Bitcoin Forum

He mixes cause and effect. It isn't "betting on bitcoin" that is harmful to the US dollar (or any other potential reserve currency), it is the policies of extreme money printing that all the central banks are engaged in that is harmful to all fiat currencies.  Bitcoin is a tool to protect yourself and the product of your life from bad policies engineered by elitist authoritarians around the world.

He kind of touches on that in the video, but not completely. Any form of competition for sound money is a good thing.

Any form of money that lets people protect themselves from looters is positive.

It is like saying chemotherapy is bad for oncologists because it might hurt their practice if someone is cured. Honest doctors would be fine with that since they want people healthy. Dishonest ones would prefer to keep the cancerous money printing going and then complain about a treatment.

Could be both to be honest. As more and more people bet on bitcoin(through buying, using, and holding), we could probably say that Bitcoin is "harming" the US Dollar by slowly but surely taking away some of it's market share. "Harming" might be too exaggerated of a word to use especially in the short term, but yea.

If the government considers Bitcoin a competition, then it doesn't have to be from a negative perspective of Bitcoin 'harming' the U.S. dollar or whatever fiat currency, it could also be a call for governments to put policies in place to stabilize their different fiat currencies, bolster the economy and introduce policies that aren't manipulative to favor all aspects of the masses, cause that's what competition does, puts you on your toes.

Whenever government and it's officials talk about the Bitcoin threat, they only mention it's cons to their fiat and the economy, imo, it's manipulative cause that's how they bring up the silly ideas of regulations and more regulations to Bitcoin.

Personally, I am not surprised when those at the top of the pyramid describe democracy in this way - because in this way they indirectly say that democracy is really just an apparent thing they sell us every 4 or 5 years when they invite us to use our right to elect politicians who thus gain legitimacy to rule on behalf of the people.

The fear of Bitcoin is really just a fear of losing control that stems from each individual’s financial dependence on money that is centralized and fully adaptable to any government to do whatever they want with it. Bitcoin can be controlled to some extent, but far from it someone can privatize it and do whatever they want. If we remember what happened to Libra in the US and how fiercely the project was attacked, it can in some way show us what their position will be if Bitcoin is marked as a threat at some point.

Amount of M3 money in USA - 18,812,000,000,000
Bitcoin marketcap - $437,208,834,065

DAMN my point was to show that bitcoin is so f.king small compared to US dolar that it has little to 0 impact on it but ... bitcoin is now worth 2% of all dollars. This is very impressive. In fact bitcoin is 6th biggest currencies.

Now back to "harm the U.S. dollar and weaken democracy." ... How the hell this has anything in common with democracy? I think that politicians too many times "wipe their mouths with democracy". Every time they want to prove that something is bad (in most cases bad for them) they say that it harms democracy...

Two charts are public disclosures that why Bitcoin has dominated U.S. dollar. They will survive together in the world but bitcoin will dominate US. dollar.

Also read two documents if have time in the holiday.

• Will Bitcoin fall to zero? Be woke with changes of No. of BTC with $ 1 million  (https://bitcointalk.org/index.php?topic=5288360.0)
• Bitcoin: An Unprecedented Experiment in Fair Distribution (https://coinmetrics.io/bitcoin-an-unprecedented-experiment-in-fair-distribution/)

Did you expect a praise for bitcoin from a banker? I guess not! Banks around the world will soon be forced to either adopt cryptocurrency or to be extinct! What this Mr. Sharma had said - it's the echoing voice from the banking industry!

Remember, what Mahatma Gandhi had said,

First they ignore you, then they laugh at you, then they fight you and then you win!

We are on the right track!

Did you really think a Bank will have anything good to say about Bitcoin? Every "Dollar" that are not banked with them or invested in their shares are competition for them.... and at the rate that investment companies are buying bitcoins now, it is no wonder that they are timing statements like that now.

It is actually funny how they crawl out of the garbage (All the rotten things they do) and then warn people that they should not invest US Dollars...when they themselves are guilty of much worst things.  ::)

It is the nature of political statements, which are in news channels, the purpose of which is to set warning lines against a particular investment, as these currencies symbolize decentralization, which is considered a threat to democracy and the hegemony of the US dollar.
The increase in the flow of small investors' investments will threaten banks such as JP Morgan because it is considered against liquidity in markets that include intersections with other countries and not within the US market.

It’s a good thing if BTC is bad for the $. The purchasing value of the $ has been tanking for decades, anything that protects you against corrupt banks & politicians actions is a good thing. They just keep printing more toilet paper USD to try & conceal their f**k ups but it won’t work forever. Covid is sending the financial world into abyss but bitcoin can save us.

