Bitcoin Doesn’t Exist – 2
- This topic has 11 replies, 7 voices, and was last updated 6 years, 4 months ago by
.
-
Posts
-
Gustave Courbet The wave 1870 Chapter 1 of this five-part series by Dr. D is here: Bitcoin Doesn’t Exist – 1 Chapter 3 will follow short
[See the full post at: Bitcoin Doesn’t Exist – 2]Does that look stable to you? And not that Bitcoin is stable, but at least Bitcoin goes UP at the same rate these charts are going DOWN. One store coupon declines in value at 4% a year, or may even start negative, while the other gives steady gains to loyal customers. Which business model would you prefer?
But that’s not all.
Of course it’s not; and I submit your models are faulty; all based on western models of economy.
I do not accept any western models of dynamic economy. They’re riven with defects…
Russia and China have definitively shown the western economic models are faulty and doomed to failure.
This is the west’s greatest fear; their economic system is a fraud; exposed for the world to see.
The world economy is anything but stable; the greatest fear extant…
I would offer that Russia’s economy is the most stable on the planet; making it the west’s greatest enemy…Yes, they’re faulty because they’re bald-faced lies. The problem is, when does the accounting or public perception finally start to reflect reality? My God, it’s been 30 years now and still no truth breaking through. Will I die of old age before anyone starts telling the truth around here?
On a side note, they’re talking about stocks “crashing”, reverting the mean or real value. Why would that happen? Isn’t it more likely reflecting reckless money hyperinflation and therefore a tulip crash? The best stock markets in the world were Zimbabwe and Venezuela, rising thousands of percent like ours. If you print enough to buy up one of the world’s biggest economies in 6 years, wouldn’t you expect everyone to flee into the only remaining offsets like stocks?
But that doesn’t make it good, or stable. It means the US$ will vanish in use. And be replaced with what? We were never going to pay our debts; this is just our way of defaulting. Just like Adam Smith said in 1775.
The author is brilliant. I was particularly taken with analogy of TARP being a fork, with access to the dev team by the ultrarich. As you may be aware, the Genesis Block, created by Satoshi (Praise His Hallowed Name) has the following string embedded,
“The Times 03 January 2009 Chancellor: On brink of second bailout for banks”. BTC was created in part as a response to TARP. Bitcoin is your personal Brexit, among many other things. For the curmudgeon who thinks Bitcoin isn’t a thing, all I can say is that in 2017, I stopped working a soul-sucking job I loathed because of BTC. It’s been an economic miracle for me.When AutomaticEarth (song reference from Simon &Garfunkle Boy in the Bubble, right?) starts taking donations in BTC, I’ll kick back a few Satoshis. No banks or Peter Theil for me, thanks.
The problem is, when does the accounting or public perception finally start to reflect reality? My God, it’s been 30 years now and still no truth breaking through. Will I die of old age before anyone starts telling the truth around here? Dr. D
I pretty much gave up on the public understanding much of anything outside of their pedestrian existence, way back in the late 80’s. The housing bubble was in it’s infancy IIRC and Dr. Suzuki was warning about a pending ecological disaster.
The 90’s were a full blown snow job; but nobody was listening to Michael Parenti or Jackson (forgotten his first name).
I’m prone to tangents, but use them to make points. 😉
And then there is today; given the decades that have passed; I can only conclude Usian’s are even less well educated (or educated falsely) than ever before in my 72 years.
In any event, looking forward to your next installment…Esteemed V. Arnold, 72 year of age, and a good guy, as well as anyone else reading this:
Go to Coinbase.com, register, and buy .01 BTC.
I have deeply researched Coinbase, and think it is very legit.
By 2020 I believe that your .01 BTC (costs $150 about today) will be worth $15,000 or $0.00
If it’s worth $15K, buy a used car or whatnot, if it’s zero, curse me.
And for Dr. D, I keep my BTC in a Trezor.
Since you understand the issue, I suggest you do the same, unless you’re a paper kind of person.Griselda DeSaranno
Thank you for your kind words.
Given <Nice Hash> was hacked for almost 5,000 Bitcoins ($63 million dollars); I’ll pass on your sincere advice. I would add that even $150 USD is not chump change for me (I do not play the lottery either). 😉
https://www.zerohedge.com/news/2017-12-06/largest-crypto-mining-exchange-confirms-it-was-hacked-over-50-million-bitcoin-stolen
BTC’s meteoric rise ($14,000+) the last few days does not bode well for its future, IMHO.
We’ll see…
Best of luck to you…Outstanding article. We are very lucky at TAE to have such talented correspondents. Eagerly looking forward to the next gripping installments.
cobey.williamson
It is my understanding; and Dr. D has stated, there are no coins; in essence Bitcoin doesn’t exist; except in the virtual world.
An intangible fiat…
- You must be logged in to reply to this topic.
Sorry, the comment form is closed at this time.