A Goldbug’s look at bit coin

I been read­ing posts on Bit coin to get an idea about its use as money. There are many ideas on that sub­ject pro and con that are insight­ful. One, in par­tic­u­lar, is of the sen­ti­ment that “We appre­ci­ate the effort of the pri­vate cit­i­zens who gave us this option”. That is an excel­lent way of putting it “We appre­ci­ate the effort” if in fact the effort is being done by the pri­vate citizens.

But it should be kept in mind that the pow­ers that be work with and on problem-​action-​solution! So could the prob­lem be, or maybe I should say, (the action that starts the prob­lem) be the clos­ing of the gold win­dow by Nixon, (know­ing what would be pos­si­ble with com­put­ers in the near future), Have the prob­lem be the world awash in fiat cur­rency. Then know­ing that they (the causers of the prob­lem would never be trusted to come up with a solu­tion) let the (or have a) crypt-​private cit­i­zen (s) come up with the solu­tions. Which would be what they wanted all along, crypto-​currencies?

Remem­ber what Arron Russo Told Us!

Every­thing On That Chip! “That sounds like a Bit Coin Block Chain to me!”

And being that they are hold­ing almost all the known con­nec­tion points they (the cur­ren­cies) would be under their con­trol in a short time. This would also explain why the fed thinks its a good idea, and the gov­ern­ments are not after the mak­ers. What really wor­ries me is that after see­ing that maybe it’s not so cryp­tic (Silk Road) and that it has other prob­lems that have come up. Like peo­ple hav­ing their bit coin van­ish, or server errors.

This state­ment was just made by insid­ers of the Bit coin Foun­da­tion Gen­eral Coun­sel “Using bit coin for illicit trans­ac­tions is really, really dumb,” said Patrick Murck, the Bit coin Foundation’s gen­eral coun­sel. “Bit coins are so easy to track.” So they can track illicit trans­ac­tion, but every­thing else is not tracked, Is that what I’m hear­ing?

But let’s say that the infor­ma­tion leak was not because of the gov­ern­ment defeat­ing the encryp­tion that mat­ters not, because we know quan­tum com­put­ers break encryp­tion as easy as I brake my javascript pro­grams. I won­der if the Bit coin com­mu­nity have seen this?

512 Qubit (Q‘Bit) Quan­tum Com­puter, NSA Sur­veil­lance To Be Turned Over To AI Machines

So no more talk about encryp­tion OK!

My view on the sub­ject of Bit-​coin is that it may not be fiat money but it’s just as bad morally! Because it allows money (if that is how it is viewed) to be cre­ated with­out end, and here is the prob­lem with that. You take power from those who make money ie. from the old Alchemy and give it to the new). Sound good huh?

“The ancient alchemists sought (it is believed) in vain to con­vert lead into gold. Mod­ern alchemists have suc­ceeded in that quest. The lead bul­lets of war have yielded an end­less source of gold for those magi­cians who con­trol the Man­drake Mech­a­nism. The star­tling fact emerges that, with­out the abil­ity to cre­ate fiat money, most mod­ern wars sim­ply would not have occurred. As long as the Mech­a­nism (easy money cre­ation) is allowed to func­tion, future wars are inevitable.”

G.Edward Grif­fin
The Crea­ture from Jekyll Island

Abridged text in bracket

In a some­what related story… Did Max Make a fraud­u­lent slip?
Did he say bit coin is all in his head?

March 2020

Bit-​Chute Post

Good con­cept but a few flaws. The banksters own all the gold so trad­ing in pre­cious met­als etc wont work. And lets not for­get who owns the mines who can dig up ‘cur­rency’. As you men­tioned, fiat paper money does not work. Bar­ter­ing solid goods like days of old worked then, but how do you barter a Boe­ing 747 ? Some items require the con­tri­bu­tion of thou­sands of peo­ple, so how do you barter some­thing thou­sands own ( and get the own­ers to agree on the trade )? I under­stand Hitlers Ger­many used ‘work cer­tifi­cates’. If you dug a road or plowed a field then a cer­tifi­cate would be issued. That cer­tifi­cate could be used to buy items. Unlike worth­less print­able money, work has to be done to earn a cer­tifi­cate. So banksters who sit around tables laun­der­ing money and exploit­ing usury, do not do any work and con­tribute noth­ing, there­fore can not get work certificates

Reply

What is one per­sonal respon­si­bil­ity? You know about gold, and sil­ver Yes, the pop­u­la­tion has allowed a few to get far more than they should have. But, at least for the fore­see­able future noth­ing else will hold wealth. Bit-​coin can only log­i­cally be used to trans­fer cur­rency used in trans­ac­tions. It has no human work to back it up. Peo­ple use the term intrin­sic value but don’t real­ize that the work that is needed to get (in the case of gold) or make in the case of a 747 is that intrin­sic value! Because in the end money is a com­pres­sion of ones time. What you are say­ing is true, but is lim­ited. As far as 747’s are con­cerned one would have to think in terms of col­lec­tive own­er­ship ie Co-Op’s. the same way of doing busi­ness could con­tinue with the only change is more equal­ity in earnings.

Dis­claimer: There is very lit­tle chance that bit­coin, lite coin, and the other crypto-​currencies WILL NOT GO UP in value. Even more so if it’s really invented by a pri­vate cit­i­zen. Keep in mind that this is a Sil­ver Bug’s Con­spir­a­to­r­ial View!

As for me, give me a few Oz, of Sil­ver or Gold…

March 23 2014 : Con­sider Mt.Gox and the need for “Gov­ern­ment Reg­u­la­tions”!

I think if you really want to use Bit­coin just wait for your friendly gov­ern­ment to pro­duce it for you.

This work is licensed under a Cre­ative Com­mons Attribution-​NonCommercial 4.0 Inter­na­tional License.