University chair of Economics says Big Government will crush Bitcoin

Professor and Chair of the Department of Economics at LIU says:

Big governments cannot tolerate Bitcoin, the digital currency that threatens to break their monopoly on printing money, and to manipulate the economy to accommodate the interests of powerful elites.

..big governments and central banks are waiting, confining their intervention to regulating ICOs rather than restricting the use of cryptocurrencies as money.

But things may change once cryptocurrencies gain greater acceptance by the "early majority," a larger group of individuals that turns the small demand for these currencies into a cascade, replacing national currencies as a medium of exchange and store of value. That's when cryptocurrencies will begin breaking the monopolies of governments to collect seigniorage income—the acquisition of commodities and assets by printing money. Sadly for Bitcoin enthusiasts, the day Bitcoin replaces national currencies will never come. Big governments have the power to crush Bitcoin before Bitcoin crushes them.

Big Governments Will Crush Bitcoin..

A couple of days after announcing that Initial Coin Offerings (ICOs) are “seriously disrupted the economic and financial order,” the Chinese government banned ICO funding. That was certainly bad news for cryptocurrencies, which crushed across the board, with Bitcoin losing close to 10 percent, Ethereum 21.74 percent, Litecoin 24.92 percent, and BitConnect 32.10 percent.

The Chinese government’s heavy-handed action against digital currencies comes two months after the SEC ruled that cryptocurrency “IPOs” or ICOs are investments, and therefore, should be subject to the same rules as regular stocks. The Chinese and American governments aren’t alone. Last week, the Russian government opened a criminal investigation involving Bitcoin, while the Venezuelan government has been jailing Bitcoin miners. On the surface, these actions try to protect the public from market manipulations. But on closer examination, they are trying to kill any currency that may threaten government monopolies on printing money and earn seigniorage income..

Bi g Governments Are Crushing Cryptocurrencies..

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Lawyer / Writer / Author of the book Currency Wars says: "This idea that somehow you are escaping government scrutiny or your outside the government matrix is just not true. Mt. Gox was attacked by the government." (14 min 38 sec in video) - James Rickards




Feds Seize Another $2.1 Million From Mt. Gox, Adding Up To $5 Million

Bankers Explain Plan to Stop Bitcoin

a reply to: nOraKat

Big governments cannot tolerate Bitcoin, the digital currency that threatens to break their monopoly on printing money, and to manipulate the economy to accommodate the interests of powerful elites.

Big Banks are behind the FED. They hide in plain sight pretending to be the gubment. The Federal Reserve is not theFederal Gubment. Its a private banking conglomerate.

The banks can't stand any currency they don't issue.

originally posted by: intrptr
a reply to: nOraKat

Big governments cannot tolerate Bitcoin, the digital currency that threatens to break their monopoly on printing money, and to manipulate the economy to accommodate the interests of powerful elites.

Big Banks are behind the FED. They hide in plain sight pretending to be the gubment. The Federal Reserve is not theFederal Gubment. Its a private banking conglomerate.

The banks can't stand any currency they don't issue.

Neither can the US Constitution.

a reply to: nOraKat

Hmmm I was thinking of investing in Bit coins, what to do, what to do, I'd hate to think it could go belly up, if I am not mistaken, didn't Australia just recently gave it a boost.

a reply to: intrptr

THe big banks are not behind the Fed. The Fed is behind the big bangs. Get your aristocracy right.

originally posted by: EternalShadow

originally posted by: intrptr
a reply to: nOraKat

Big governments cannot tolerate Bitcoin, the digital currency that threatens to break their monopoly on printing money, and to manipulate the economy to accommodate the interests of powerful elites.

Big Banks are behind the FED. They hide in plain sight pretending to be the gubment. The Federal Reserve is not theFederal Gubment. Its a private banking conglomerate.

The banks can't stand any currency they don't issue.

Neither can the US Constitution.

Whats that supposed to mean?

The Congress shall have Power To...coin Money, regulate the Value thereof, and of foreign Coin....

ARTICLE I, SECTION 8, CLAUSE 5

That was included in the Constitution to protect US from the banksters and their Fiat currencies. Fiat as in, legal tender, receipts, promissory notes, anything that is not backed by precious metal or other commodity.

As in paper, or electronic money, having no intrinsic value other than what they tell us and we believe it has.

a reply to: nOraKat

Everytime the price of Bitcoin drops it's the same, "the bubble has burst", "it' finished" etc.

A few years on and Bitcoin is still rising in value. The beauty of it is, it's not just the currency that's valuable, it's the technology and potential behind it

originally posted by: dfnj2015
a reply to: intrptr

THe big banks are not behind the Fed. The Fed is behind the big bangs. Get your aristocracy right.

The federal gubment is as subservient as the fiat currency they print.

And yes, the banks regulate the supply of money and the value thereof. Mainly Wall Street.

You believe the presider of the federal reserve has any real power, like the current Potus, then you as dumbed down as the rest. They are fronts for the men behind the curtain.

a reply to: nOraKat

"Give me control of a nations money supply, and I care not who makes it’s laws". Mater Amschel Rothschild

During the Civil War (1861-1865), President Lincoln needed money to finance the War from the North. The Bankers were going to charge him 24% to 36% interest. Lincoln was horrified and went away greatly distressed, for he was a man of principle and would not think of plunging his beloved country into a debt that the country would find impossible to pay back.

Eventually President Lincoln was advised to get Congress to pass a law authorizing the printing of full legal tender Treasury notes to pay for the War effort. Lincoln recognized the great benefits of this issue. At one point he wrote:

"(we) gave the people of this Republic the greatest blessing they have ever had – their own paper money to pay their own debts..."

The Treasury notes were printed with green ink on the back, so the people called them "Greenbacks".

