Tag: U$D

MONEY: “Paper money eventually returns to its intrinsic value – zero.” -Voltaire, 1694-1778

Published on by reinkefjLeave a comment

FROM AN EMAIL FROM BITCOIN.COM

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Unlike dollars, there will only ever be 21 million Bitcoin

“Paper money eventually returns to its intrinsic value – zero.” -Voltaire, 1694-1778

The history of fiat money (ie. money issued by government decree) shows that governments consistently increase supply far beyond demand. This invariably leads to devaluation of the currency over time, something that we experience as inflation. Looking at some examples:

    The U.S. dollar has lost 96% of its value since 1913

    The euro has lost 40% of its value since 1997

    The pound has lost 99.602% of its value since 1751

“It’s going to be very hard to unseat bitcoin as a store of value, because it’s got a 14-year brand, and there’s a finite supply.”  — Billionaire investor Stanley Druckenmiller

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I have put some spare change into ₿ and bullion on the off chance that the USA goes into a hyperinflation.  Based on the spending by Congress and the “printing” by the FED  — The Federal Reserve Bank is a misnomer. IT ain’t “federal”. It reserves nothing. And, it ain’t a “bank”. It is a private cartel of the elite banks run for their benefit and that of the entrenched politicians.  — I think more and more that this is a distinct probability.  Look at Turkey, Venezuela, Nigeria, and many other countries.  That’s what a runaway inflation looks like.

YMMV FWIW FAIWWYPFI 

“Bullets, beans, bandaids, bullion, booze in a safe retreat”  — Unknown

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MONEY: The US dollar that is the fraud

Published on by reinkefj1 Comment

>>>> I really wish I understood the crypto world better. It seems like such a scam.

There are numerous good videos on crypto, bitcoin, etherium, and other “distributed blockchain ledgers”.  Some sites will even give you coins to watch their tutorials.

Essentially a bitcoin is nothing more than having a number that is the product of two large prime numbers.   For example, 77 is the product of 7 and 11.  You prove that “77” is yours because you have a public key of 7 and a private key of 11.  This “ownership” is written in a “distributed ledger” in lots of places.  That’s all you really need to understand.  

The “mining” that everyone talks about is people finding these pairs and writing the public key found and their private key to the distributed ledger.  Then, transfers are done by someone combining that public key to your wallet’s public key using their private key and writing it to the ledger.  Copies of the ledger are then created by all the other ledgers who repeat that calculation and confirm it. 

Sounds complicated but it really isn’t.

What makes these “coins” of great interest is that, in the case of bitcoin and bitcoin/cash, there is a limited supply that can not be inflated by anyone.  Including the Gooferment.  As such, it becomes “maney”, similar to gold and silver.  Especially as it gets wide spread adoption, it will become that store of value that every one seeks who realizes that the fiat Federal Reserve Note is essentially being made worthless by the Gooferment inflating the number of “dollars” in circulation.   

Just like the Romans devalued the denarius (silver) coin and the French the (gold) franc, so to the USA is devaluing the dollar to give politicians the money to spend on our version of “bread and circuses”.

Like all empires, the USA will financially collapse … … sooner or later.

BITCOIN might emerge as the money of the future.  

I probably won’t be around to see it, but I believe it WILL happen.  

If you’re looking for a scam, it’s the US dollar that is the fraud.

Sadly.  Sigh!

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