Bitcoin is the next chapter in the book "Extraordinary Popular Delusions and the Madness of Crowds".
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Just why people don't grasp that the state will step in and make it illegal (the process begun under SB1241) after it stole everyone's gold under Roosevelt is hard to imagine. You are in occupied territory, expect extreme measures.
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Whose state are we talking about? Bitcoin is a globally traded currency, & not all foreign governments are aligned with trying to ban cryptocurrencies. Some small countries are begging crypto millionaires to come to their countries where they have it completely legal as currency.
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98% of the worlds ruling classes know they are threatened by cryptocurrencies. Legislation against them is already underway in many places and unlikely to subside. Bitcoin is wonderful but don't think the vampires that rule the world are going to go down that easily.
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Tell me how they will enforce those laws, though? Do you know how many people are using cryptocurrencies, even in their infancy stages? By the time they come up with some bureaucratic crackpipe piece of fantasy legislation they think will regain their power, it'll be too late.
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Read S1241. Its part of that web of statutory law which will envelope the cryptos. They will call in the SEC to regulate them as well. Then they will begin their take downs via the banks, who have been buying to have supply to dump. Bitcoin is NOT battle tested.
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Exactly, I've had so many discussions lately with family/friends about the nature of money and especially govt fiat and how it's used to enslave us. Great discussion starter!
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You know that not everyone gains don't you?
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Everyone who sold at the top sold to some poor schmuck who bought there and watched the price plummet. It's sad that more people don't put that together.
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We're pretty sure that if the price of bitcoin were stable (like gold for instance), you'd be saying that this proves it's a reliable form of money.
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And it would be true, but it would not be a popular and reliable form of money. For popularity you need price fluctuations for quite a while.
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The value of money in business is its lack of fluctuation. It's a matter of predictability. This applies to exchange rates, interest rates, everything business related. Read any business economics textbook.
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The gold standard lasted so long cause it provided business with completely predictable exchange rates. Bit coin is failing at providing predictability. The bitcoin problem is the reverse of the Mark inflation problem of the 1920s. It's the reverse but it is still a problem.
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Quantum supremacy is blockchain supremacy.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Where do you cash out?
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That seems, to me,the next generation http://dot.com or Tulip fever debacle.
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It could turn out to be quite the debacle, but blockchain tech will still eliminate the need for government issued currencies in the future, along with the corruption of elected officials they entail. Bitcoin's huge bubble is just a small part of the monetary revolution going on.
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Denmark is putting away all their cash, all card or electronic money management. Therefore, Danish are collecting cash for the future. Call it electronic possible collapse or revolutionary funds.
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