning properly,” it said. Mt.Gox was not immediately available to comment when contacted by CNBC.

The Wall Street Journal asked Karpeles last Monday about the company’s solvency or protection for customers’ funds. Karpeles replied that the matter is “confidential,” adding that the company had discussed its business model with Japanese authorities “to ensure that we are operating within the law here.” Source: Get Out Of Bitcoin Now

Terry Sacka Addresses the Wealth Transfer Effect of Bitcoins Versus Gold and Silver

Terry Sacka is a financial analyst and founder of Cornerstone Asset Metals in Jupiter, Florida. He advises investors on how to use physical assets such as gold and silver for diversification and to hedge against inflation. Regarding the wealth transfer effect with bitcoins his response was, “They say bit coins are better because they are private. In reality bit coins are digital, numbers in the cosmos, really do you trust the digital world, all they have to do is (Read full statement HERE)”

Precious Metals as a Safe Haven

There’s a great wealth transfer taking place right now. Are you on the losing end or the receiving end?

Wealth Transfer Planning

Precious metals have always been a safe haven for investing in high inflationary times. Historically speaking, a recurring cycle that always seems to repeat itself is periods of high inflation as a precursor to the crash of paper currencies. Those who understand this wealth cycle and position themselves in gold and silver are those who prosper.

Precious metals are assets that will never lose their value. They are not subject to systematic risks as paper money and serve as a hedge against inflation and other threats of devaluation. Cornerstone Asset Metals was established to help guide investors safely in and out of the precious metals market.

The Great Wealth Transfer

Watch Terry Sacka: The Wealth Transfer show on the Christian Television Network discussing the financial and influential decline of the Western world and the simultaneous wealth increase of the East. With the wealth of nations shifting, it’s imperative to understand moving forward how hard tangible assets will allow you to maintain a quality lifestyle.

Visit the Wealth Transfer archive for more episodes. Learn more about how buying gold and silver today is a smart move for your investment portfolio.

» Contact Cornerstone Asset Metals today to learn more about buying gold and silver as an investment.

» Read our article: Why Silver is Going Up Today?

» Read our article: Why Gold is Going Up Today?

» Read our article: Is Bitcoing Mining More Profitable Than Owning Gold or Silver?

Past performance is not an indication of future potential values.