Posted on 03/11/2024 12:28:09 PM PDT by EnderWiggin1970
Two crypto influencers on X have called on their followers to snap up Bitcoin BTC, gold and silver, citing the risk of rising national debt in the United States.
In an X post on March 11, entrepreneur and angel investor Balaji Srinivasan argued that Bitcoin is the only realistic solution to escape the inevitability of unsustainable government spending and potential asset confiscation.
“We’re in the looting-the-treasury phase of imperial collapse,” the former Coinbase chief technology officer told his 994,000 followers.
Srinivasan argued that government debt and wasteful spending continue to grow rapidly at unsustainable levels. U.S. national debt is currently at a record high of $34.5 trillion, increasing 25% since 2020.
Srinivasan, a general partner at Andreessen Horowitz (a16z), said there are four approaches to the problem: Deny it is happening, fix it through political processes, give up, and “simply feed yourself at the trough,” or:
“Starve the beast with Bitcoin, which is money they can’t easily seize or print.” “The last is radical but actually realistic,” he said, adding that government deficits are now at $10 billion per day and growing.
(Excerpt) Read more at cointelegraph.com ...
Bitcoin contrarians are like vaxxers and pharma shills. The my will NEVER admit that they were wrong.
By that do you mean that it needs to lose its value slowly over time?
No, when I say it needs to start behaving like a normal currency, I mean it need to not lose 50% of its value in a month like its done three times in the last three years.
Nothing will be of much use in the short term in that case. Keep cash on hand for that.
If the shit hits the fan, banks won’t be open, card networks won’t function, and good luck paying for groceries in gold bars. It is possible that if cell networks still work, crypto might be the only payments network left standing, since everything else requires centralized network control.
Crypto doesn’t. All you need is a basic Internet connection.
Also, there’s no way to wipe out bitcoin unless you were destroy the entire Internet and every single network device on the planet. There is no centralized Bitcoin hub or server, so even if you lose access to it due to a network outage, it will still be there once you reconnect.
That’s because the market cap of bitcoin has been under $1 trillion. Once it overtakes the top five equities, silver, and eventually gold, the wild fluctuations will slowly cascade away.
Maybe the new ETFs will also mitigate some volatility going forward....but like I already said, I just don’t see it as a reliable for of currency until the volatility subsides.
As if stores of value will mean much when literally nothing works and we’re in Mad Max world.
Regardless, you’d think critics would understand that even in that scenario, being able to take currency and stores of value with you wherever you go, with no hardware, shiny rocks or pieces of paper to carry, all with just a 12 word phrase memorized in your head, is a huge benefit.
If you had to get out of Dodge and leave everything behind, EVERYTHING except your clothes on your back, you would KILL to be able to convert your entire net worth into an instantly accessible digital asset that is waiting for you once you settle somewhere.
ETFs and other things will change that, but it will take time.
Cryptocurrency payments are by far the cheapest and fastest way to settle currency, and have no fraud or chargeback risk.
Merchants are EXTREMELY slow to adopt anything new, simply out of principle.
“worry about volatility, even there are solutions that allow you to accept crypto but be settled in fiat”
If the transaction is to be ultimately settled with Fiat....why not just start with Fiat instead of adding an additional level of complexity?
The purchaser just transition their crypto to fiat then make the purchase?
Expensive and slow, for both buyer and retailer. It’s adding a step that’s not necessary if you can accept crypto directly.
If you’re a retailer that allows people to monetize their gains directly instead of selling off first, you open yourself up to a huge community.
Its hugely popular in the big ticket luxury goods, from jewelry and designer clothes to Ferraris, yachts, and real estate.
If you have a $1 million real estate transaction that can be settled instantly via crypto (plus a day for settlement via wire or ACH), it reduces counterparty risk on both sides, and cuts out banking transaction fees and KYC for one of the stops at a bank. Every time you move lots of money, financial services companies take a piece.
The modern banking system is essentially decades, maybe centuries behind other technologies. We move money very similar to how it was moved prior to WW2, just with shinier networks. But the nostro/vostro reserve banking system is essentially the same. One of the biggest sources of FUD against bitcoin is the banking industry. 90% of them would probably be out of work in a blockchain world.
Critics of bitcoin are essentially Internet critics from the mid-90s, “What would it be used for? Yeah sure. Who’s going to trust their banking to the Internet!? Using the Internet for stocks and investing? Haha, no way. We have trading floors for that!”
Its huge outside the US. While lots of people in the US hold crypto, we’re very much behind the ROW when it comes to using it for transactions.
“The purchaser just transition their crypto to fiat then make the purchase?
Expensive and slow, for both buyer and retailer. It’s adding a step that’s not necessary if you can accept crypto directly.”
It seems like this by itself would be an emerging market then....The business of transitioning crypto to fiat fast and cheap. Similar to market makers in the options market.
But I see a risk in whoever does this, in taking losses in the crypto it holds if the crypto market has a bad week. Or being stuck holding the bag if crypto does take a regular downturn....people offload their crypto for fiat...then buy back in at a lower level.
Market Makers that deal in the options market have a way of hedging their positions when they sell options by purchasing or shorting the underlying stock....
I cant see how a crypto “Market Maker” could do this to protect themselves
.
I think the currency will collapse, and BTC might be an option, if our rights survive, witch I really am concerned about.
Money, BTC , land, gold, silver, the ability to carry out free transactions mean nothing if class warfare results from the class envy from the left is allowed to carry out it’s inevitable communism.
When the dollar finally collapses, and all those government programs from Social Security to unemployment monthly payments can’t buy a loaf of bread, the economically uneducated masses will DEMAND the government fix the problem.
-THEN, the government will happily say “Ok, we can fix this, but that pesky constitution that protects the rich, just has to go!”.
Artificailly intentionally induced class warfare. Cloward Piven.
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