i.e. "We'll tell you what you can own." (note the penalties)
Posted on 03/25/2021 10:57:22 AM PDT by Red Badger
Veteran investor Ray Dalio warns that governments across the globe are planning to outlaw Bitcoin because the financial elite cannot tolerate something that they don’t have monopoly control over.
“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing,” Dalio told Yahoo Finance.
“So, I think that it would be very likely that you will have it, under a certain set of circumstances, outlawed the way gold was outlawed,” he added.
Dalio cited the 1934 Gold Reserve Act, which ended all private holding and use of gold as money. This followed the previous year’s Executive Order 6102, which made it a criminal offense for U.S. citizens to own or trade gold and led to a widespread confiscation program.
The investor said that Bitcoin’s volatile nature also posed a threat to financial elites’ control of money and banking, “because things can get out of control.”
Back in January, head of the European Central Bank Christine Lagarde called for global regulations on Bitcoin, labeling the cryptocurrency “reprehensible.”
“(Bitcoin) has conducted some funny business and some interesting and totally reprehensible money laundering activity,” said Lagarde, who herself was previously found guilty of financial negligence by a French court.
Bitcoin is also despised by cultural and media elites because it allows people who have had their lives turned upside down by deplatforming and denied banking to continue to operate.
One wonders what the trigger could be to create the moral panic around Bitcoin to grease the skids for its criminalization.
Perhaps a massive terror attack that was wholly funded by the cryptocurrency?
The value of Bitcoin has continued to surge in recent months and now stands at over $51,000 dollars.
Which ‘Governments’ are they talking about, because both China and Russia are sick and tired of us papering over our debt. They’ve wanted an alternate reserve currency for the last 20 years.
This is agitprop.
They can tax every transaction, if they are required to be conducted with only digital dollars.
They can create a very complete history of everything you spend money to buy.
It is far deeper control than ever before.
My 2 cents.
>>So how do they intend to track who has it and who doesn’t?
Not sure they really need to - as soon as they forbid all financial institutions from trading in it, or exchanging it for actual money, the market will dry up. Some will continue to trade it no doubt person-to-person, but if you can’t ever actually exchange it for real goods or services, than whats the point?
The USD, personal checks, Credit cards are all just methods used by government to attach a serial number to your transactions.
i.e. "We'll tell you what you can own." (note the penalties)
Sure, they launder the proceeds, just like they launder the proceeds from any illegal business.
However, the actual transactions in the drug economy do not require that financial infrastructure, as the actual transactions made via cryptocurrency do. That’s the difference you are missing.
I can do drug deals all day long without involving any legitimate business that is at the government’s mercy. I cannot do cryptocurrency transactions without the backing of some institution that is beholden to the government. That’s why the government can instantly pull the plug on crypto, but not on the drug market.
If they ban crypto that will definitely give gold a boost.
Dalio cited the 1934 Gold Reserve Act, which ended all private holding and use of gold as money.
Except you’ll still be able to use it for jewelry, and for dental work.
dalio is a stooge for the chicoms
Here’s some other food for thought... regarding how that would shake out.
1. MANY would just put it on a secure thumb drive and hold it against the future to prove ownership.
2. MANY other countries will allow it to trade, so the market will continue but with less demand from our own.
3. Eventually, it will be reinstated.
BTC has a unit of measure, called a Satoshi... no different than 1 Dollar broken down into its lowest denominator = 100 cents
or
1 BTC = 100,000,000 (100 million)Satoshi.
~~~~~~~~~~~
Current dollar value of (1) Satoshi = $0.052 (cents)
Put that into perspective...
Total BTC supply = 21 million
Total Satoshi Supply: 2,100,000,000,000,000 That’s ‘21-hundred’ tillion Satoshi, or 2.1 Quadrillion.
Total US dollar estimation of world money supply = (At the high end) $1.2 quadrillion. That makes Bitcoin almost 8.1 trillion more in supply than that of the worlds known supply.
BTC isn’t quite so limited.
It doesn’t exist? Neither do your bonds, your stock certificates or usually your mortgage note.
Neither does the US dollar.
“I cannot do cryptocurrency transactions without the backing of some institution that is beholden to the government. “
Sure you can. You need to get up to speed. If you want to use it like a debit card for a cup of Starbucks, yeah. But if you want to hold it for a rainy day, maybe have it on tap for when you have to leave the country as a refugee, or use it in other ways, the government is not required and cannot see it.
This is just Dalio trying to spread FUD and buy the dip.
People have been talking about bitcoin being banned for a long time. It’s gotten too entrenched, and it’s impossible to effectively ban.
Meanwhile: https://cointelegraph.com/news/governments-are-looking-to-buy-bitcoin-nydig-ceo-confirms
They are having a go at the breathing part with the masks. Speaking will foll.
How is Bitcoin or any other ‘crypto currency’ any different than barter?
If I have an item, product or service to offer for sale and you say, “I’ll give you X Bitcoin for that.” , and I accept, what is the difference?................
Goverments will create their own block chain crypto currency to replace cash.
The big money made on this planet is made by currency manipulators like George Soros and people who play off George Soros types.
Bitcoin or some other cryptocurrency will be the great equalizer... It’ll also destroyed ‘reserve currency’ country’s financial manipulations. The ‘elites’ will do their best to keep their private cash cow mooing...
Of course governments will create their own digital currencies in a desperate attempt to retain power. And they will flop, because currencies controlled by a self-interested party that can manipulate the coin supply are inherently worthless against provably scarce decentralized cryptocurrencies.
Why would anyone hold a worthless, unbacked, utterly non-scarce currency like the dollar in 2021? Why would they hold it in digital form with the same qualities? The only answer is habit and familiarity, and that won’t be worth much in the long run.
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