The Coming Crisis: Bitcoin vs. Dollar?

a reply to: DanteGaland

also im not saying bitcoin will for sure be the chosen crypto currency. Crypto currency will replace fiat currency though. Whatever coin wins is still being decided by the people.

I'm guessing there will be a main coin for food, for science, for medical, for cash, for advertising, for basically everything.

I also think metals like gold and silver will skyrocket in value soon and be a great place to store wealth.

Do you trust the dollar? or do you just hate bitcoin and crypto currency because everyone else is making money? You do realize that the purpose of decentralized crypto currency is to cut out out the con men that are running everything and putting trust in a computer system instead of a greedy human?

a reply to: booyakasha

I don't have much faith that will happen, they are already discussing issuing fedcoins:

There is another reason for governments to like the idea of a national cryptocurrency: strengthening the power of monetary policy to help manage the economy. Currently, the Federal Reserve lowers interest rates during tough economic times, but the Fed is practically limited at the zero bound because it is difficult to impose negative interest rates (regardless of whether that would be good policy). Suppose bonds were issued with a negative interest rate of 2 percent, making it expensive for investors to hold them. Who would buy them? Why not hold cash, which has a zero percent interest rate? With a national cryptocurrency, whose supply is controlled by the central bank, rates can be negative.

www.washingtonpost.com... 25723a2a

It's a simple matter to pass digital legal tender laws, then force everyone to exchange their cryptos for official coins. In the process all their cronies can steal hundreds of billions from unsuspecting people, which is what they are currently doing.

Did you realize our government has been running multiple sets of books? There's over $21 trillion unaccounted for by just a few US departments like DoD and HUD. How easy is it for them to print up money from nothing and game any crypto coin they want to skim off cash?

They've also most likely been recording every single transaction anyone makes with flaws like Meltdown or Spectre. People don't realize these people are professional thieves who stop at nothing to steal every single last cent they can using imaginary money they print up from nothing.

Real things are tangible the government has to come to my house and forcibly enter my home to take my coin collection whereas they can steal digital currency whenever they want wherever they want with the click of a mouse button. And realize it's probably not even government agents doing it, it's connected corporate raiders.

a reply to: SkeptiSchism

I've been wondering about the quantum threat. Think about this - if China were to start its own coin, or the U.S., would a good enough quantum computer be able to drain the accounts? Does that makes quantum computing the next arms race?

a reply to: darkbake

So what makes money have value?

Scarcity and the productive capacity of the nations people.


What makes a currency loose its value?

More money in circulation beyond what is required to reflect the productive capacity of the nations people.

All money is ultimately leant out against the productive capacity of the nations people.

read; "The Remarkable Model Of The Commonwealth Bank Of Australia" by Ellen Brown.

In 1937 an Australian Royal Commission investigated Finance and Banking. In his summing up the Chairman Sir Mellis Napier of the Royal Commission stated:

“That the commonwealth bank (reserve) can make money available to governments or to others on such terms as it chooses even by way of a loan without interest or even without requiring either interest or repayment of principal.”

originally posted by: DanteGaland
a reply to: booyakasha

Can I buy life-sustaning FOOD and MEDICAL supplies with Bitcoin?

Less than ONE PERCENT of all bitcoin transactions are for tangible "things".

The REST? .... All speculation.

Financial vegans, pushing their "edgy" new fake currency...

There is a dentist on FB advertising that he takes BC and many other digital currencies.

"We will never walk on the moon or achieve human flight" said the naysayers.

a reply to: Azureblue

Well played.

a reply to: darkbake

You can read this: www.cryptogon.com...

a reply to: SkeptiSchism

Thanks, I'll check it out.

a reply to: SkeptiSchism

Yes, I think that quantum computers could be weaponized to deal with cryptocurrencies. It is definitely prudent to put fixes on the cryptos to make them quantum-resistant, as governments could be making advances in quantum technology that are not publicized.

a reply to: DanteGaland

Bitcoin is a mainstream household known thing now. Fast-forward from 2009: You can buy food, takeout, delivery, even supplies(for those wanting legal transactions-such as those offered online legally without prescription) with it. Local places that accept it, found herelink.
Or buy even buy digital gift cards for retailers -more Ratailer sources.

a reply to: SkeptiSchism

thank you, glad someone read it

originally posted by: dreamingawake
a reply to: DanteGaland

Bitcoin is a mainstream household known thing now. Fast-forward from 2009: You can buy food, takeout, delivery, even supplies(for those wanting legal transactions-such as those offered online legally without prescription) with it. Local places that accept it, found herelink.
Or buy even buy digital gift cards for retailers -more Ratailer sources.

On your link it shows that there are only 2 stores in the city centre I work in that accept it and they are both from the same chain.

Bitcoin cards basically convert bitcoin into local currency, that is not the same as bitcoin being used as a currency.

Yet to see any real evidence of widespread use.

a reply to: ScepticScot

I think if people start investing in it and the price continues to rise, then it is possible that stores might start accepting it, and then it would become more widespread.

originally posted by: darkbake
a reply to: ScepticScot

I think if people start investing in it and the price continues to rise, then it is possible that stores might start accepting it, and then it would become more widespread.

I would say that level of speculation is one of the barriers to widespread adoption ( although by no means the only one).

People and businesses don't want to use or accept something as a currency when the value can change so significantly overnight.

quantum resistant.......like water resistant .......ha ha

don't buy bitcoin guys.....instead maybe a farm with a nice stock tank pond thing

a reply to: darkbake

Yes paper money will be no more. Only traceable digital transactions so they can tax every penny

originally posted by: darkbake
a reply to: SkeptiSchism

I've been wondering about the quantum threat. Think about this - if China were to start its own coin, or the U.S., would a good enough quantum computer be able to drain the accounts? Does that makes quantum computing the next arms race?

Yes and no. The defense against this, is that each nation submits money into a basket of currencies. Then, the resulting currency that's backed by everything is that one that sees day to day use. An attack on any supporting currency, would leave the main currency mostly stable. We have a similar system in place already with debt backed currencies. This would just be taking it digital.

Quantum computing has many possibilities, but this isn't something it would be able to do much to.

a reply to: darkbake

Late to the thread. The power of a decentralized crypto currency system is that it exists beyond the monetary policy of any particular bank or nation. This means that the users determine it all.

A stable currency would actually be made up of a basket of goods of multiple currencies.

Nations should build their own cryptocurrency as an alternative to insecure paper money. It becomes easy to tax, easy to produce, and easy to secure. Such a system, with inflation set properly (combined with good national id's and a proof of stake system) could even build into the system a welfare program for those who need it without burdensome taxes.

As far as not being worth anything goes, that's not quite true. You can instantly add value to any currency by declaring it the medium taxes are exchanged in.

originally posted by: GBP/JPY

don't buy bitcoin guys.....instead maybe a farm with a nice stock tank pond thing

My plan is to invest in Bitcoin a bit, and then cash out into a house with land. It's all theoretical. But in the end, owning land is worth quite a lot.

Probably still a lot of money to be made in bitcoin, but the early adopter ship has sadly sailed. Still though, better than Wall Street returns aren't bad at all. And there are a lot of other cryptos out there that could really go huge (and have gone huge).

I really have a feeling this year is going to see the entire field go much more mainstream, and initially, that could mean a LOT of money to those already in....but it will be a window....