What Can I Use Bitcoins For?

What do you say to that? Ouch. Does this prove that the naysayers calling it a Ponzi Scheme were right? Do they get the last laugh, or is this just an anticipated evolutionary process of disruption as all of the kinks are worked out? Well, consider this thought experiment I had.

Let us say there was hanky-panky involved, let us say someone hacked the system or stole the digital money. At this time, digital money flies beneath the radar since it isn’t recognized even with all the newest Too Big To Fail regulations on banks, etc.. How can a digital money have value? Hard to say, how can a fancily printed piece of paper marked $20 be worth anything, it is not, but it is worth what it represents if we all agree to this and have trust in the money. What is the difference, it’s an issue of trust right?

Okay so, let’s say that the authorities, FBI, or another branch of government interferes and documents charges – if they record criminal charges that somebody defrauded somebody else then just how much defrauding was demanded? If the government enforcement and justice department put a dollar amount number to this, they’re inadvertently agreeing that the electronic money is real, and it has a value, consequently, acknowledging it. If they don’t get involved, then some fraud which might or might not have occurred sets the whole notion back a long way, and the media will continue to drive down the trust of all electronic or crypto-currencies.

So, it is a catch-22 for the government, authorities, and enforcement people, and they cannot look another way or deny this trend any longer. Is it time for regulations. Well, I personally hate regulation, but is not this how it usually starts. Once it’s regulated credibility is given to the notion, but his electronic money concept may also undermine the whole One World Currency plan or even the US Dollar (Petro-Dollar) paradigm, also there could be hell to pay for that as well. Can the international market handle that level of disruption? Stay tuned, I guess we shall see.
In the meantime, what happens next will either break or make this new change in how we view monetary value, wealth, online transactions and how the real world will mind-meld to our future blurred reality. I simply don’t see many folks thinking here, but everybody needs to, one misstep and we could all be in a world of hurt – all of humankind that is. Please think about all of this and consider it. The relative impact of crypto genius erfahrungen on your situation can be remarkable and cause issues of all varieties. We do recognize very well that your situation is really important and matters a great deal. So we feel this is just an ideal time to take a break and assess what has just been covered. This is the sort of content that men and women need to know about, and we have no problems saying that. The last remaining areas for conversation may be even more important.

Bitcoin is further away from being The numeraire; not just can it be a number, much as Fiat… but its value is measured in Fiat! Even though Bitcoin becomes internationally recognized as a medium of exchange, and even though it succeeds to replace the Dollar as the approved ‘numeraire’, it can never possess an intrinsic measure like Gold has. Gold is exceptional in being measured by a real, unchanging physical quantity. Gold is unique in storing worth for thousands of years. Nothing else in touch of humanity has this unique combination of attributes.

In conclusion, while Bitcoin has Some advantages over Fiat, namely anonymity and decentralization, it fails in its own claim to being cash. Its advantages are also questionable; the aim is to restrict the ‘mining’ of Bitcoins to 26,000,000 units; this is the ‘mining’ algorithm makes harder and harder to fix, then impossible following the 26 million Bitcoins are mined. Unfortunately, this statement might well be the death knell of Bitcoin; currently, some central banks have declared that Bitcoins might become a ‘reservable’ currency.

Wow, sounds like a major measure for Bitcoin, does it not? After all, the ‘large banks’ appear to be accepting the true value of the Bitcoin, no? This actually means is banks realize that they might exchange Fiat to get Bitcoins… and also to actually buy up the 26 million Bitcoins projected would cost a meagre 26 Billion Fiat Dollars. Twenty six billion Dollars isn’t even modest change to the Fiat printers; it’s roughly a week’s worth of printing by the US Fed alone. And, once the Bitcoins bought up and locked up in the Fed’s ‘wallet’… what useful purpose would they serve?

There would be no Bitcoins left in Circulation; a perfect corner. If there aren’t any Bitcoins in circulation, how on Earth can they be applied as a medium of exchange? And, what would the issuers of Bitcoin possibly do to defend against such a fate? Change the algorithm and boost the 26 million into… 52 million? To 104 million? Join the Fiat printing parade? But then, from the quantity theory of money, Bitcoin would start to eliminate value, as Fiat supposedly loses value through ‘over-printing’…

We come into the key dilemma; why hunt For a ‘new money’ if we have the best money, Gold? Fear of Gold confiscation? Lack of anonymity from an intrusive government? Brutal taxation? Fiat money legal tender legislation? Each the above. The answer isn’t in a new sort of cash, but in a new social arrangement, one without Fiat, with no Government spying, without drones and swat teams… with no IRS, border guards, TSA thugs… on and on. A huge independence not tyranny. Once this is achieved, Gold will restart its early and vital role as honest money… and not a moment before.

Rudy J. Fritsch was born in Hungary In 1947, and fled Socialist tyranny during the Hungarian Revolution of 1956. His family had lived through WWII and the consequent Hungarian hyperinflation, so he’s intimate encounter with financial devastation.

As an engineer and entrepreneur, he Ran a successful family business in Canada for decades, in its peak using over 100 workers, until economic upheaval destroyed the sustainability of North American production. Driven from business, he chose to study economics… to discover the origin of this unhappy circumstance.

The halving takes effect when the Amount of ‘Bitcoins’ given to miners following their successful creation of this new block is cut in half. Therefore, this phenomenon will reduce the awarded ‘Bitcoins’ from 25 coins to 12.5. It’s not a new thing, however , it does have a lasting effect and it is not yet known if it’s good or bad to ‘Bitcoin’.

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