Lincoln printed 400 million dollars worth of Greenbacks (the exact amount being $449,338,902), money that he delegated to be created, a debt-free and interest-free money to finance the War. It served as legal tender for all debts, public and private. He printed it, paid it to the soldiers, to the U.S. Civil Service employees, and bought supplies for war.

Shortly after that happened, The London Times printed the following: "If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all coun­tries will go to North America. That govern­ment must be destroyed, or it will destroy every monarchy on the globe.

That govern­ment must be destroyed, or it will destroy every monarchy on the globe. More importantly, Bitcoin will destroy the $500 trillion dollar empire call the Rothschild monarchy! The only thing, I repeat, the only thing that is a threat to the Rothschild's power is the printing of interest-free and debt-free paper money.

Lincoln was then killed because of this policy. Just like the attempt to murder Andrew Jackson and the successful killing of Kennedy for printing interest free money. I'm surprised the people behind Bitcoin are still alive!

originally posted by: Zcustosmorum
a reply to: nOraKat

Everytime the price of Bitcoin drops it's the same, "the bubble has burst", "it' finished" etc.

A few years on and Bitcoin is still rising in value. The beauty of it is, it's not just the currency that's valuable, it's the technology and potential behind it

If someone throws the big switch, the value of bitcoin evaporates, in a flash. It has its place, for the little guy to buy and sell without banks adding on their fees, but has no actual tangible value. You can't hold it in your hand like you do an ounces of silver or gold.

Like paper currency or bank controlled EFT transfers, you are only holding a receipt, a promise to pay.

originally posted by: intrptr
Like paper currency or bank controlled EFT transfers, you are only holding a receipt, a promise to pay.

Paper currency can be backed by gold, and there is no "promise" to pay, Bitcoin is not debt based.

Also I think stricter rules on ICO's/IPO's is a good thing, coin developers need to learn the rules of the free market, they cannot just make up what initial coin price they want, I'm sick of all these huge premines and then the people who premine a huge amount of coins dictate the price of the coin, doesn't seem very fair to me. Ultimately that is why I think PoW is superior to PoS, the price and production of coins is naturally determined by miners in the free market instead of being controlled.

a reply to: ChaoticOrder

how is it a free market if a government artificially intervenes in an organic, people driven movement and uses its power to squash any competition?

that doesnt sound anything like a free market to me.

There are pros and cons. Let's weigh them.

Physical

Pros:

It's mine and I have it right here.

Cons:

Persons / Parties susceptible to influence control it's worth.

Others can easily take it from me.

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Crypto

Pros:

Seems to be less regulated at the moment, and more resilient to direct methods of outside influence from selfish / hostile actors

Cons:

Access - double edged sword?

Pretty sure changes to ICANN and net neutrality will eventually aid governments abroad to inhibit the access to these funds. Seems that this all revolves around the internet. Some changes in routing, allowed IPs and what not could slow things down a bit no?

I'm just talking feel free to scrutinize, I'm highly interested in learning more about this topic. Just made an account to get involved!

a reply to: tribal

Yeah what I said does seem like a bit of a contradiction now that I read it again... it's not often you'll hear someone say more regulations is better for the free market. But in this particular case I think it could be, because it will reduce the number of ICO/IPO coins and I view most of those coins as borderline scams, they set a price then sell the coins like a stock and that's not what cryptocurrency was supposed to be imo, I don't think Satoshi envisioned it like that, he used PoW in Bitcoin for a reason. They claim the PoS (proof-of-stake) system is so much better than PoW (proof-of-work) because it doesn't use much electricity but it means coins must be distributed manually or begin with or a short PoW before switching to PoS, either way it's not very fair to anyone besides early adopters and it makes it a very appealing way for scammers to create new clone coins which damage the reputation of all the legit coins. Also I feel like coins should require some degree of real effort to generate (aka electricity), that's how the free market is able to determine the price without requiring developers to dictate the initial price, the energy required to create coins is the only thing that has any underlying value.

I did happen before with e-gold, I think it was called. Does anyone remember that? The government didn't like it and made it go away.

I think it's too big for our government to crush, it would be too obvious, they will
just keep putting sanctions on it until it's not anything more than a competition to PayPal.

I hope thats not the case, if it were easier to understand maybe it would catch on, I wish it would, but who knows.

All I know is that Blockchain tech is gonna be the next big investment opportunity, and I don't mean buying crypto currency. It will be used for other things.

a reply to: ChaoticOrder

Paper currency can be backed by gold, and there is no "promise" to pay, Bitcoin is not debt based.

With Precious metals, there is no need of paper or electronic bits.

Only banks will tell you different.

originally posted by: intrptr

originally posted by: Zcustosmorum
a reply to: nOraKat

Everytime the price of Bitcoin drops it's the same, "the bubble has burst", "it' finished" etc.

A few years on and Bitcoin is still rising in value. The beauty of it is, it's not just the currency that's valuable, it's the technology and potential behind it

If someone throws the big switch, the value of bitcoin evaporates, in a flash. It has its place, for the little guy to buy and sell without banks adding on their fees, but has no actual tangible value. You can't hold it in your hand like you do an ounces of silver or gold.

Like paper currency or bank controlled EFT transfers, you are only holding a receipt, a promise to pay.

I won't go that far. It is tangible. It exists even though you cannot hold it. It is like saying a movie does not exist on a DVD.

Also it is limited in supply and you cannot just create as much of it you want at will. As long as people use it as money, it will have a tangible value but I guess I hear what your saying.

a reply to: ChaoticOrder

Question: so the Bitcoin system just creates random difficult math problems that serve no purpose to determine awards of bitcoins?

I was going to make another post on that, but it sounds like a big waste of electricity.