When you buy bitcoin & you purchase it with money , fiat money , with a credit card etc etc , who gets the fiat money with which you buy crypto ? The fiat leaves your bank , how is it transferred & to whom?
If I'm wrong so be it, but the Bible ONLY talks about gold and silver. Our paper money or imaginary money should be backed by gold. Period. You also need a system the smartest or dumbest person can use.
". . . if we can transition to a global condition in which Bitcoin is used as a popular medium of exchange or as a reserve currency, . . . " What do you think are the chances that central bankers will ever allow that to happen? Until/unless that happens, Bitcoin will not save us from bankers' planned digital currencies. Also, it's important to note that we need to stop calling these things "central bank digital currencies." Bankers outside the Fed realized that if we get our currency directly from the Fed, they would be out of business, so the Fed has conceded to allow other banks to establish digital currencies.
I stopped right HERE: "Bitcoin is not backed by any physical commodity like gold standard"...
In my mind, I replace "Bitcoin" with "Tulips" and can't go on.
Now, if you take the impressive and brilliant protocols, combine it with transaction anonymity and have some sort of gold depository in Switzerland, or else distributed so that at least some real asset backing exists, then you've got something.
One last little detail. A stable currency DOES NOT FLUCTUATE WILDLY IN VALUE. If it's some commodity trading or speculative common stock, yes. Calling it a "Currency"....NO.
Not included is how much electrical cost is involved in maintaining such a system. And also who has been behind it and how does it simply offer another means for which to either suddenly create wealth out of nothing or make the rich richer?
This crypto was built on the idea of anonymous transactions and sold and utilized by criminals. Only later to reveal that its actually not anonymous. It was sold as the alternstive to a villanous fiat system enjoyed by privileged bankers , where we all learned about noney creation through reserve and such . Later we understand that certsin people got super rich with bitcoin. And not because it was actuslly being used as currency , but because of speculation . Like promoting of penny stocks .
The real value to society that bitcoin heralds is the blockchain. When or if the blockchain gets attached to all commodity trading , then the markets can avoid ponzi scams as they can be reversed and tracked . But tgat will only happen once those that rely on ponzi scams to centralize their power
Climate Change change is about nudging society to accept Digital Currencies. The amount of energy produced to convert the worldwide use of paper money to Digital money is tremendous. It means less for your everyday living, more for your Digital Transactions. Everything you own that is electrified will be connected to the internet and will have the capability to be turned on or off at the Government’s Will ...
I am one who is opposed to anything like Bitcoin!! I am sorry, but I didn't even read Rain Trozzi's Article. I disagree with Robert F Kennedy's opinion on it too, even tho' I like him. He omitted to say, when there are Electrical Outages, Bitcoin is useless, like anything else that depends on Electricity. If you agree with it Dr Tess, that's fine. It;s all a personal choice. I fell for investing $8,000AUD in Bitcoin. I ended up finding out they were a bunch of crooks. Fortunately, I was able to retrieve $6,000 back, but upset I had to say good-bye to $2,000. There is nothing like dealing with "Cash" & feel its one way of keeping some kind of Freedom. We are extremely opposed to Digital ID etc, & having been burnt with Bitcoin at the end of '21 early '22, will leave well alone!! QLD, Australia.
Bitcoin is fundamentally dangerous to a freedom loving public. It is the mindless, amoral technologist’s dream of a solution to a problem they invented. Go into town with $100 in cash and buy whatever you like. Nobody knows where you went, what you bought and where you bought it. Now do the same thing with bitcoin or any crypto mechanism. Right there on a ledger everyone can see is every purchase you made, how much you paid and where you bought it. That ledger can never be changed or erased. It’s all there for all time. The perfect surveillance tool. Someone on the network could decide your particular bitcoin address can no longer buy gas… you’re done. The perfect targeted control tool. No thank you to all that.
Excellent article that concisely and correctly describes for the general public the genius of BTC.
Thanks Rainn.
There is two items on this, that always is in play, when humans are involved. Use and Ab-use!
When you build a better mouse trap for use. Somewhere a bigger Rat learns to cancel it.
No nations in history have ever "perfected" it's commerce systems from fraudulent practices.
Even trying to turn lead into gold thru creative Alchemy. Money is like a planet Lunar Tide.
