What’s the play on Bitcoin? Hilary and Trump both agree Bitcoin is bad???
(systemupdate.substack.com)
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you clearly don't even understand the issuance model of bitcoin if you think somebody can just "buy all of it up"
You don't need to buy it all to crash the market. If you think you do, you "clearly don't even understand" what it takes to destroy faith when you own all the money in the world and all the media. You could probably destroy the market with 10%. When the price starts to fall, people get out. When people get out, more people get out. When more people get out, all people get out, except those holding the bag. People will realize it has no intrinsic value, and it will be worth absolutely nothing.
As long as there is an exchange between FRNs and Btc, Btc is compromised, because they own all the FRNs.
Its backed by faith. It is worthless. It can't be used to make anything (or at least its value is not tied to its productive capacity), it has no intrinsic value.
I get that you are invested, but that has nothing to do with reality, only your belief, and your belief is only as valuable as everyone else's belief.
True. In fact that’s how bank runs happen. And how toilet paper at Costco runs out during a pandemic that doesn’t involve crapping your pants.
You just described the US dollar.
The dollar is a bit more complicated than Btc. What we call a dollar is not actually a US dollar. A US dollar is defined as a specific weight of gold or silver (21(ish) grains of gold or 325ish grains of silver). It could conceivably also mean a treasury note backed by that amount of gold or silver held in the US treasury (such as a silver certificate, etc.). What we call US dollars are actually Federal Reserve Notes (FRN). We haven't used a "US Dollar" in a very long time.
The FRN performs two main functions; it is a tool of enslavement (indentured servitude) and an asset transfer vehicle. In the first part, it is designed to enslave the US population, and since it is the most commonly used reserve currency in other countries, by extension it is also used to enslave the entire world. It does this by being created based on the future labor of the citizens of the United States. Every FRN in the world is an indenture (bond) on the US citizenry.
In the second part, through the function of "interest" on this de novo created indenture, all real assets are transferred from We The People to the PTB (through their banks and other financial institutions, e.g. BlackRock, State Street Corp, etc.).
While there are control mechanisms in Btc, it is primarily just a fiat currency. The FRN is much more, though it performs that function as well, but really just as a happenstance of it being necessary to be fiat to perform the other primary functions. However, like Btc it will also lose all value as soon as the PTB decide it is time to kill faith in it in favor of their Great Reset.