Posted on 12/21/2021 7:53:02 AM PST by norsky
I am running a full BTC node...I guess I am CIA then?!?! Where is my government paycheck!!!!! (P.S. I don’t live on Diego Garcia).
10111110001100001011
LOL!!!
Yea, that video was a lot of made up conspiracy theories.
Crypto is suppose to be dead 402 times now.
It has no means of being a replacement currency.
A 'proper' currency should be issued by our US Treasury, and only get issued as payment for labor that has already been completed (i.e. - building a bridge). It should not reflect as debt (ownership of the future labor of others) on the opposite side of the balance sheet.
Also, a 'proper' currency must have a way of reeling in the money supply when it gets too hot. That was supposed to be the realm of taxation, where the US Treasury could then take some of that out of circulation to cool down an economy running too hot.
Bitcoin has absolutely none of that. Even the fact that it has a capped amount is bad - since there's nothing wrong with a money supply increasing in a growing economy - IF...it only grows from labor that's been completed (and not debt).
Bitcoin is the new 'goldbug' hypothesis - but it makes zero economic sense as a monetary mechanism is society.
It's a gamble - inflationary one day - deflationary the next (sometimes in the same day).
Lastly, does anybody REALLY think those who own the debt of this world (the slave masters over us) would allow a new monetary system that wasn't backed by debt? The answer is no.
Its “monetary mechanism” for society is as a decentralized store of wealth, with no borders or governments controlling it.
The true test of a monetary unit is—is it legal tender?
If not—you are on your own....
And all the zeros and ones in the universe won’t help you.
What court will defend bitcoin claims?
If none—you are on your own...
Bitcoin is property like any other asset or property. Just have an attorney who knows the subject, like any other property, and the evidence on the blockchain is pretty undisputed.
It has been done many times, and bitcoin has been recovered from legal action.
Coinbase, the main US exchange, insures all their accounts/wallets for millions.
You sound like a Von Mises student. I also oppose artificial monetary growth. Especially debt monetization (printing money).
What does Bitcoin look like under "the hood"?
Satoshi Nakamoto Dossier Reveals CIA Ponzi Scheme
I am sharing this because I purchased a bit and a friend sent me a vid explaining what it really is.
The domain spoken of in this vid re crypto currency is .io, apparently in on Diego Garcia and run by...the - sea - eye - hay.
More toward that end - but not completely in that school. Kind of a mixture of Von Mises and Adam Smith.
Basically, I boil everything down to its most common component - labor.
Then I ask the question - is it "completed labor" or is it "a claim on future labor" (slavery).
A claim on future labor is our current money supply, where those holding the claims control the future actions of others (also known as 'power').
I'm different from Von Mises since I believe everything revolves around the lust for power - and debt based money is a means to get there.
That would assume that all Bitcoin holdings would stay within that framework, and nobody would every cash out any holdings - transferring it to the debt-based money supply it is truly backed by.
If Bitcoin stayed within its ecosystem, and had a means of an honest authority (HA HA) both controlling its cap and removing excess supply when the economy heated up, then I think it would make for a very interesting discussion.
Since it will never have that - it is just a playground for gamblers.
It's not just the printing of currency - but any promissory note (written or vocal) that increases the money supply by the amount promised.
The money supply shrinks when debt is paid off.
This is why those wanting all debt to be paid off doing understand that they would starve as a result - since the money supply would go to $0.
bump
Thanks for the interesting comments. I do believe we are going cashless and it will be a digital currency. Seeing how easy it can be manipulated and used as a political weapon is disturbing. Seems like it is well planned out and that the covid plandemic is thrusting us headlong into it. just my 2 cents.
It what way would you think a “virtual currency” was real?
The money supply shrinks when debt is paid off.
This is why those wanting all debt to be paid off doing understand that they would starve as a result - since the money supply would go to $0.
That doesn’t make sense. You make thee case that inflation is a good thing.
And if you paid all the debt off in the world there would be no banks, and money per unit would be worth more as the scarcity produced by paying off debt would increase the unit value of the currency, to the point it would realize it’s true un inflated value, but it would never go to “0”.
You sound more John Maynard Keynes than Ludwig Von Mises.
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