Bitcoin & the END OF MONEY ( Must Read)

Armstrong Economics ^ | 6 Dec 24 | Martin Armstrong

[delta7]

Unfortunately, it appears President Trump is falling for the digital currency trap, in the end, it will destroy ALL our Freedoms.

[delta7]

Be sure to visit hid site and view the government documents and videos.

[BlackbirdSST]

IBTG! Did I make it?

[The Louiswu]

The bitcoin ATM in my grocery store was out of order yesterday...no bitcoin for you!

[aMorePerfectUnion]

Big maybe, though I respect Armstrong.

The intelligence community is going to have it's legs and wings pulled off one by one by Trump. I do not know if he will succeed with Tulsi and Kash, but if anyone can reign it in, he can.

Second, I don't know anyone who is buying BTC to use as currency. And most buying is now though brokerage accounts as ETFs (BTC - Grayscale Bitcoin Mini Trust is an example).

As such it is a speculative asset play and not a replacement for currency. It can be sold as easily as bought.

In the meantime, it will take years to convince the public to be involved with bitcoin in a way that could capture the financial system. The really big money in this world, Sovereign wealth funds and family offices are just beginning to figure out what to do.

That said, only risk what you are comfortable losing. If you buy one share of BTC mini trust, it will cost you a very small amount. IIRC it is trading for something like $50/share. Not advice. Do what you choose. I'm an owner currently.

Good article and good points to consider.

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The Crypto Ping List covers the following:

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Thanks! For it - or ag'in it, it'll be a wild ride.

[adorno]

Has Bitcoin been manipulated more to make people think digital currencies are better than paper? There is a strong probability of that. This is clearly a dream of tyrants.

Putin if going the way of bitcoin. The Russian currency is krap, so, bitcoin is how Putin aims to do business within and outside Russia. Oil is Russia's other ruble, but bitcoin can be independent of either of those 'currencies'.
>br> Bitcoin doesn't have to represent the value of goods and services in a country. Any country, if I understand any of it, can claim that a bitcoin represents the wealth within the country.

Haiti can join the bitcoin craze and become a very wealthy country overnight.

I'm so confused and have no idea what I just posted above. Bitcoin (crypto currency) is a maddening craze. The world should drop it and declare it a fraud.

[Vermont Lt]

I agree with your take on BTC. It is technically a currency, but so isn’t my one ounce Eagle. I am about to go do my daily shopping and I doubt very much if I will see anyone transacting in gold—although I guess they could.

When I talk to someone about Bitcoin I would say, “Take a stack of $20 bills. Stand next to an open window. Start peeling off the bills and toss them out the window. When it starts to bother you, that is the amount you should put into Bitcoin.”

On the other hand, dollar cost averaging even a little bit every week/month can add up over time. Again, if you are using money you would otherwise not “invest” it can create a nice little nest egg. I have a small account that I put $20 a week into for my grandkids. I started when they were born in 2019. There is enough in there to pay for two semesters of college. Not bad.

Whenever I see traditionalist investors/advisors commenting on Bitcoin I look for a couple of things: The first is whether or not they are using “traditional valuation mechanisms” to calculate a value. The second is whether they use the “traditional” arguments about its “use case.”

Those two things will let you know that they do not understand it, or its purpose.

The ones who say, “Its speculative” are correct. It is volatile as hell. If it is going to be the “rug pull” of all time, there are some very large investors would might be a little pissed off.

The next stage will be for members of Congress to slap a windfall tax on gains. When that happens, you know it will be here too stay!

[EnderWiggin1970]

I really do not understand these Bitcoin people if they deliberately try to convince us to surrender all liberty.

This guy is a dolt who doesn't understand Bitcoin and certainly doesn't understand anything that cryptocurrency advocates have been saying for the last 15 years. Bitcoin provides freedom from the censorship /debanking of banks, freedom from manipulation of the money supply, freedom from counterfeiting and so forth.

I understand there are a lot of elderly people clinging to the worthless fiat currency that has been used to enslave them, but pretending that slavery is freedom and fearing the cryptocurrency revolution while misrepresenting it wildly is not going to impress anyone but the clueless.

[delta7]

bitcoin is how Putin aims to do business within and outside Russia
—————-
Don’t confuse the dozens of cashless currencies. China prohibited Bitcoin, and as Armstrong has stated, once a government cashless digital currency is put into place, they will outlaw all private electronic cashless digital currencies OR tax the helll out of them.

Look what Putin has done to Bitcoin.

“ Putin Signs Law Declaring Crypto as Property in Russia

Russia officially declares cryptocurrency as property, unleashing groundbreaking tax rules: mining exemptions, progressive income taxes, and steep corporate levies starting in 2025…”

https://news.bitcoin.com/putin-signs-law-declaring-crypto-as-property-in-russia/

Trump may be thinking he is doing “ right” by accepting private digital currencies, but once “ in place”, the next administration can/ will easily weaponize it.

