Posted on 02/03/2016 6:39:57 AM PST by ak267
Criminy, I forgot about the brass .....
;-)
As government gets into bed with bankers to bilk citizens out of their money, currency will become unstable. People will only tolerate so much of this before they lose confidence in their currency. If it has no intrinsic worth, the currency fails and so does the government.
While currency failure is occurring bankers are sucking in real wealth; real estate, precious metals, etc., while people are desperately turning to barter and private currency. Bitcoin is an interesting electronic newcomer on the private currency scene.
By the way, the last gasp of currency failure is normally war. It is the “get out of jail free card” for the victor government(s) and bankers everywhere.
Our Founding Fathers knew this. That is why they placed high worth on maintaining stable currency vesting control of it in Congress. And the Progressives gave that control to the enemy, the bankers. We call it The Fed.
Fascism at the click of a button.
The first negative post of dear leader will cost $500, the 2nd one they will zero out your bank account.
Exactly. The intrinsic evil of government reveals itself. Government doesn’t produce wealth. It consumes wealth.
I was never able to comprehend what ever gave it (bitcoin) value in the first place. Can someone savvy please explain it in layman's terms?
So far it’s only a proposal by the lunatic fringe of the left. Doubt it gathers enough traction to go anywhere.
What’s interesting, though, is the rationalization for the proposal: Fight crime and terrorism. So they first import the criminals and terrorists, and then want to come down on the whole country with that crap. Typical leftist m.o.
Bitcoin has also become a usable currency, as many companies now accept it as payment.
Since bitcoin was invented, hundreds of other cryptocurrencies have been introduced. I am especially keen on one which is designed to minimize the price volatility experienced by bitcoin (it went from 10 cents a coin to over $1200 a coin and is now at about $400 a coin). I'll be writing about this and related matters at http://cryptocurrency.academy.
Cryptocurrency is not a fad -- it is as logical a progression as debit and credit cards and Paypal etc were. One of the first niches ripe for cryptocurrency is international money transfer. Multitudes of folks will be delighted to transfer cryptocurrency at vey low cost instead of paying Western Union or other wire transfer fees.
But what gives bitcoin VALUE? You can’t beat it into rings or jewelry like silver, gold or copper; it has no decorative or industrial use like diamonds; you can’t eat or wear it, or even hit an attacker over the head with it.
What’s to keep me from starting my own coinage, buying all the stuff I’ll ever want and slipping away into the night?
bkmk
your misunderstanding is near total
if one chooses as many have, the burden of dealing with cash was lifted a long time ago. there are several non plastic phone aps growing by leaps and bounds that will rise to the top of cashless commerce and on a seamless international basis to boot
cashless commerce is already a way of the world, now
You could start your own coinage. How do you get folks to trust it enough to see it as a store of value? One of the nice things about Bitcoin is that anybody can “mine” the coins. It doesn’t matter if Bitcoin’s founder spends all he or she has and never mines another coin. When Bitcoin started, folks could mine a coin in a reasonable time period using their home computer. It takes much more processing power to mine a coin today. And that’s by design. Some folks think the last Bitcoins won’t be mined until 2030 or so, because of the amount of processing power needed. There are hundreds of Bitcoin miners, but only a handful of companies with warehouse-sized processing farms are mining the vast majority of new Bitcoins today.
The new coin that I’m keenest on has taken a different approach to trust. Instead of decentralized mining from the start, the company doesn’t plan to make the algorithm public until 80% of the maximum 2.1 billion coins are mined. The trust factor involves the company’s huge goals for the usability of their coin — the profit they will make from, say, displacing Amazon in online marketplace and Paypal in online payments dwarfs the billions involved in the coins’ face value. Most of the world’s population doesn’t have a bank account. Cryptocurrency has vast potential in helping billions of unbanked folks day in and day out. I think cryptocurrency will have as big an impact on the world as the invention of the printing press, the TV, the computer, and the cell phone combined.
Have you ever tried to do any of that with a US dollar bill lately?
As far as I can see, the only thing that gives a dollar value is the "full faith and credit" of the US government. With Barack at the helm they have zeroed out...
But they have a computer? Or even electricity? Strange world!
You're right; I left out "use it for kindling".
The Swiss will find themselves cut off from the rest of the world should the nations go cashless...it probably can be self sufficient to the extent that it can produce its own food but if no one accepts physical cash, what economic power can the Swiss wield?
The real issue of course is the needed debt reset...the problem is with that is that the most evil people in the world will try to be in control of it!
It’s not so strange in my hometown for folks who don’t have bank accounts to have a smartphone. Is it really so strange elsewhere?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.