Eventually moves to other shores. Raises all ships on one shore and lowers all ships in others.
Bitcoin needs a Gazillion watts of electricity to exist daily. Do you see a problem here? I do.....
Well that's cleared that up
When you buy bitcoin & you purchase it with money , fiat money , with a credit card etc etc , who gets the fiat money with which you buy crypto ? The fiat leaves your bank , how is it transferred & to whom?
If I'm wrong so be it, but the Bible ONLY talks about gold and silver. Our paper money or imaginary money should be backed by gold. Period. You also need a system the smartest or dumbest person can use.
". . . if we can transition to a global condition in which Bitcoin is used as a popular medium of exchange or as a reserve currency, . . . " What do you think are the chances that central bankers will ever allow that to happen? Until/unless that happens, Bitcoin will not save us from bankers' planned digital currencies. Also, it's important to note that we need to stop calling these things "central bank digital currencies." Bankers outside the Fed realized that if we get our currency directly from the Fed, they would be out of business, so the Fed has conceded to allow other banks to establish digital currencies.
Lovely and comprehensible write up.
What happens when the grid goes down?
A beefy article for sure! Definitely good to keep this in my saved articles for reference. Good work!
I stopped right HERE: "Bitcoin is not backed by any physical commodity like gold standard"...
In my mind, I replace "Bitcoin" with "Tulips" and can't go on.
Now, if you take the impressive and brilliant protocols, combine it with transaction anonymity and have some sort of gold depository in Switzerland, or else distributed so that at least some real asset backing exists, then you've got something.
One last little detail. A stable currency DOES NOT FLUCTUATE WILDLY IN VALUE. If it's some commodity trading or speculative common stock, yes. Calling it a "Currency"....NO.
Not included is how much electrical cost is involved in maintaining such a system. And also who has been behind it and how does it simply offer another means for which to either suddenly create wealth out of nothing or make the rich richer?
This crypto was built on the idea of anonymous transactions and sold and utilized by criminals. Only later to reveal that its actually not anonymous. It was sold as the alternstive to a villanous fiat system enjoyed by privileged bankers , where we all learned about noney creation through reserve and such . Later we understand that certsin people got super rich with bitcoin. And not because it was actuslly being used as currency , but because of speculation . Like promoting of penny stocks .
The real value to society that bitcoin heralds is the blockchain. When or if the blockchain gets attached to all commodity trading , then the markets can avoid ponzi scams as they can be reversed and tracked . But tgat will only happen once those that rely on ponzi scams to centralize their power
Climate Change change is about nudging society to accept Digital Currencies. The amount of energy produced to convert the worldwide use of paper money to Digital money is tremendous. It means less for your everyday living, more for your Digital Transactions. Everything you own that is electrified will be connected to the internet and will have the capability to be turned on or off at the Government’s Will ...
Its a scam to entrap the gullible and enrich the inventors.
Cash also gives you anonymity.
I am one who is opposed to anything like Bitcoin!! I am sorry, but I didn't even read Rain Trozzi's Article. I disagree with Robert F Kennedy's opinion on it too, even tho' I like him. He omitted to say, when there are Electrical Outages, Bitcoin is useless, like anything else that depends on Electricity. If you agree with it Dr Tess, that's fine. It;s all a personal choice. I fell for investing $8,000AUD in Bitcoin. I ended up finding out they were a bunch of crooks. Fortunately, I was able to retrieve $6,000 back, but upset I had to say good-bye to $2,000. There is nothing like dealing with "Cash" & feel its one way of keeping some kind of Freedom. We are extremely opposed to Digital ID etc, & having been burnt with Bitcoin at the end of '21 early '22, will leave well alone!! QLD, Australia.
Bitcoin is fundamentally dangerous to a freedom loving public. It is the mindless, amoral technologist’s dream of a solution to a problem they invented. Go into town with $100 in cash and buy whatever you like. Nobody knows where you went, what you bought and where you bought it. Now do the same thing with bitcoin or any crypto mechanism. Right there on a ledger everyone can see is every purchase you made, how much you paid and where you bought it. That ledger can never be changed or erased. It’s all there for all time. The perfect surveillance tool. Someone on the network could decide your particular bitcoin address can no longer buy gas… you’re done. The perfect targeted control tool. No thank you to all that.
Until the big plug in the sky is pulled ????