Reply To: Bitcoin: does anyone get it??

[dave]

Well that’s a healthy attitude to take on this but one the otherhand you could say the same about ordinary money. I can remember when petrol was one old shilling and nine old pennies a gallon and a large loaf of bread was six old pence – petrol is now £1.22 per ltr ( roughly £6 per gallon) and proper bread is £2 or near – that’s 80 times more expensive and about 64 times for the petrol. An ounze of gold today ( yes, it’s still traded in old fashioned ounzes which is illegal for anything else!) is £958.60 – in 1960 it was about $36.50 @ 2.8 dollars to the £ ( those were the days!) so that makes 1960’s gold just over £13 an ounze – that’s nearly 74 times cheaper than today!

Of course, earnings have gone up too but nowhere near enough to compensate for this outrageous inflation – anyone who kept their assets in cash lost hugely – but it you were lucky enough to get on the property ladder before any of the booms – you’re laughing today. It’s all smoke and mirrors!