Why are there some here who are adamant that bitcoin is some sort of deep state ploy to control all the money in the world?
It is easily verifiable that no govt agency controls any large percentage of the supply. It is the most evenly distributed currency in HISTORY. And by far the most fairly distributed. The govt’s late reaction to bitcoin allowed for bitcoin to become this way. Had the govt’s jumped on back in 2011… then it would be a different story.
Why is it gold and precious metals always argued as a better option?
Do you really think you are going to be able to easily spend your gold if and when the current system crashes? How are you going to break it down into smaller fractions? What if you just need $5 worth of it for a coffee?
Do you also think the U.S. and other govt’s won’t do what they’ve done before and confiscate these precious metals in a dire time, to allow them to return the dollar to a gold or some other standard? (Think FDR…)
Are you not at all worried that it could happen again?
This is why bitcoin is so feared by the fed. It’s out performed every single asset for the past 12 years…. And they own less than 2% of the supply for it.
They cannot control it. They are too late. The only way they can control a large percent of the supply would be to cause an unimaginable dramatic value increase in BTC (over $1m per coin).
They cannot stop it. The network is completely decentralized… similar to how they cannot stop the onion network because it is decentralized and hosted “by the people”. The only way they could stop it would be to shut down the internet… GLOBALLY…. No single govt can pull that off for any long length of time… sure one country can shut off but that’s not going to shut the world off… it would only hurt the country who does it or tries to stop it. The same reasons the dark web hasn’t been shut down is why bitcoin can never and will never be shut down.
They cannot seize it (on a large scale)… individuals can get arrested and have their wallet seized by authorities, but these situations the individuals are basically allowing it to happen or agree to it in some sort of plea deal for their CRIMES. Authorities have no easy means to just “take” your wallet or funds from it… you have to give it to them, or very stupidly stored the passcodes for your wallet and they find that. This is the only time BTC has ever been successfully seized. Gold has millions of examples like this as well.
Gold and precious metals are fine investments too, but they are in no way superior to bitcoin if and when the sh*t hits the fan. We have even seen real world examples of it… look to Venezuela, when their currency has the massive inflation problem some years ago (still does), the people turned to BITCOIN as a means for day to day transacting… because it was easier than carrying around a wheelbarrow of the worthless currency and also easier to spend than any precious metal. (https://www.forbes.com/sites/realspin/2017/02/03/why-venezuelas-currency-crisis-is-a-case-study-for-bitcoin/)
Do what you will. I don’t intend for this post to be a “buy Bitcoin!” Post; it is more of a rebuttal to the core argument I hear on this forum regarding gold and silver. It is also a defense of bitcoin, because some here don’t clearly see why bitcoin is a massive problem for the system, and why that is a very good thing.
Disclaimer: This post is not intended as financial investment advice in any way shape or form.
because jim cramer just endorsed it.
if i was only buying bitcoin, i would at least buy some metal after hearing that.
if not just sell all your crypto for metal immediately lol
I will also agree that ONLY owning bitcoin is not a good idea.
Diversify, for sure… with gold and other metals.
But when and if the time comes we all need to use these investments to survive… I can bet that bitcoin is going to be the one you are most thankful for having. It will make it so you probably won’t even need to spend your gold and silver stash.
i lost 4 grand in crypto (GME tokens actually) because it was on FTX of all places. haven't reinvested in btc, only gme. i suppose i could grab some. too busy being homeless. i do have a trezor tho 😂
Never hold anything on any exchange
Only on your own personal wallet and securely store that thing. Trezor is a good option.
Fix the homeless thing first tho… may good luck come your way and help with that… sorry to hear of your situation :(
Jim Cramer endorsed it only after YEARS of trashing it and having eggs on his face
Jim Cramer is an idiot, for sure.
