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To: taxcontrol
True, but when it forks, it's no longer Btc. It becomes another type of coin. I've Owned Btc for six years. I receive an equal amount of the "new coin" (e.g. BCH, SVG, ...) after a split (maybe 6 new ones now) matching the amount of Btc I owned at the time.

Without getting into a weedy discussion about what constitutes currency/money, they are both valuable, with their own positive/negative characteristics for ownership.

Both are able to be exchanged for something else of value, including each other. Our society has a VERY negative view about money (primarily the dollar). The dollar is now King and rules us from cradle to grave. Even the value of a person is very often judged by if they have dollars (money), or not, and how many - i.e., homeless, penniless folks are often looked down and frowned up while billionaires are hold us in awe.

And worse, just like bitcoin, we depend upon worldwide digital communications in order to manage our money supply, which means if it goes down, we lose most of our ability to meet our daily subsistence requirements - which means death for millions if the system collapses.

Our lifetime well-being depends upon the ability to make exchanges of something of value for something else of value needed at any point-in-time. Ever increasing cuts from these exchanges are being taken by those who control (governments) and handle (bankers) these transactions. Bitcoin gets around these roadblocks and make transactions easy for individuals without the need for government or bankers - which is why both are fighting this new technology - but they will eventually lose, one way or another (technology wins or we return to the jungle).

Forgotten is the fatal disadvantage we are at if something ever happens to our monetary system - and something IS happening. Our debt based dollars are losing value and because of this, faith in the dollar is being eroded before our eyes.

Cryptocurrency and precious metals could serve as a bridge or eventually replace fiat currencies if/when our current monetary system collapses. Bitcoin is already being used in place of failing currencies in Africa, Venezuela, and as a way to export wealth outside of tyrannical regimes like in China, Iran, etc.

The only reason to use bitcoin for some criminal endeavor is because the crime can be automated. Otherwise the ability to track bitcoin transactions (it's an open ledger system) makes it hard to convert them to something else of value, like stocks, bonds, gold, dollars, etc.

Btw, stocks/bonds/young sex slaves are now the "money" of the super-elite, it appears, while cash is still the prefer medium of exchange for most common criminals everywhere.

Heaven help us if we ever move to a completely fiat based, government controlled cashless society!

15 posted on 07/15/2019 12:15:22 PM PDT by amorphous
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To: amorphous

Agree with all of your points and I am a currency miner (litecoin), and newbe speculative FOREX trader in crypto currencies (LTC, BTC, Zcash, and Monero).

Most Americans do not understand that their “Money” is not ... well, money. It is only currency and has a value that is established by:

Government holdings
Inflation
Market trust
Future taxation ability


17 posted on 07/15/2019 12:47:20 PM PDT by taxcontrol (Stupid should hurt - dad's wisdom)
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