Bitcoin Forum

https://www.youtube.com/watch?v=WD2zcyfwdJ4

Central banks are simply a way to centralize the resources of the state-bank elites for bailing out their system in a crisis.  Crises come because the elites use state power to distort markets and inflate asset bubbles to benefit themselves primarily, because they issue the assets.  Any problems from the bubble are left for the future to deal with.

A second, perhaps just as important, function of the central bank is to mediate how the political and financial elites share the benefits of financial inflation, and to limit the total inflation as far as possible.  As the only issuer of money, the central bank can discourage politicians from issuing too much public debt, by controlling the interest rate, and it can discourage bankers from issuing too many financial assets by selecting which banks to bail out, and which to allow to go bankrupt.  This is in addition to its official power to regulate banks.

The bolded is one of the reasons why I don't see bitcoin replacing national currency and those who continue to hope for that are only assuming the impossible. Currency goes beyond the figure attached to it, it is summation of our own very existence, the culture and even the totality and people attach some non-understandable sentiments to it. Over here, you don't burn money, not because it won't burn because its a piece of paper but the community see such action as a taboo in that when one burns it, one might be poor for the rest of his life. The punishment is just to discourage such action not that it would happen because when you burn it, you don't just burn paper you burn the history, the culture and a part of the community with it.

I really like Peter Schiff. When he was predicting economic crisis in 2006-2008 all liberal economists were laughing at him and convincing everyone that the US economy is as good as it never was before. Just search for video called "Peter Schiff was right" on YouTube, that's hilarious. For some reason, he is pretty skeptical about Bitcoin and prefers precious metals.

Fair to say that it is because there is nothing speculative about gold, i.e., it's the safest way to retain wealth.

This can be very reasonable to prevent bad debt. Especially those who are corrupt and unscrupulous money laundering. The deeper we will be more difficult to understand their actions. All are thinking about the huge profits of money. The future is certainly more skeptical about the world of electronic money.