LIVE: President Trump Delivers Remarks at Bitcoin Conference in Nashville
(rumble.com)
₿ DECENTRALIZE THE FROG 🐸
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (68)
sorted by:
That is based on my own years of research into what those problems are, how our monetary systems have been created, who created them, and how they were used to fuck with the economy and control the populace. Here are a couple of problems that BTC does not solve:
This is the biggest offender in the history of currency fuckery. All currency without value was created by people who used it to grab power and enslave the people they forced to use it. No one uses a non-valued currency unless they feel they have no other choice. The only reason people today would even consider using BTC is because we have been trained for so long to believe that this is a viable solution that we have completely forgotten what it is like to use a currency with intrinsic value. The moment that there exists any currency with intrinsic value, any currency without it will be thrown away like the useless trash that it is.
Let's look at an example. Would you trade something that you have that you consider valuable, say a car for example, for something with intrinsic value, that you know other people will want, or something without value, that some people may want, but most would prefer the other stuff that has actual value?
I suggest that once the option is available, NO ONE will use a non-valued currency when a valued currency is available. BTC has exactly zero intrinsic value.
The second worst offender in history regarding currency fuckery is fractional reserve lending, which BTC does not solve, but isn't explicitly a problem with BTC either. It is however potentially a BTC problem that BTC doesn't address directly. I don't blame BTC for this. This is more of a general problem with the populace not understanding how big of an issue fractional reserve lending is.
The third worst offender of currency fuckery through time is hording. BTC is almost certainly already horded up the ying yang. It is likely that more than 90% of all BTC is owned by a single effective entity (hint: there is only a single corporation in the world). Relying on a single currency ensures that anyone who can horde it, will horde it, and in so doing can manipulate the entire economy and indeed, enslave the people, manipulate the government, etc.
1&3 are two of the biggest problems with currency in history, and BTC does not solve them. If it doesn't solve two out of three of the biggest problems with currency in history, and is still potentially subject to the second biggest problem, how then is it a "solution* to our currency issues?
If Bitcoin is going to replace everything and be our only currency/store of value, then I agree with everything.
But....What if Bitcoin isn't intended to become the ONLY currency or intended only as a place to store / transact large amounts? Why do we need one currency? It doesn't have to be all or nothing. That's just something we were deliberately conditioned to believe.
Bitcoin can exist along with other crypto currencies and a gold backed currency (on a Blockchain) or even the current US dollar for those who want to still use it. Let the people and private business decide what they want to transact/trade/borrow or be paid incomes with. (free market)
We need to get to the point where central bankers and the government aren't deciding what the value of our currency is worth and limiting alternative forms of transacting. As I said in another post, if a business owner wants to accept cupcakes as payment for their product/service. Then they should be able to in a free country. Central Bankers shouldn't need to make cupcakes a legal tender and decide how much a cupcake is worth and track it so they can tax it.
The people need to preserve their freedom to make their own choices and decide what has the most intrinsic value for them. We are more than an economy.
This is just my simple late night two cents. I don't have the answers, but I can see your concerns being an issue if we end up in a bitcoin only world. Much of that could happen in a gold only world too. Decentralization and freedom of currency choice is the only answer to me.
No it cannot. They cannot coexist, it is impossible. NO ONE would choose to trade for a currency without value when a currency with value exists. Please try to come up with any scenario where one would do so. I am fairly certain you won't, since no one ever has.
I agree completely. The path then is obvious; we mustn't tie ourselves to a single medium of exchange. On the contrary, the only possible path forward that solves all the problems is a blockchain tied pseudo-barter system.
Again, 100% agree. The problem is, if there are a thousand possible ways to conduct a transaction, NO ONE will choose to conduct it in a way where they give up something of value for something without it.
This isn't rocket science. A free market absolutely obliterates any trade item (currency in this case) without intrinsic value.
Agreed 100%. BTC cannot be a part of a path to this state for the reasons stated in the previous post (no value and hording). In the case of hording, any entity that hordes a currency controls it. A free market destroys hording, but it also destroys BTC because it has no value.
Again, I agree 100%. But it is completely obvious to anyone who has studied the economics and fuckery of the past, that BTC can't solve these issues that we both agree on. Indeed, it can't even be a part of such a solution, because it has, quite literally, nothing to offer.
Where did I suggest or imply anything about a "gold only world?" That would be just slightly better than BTC, but is still subject to hording. And indeed, the hording of gold has been a major driver of the world's economic history, and all it's fuckery, which is why I placed it as "number 3" in my "worst economic fuckery list" above.
The value is decided between the parties involved in the transaction. Whether it be through a barter or an exchange of currency.
I see it this way. If the dollar crashes and a large company's biggest corporate customers are only offering to pay using Bitcoin. I think the company will see value in accepting that Bitcoin.
Unless of course the US has banned it in advance, because they plan to use the dollar crash panic to force CBDC. Which could happen while we're all being kept divided by arguing imperfections, while the enemy conquers. Time is running out.
I love your title..."worst economic fuckery list" lol!!
Agreed. The decision of how much something is worth is weighed based on a things intrinsic value and it's extrinsic value. Intrinsic value is the value a thing has no matter what a person believes its value is. For example, Silver has value as the best elemental conductor of both heat and electricity. It has value because it does not oxidize in the interior (it creates a patina, a stable oxide layer instead of "rust", an unstable oxide degradation like iron). It also has lustre, sheen, and visual appeal. This means that in industry, for electronics, and in jewelry (along with plenty of other real world use cases) it will always retain its value, no matter what you, or your would be trade partner believes.
No matter what a person is trading for, or what a person values their silver at, the silver never loses these valuable properties because they are a fundamental part of the universe.
BTC has zero such value. It can't be used for anything that would give it meaningful value.
BTC can have extrinsic value, because anything can have extrinsic value, and that is the "value decided" on that you are talking about. You are conflating the idea of extrinsic value (which both silver and BTC have) with intrinsic value of which only silver (in this comparison) has.
Again, in *ANY barter situation where one has a choice to trade for something with intrinsic value or something that has none, no one would EVER choose to trade for the thing with no intrinsic value.
Not if there is anything (like silver) that has intrinsic value that they could trade for instead.