But Elon Isn’t, and he also endorses bitcoin (and dogecoin which is a near exact clone of bitcoin’s codebase)
While agree with in most of your other comments here, I don't agree with this statement
Elon is just as controlled as the rest of them. He's just playing the role of the cool, smart tech bro who gets "it"
If Cramer is the signal to inverse. Elon is the signal of the trending sentiment
To each his own.
I personally feel Elon flipped a while ago and has done more than any other public person to facilitate truth revelation.
So you think the power will be shut off globally?
Because if that is the case then you are mistaken.
As said, sure some countries may shut off… but would you want to stay there if they did? No.
Do you want to haul however many pounds of gold and silver to whatever new country you try to flee to? No.
You have fun with that. And good luck not spending at least $100 worth every time you want to spend just $5…. What are you gonna do, scrape flakes off your gold bar? Lol
And to add further… if the power does go off globally then there’s much larger problems than any gold or silver coins are going to save you from… nor do I think gold or silver will even hold value. You need power for precious metals to be useful for components and electronics… it will become just…. Jewelry if there is no electricity… and guess what jewelry will be pretty worthless in dire times like THAT.
Stick to a realistic scenario if you really want to “prove a point”…. A realistic scenario is the usd is on its deathbed (again) and the president (again) confiscates all of it nationwide… to save “the system”.
I’m misinformed?
When was the last 51% attack on BITCOIN? Lol. The network is so large, with so much hashrate…. It is comical to think it is even possible! Bitcoin is not some shit chain that has low participation. It has an astronomical amount of horsepower behind it.
Bitcoin doesn’t have nodes… the nodes are every single miner. This isn’t a PoS (proof of stake) chain. Do you know what you are talking about?
Regarding transactions… stores can easily authorize the goods the leave before the transaction is confirmed… they do this with fiat systems already: ever heard of a chargeback? Stores pose the same risks here as they do with a double spend. Local stores can hold customers who do this accountable very easily. Only online sellers will need to wait for confirmation before shipping goods, guess what that’s how it works with fiat too.
Regarding the argument about needing an electronic device to spend it:
Again, this is assuming a doomsday scenario. Trust me, if it’s this bad that we have no electricity or internet for a very long time… your little gold and silver coins are going to not be desired for barter either.
Regarding your comment “someone hasn’t heard of silver or copper”, that isn’t my point… if you need to flee to another nation for some reason, do you want to haul your 200+ lb case of gold, silver, copper with you? What if the situation is so dire that you are unable to retrieve them in time to do so?
Regarding confiscation: History proves otherwise, people have already been forced to (and the people succumbed to it) hand over their gold once. It can happen again, and if you don’t you face consequences that you will have to flee the country to hide from, good luck fleeing with hundreds of pounds of useless weight in metals. Fact of the matter is, if shtf… you will be better off with btc… something they can’t even prove that you possess (if you aren’t a idiot anyway)
Never said I wanted BTC to be a global currency. But it is a currency that carries value globally.
Yeah tether scam will eventually fall... but guess what, there have been far bigger scams and dozens of them and all of those supposedly "hurt bitcoin"... yet bitcoin is right on track and in line with historical charting. Nothing has truly effected BITCOIN... but yes I do and never didn't admit that when tether falls it will be a bad day for crypto. It will become a great day for Bitcoin though, as people are going to realize that there is no true stable in crypto, and Bitcoin is the safer hold.
Exactly, a miner is NOT a node in the traditional sense... nodes in crypto are used on PoS chains, and there are generally only a few hundred or thousands of them, I agree that these blockchains will have issues if a large amount of their NODES go down. With bitcoin, there are literally hundreds of millions of individual miners. And believe it or not, a reduction in hashrate (like 30% of the world losing power) only affects btc transactions for 48 hours, at that time the block difficulty gets recalculated and blocks become easier to mine by the lower hash throughput.
Federally backed or not just applies to FDIC insurance. It does not cover chargebacks lol. With unlawful chargebacks, law enforcement gets involved, the retailer provides video proof of the person purchasing the items... law enforcement then presses charges. It's not much different than writing a bad check. These same laws and rules can apply when using BTC instead of dollars.
