President Trump is Wrong on Bitcoin

I've never seen a reason to use bitcoin other than hiding some specific transactions from banks and/or government. I didn't find a reason in this thread either. It is volotile. It is used for crime. It is a waste of time to use it for any practical purpose. It is accepted almost nowhere. I see zero reason to use it.

a reply to: trustmeimdoctor

I've refuted every single one of your gripes in this thread with facts and sources.

I'd give it another go but you certainly don't sound like the type to appreciate evidence.

Actually all money are made out of thin air because all money are made up and just a way of trading. In a pefrect world we wont need money.


ANyway, i personaly favor Dogecoin

No pun intended.

a reply to: ZeroFurrbone

a reply to: projectvxn

President Trump is really only worried about how high the stock market is in my opinion. To most americans a high stock market means a good economy and they have to keep the lie going. In reality our economy is failing miserably and we are about to go into hyperinflation like Venezuela due to uncontrolled money printing.

I also think Trump has absolutely 0 clue about how revolutionary bitcoin is. Bitcoin is not only money, it is the best form of money every created. It is unforgeable. This is why there is a such a push back from the media. They are controlled by the central banks which need the ability to print money out of thin air or they could not exist. The whole purpose of banks is to steal from the people. There is a 2% inflation rate built into our economy. If you save money in a bank, that money will have 20% less buying power in 10 years. Inflation is basically a fancy word for "we steal from you".

Bitcoin allows the individual to become their own bank.

I also think bitcoins value comes from its ease and quickness. You can instantly transfer money anywhere in the world 24/7 without waiting for your bank to approve. even on sunday!

In a world that is obviously going digital and paper becoming a thing of the past it blows my mind why people don't understand that bitcoin is the future of money.

People said email was a fad and we see what it did to the post office...
People were clueless about the internet and we see what happened to the print industry...
No more CD's or tapes cause it's all digital now.

It doesn't take a genius to figure out what bitcoin is going to do to the private central banking pedovores.

I see a future where we are actually sovereign individuals. The government will no longer be able to tax the working class into oblivion and countries and borders will possibly become obsolete.

originally posted by: booyakasha
a reply to: projectvxn


I see a future where we are actually sovereign individuals. The government will no longer be able to tax the working class into oblivion and countries and borders will possibly become obsolete.

I agree with most of your post up until the above quote, which admittedly is at the end of your post.

The ruling class have not relinquished power in many many years, they are not going to sit idly by and let that happen.

a reply to: hopenotfeariswhatweneed

yeah thats just speculation on my part.

I agree 100% they wont just sit by idly and let it happen. They aren't currently and they will continue to fight bitcoin.

This is economic warfare. The whole reason bitcoin was created in the first place was because of the bailouts in 2008.

a reply to: booyakasha

President Trump is really only worried about how high the stock market is in my opinion.

I agree with this. I honestly don't expect a 70-year-old man to be excited about Bitcoin when his fortune was already made in the old economy.

To most americans a high stock market means a good economy and they have to keep the lie going.

If the Fed lowers interest rates at the end of July, then I will agree with you. Investment activity is a good sign of economic health. Since the Fed has been tightening policy most of the investment you see is careful investment and likely healthy.

In reality our economy is failing miserably and we are about to go into hyperinflation like Venezuela due to uncontrolled money printing.

We're not quite there yet. I know it sounds like I'm defending the dollar, but I am not. I don't see this happening any time soon unless, as mentioned above, the Fed decides to lower interest rates again. You'll see HUGE spikes in BTC and Gold buying because savers will get hosed again. If it continues for too long we will have inflation like in the 70s, not like in Venezuela.

I also think Trump has absolutely 0 clue about how revolutionary bitcoin is. Bitcoin is not only money, it is the best form of money every created. It is unforgeable. This is why there is a such a push back from the media. They are controlled by the central banks which need the ability to print money out of thin air or they could not exist. The whole purpose of banks is to steal from the people. There is a 2% inflation rate built into our economy. If you save money in a bank, that money will have 20% less buying power in 10 years. Inflation is basically a fancy word for "we steal from you".

100% on point. Like I said earlier in the thread I hold Bitcoin because I want censorship resistance, I want to hold on to my massive buying power, and I want security. I have all of those with BTC. With the dollar, I am at the whim of banks and government.

People said email was a fad and we see what it did to the post office...
People were clueless about the internet and we see what happened to the print industry...
No more CD's or tapes cause it's all digital now.

This, I think, is probably your most important point.

Obsolescence of the old economy is fast approaching.

When I was a kid the use of credit cards was not nearly as ubiquitous as it is today.

Nearly all the money we use is digital. We are vastly a cashless society. The difference between legacy finance and crypto is that crypto is safe.

a reply to: projectvxn

But as it stands at the moment, it is not a nonfiat currency since in order to purchase it requires a fiat currency in exchange. In order to "mine" it requires a fiat currency to purchase the equipment and electricity to do so, and from what I understand a lot more cost than ever returned not to mention time.

Lots to sort out in order to reach the cashless society. There are so many different versions of digital currency available that the fraud and digital counterfeiting on the way to help leverage one over another is going to be extremely ugly with many victims a part of a cashless society before it actually arrives, they will be cashless as in nothing left because of choosing the wrong one or being cheated completely broke.

