Posted on 12/06/2024 6:37:11 AM PST by delta7
QUESTION: Mr. Armstrong, I just had to write in to say thank you for explaining that Bitcoin was just a trading asset, not some new currency that would replace the dollar. I understand that money must be elastic to grow with society in economic booms and population.
I just read a quote reported by Bloomberg: “After four years of political purgatory, Bitcoin and the entire digital-asset ecosystem are on the brink of entering the financial mainstream.” I know a programmer who said you were correct that the Deep State created blockchain. Has this recent rise been orchestrated to get us to surrender paper money and rejoice so they can track us all?
ANSWER: I participated in a documentary that will be released soon. There is no question that the blockchain code was developed in the intelligence community. We all know that in the programming world. In 1996, the US government released a white paper entitled “How to make a mint: the cryptography of anonymous electronic cash.” Released by the National Security Agency Office of Information Security Research and Technology, this document basically explains how a government agency could create something like Bitcoin or another cryptocurrency. (SEE BELOW).
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. If I give you $100 bill they do not know where I got it from. If I pay you in Bitcoin, they can trace it to everyone who has ever handled it. This is a control system. This is the END OF MONEY! A new documentary film will be coming out soon on this topic.
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Here is Lagarde on digital currency. She states this object is “control” everything you do. Europe is a Marxist Paradise. Everyone is an economic slave and whatever they earn belongs to the state – not them.
The state will decide how much you are allowed to keep. I really do not understand these Bitcoin people if they deliberately try to convince us to surrender all liberty. With digital currency, they can block even a donation to a political opponent like Trump.
Even when creating the Euro, the commission took the entire back row of our conference held in London in 1997. I do not understand why it is so hard to comprehend what a currency is – but then again, some have trouble defining a woman.
They were selling the Euro, which would defeat the dollar. That, too, never took place. They were preaching that everyone would pay the same interest rate as in the USA. I warned them that would only take place if they consolidated all the debts as Hamilton did following the American Revolution.
Kohl took Germany into the Euro as a dictator because if the German people were allowed to vote, he admitted he would have lost 7 to 3. We do not live in a democracy. That is sheer propaganda. They make the decisions, and when they know the people will not accept that, even like war, they do it anyway. We mean nothing at the end of the day.
They sold Bitcoin as it would be free of central banks, a store of wealth, and eliminate inflation, all absolute total BS that was impossible in the real world. I have warned that this has been a fantastic sales job, and pushing the price up creates the image that it is somehow worth more than paper money, so surrender everything and go digital.
People have been braindead when it comes to comprehending what money is and love to cling to stupid theories that will only lead to a major depression. They do not even understand that because the Fed was fearful of inflation during the Great Depression, to support the dollar, they failed to expand the money supply, fearing that the dollar would crash.
Over 200 cities issued their own money because there was such a shortage of cash that businesses could not function. It was impossible to pay employees, and people had no cash to spend. This was called depression script.
Whenever there is a recession or depression, people reduce their spending and hoard their wealth, contracting both spending and investment. This is a fact proven by the hoards of ancient Roman coins during the turmoil of the 3rd century. The money supply peaked in 1929 and contracted into 1933. This is why there was such a shortage of money that it led to over 200 cities issuing their own depression script just so they could function.
We find the very same human response during the financial Panic of 33AD. There was such a shortage of money so we find that private tokens appeared, similar to what took place during the American Civil War and the Great Depression of the 1930s.
The firm Seuthes and Son, of Alexandria, was a firm facing difficulties because of the loss of three richly laden ships in a Red Sea storm, followed by a fall in the value of ostrich feathers and ivory. Nearly at the same time, there was the house of Malchus and Co. of Tyre with branches at Antioch and Ephesus. They suddenly became bankrupt as a result of a strike among their Phoenician workmen and the embezzlement of a freedman manager.
These two failures also affected the Roman banking house, Quintus Maximus and Lucious Vibo, operating in the Roman forum. We saw the same reaction: people hoarding their wealth, and the severe shortage of money led to the appearance of private coinage.
You see the shortage of coinage during the American Civil War prompted a host of civil war tokens that circulated also as money. The same took place in Germany after World War I, and during the 1840s with the Sovereign Defaults of several US states that are known as the Hard Times Tokens.
Bitcoin can NEVER become the reserve currency for the entire political system, which must be changed, ending socialism. It would be impossible. All social programs would come to an end, and there would be massive deflation and civil unrest. The money supply always contracts during a recession and depression. We blame the central banks and the dollar when that is like blaming the gun for a murder rather than the guy who pulled the trigger.
This is all about CONTROL. The computer has warned that between 2020 and 2032, we will witness the rise of authoritarianism. Governments are on the cusp of an international sovereign default. They are pushing for war as a distraction. The Digital ID and Digital Currency are no different from the paranoia of Joseph Stalin and his great purge to eliminate people he feared by revolting against him.
Bitcoin is a trading vehicle as people buy into the propaganda. In the end, the truth always prevails.
