Tag Archives: bitcoin

THE TRUTH ABOUT BITCOINS+

bitcoin

The ideal currency is one that is trusted and fluctuates relatively little in value with time. It has a guarantee of value or is backed by tangible assets with value which can be exchanged momentarily upon request at any time, during financial disasters or when everything is functioning predictably. Trust or faith in a currency must have these two dominant factors and there should be a confidence that the currency will not be counterfeited or inflated by those in charge of the money supply.

Bitcoin or any electronic currency with a fixed value is an intangible asset and the only tangible asset is the algorithm used, the hardware associated with it, the stored information, and the trusting customers using the service.

Bitcoin is all a function of trust that the controllers of the currency will not fudge the total amount of the currency and keep it as sound or constant in value as possible.

Unfortunately just like for the fixed tangible asset of gold a fixed amount of  bitcoins or gold is subject to demand and hoarding practices and wildly fluctuates in value. The value of bitcoin will never be trusted if it is not backed by redeemable trusted many tangible assets which are global and globally redeemable.

Do you trust electronic currency and those in control of it? If not, then it is not a serious currency to be considering!!!

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THE BITCOIN SCAM!!!!!!

bitcoin-chart

Bitcoin money is speculative virtual or traditional “paper” money with no collateral or backup real wealth if the currency collapses. If the controllers of bitcoin decide to take down the fake monetary system on a whim or reduce its value via a secret computer algorithm you will become impoverished with less or no value or money for what you have invested. A bitcoin crash to zero is a realistic probability if those controlling the monetary system decide to steal it all from you.

The basic idea of bitcoin is a worldwide currency which is an ultimate ideal currency but any worldwide currency should be tied to tangible assets such as commodity mines, real estate, and solvent businesses manufacturing real products and/or services. The currency should not be a speculative currency which is inflated by a computer algorithm and based on no real tangible value or matter and/or energy.

Governments like the United States and China are counterfeiting currency or printing money without tying it logically to the growth of tangible assets in the GNP and inflating the money supply causing worldwide prices to go up and concentrating the wealth into fewer and fewer hands and impoverishing many in the middle class who are in great debt and paying exorbitant interest rates. There is a great danger that in the not so distant future we will once again have feudal like lords or the elite at the top and billions of serfs living at subsistence levels or working for subsistence wages without hope of advancement.

CONCLUSION

The world will eventually need a worldwide currency to avoid wars between nations but a just one which is tied to reality and a currency which is not a speculative crap shoot which can implode at any time. What is realistically needed is a currency which maintains its value or purchasing power without inflation on into the foreseeable future of the world. The bitcoin scam is definitely NOT that JUST worldwide currency for all its inhabitants.

In fact bitcoin is now being used to hide illegally made money and to transfer wealth across international borders without paying a tax.

You can see by the chart that there is a bitcoin bubble or an irrational increase in value and when it bursts the shit will hit the fan!!!!!!

 

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