Regarding "history proves otherwise" Yeah, sure there is maybe one specific scenario that can play out where having precious metals is better than a digital currency for which you can transact in tiny fragments across the entire globe in minutes. This is why I never ever said it's not a good idea to hold ANY of these precious metals. It is obviously a good idea.
But my point is... 99.99999% likelihood that gold/silver/metal will be not the best option and also will be cumbersome, with whatever cataclysmic event we have happen that requires us to turn to these other options for payment and barter.
Regarding fleeing countries: Has nothing to do with flying on a commercial plane... lol where did that even come from. It has to do with... whats going to be easier to QUICKLY gather and throw into a vehicle and drive away... Imagine a emergency scenario where you have only minutes to escape whatever is coming.
Regarding confiscation of US citizens crypto: I'm not an idiot, the govt would not even be able to prove that I have crypto for them to confiscate, or I can just claim "I lost the wallet seed phrase for it". Sure they can tell I at one time purchased BTC, but they have no way to track what I spent it on from there. It would be an impossible task for them to continue to pursue it. Or, I could easily grab my entire net worth, and leave the country to another country who hasn't gone totalitarian.
The point here is, you cannot PHYSICALLY hide gold from the govt. It is a physical tangible thing that they can physically find, they also have many ways to prove that you own it. There are no (legal) ways to transact / move / smuggle precious metals away from yourself and to somewhere secret. And if a regime came that was truly totalitarian, and you have a freakin wheel barrow of gold and silver coins... It's going to be very hard to flee without just simply leaving it behind.
This is my issue with “buy gold.” You cannot realistically spend it on common items. Silver is easier as a day to day currency.
Get 1/10 coins
Prove to me how price action works on crypto. Cause right now prices are clearly fake all around.
The fee's to send bitcoins is insane. You mayswell just throw in the towel.
Add in Tether fraud. Unbacked assets.
Trump - calling Crypto/BTC a scam.
Not looking good for BTC.
Price action on crypto works like any other stock that is traded on any open market…
If you are asking what makes BTC valuable that is a different question that ive already answered.
The fees are insane? Lol, no. Yes there’s a way to completely screw up and pay a way higher fee than needed…. You can artificially increase the fee you pay to make your transaction process faster (long story short).
Some idiots have messed up and spent way too much fees before. It does happen, but all of the wallet programs now have a lot of measures to prevent an unknowing user from accidentally doing that.
In general the fee to transact any amount of bitcoin anywhere in the world is in the range of $0.15 to 0.50.
Tether is not Bitcoin, I’m no fan of tether either and it will likely eventually fall, but bitcoin will still stand, as it has for all this time.
When did trump call BTC a scam? Infact I’ve heard opposite and heard him speak optimistically about bitcoin in the past… Trump is selling fkn NFTs man.
i agree. it's a honeypot. 10,000 btc for some pizzas was how most normies learned about it....
A honeypot for what? Lol
what are the comms behind 10k for 2 pizzas? Lol
It was when BTC was worth less than a penny lol
BTC ETFs just got approved look what happened to Gold after Gold ETFs got approved in 2000. Things are looking AMAZING for Bitcoin this year and into next.
I thought I read on GAW about how BitCoin was set up as a trap - criminals, sex trafficking et al flocked to it thinking they couldn’t be traced. “We have it all” comes to mind.
Lol no. BTC was created as an open ledger. That was the whole point to make money decentralized and transparent. Anyone who ever thought it would be secret never even read the white paper.
I agree.
The problem with Gold or any physical currency. We would have to trust that
Bitcoin actually converts power into a cash alternative asset as well.
My coin dealer x-rays all coins
I am more referring to the new dollar backed by gold. There are flaws to this as well.
My daniel defense ar is guarding mine
Re: How are you going to break it down into smaller fractions?