Just do not expect it to become the reserve currency or stop inflation singlehandedly.
It’s a trading vehicle because people will buy because of the propaganda – just keep it real
I might think I’m using my PC to pay $50 worth of Bitcoin to Amazon, but an IRS virus in my PC might be paying $1050 worth of Bitcoin to the IRS and only $50 to Amazon.
Bitcoin may be rock solid, but none of my devices are.
Microsoft wants me to update my virus scan patterns, again.
Armstong is wrong. This whole article presumes BTC is currency driven. Or a trading vehicle.
It is not.
It's strictly (for me at least) an investment vehicle.
Whe the rate of return on BTC is 459% in the last 24 months....
BUY AND HOLD. Keep buying.
Electronic currency is about control.
Electronic currency requires connection to other computers, negating remote purchases.
Electronic currency is about shoving the masses into cities.
ONLY uncreatable materials like gold and silver prevent inflation and manipulation.
“It’s about portability.”
There is nothing portable about electronic currency.
If I am at a swap meet in a field, can it use electronic currency without an Internet connection? Nope.
A related, but different, perspective from Catherine Austin Fitts:
Bitcoin didn't score all A's on my chart, but it was clearly superior to fiat currency across all the range of characteristics I could come up with. I encourage you and others to do the same exercise. It's obvious the market has spent the last 15 years telling you rather the opposite what you are telling yourself. You should find out why.
I hope you make a fortune—really.
As I said when my town demands payment of my property tax bill in Bitcoin I am in.
Not one day before that.
There will always be a market for cash. Don’t be deluded by the Bitcoin crap.
Creditors determine what is currency.
Dollars are what they demand.
None of my creditors accept Bitcoin.
There is no need to overthink this stuff.
If my creditors change I change.
It's interesting how the diehard objections to cryptocurrency have narrowed down over the years. "It's all for criminals" has fallen by the wayside, and deservedly so now that the mafioso under Gensler are being swept out of power. For years they ran every legit cryptocurrency innovator they could out of the country or into jail, while encouraging and doing virtually nothing about the hundreds of scams that flourished on their watch. That led the manipulated masses (that would be you, naysayers) to holler about all the crime in crypto, unaware that the crime was allowed to flourish precisely by the "LEO" agencies that should have been crushing it because they wanted to crush the crypto challenge to traditional finance instead.
So now you are left with "but what if the power goes out?" Geez, can you even buy things at a garage sale with physical cash any more? If you want to be picky, you could generate the TX on your phone, show the recipient your wallet balance so he knows you are good for it, then let him copy the TX to his own device. Then when power comes back on he could post the TX to the network himself if you somehow "forgot" to do so. All of this would be secure for you and he'd only have to trust that you don't wipe your balance clean first by getting a network connection ahead of him just to be an opportunistic jerk.
With the rise of off-grid power solutions though, and the fact that power generation is now a centuries-old technology, the idea of permanently losing power is so far-fetched as to not be a significant consideration. If the grid goes down for good, 95% of fiat currency will be lost more irretrievably than bitcoin (which will remain "resurrectable" on satellites in space and other redundant locations). The fiat that remains will be worthless except as toilet paper. So this objection is not reasonable.
Uh. No. You are uninformed.
IBTG! Did I make it?
———-
In Before Texas Gator, yes you did….no worries, as he now spends time reading Armstrong’s articles, mission accomplished.
You are very wrong on this. Bitcoin is hope and freedom from government controlled fiat money printing and wealth theft. Bitcoin is digital energy. Energy is a universal currency - it is what, ultimately, we’re compensated for during our working hours and life. Energy. Our fiat system is supposedly a store of energy but currently it has a massive leak. Things aren’t supposed to have leaks. Fiat will be the end of civilizations and nations, not bitcoin. Bitcoin is hope.
“The really big money in this world, Sovereign wealth funds and family offices are just beginning to figure out what to do.”
And they are. They are buying Bitcoin. By the billions.
” Geez, can you even buy things at a garage sale with physical cash any more? “
Yes. Maybe you should get out of the house more.
Why are you so hard up to have electronic currency? What does it provide in benefits that makes you want to do away with physical currency?
Did you know about 35% of the US population has limited Internet capability? I live just 5 miles outside of a city and there is no cable Internet.
I bet you are a city dweller.
“It is defense against governments.”
Not when the government can shut it down and control it. Already there are interests in regulating it. If it became a country’s de facto currency, then bet on regulation.
“Mr. CodeToad, you made a social media post we did not like. No purchasing for you for a week.”
How hard is that scenario to understand??
“Creditors determine what is currency.”
Nope. The law does.
What you are witnessing is called “talking your book”.
When a Freeper defends electric vehicles it is a good bet they own stock in companies that benefit from that industry.
When a Freeper defends Bitcoin it is a good bet they own some.
This has been human behavior since homo sapiens crawled out of the caves....
and is why financial advice of any kind from any person should be treated as scams until proven otherwise.
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