<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div id="yiv980809230"><div style="background-color: rgb(255, 255, 255); font-family: 'times new roman', 'new york', times, serif;"><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_19_1365063590751_55"><span style="font-family:sans-serif;font-size:16px;line-height:22px;" class="yui_3_7_2_19_1365063590751_56">Thanks to all for the advice about Bitcoin.</span></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_19_1365063590751_55"><span style="font-family:sans-serif;font-size:16px;line-height:22px;" class="yui_3_7_2_19_1365063590751_56"><br></span></div><div
id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_19_1365063590751_55"><span style="font-family:sans-serif;font-size:16px;line-height:22px;" class="yui_3_7_2_19_1365063590751_56">This headline caught my eye the other day, among others:</span></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_19_1365063590751_55"><span style="font-family:sans-serif;font-size:16px;line-height:22px;" class="yui_3_7_2_19_1365063590751_56"><br></span></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;"><span style="font-family: sans-serif; font-size: 16px; line-height: 22px;">A Guide to Bitcoin Mining: Why Someone Bought a
$1,500 Bitcoin Miner on eBay for $20,600</span><span style="font-family: sans-serif; font-size: 16px; line-height: 22px;" id="yiv980809230yui_3_7_2_23_1365025958780_116"><br>http://motherboard.vice.com/blog/a-guide-to-bitcoin-mining-why-someone-bought-a-1500-bitcoin-miner-on-ebay-for-20600<br id="yiv980809230yui_3_7_2_23_1365025958780_132"></span></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: sans-serif; font-size: 15.555556297302246px; background-color: transparent; font-style: normal;"><br id="yiv980809230yui_3_7_2_23_1365025958780_136"></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="background-color: transparent;">Foolish or wise? One thing seems certain: Bitcoin is catching on like fire, at least for now. I might consider the purchase of an ASIC machine if I thought is was worthwhile. Is it?</div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0);
font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px; background-color: transparent; font-style: normal;"><br id="yiv980809230yui_3_7_2_23_1365025958780_141"></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px; background-color: transparent; font-style: normal;">As I wrote to another fellow here on ExI, my concern for the long term is
that even while Bitcoin is structured such that there is a maximum number of coins which can be mined, ensuring scarcity and thus in this respect making it similar to a precious metal, there is no limit to the number of digital currencies which might compete with it. I know of at least six, including Litecoin which is said to be silver to Bitcoin's gold. But are digital currencies really analogous to precious metals? I rather doubt it. I can make a new digital currency but I cannot make a new precious metal.</div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px; background-color: transparent; font-style: normal;" class="yui_3_7_2_19_1365063590751_61"><br></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px;
background-color: transparent; font-style: normal;" class="yui_3_7_2_19_1365063590751_61">I am studied in economics and investments, (in fact I spent much of my life as an investment adviser), but this is mostly uncharted territory for me.</div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px; background-color: transparent; font-style: normal;" class="yui_3_7_2_19_1365063590751_61"><br></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px; background-color: transparent; font-style: normal;"><span style="background-color:transparent;" id="yiv980809230yui_3_7_2_23_1365025958780_152">Gordon</span></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new
york', times, serif; font-size: 15.555556297302246px; background-color: transparent; font-style: normal;"><span style="background-color:transparent;" id="yiv980809230yui_3_7_2_23_1365025958780_148"> </span><span style="background-color:transparent;"> </span></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: sans-serif; font-size: 15.555556297302246px; background-color: transparent; font-style: normal;"><span style="font-family: sans-serif; font-size: 16px; line-height: 22px;" id="yiv980809230yui_3_7_2_23_1365025958780_130"><span style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" id="yiv980809230yui_3_7_2_23_1365025958780_127"><br></span></span></div><div id="yiv980809230yui_3_7_2_23_1365025958780_54" style="color: rgb(0, 0, 0); font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px; background-color: transparent; font-style:
normal;"><br></div> </div></div></div></body></html>