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.
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.