You get smaller gold or silver pieces in exchange? Not that hard to figure out, lol.
There is a landscaper in Westerville ohio that only takes silver in payment..indian owner of little store near me will take silver for gas
Obviously you can do that, but you’d have to prepare for that beforehand and who’s to say if your $10 silver coin will be worth $10 when the dollar collapses? It may be worth $100… and then all the preparation you did was moot because you still only have $100 bills and no way to get change lol.
Fact of the matter is
1 bitcoin can be spent in fractions as low as 0.00000001 at a time. You cannot fractionalize any metal to that degree…
Bought gas or groceries lately?
Yes… gas for me is about $40 to fill up (Honda)
And when I say groceries I more mean when you just need a few things. Bread, milk, etc.
So $100 not too high a valuation..is my point
Ok, how do I pay for gas with bitcoin?
He who controls the network controls the coin. Where is the most mining done ?
I think if everything goes to shit, you wont have the internet to access your digital wallet. I also think if shit hits the fan, gold will be a useless chunk of metal. I know i will not take it in trade for guns, food, ammo, alcohol or anything else in a post apocalypse scenario. If the fiat system and our current way of life is not altered, yes, i think crypto is currently better than gold. I also believe they will find a way to seize crypto via quantum computers and tech geeks at 3 letter agencies if it becomes a problem for them.
This is mostly what I’m talking about too
REALISTIC scenarios..
If the shtf like that globally we’re all doomed whether you got gold or btc lol
Re quantum at 3 letters… yes this is eventually a problem, but QRL’s (quantum resistant ledgers) are going to solve it… and also, it’s pretty easy to hide the bitcoin in a wallet that is unknown to anyone; and thus they won’t know what wallet to try and crack into to seize them.
During great depression you could buy a bentley for five silver dollars..when people were jumping out of windows
Agreed. Like i said. Perfect scenario btc is great. Current trend of global affairs, no type of currency is a safe bet. Obviously i pray that is not the case in the future.
Because you need to be connected to the network to use it dumb fuck
US govt is verified as one of the largest holders in the world of btc
Yes but not even close to 5%
Yeah because of siezures not because of buying
Everyone will get BTC at the price they deserve. Best of luck to all!
When did GAW become a pay-site???
And then there is this: https://valaurum.com
Yes this is cool, but you do realize if the dollar completely collapses… gold is going to go up a lot (not as much as bitcoin :D) and these individual flakes may still be worth way too much to easily spend for day to day needs like filling up your gas tank or buying some groceries… etc.
WTF are you talking about? Most fairly distributed? To who? I don't know anyone who has any and there is only supposed to be 21 million. I've read where certain corporations and individuals have totals in the tens of thousands. Just how the fuck do you come to the conclusion it is fairly distributed?
No single entity controls even close to 5% of the supply.
Thats what I mean.
Find me a fiat or stock or precious metal where there’s no govt or entity that totally controls and drives the market because they simply own a large portion of it.
Exactly why you don’t know who all owns these 21m coins is exactly my point… they are so spread out, and so thin… very few single entities have even 1000 bitcoin… and yes some have 10,000 of them but that is quite literally 0.0047% of the supply.
The only person who holds a significant amount is Satoshi who has never and very likely will never spend the coins… they are considered lost and out of circulation. And he holds around 1 million, about 4.8% of the supply.
Because they want to go back to the good ole days. Lol
But you are right. Decentralization is the way: blockchains.
I see this as the opposite, I can easily hand someone a coin for a can of gas or a bag of rice. It’s something tangible that people recognize as having inherent value. I can’t see people wanting to receive 1/100000th of a digital credit (presuming the cell network is up) when there is an opportunity to receive something of value that they can hold in their possession.
99.99% Of people don't know nor care about bitcoin...
I remember when Bitcoin was over $60k and then we learned China had One Trillion in counterfeit Bitcoin. Then it fell to $15k.
Lmao counterfeit bitcoin???? What
Link me lol