Without getting too bogged down in text...james211 wrote: ↑I see your point but bitcoin is not just about price speculations or blockchain, its not only the innovation about flash money and i think you need to read a lot more, bitcoin is a new way to look at the financial system its a digital currency that offers you control, anonymity and transparency of your own finance. In every step of your practical life you are watched, controlled and played by the government. Your funds can be freezed spent and misused through corruption and other means without you knowing it just because you have now controll over it or you dont know about it. Bitcoin is based on a balanced ecosystem that is miners and transactors. if we do a simple comparison here what is fiat based on ? some jew just stocked some gold and released paper instead of that gold ? does that paper has any value ? no it doest. The people decide it by trading it and the control and transparency rests with whom ? you guessed it "the government" its time the masses take their privacy in their own hands and thats what bitcoin is about its for the people, by the people and of the people.
Let's remind yourself that you are posting on an investing forum where the ultimate reason for the original posters pushing bitcoin/cryptocurrency is for the sake of obtaining more (fiat) money. So, really not sure why the merits of bitcoin/cryptocurrency have anything to with whether the price of bitcoin in fiat currency was a bubble or not.
Regardless of whether we want government control or not, let's not kid ourselves... in the current cryptocurrency market, there is absolutely no fair control of the currency. Bitcoin is controlled by a few accounts only based solely on the number of tokens they hold... hardly a fair system in place. Sure, transactions can be traced, but as it stands, there is very little control and there are many problems with hacking, lack of tracing in controlling crime and the fact that the practicality of the blockchains in place to actually allow for everyday transactions simply doesn't exist.
And while I do have privacy concerns in general with government, I also have faith in the system in general as there are rules and regulations placed in the system. While government monitoring via FINTRAC for example may "invade my privacy," for the sake of protecting society from financial crimes, I am ok with giving some of my privacy for that. And really my bigger concern would be my online privacy from other people/hackers over government hands down.
The fiat system if you have studied modern economics, while not perfect, today is controlled mostly by the private banks and not the central bank. Fractional banking, independent directed central bank and regulations tightly controls the value of currency and so it isn't a matter of issuing more "paper." In fact the money supply as it stands ebbs and flows accordingly to the needs of the economy. While it isn't perfect, it has been and has become much more stabler in recent human history.
Either way good luck selling your equipment that you posted for fiat. I get that you want to work toward this ideal currency system, but not sure if this isn't working out for you? Also, I would advise you work on your xenophobia.
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