Is bitcoin the way to kill the banks?

I've always wished for some miracle that actually had the ability to destroy the centralized banking system in a peaceful way.
I always thought it would be impossible until I learned about bitcoin.
Satoshi is a pure mystery and the fact the creator is a person of myth and legend o think adds to its overall power especially if you read why he wanted to make btc in the first place.
I don't see any way for the government's or any country to stop it unless they want to turn off the net and that's very unlikely.

Every dollar that gets replaced by crypto imo pulls the curtains back just a bit and if enough people support the decentralization of money we will crush the centralized system.
Currently less than 2% own bitcoin but that's probably going to hit 10% very soon.
I can't think of anything else that gives bankers nightmares and getting into btc was one of the best economic moves I ever made.
The cia can't even trace Monero the best privacy coin and the current hate I hear from regular folks directed at banks and government I really think it's being underestimated by tptb.

Can bitcoin smash the chains?

a reply to: Slickinfinity

It's going to happen. Bitcoin brand will at some point reach critical mass when it has 50 plus million users.

I was always fascinated by this analysis I found:

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."

Any president that has tried to reign in the power of the Federal Reserve has been assassinated. Except Andrew Jackson but the attempt was made.

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

a reply to: Slickinfinity

Central banking has the world by its financial balls. If they are threatened in any major way, they will implode the system.

They will anyway, have crashed it before in 1929, and almost again in 2008.

Like the military and their 'big stick' nuke policy, they are both MAD.

A dumb question but, can we buy food and supplies with it when the grid and/or the internet is down?

Banks will just "hold" bitcoin for you ...

a reply to: Slickinfinity
I just started reading up on blockchain and all the cryptocurrencies.
A well known monthly game bundle site (not sure if I can name them) has an ebook collection on bitcoin and blockchain.
I bought it Friday and started reading them over the weekend.
It is quite interesting stuff.
I really wish I paid attention to all this years ago.
Oh well.

originally posted by: joemoe
A dumb question but, can we buy food and supplies with it when the grid and/or the internet is down?

Nope. In a powercut, you'd be screwed.


To be honest I think if the central banks were all that worried, they'd have done something about it. Created their own bitcoins or something.

I think they're just waiting for the pyramid to collapse and public confidence in bitcoin will be destroyed.

originally posted by: markovian
Banks will just "hold" bitcoin for you ...

You don't understand Bitcoin, part of its beauty is that you have total control

Can bitcoin smash the chains?

I've alway liked to think so, and it certainly won't die no matter what the banks do.

Not saying that this will happen, but if everybody switched to Bitcoin, no more bank control, no more being pulled into the debt that banks want you to be in

I had to buy some to make a purchase earlier this year. Now there is about 5 times as much in there as what was left. I wish I would have bought 40 thousand worth. I would be using it to but 250 thousand in physical gold right now, and quit my job

That's exactly it - I can't see bitcoin being all that useful in the near term. Not during a power cut, not at small town mom and pop places (where I suspect a real currency war would be setup to undermine), garage sales, etc. A decade out, no one can predict.

As for banks getting into the business, they are. qz.com...

What people don't get about digital currency or the war on cash is that it isn't so much about tracking all purchases, but getting a cut of them. Retailers already pay a percentage of the sale for any credit card transaction.

originally posted by: Slickinfinity
I've always wished for some miracle that actually had the ability to destroy the centralized banking system in a peaceful way.

Why? Basic retail banking is an important part of life for most people. You need to separate that side of banking with the bonkers banking and greed-driven speculation. Talking of speculation...

All Bitcoin is doing is making people rich through speculation. Soon it will all crash and people will realise that a Bitcoin has no value.

So many posts hitting on nonsense.

If the power goes out, you've much greater problems than currency.

Bitcoin and most other cryptos are owned entirely. Think of it as actually possessing a piece of gold that you could divvy up or part out exactly as you see fit.

There are some 400 alternative or alt currencies as well.

It's not too late to get a slice of the pie. However I can't vouch for any gains or losses bitcoin might take.

Imagine I wanted to take cash in hand and transfer it to you. I don't know you and the distance could be 1 to 3000 miles. With cryptos, it can, an is done many many times daily whereas with cash, or a bank transfer, even western union, the time and effort is greatly increased as well as the fees.

a reply to: Zcustosmorum

Yes I must misunderstand how everyone who uses bitcoin has the 100+ gigabyte wallet and services like electrium give u your wallet key correct ...

That is not a whole lot different than trusting a bank

The idea is solid but bitcoin itself is not and any blockchain that is asic dependant imo is aredy centralized

There will be a altcoin that eventually is used ... just not bitcoin

"In other news tonight....

Governments worldwide have banned all crypto-currencies effective immediately due to their destabilisng effects on economies and the increased criminality that has lately been sweeping nations citing national security concerns. All crypto-exchanges have now been declared illegal and it remains to be seen if regular citizens will see a single penny of their digital assets....

Next up, Tom with the weather..."

a reply to: LightSpeedDriver

Why do you think drugs are so expensive?

a reply to: LightSpeedDriver

this is impossible to do. You have no clue how bitcoin works. in order to ban bitcoin they have to ban the internet. Way too much infrastructure runs off the internet.

No, fantasy money earned by spending real money (mining) won't damage a bank.

a reply to: JinMI

Except the difference is gold doesn't just magically vanish if the power goes out or something happens to the internet.
I know you can hold it on devices, but those don't work without power. At the end of the day gold or precious metals or what ever backing a legal tender is far more safe in the long run.
That's how I see it anyways.
I'm still not sold on the bitcoin thing. It has a lot of holes and questions that are answered with speculation.

originally posted by: paraphi

originally posted by: Slickinfinity
I've always wished for some miracle that actually had the ability to destroy the centralized banking system in a peaceful way.

Why? Basic retail banking is an important part of life for most people. You need to separate that side of banking with the bonkers banking and greed-driven speculation. Talking of speculation...

All Bitcoin is doing is making people rich through speculation. Soon it will all crash and people will realise that a Bitcoin has no value.

Exactly what most people seem to ignore is that for the vast majority of transactions using a conventional retail bank is far more convenient, cheaper and safer than bitcoin.

At least outwith the US, whose banking system seems stuck in the 1950s.

No it's not, in fact I wouldn't be surprised if the banks already have their hands in it to some degree. If anything this virtual money will just put more money in the pockets of the elites because they'll dictate how many virtual zeroes go into their own bank account.