It will take a "fiat" government involvement and they will not miss the opportunity to wrap it in their only paper. Bitcoin will be illegal before long or someone like Amazon or Facebook will "buy" it out and slowly strangle it in favor of their own.

a reply to: DJMSN
You first paragraph makes no sense.

Being able to buy bitcoin with USD does not make Bitcoin fiat. That is nonsense.

Bitcoin is not pegged to the USD.

The rest of your post completely ignores the reality of who owns how much BTC and why.

I had the chance to by bitcoin for 300$ a coin, this was several years back.

I bought stock instead.

Both have their uses I supose, My close friend keeps asking me to buy "coins".

I'm not looking to "get rich quick", he is, I wish him and all of you, well.

a reply to: thedigirati

I'm not interested in getting rich from Bitcoin. That isn't likely to happen for me despite my holdings.

I want to be able to continue to participate in the economy regardless of censorship attemps and to protect my buying power in a digital economy.

Regardless, this OP isn't about buying bitcoin.

a reply to: projectvxn

It doesn't make sense to you but it makes all the sense in the world to the individual taking the fiat dollars and providing a wish, a prayer, and dust. Nobody knows who owns bitcoin, a bunch of brainless fools paying fiat currency for a pump and dump scam that repeats itself on a regular cycle. The reality my friend is that bitcoin is only worth what the next person will pay for it and that's based on a wish, a prayer, and however much fair currency they give you for it...lol...worthless very soon...maybe you will be one of the lucky ones who has theirs all stolen so you don't have to face the embarrassing idea of actually giving something of value in exchange of air

a reply to: DJMSN

It is factually incorrect.

Try gathering some facts first.

a reply to: projectvxn

Try this fact for information. Bitcoin is a pump and dump Ponzi scheme as evident from individuals shilling it over and over on every forum available.

It's the worst kind of spam as it actually harms people who without better advice sale their homes to invest in it. If it's not then why would another investor try so hard to recruit the next victim, because they need to regain their, be damned the next poor slug.

Artificially inflate the stagnate price so it rises dramatically and with the help of whatever mafioso group is actually pulling the strings and dump it again and start over once the inflated price goes back down again.

The oldest trick in the book. Here another fact, bitcoin is done and will be gone for good once Facebook completes the creation of their own digital currency the Libra. it's a fact they have signed the two major credit companies, one of the largest banks with many others soon to follow.

Those banks and credit companies control the point of purchase system in the world not just the US. Do you really think a predatory company like Facebook who are known for buying competition or simply starving them to a slow agonizing death are going to allow a competitive company to do business with the same partners they have no doubt signed non compete contracts with ?

No they will not. Best case scenario for the Bitcoin ponzi scheme is somehow the dark underworld that controls it comes forth to somehow forge together a saleout to Facebook.

More likely fact is they just slink away back into the darkness they have created with all the fiat money paid to them from the investors they snookered over and over.

Even more likely is for Facebook to utilize its Trillion dollar capital to utterly destroy bitcoin thru the agreements with the banks and point of sale system owners to completely starve them into utter oblivion.

Another likely route and perhaps a combination hit job of all the aforementioned scenarios is also take advantage of their trillion dollar capital and lobby the politician's already residing in their hip pockets to tax, regulate, outlaw, and otherwise banish Bitcoin.

It's time to suck it up and get out. Of course you can continue to play pump and dump but soon it will be over. Of course the bitcoin ponzi pirates can all get together and trade those shiny baubles between each other...oh...another fact...you don't even get a shiny bauble to play with, just hope and a prayer and a note to pay the bank back....perhaps they will take the Libra from you.

a reply to: DJMSN

That's a whole lot of text for being completely factually wrong with zero empirical backing.

You conflate your asinine opinion with fact.

Not surprised.

originally posted by: projectvxn
a reply to: DJMSN

That's a whole lot of text for being completely factually wrong with zero empirical backing.

You conflate your asinine opinion with fact.

Not surprised.

I could say that applies to you as well. Do you even have a clue how much money has been lost or stolen with people buying crypto currencies??

Here they keep a list as they fail and people lose billions.
deadcoins.com...

I think Trump has some good edges on his strategies but at times he is severely lacking in the forefront of human technology. Like blindly encouraging 5g, or discounting bitcoin.

I wish we could get a 40 year old president who was middle-ground perfect... but ya know that's a utopian dream..

a reply to: dragonridr

I'm keenly aware.

That is not the fault of the currency. That's like blaming the dollar for thieves. It's idiotic.

originally posted by: projectvxn
a reply to: dragonridr

I'm keenly aware.

That is not the fault of the currency. That's like blaming the dollar for thieves. It's idiotic.

Has nothing to do with thieves has everything to do with people buying crypto currency only to find out there is nothing to back up its value. It's only worth what others are willing to spend real currency on. When no one is left to buy into pyramid scheme the currency fails.

In what rational universe could someone simply issue electronic scrip — or just announce that they intend to — and create, out of the blue, billions of dollars of value?

Then it's slow and inefective for purchasing. It takes about an hour for a bitcoin transaction to be confirmed, and the bitcoin system is limited to five transactions per second. MasterCard can process 38,000 per second with a transaction time of 3 to 5 sec. Imagine waiting an hour to make sure you paid for a cup of coffee and a donut. And if it failed waiting another hour to confirm again.

Crypto will never be practical for purchasing anything in a store.