Posted on 06/07/2021 8:17:39 AM PDT by RandFan
Former Pres. Trump: “Bitcoin, it just seems like a scam. I don't like it. I want the dollar to be the currency of the world.”
Video...
(Excerpt) Read more at twitter.com ...
OK thanks i’ll make a note of that
Janet Yellen, is that you?
It does? Can you name one?
Right again. He speaks the truth.
Never understood the proposition and am not interested to learn of it.
Would the IRS allow their collections to be in Bitcoin? I am thinking they would not.
I was waiting for someone to mention metallic, potential energy based currency to keep on hand. Clearly a tangible asset, it makes wars and expensive proposition, and guaranteed to be a currency a government would not want to mint in overabundance.
My $0.02
Yeah the money you make is real but only because the wallet people and etc are playing nice. I know people who have lost considerable sums due to forgetting a code or making a transfer error. That doesn’t happen with banks in my experience. Errors can be corrected.
So not a fan. I see it as a gamble, a game. Don’t wish anyone ill but not for me.
One flaw I see is that you can’t hand someone your Bitcoin. It requires electricity, computer knowledge and availability, web access, and remembering your codes for both parties.
We use the above for our fiat dollars for convenience but it’s not REQUIRED. I can take my dollar to the store and buy a doughnut.
Another flaw is that fact that if I forget my code (get hit in the head, die, get dementia, whatever) that money is gone. With banks there is a process for retrieval.
Another flaw is that deliberate or accidental shutting of the World Wide Web, or electricity, renders you incapable of accessing your money. In limited ways this is true of fiat dollars too but it’s limited and there are means of retrieval.
Another flaw is the lack of accountability for the operators of Bitcoin. Banks are held accountable and yes I know not perfectly but in the main they stay in line. Tracy the teller will not successfully clean me out. Wells Fargo can’t just wipe my accounts clean with no relief for me.
Unless the government entirely collapses in which case we are all doomed.
I’m still uncertain.
On the one hand - the only thing that gives the US dollar value is our belief in its value, that a given amount of dollars will buy a given product.
In that respect I don’t see much difference between US dollars and bitcoins. That said, cash in hand doesn’t require a functioning internet. While it’s difficult to perceive ‘no internet’ at this point it is by no means beyond a catastrophic failure. Cash has no dependencies.
You can’t hold a Bitcoin. The ownership and control is allegedly known but still very uncertain, foreign influence strong per accounts.since it’s entirely electronic they can wear your assets in an instant and you’re back in the free soup line downtown Starvation Army. And you’ll need their prayers too
Ah, let them document it and pay taxes on it as well.
My lawyer is the executor of my will - I have a "cold wallet" with my bitcoin holdings and that will be distributed after i pass away. No electrons needed. My kids are more tech savvy than I.
I can purchase a bunch of different crypto currencies with bitcoin and purchase just about anything with those.
My crypto holdings are NOT as investment speculations (as are my stocks). They are an insurance policy should we enter a hyperinflation cycle or if SHTF and the banks go tits up.
What would you suggest are top 5 pro and con reasons?
And taxes, can't avoid them, but do need to make sure they are fair. I'd love to see a simple flat tax, even replace it with a VAT, getting rid of millions of tax folks.
You just pointed out the entire Truth of the matter!
I am not going to write an essay for you. There is plenty written on the topic. I will just write the following. Capitalism requires markets with supply and demand. Fiat currencies have no underlying commodity that affects supply and demand. The USD’s value is pegged to the goodwill of the US government and its ability to meet debt obligations. We can simply print more money to do so. That increases the money supply, but it is quite different than limiting the supply of money based the value of an underlying asset. Pick a commodity, any commodity, and the government would have to have that commodity on hand. The commodity would have it’s own markets - spot, futures and options. At any given time the spot market determines the value of the USD. That’s tangible, unlike goodwill, which is intagible. It has value because some damn politician says it has value. Further more Big Banks constantly manipulate to price of the dollar. They can do so because the USD is not tied to a real asset. I do not want politicians and corrupt Big Banks determining the value of the dollar. Let free market capitalism determine the price of the dollar where millions of people trade the underlying commodity.
Feds recovered a good number of the bitcoins paid by Colonial pipeline as ransomware. They are traceable. That is going to cause wailing and gnashing of teeth by many.
“ Turn off the power and your BTC wallet is worth exactly nothing.
No, the ownership remains in your wallet and validated by worldwide servers
“…choice for ransom ware - shut it down.”
US $100 bills are the choice of drug cartels.
Shut em down!
"The whole bitcoin thing just never sat well with me."
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