This should be a warning:

https://www.reuters.com/world/us/us-securities-regulator-urges-against-crypto-bill-adoption-2024-05-22/

May 22 (Reuters) - The U.S. House of Representatives on Wednesday passed a bill that aims to create a new legal framework for digital currencies, despite an unusual warning from the U.S. securities regulator it could create new financial risks.
The Republican-sponsored Financial Innovation and Technology for the 21st Century Act passed in a bipartisan 279-136 vote.….”

Last I heard, Congress is holding closed door meetings on how to regulate private digital currencies. Discussions are said to be how to legislate a “ back door” into them, in other words, loss of anonymity ( like Gold and Cash has), giving the government a way to monitor and tax them. The government is NOT here to help.

We shall see, but it appears the Jeanie is being released from the bottle, and I can’t believe Trump is loosing this evil and embracing our loss of financial freedom ( potentially).

[Tell It Right]

There is no question that the blockchain code was developed in the intelligence community.

Yes and no.

No, in that blockchain is basically what we used to call "distributed encryption" and it was used for other purposes besides transaction handling, including transactions of other things besides crypto. In that early phase it didn't take off and become "a thing" like blockchain. Thus, I'm throwing it out there that it's not really a new technology, just a newly promoted technology. You could call it new lipstick on a old pig, though that might be a bit harsh in that there might be some practical use cases for it.

But Yes, in that the "intelligence community" (read: disinformation promoters) did heavily promote blockchain as the see-all-do-all for purchasing items under the table. Of the young generation who bucked the trend and have a healthy distrust of government, unfortunately many of them fell for the blockchain promotion and believed both that crypto would replace standard currency with less govt manipulation of its value, and that they'd be able to use blockchain to buy and sell other things under the government's radar (whether or not the purchases were made with crypto). Cash does that better than anything.

[cgbg]

When my property tax bill and my insurance bills can be paid in bitcoin then I am in.

Until that day happens I am a hard “no”.

Currency is what your creditors accept as payment.

All the rest is scam artists piled higher and deeper.

Easy peasy.

[aMorePerfectUnion]

Great thoughts Vermont Lt!

Agree.

[bgill]

When the grid goes down, so does imaginary money. Can’t bury it in the backyard.

[EnderWiggin1970]

You already can pay taxes in some jurisdictions across the US and many companies have been accepting BTC for upwards of ten years now. It is legal tender in El Salvador. You might as well sneer at gold, which has zero acceptance for the uses you mention. Every day BTC gains further acceptance.

Calling it a "scam" just makes you a late adopter to a financial revolution. Once we hit the inflection point on adoption, worthless, unbacked government currencies will go into a hyperinflationary death spiral and cryptocurrency will have won. And the last naysaying fiat bagholders will have lost everything.

[Owen]

None of you understand.

Bitcoin is not about going up or going down. It’s not trading or investing.

It’s about portability. It’s not about anything else. It is about defiance of laws.

When the EU had their upheaval over Greece and announced confiscation of bank assets in Cyprus on Monday morning, making that announcement on Friday, had Bitcoin been prominent those people could have fled.

Jews could not flee Germany because their assets were tied up in Germany. Bitcoin is the solution.

People used to move money out of the country’s $10,000 rule via . . . of all things . . . rare postage stamps in pants pockets.

THAT IS WHAT BITCOIN IS. It is defense against governments.

Gold? Nope, it XRays at the airport. Stamps don’t. Bitcoin doesn’t. You can’t get your assets gone from tyranny any other way.

People decided to make a market in it and collect commissions in it, but in the end they will all be smashed. The keys themselves will remain and get carried elsewhere that they convert to local “money” with which to buy food.

[cgbg]

Fearmongering is a symptom of scamming.

You appear to have some of the symptoms.

US currency has many issues.

Unfortunately all the alternatives I have seen are even worse.

[delta7]

Ominous changes are occurring. I am not a fan of digital currencies, but believe citizens can do with their own money as they choose.

That said, I closely monitor what the world’s government Central Banks do. They are ALL buying Gold in historic amounts. The IMF and BIS have as of Jan 2024 stated Bitcoin and E currencies can not be classified as an asset.

Tier One assets specified is to be cash and Gold. Tier Two and lower Tiers have all been given accounting “ haircuts “, including US Treasuries ! ALL electronic “ coins” are forbidden from being counted as an asset. Think hard about that.

[freds6girlies]

bookmark

[delta7]

You are correct, Bitcoin is only a means of TRANSFERRING money, supposedly anonymously, like cash and Gold ( Powell also just made that statement).

Basel 3 states all digital currencies held by Central Banks can not be counted as an “asset”. They can buy/ trade them, but they can not be counted as an asset.

It doesn’t take a genius to see what the world’s money masters have planned for private digital currencies.

[RinaseaofDs]

I believe the answer is all of the above. Bitcoin is a nice way to store value and preserve purchasing power. I believe a physical national currency is a great way to preserve privacy.

Both together are potent. With BTC, I can just escape any country and not have to worry about having it confiscated at a checkpoint. I can convert BTC into any currency I choose and seamlessly integrate with the local economy in privacy.