If Alan Turing were alive today he would hold digital currency...or physical assets
If you can manage the storage and security then I say hold physical silver..it's NOT fiat...and is more undervalued and has more up potential than gold.
Posted on 08/24/2017 2:10:04 PM PDT by davikkm
This is an interesting and popular currency concept, and it is taking the world by storm. However, are there any dangers ahead for bitcoin users? How do banks feel about bitcoin? For that matter, how does the government feel about bitcoin?
https://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/#a0b6197260d8
In the first week of July, Jay Shore got bad news. U.S. Bank and Chase informed him they were closing the accounts for his company, Coinabul, a San Diego-based precious metals buyer that sells silver and gold for Bitcoin. They didn’t want to house his half-million dollars. Chase was mum on the reason but Shore says a U.S. Bank compliance officer told him it was shutting down all small Bitcoin clients.
“They tried to force me to take a cashier’s check but I refused,” said Shore who worried he wouldn’t be able to deposit it elsewhere. He made a dozen trips to U.S. Bank because they wouldn’t give him more than $30,000 at a time. “The money is now sitting in our corporate vaults along with our metals.”
The bitcoin trend may be more risky than expected. Are banks going to going to rebel against it? What does the bitcoin user do if his or her bank account is closed due to use of bitcoin?
First lets look at the history of bitcoin? How did the concept of bitcoin begin?
(Excerpt) Read more at investmentwatchblog.com ...
I still don’t understand how our Government can allow a competing currency to exist. If I owned a silver mine and started stamping out “Webb Dollars” to be used as actual currency the DOC would shut me down in a heartbeat.
Yeah, your blogpimping might be a problem.
Oh, Bitcoin. That’s the currency government can’t control, that only exists in a computer, and that is the exact opposite of fiat.
Yeah, sure, the Government won’t ever move against this.
Competing currencies have always existed, mostly on a small scale, but when push comes to shove what are airline miles but currency. And frankly in this modern world where most money is 1s and 0s that the government has no control over they have less ability to do anything.
BFLR
How do banks feel about Bitcoin? You’re kidding right?
I get why you’re against blogpimping, but rather than knee-jerk accusations about bad intent, it wouldn’t hurt you to STFU, click a link, and learn something.
Your nanny-tendencies are as tiresome as the bloggers you presume you’re protecting us all from. Really.
Can anybody show you a "bitcoin"? When you ask someone to explain it, do you get anything but gobbled-gook explanations that amount to nothing more than "I did something fancy with my computer and got you to accept it as money"? It's not a bubble like Tulips were....at least with that frenzy there were some real tulip bulbs, albeit with a valuation that made no sense.
And the Federal Reserve is quite the scam too. They "print money" only not really. They make some computer transfers and get to call it federal government debt that has to be paid off with interest. And who are the stock holders in the Federal Reserve Bank, collecting all this interest and even getting paid a percentage when they do provide paper dollars? We don't even know who they are.
You know what? "Webb Dollars" made of real silver would make more logical sense than either the Federal Reserve or BitCoin scams!
If anyone can explain I'm wrong, please enlighten me. But don't try to run fancy-sounding verbiage around me and expect me to pretend it makes any sense.
The major banks are working on the technonolgy right now. They might think they can work “within” the system. But the whole idea is to avoid the banks, governments, and other middlemen who fee a person to death.
When you see Amazon accepting some form of crypto you will know the end is nigh.
Sounds to me like the guy was a victim of Operation Chokepoint, a program that Trump recently ended.
It doesn't hurt me to point out the trashy bastards either.
95% of dollar based transactions involve nothing but electrons. Zero.
And the “backed by the government” thing is laughable. What is the government backed with? $21 Trillion in debt, and another $100 trillion in unfounded liabilities.
Let’s face it, there is not enough gold or silver left in the world. The petro dollar is soon to be crap. The Feds balance sheet has to unwind how many trillions?
These are the facts without even touching on an of the anti Zionist conspiracies that are out there.
17 years of war spending, and9 years of liberal spending, and we are broke.
Bitcoin is literally allowing many people in Venezuela to eat and get medicine because it can cross borders undetected and in amounts needed to maintain trade.
All of the arguments against it from years ago are falling by the way side.
The primary argument that remains is that bitcoin is a computer invention that has nothing physical that it’s based on. The money problem quickly spun out of control when money was no longer based on gold or silver. How does anything but going back to a gold or silver standard, backed by real silver or gold, solve the problem?
If Alan Turing were alive today he would hold digital currency...or physical assets
If you can manage the storage and security then I say hold physical silver..it's NOT fiat...and is more undervalued and has more up potential than gold.
The thing about bitcoin is that it is trust less. This means that the “crowd” confirms the identity and the ownership of the “coins”. The term “coin” is clear evidence that this thing was not created with a branding team. It gives it a perception of tangibility that does not exist.
But the real key is that it’s almost frictionless and near instant. If you have ever transferred money internationally you know it’s timely and expensive. Will you ever buy a cup of coffee with bitcoin? No. But you wouldn’t with gold either.
Bitcoin is not going to replace cash. But it may just replace the SWIFT system for international money transfers.
Thank you, I always enjoy your posts.
I see some problems with the technology:
What happens if there’s no connection to the internet?
How long until the NSA or some hacker figures out how to break the blockchain? People will try to break the system and counterfeit it.
It has no physical presence; there’s nothing to hold.
Bkmrk.
Bttt
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