Bitcoin Gets Political – Anti-Gold Mining Activists Promote Bitcoin

Less than 11% of gold that is mined is used for anything other than investment or jewelry. Existing gold hoards could fulfill all industrial needs for gold for many decades.

As gold prices escalate to almost $1900 per oz, mining companies are ever more incented to mine more gold. Unfortunately many of these companies are in third world companies, and are not supportive of human rights. Many miners live in almost sub-human conditions, and death rates of miners are high.

An anti-gold mining group, has come out in favor of Bitcoin. Here is a great article about their position.

Their belief is that having a virtualized commodity for trading, that is not tied to gold, will reduce the incentive for mining companies to exploit workers and the environment.


About Dave

I have been into financial cryptography and alternative electronic currencies since the mid 1990s. I have attended the Financial Cryptography conference, and have invented patents in the fields of cryptography and security. I've built systems for Visa, the US Federal Reserve, NASD, and hundreds of banks around the world.

Posted on August 29, 2011, in Uncategorized. Bookmark the permalink. Leave a comment.

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