New bill would revalue gold to buy Bitcoin
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I see why this could be a good plan. The latter part of the video in terms of inflationary pressure, I fail to see it:
Cutting spending for 2 T.
0,75T comes onto the market, investment money => market jobs. not funny .gov jobs.
nett effect 1.25 T. That sounds deflationary to me, meaning: the bill is not footed by the taxpayer/savers.
add to this a lowering of the interest. ....
Taxpayer is better off.
Lower prices of energy => cheaper production, more goods and services and market jobs.
houses cheaper, by allowing new development + lower interest rates.
clawbacks ...
The Fed systems gets an equity infusion of 0.75T (earily similar to the 2008 crisis money) and assumes IOU;s for that. = 0.
Meanwhile, the current BTC holding + new BTC holding increase in value => USA .gov is solid.
Debt growth is returned to debt decrease.
No deficit spending
price pressure on gold increases the equity holdings of the FED system.
=> total revenue: roaring economy.
U can already buy gold with bitcoin. APMEX takes several.cryptos.
So the country that is 36 trillion in debt is going to sell real assets for a crap shoot? Brilliant!
Given no one can provide proof of reserves of gold, Bitcoin is really the best option.
Yeah what the heck ever happened with that? Trump and Elon went on and on about a livestream tour of Ft. Knox then completely dropped it along with the media.
Pump & Dump comes to mind. Talk is cheap , actions not so much.
And even more worrisome is that this implies that the fed Reserve is sticking around.
Tired of all these shenanigans. How much longer? Governments should burn in hell forever.
Sso, any predictions on gold? One perspective might be a percent of BTC. Right now, Gold at $3K is about 3.75 percent of BTC at $80K.
If BTC goes to $700K, I wonder if Gold would get to $21K (3 percent).
I'd rather it was Trump Bucks, but this is a good start
Sounds really retarded.
Bitcoin is currency backed by nothing with zero intrinsic value or utility whatsoever.
It's one of the biggest scams going in my lifetime.
The whole Satoshi story is a complete fabrication.
This just seems like smoke and mirrors with some good old fashioned bs and trickery mixed in.
Sorry if that insults your BTC religion, but that's how I see it.
Bitcoin is backed by energy and its rigid proof-of-work model. It's intrinsic value lies within its proof of work infrastructure, an immutable ledger that cannot be manipulated.
You know nothing about Bitcoin.
This is not correct.
The energy used to mine BTC is CONSUMED in the process and is therefore LOST forever.
I keep hearing people parroting this falacy and they keep getting mad because they're wrong.
True, but the ledger is the gold. I just prefer the real thing. All I could see myself doing is exchanging small amounts of metals to use bitcoin as a currency as it's easier to transport. But ultimately I'd prefer to just exchange metals for what i need.
Same.
If you can't physically hold it in your hand, do you REALLY "have" it?
I don't need a 3rd party involved or electricity to snap off a gram of gold from a Valcambi bar...
What I DO wonder is when there IS some unforseen problem with your BTC, who are you going to call to resolve it? Ever have to call a 3 letter agency because there was wire fraud? They're beyond fking useless and zero help. They just don't care.
BTC? "Sir can you describe what was stolen from you? Size?, color? Weight?" What agency would be responsible for crime? Theft/loss/a glitch? Computer "glitches" etc happen all the time... I'm sure there's some snafu that hasn't occurred yet with BTC that will... humans are involved. Give it time...
The energy mined is recorded in an immutable ledger through its proof of work system, so yes it is.
It's consumed in the process - never to be extracted ever again.
No different than any other process that requires an energy input: cooking, machining, injection molding.
It's GONE.
Anybody can record how much energy was consumed in any one of the processes I just mentioned. Big whoop.
You can do that on paper or a rock even... you don't need a fancy ledger.
The fact remains - The one BTC zealots continue to erroneously dance around - that the energy used to mine is gone and cannot be extracted.
No other technology records it in a perfectly immutable, provable way. That's what you're failing to wrap your mind around. No one can change the Bitcoin ledger. No one can print more Bitcoin.
Remember what caused us off the gold standard to begin with: FRAUD. No one was able to prove the reserves of gold. We cannot even prove the reserves of Fort Knox. No nation can prove their reserves of gold. No nation, no entity can be trusted to. With Bitcoin, it's all there, black and white, clear as crystal. No human hands involved in the recording of the ledger. No room for fraud or abuse. NONE. There is ZERO fraud that can occur with Bitcoin. There is a million and one ways to defraud people with precious metals.
Do you want that tho? Sounds great from an anti corruption perspective, but do you want to pay every last drop of taxes you owe and will owe into perpetuity? And have every single purchase tracked with no privacy?
I don't want that at all.
I mean, the blockchain stuff like xrp makes sense for documents etc. But honestly - I don't care about cheating MORE than I care about freedom, privacy & liberty. You can't stamp out ALL crime. Just like every dog is a born thief...no matter what, humans ALWAYS find a way to game the system.
There literally is no mechanism to force or enforce taxes on Bitcoin. Unless you keep your coins on an exchange.
Can't defraud me if own the metal. I am trying to understand the blockchain stuff. I see great value in its forensic purity. Record keeping, contracts, patents and trade marks etc. Even asa currency. But ot in my opinion has to be backed by precious metals. And alternative currencies should be available in the form of physical currency.
Your ignorance doesn’t insult me :)
You are simply wrong. It’s all good.
So it IS a religion...🤣
Lol… no it’s quite the opposite… it’s those who refuse to see that it is better in every way to fiat and physical bars of metal… those are the ones stuck in their religion :D
Only 2 things are worth anything in the entire history of the world:
Things that come out if the earth
Skilled Labor.
That's all. Everything else is trickery.
Good luck buying food from your local farmer when the power goes out and your precious electro wallet is all beat! 😆
What then, bright boi? Didn't think that one through yet?
Bitcoin can be transacted with a piece of paper and a pen, actually. You are going with a completely unrealistic scenario that we would lose power for a VERY LONG period of time… I’m sorry, but if that happens we are all DEAD!!!!
All you guys can come up with is “BuT WhAt AbOuT WhEn ThE PoWeR GoEs OfF!???!?!?”
Bright boi, if that happens, it’s not going to last forever. Secondly, good luck breaking up your ounces of gold into spendable increments.
Fact of the matter is, the more likely event to happen is a collapse of our financial and banking system… and when that happens, you’ll sure wish that you had crypto. It IS what every single company, and farmer, will immediately turn to…. Not archaic gold that 1% of the population actually have in physical form.