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Our government is the main threat to the US Dollar.
I suspect anything that provides a metric they can’t manipulate will be considered a threat.
I’m hoarding all of my Bitcoins for when the grid goes down. Then I’ll be sitting pretty.
The US Dollar has a more immediate threat to its value as currency accepted as a sound currency here in the US & abroad than Bitcoin. The Fed & Treasury have been printing paper dollars at an insane rate with no credible backing as the US debt amount has grown to an amount far beyond what our economy can generate in value, growth or what taxes can be levied to back the dollar. Other countries see this and are starting to not use the dollar to settle debt or use in country to country trade. China is putting forward its currency as a world currency as China’s economy, low debt v. trade surplus and its gold holdings make the Yuan Renminbi sound.
Screw with the dollar long enough and the free market was inevitably going to step in.
Ironically, though the Chinese and Russians have been complaining against the soft tyranny and proxy world taxation by the US on every nation on earth represented by the endless printing of the dollar, they can’t countenance a currency they can’t control either.
Bitcoin is a Nobel-worthy breakthrough, in that it is the antidote to the 100 percent failure rate of fiat currencies throughout history.
The single reservation I have with bitcoin is that digital is ephemeral, and I worry about having bitcoin accounts wiped or the general failure of the world grid.
With commodity-backed currency, you can always go back to the vault and count it again, physically.
Having said all of that, the fact that the bitcoin ledger is distributed to every bitcoin participant mitigates against a massive failure of the currency (albeit not against having your digital wallet swiped).
Prediction - once central governments have figured out a way to manipulate this without us knowing about it, they will suddenly support it. If central governments are for bitcoin, it will be time to cash out.
What MAY end up happening is that there will be MULTIPLE digital currencies, with fixed exchange rates (since the ledgers are public and open, and since the total units of currency also fixed and known, there will never be a fluctuation in digital exchange rates).
Where the swings will be wild is in the fiat dollar exchanges vs digital currencies. If the Chinese demand you purchase in yuan, and their presses go white hot with all the printing, the firm peg represented by the digital currency will mitigate the inflation factor. Less bitcoin will buy way, way more yuan on the world exchange.
The scary thing here for governments is that with bitcoin the days of monetizing your debt will be over. Keep on printing if you will, but per unit bitcoin it will just take more dollars to balance it.
Today, when we print more dollars, foreign governments have to print more of their currency in response in order for their currencies to not to be so strong against the dollar, and disadvantage their countries exports.
Bitcoin represents a truly independent reserve bank that, for now, appears beyond political manipulation.
We’ll see.
Theoretically, the advantage of Bitcoins is the anonymity of the transactions.
Bitcoin miners provide electronic ledgers to store/backup/crosscheck individual bitcoin wallets.
What's to prevent the NSA from becoming a Bitcoin miner and have a copy of all transactions anyway?
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They were probably feel threatened by beanie babies at one point
To those reading this post, and disagree, be very careful...
5.56mm