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In this video, I discuss the gold-backed crypto PAX Gold (PAXG). I compare it to a horse-drawn car-- an unnecessary hybrid that misunderstands how to use a new technology.
PAX Gold is the worst of both worlds: you have counter-party risk with the custodian and your broker, while you are also exposed to potential problems with the Ethereum network.
The whole point of a bearer asset like physical gold or Bitcoin is to reduce your counter-party risk and exposure to financial intermediaries like insurance companies and custodians to zero.
Bitcoin is an inherently scarce natively digital asset. It does not need to be backed by a commodity in order to have value.
Not investment advice! Consult a financial advisor.
Horse-drawn car:
https://upload.wikimedia.org/wikipedia/commons/1/14/Horse_drawn_US_Mail_car.jpg
The Dangers Of Gold ETFs:
https://www.youtube.com/watch?v=acFWcU4uSuk&ab_channel=TraderUniversity
When the US gov confiscated all the gold:
https://en.wikipedia.org/wiki/Executive_Order_6102
PAX gold:
https://paxos.com/paxgold/
https://paxos.com/2019/07/31/who-is-your-custodial-vault/
Ethereum highly dependent on Infura:
https://www.theblockcrypto.com/post/84232/ethereum-infrastructure-provider-infura-is-down
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#PAXG
#gold
#Bitcoin
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