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?
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.”
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?
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
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.
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