Quote from: Vitnatin on December 01, 2016, 06:12:35 PM

Quote from: bamboylee on December 01, 2016, 03:51:03 PM

I think china and russia is stocking up on gold because they know America has depleted their gold reserves. When US economy crashes because of that, china will be the superpower. That will also effect bitcoin very much because people will lose faith in fiat and turn to bitcoin for refuge.

I think they should stock up the bitcoin.

Their miners are already doing exactly that

Quote from: Ayers on December 01, 2016, 06:22:05 PM

i think they will end up producing it in the future, because it's rare like you said and it's not convenient to buy it at this point, because it's also very centralized and i assume that buying one will not return the cost in a short term and not even in a long term

I don't quite understand what you mean by saying that it is not "convenient to buy it at this point". When did any government ever care about something being inconvenient, and the Chinese one specifically? On the other hand, the price is currently low and the New York and London vaults are still full of gold. They might not find sellers willing to sell them so much gold, of course, but this is another story. Just in case, governments don't buy gold to return costs...

They are buying it as a safety cushion against major currencies' possible collapse and the whimsy of governments issuing these currencies