Wait until they get into crypto custody business and they will make a complete 180 and start praising it, just because they will finally have a way to make money off it, just like institutional investors changed their mind, and now it's "a hedge against inflation" to them rather than "a bubble".

But as long as Bitcoin's adoption for payments remains low, it's not a threat to fiat currency and banks. Maybe this is even good, because it means less hostility from government.

I've always thought competition offered by bitcoin is good for the US dollar.

It forces financial wizards at central banks and state positions to up their game.

Bitcoin can only force them to build a better dollar, which benefits everyone.


 :)

I agree.

However,  I don't think there is too much harm being done to usd.
I think buying bitcoin is like investing in gold,  which is an asset that protect the holders against any trouble in the economy,  especially those caused by bad politicians decisions

I have mentioned this already in other thread (https://bitcointalk.org/index.php?topic=5301767.msg55903978#msg55903978) but this applies to this thread, as well.

Central Bank’s capability is not limited.  This is very self-explanatory.

Honestly for me, if in case Bitcoin has created some disruption to Central Bank, then it might force the banks to step up their game and commit their selves to innovation.

Instead of issuing Fiat currencies, they might be able to catch an idea where they do not need to spend resources for printing.  They could just issue an encrypted process of producing money, IMO.

Some people find it very difficult to imagine the size of one trillion, and consequently it is difficult for them to understand how small Bitcoin is still in relation to the total amount of fiat. 2% may not seem like much, but if we continue at this pace it would not be strange for that number to change to say 4% or 5% by the end of next year.

If the data from September (https://decrypt.co/39425/bitcoin-is-now-the-6th-largest-world-currency) 2020 are correct, then BTC with its MC surpassed the Indian rupee ($425 billion), and came in 5th place with $435+ billion.

Some may have heard of the famous US Congressman Brad Sherman who is one of the biggest critics when it comes to cryptocurrencies, and he also stated a little over a year ago that Bitcoin is actually just a little baby. I think that very clearly shows the attitude of US policy towards Bitcoin.

Bitcoin is good money.  The US dollar is bad money.  

Gold coins are also good money.  However, the US government has banned the use of gold as a legal tender.  The US dollar is currently not backed by gold.  The emission of US dollars is carried out uncontrollably.  

In the past, the US dollar was the world's reserve currency.  However, the US fell out with China and Russia.  This is what weakened the US dollar (not Bitcoin).  Russia is replacing US bonds with gold bars in its gold and foreign exchange reserves.  China seeks to control mining pools.  This is an objective process.  

Or we are building a common global economy and then the US dollar is the world's reserve currency.  

Or countries are actively competing with each other.  

Then the world's reserve currency is gold or Bitcoin.

Buying more Bitcoins weakens the US democracy?How is this even possible?This is just pure BS.
The financial markets have nothing to do with the political system.The US dollar cannot be "harmed" by buying any other currency or financial asset.The Federal Reserve is "harming" the value of the US dollar by printing more dollars.This guy should blame the Federal Reserve for harming US dollar and weakening the US democracy. ;D

The democracy part. Isn't it that printing more dollars is the one that's putting away the democracy of the people?
It's the people that will suffer in the long run if it won't be stopped. Just got in the news with another blast of helicopter money. The citizens are the ones that will pay it later on.
Having bitcoin let's you own your own freedom and democracy, no banks will take advantage of your money because you are the bank alone keeping your btc.

I don't think they really need to worry about it. In the next few years, they need to stabilize the usd, not think about bitcoin.

To a certain extent, Bitcoin is indeed harmful to the US dollar. And it should rightfully be. Otherwise, Bitcoin is a failure. In the first place, Bitcoin was created to be a much better alternative to fiat. If people won't begin to gradually ditch fiat despite the alternative, then it means the alternative is no better, or not really that attractive and convincing.

Also, as others have already mentioned, a sort of a competition is good. If there is a competitive alternative to the US dollar and people are beginning to jump ship and the government would notice, perhaps much-needed developments will take place.

Just another person that is part of system and that benefits from it and somehow does not get it, does it surprise me? Of course not, this is like blaming your partner when they leave after they find out that you cheated, of course they left you because you did not held your end of the deal, central banks supposedly had the function of protecting the purchasing power of their fiat currencies and in a hundred years the purchasing power of the dollar has been demolished and somehow people are at fault for leaving the cheating currency behind.

I can tell you that if the dollar was not printed the way it is even if it is centralized bitcoin will not exist, and even if it did most people will not see a reason to adopt it if central banks were responsible with their money creation policies, but now they are completely out of control and naturally people are trying to find a way to protect themselves and bitcoin is the perfect option to do so.