Do you believe that the adoption of bitcoin in every country can less the unemployment rate? As what I have observed most of the countries right now are accepting bitcoin as a payment method. Is there a possibility that crypto will be legalized and become as a legal job also?
I don't really think that you are able to say that bitcoin has a direct impact on creating more demand for jobs. I just don't see a link there at all. But the use of bitcoin certainly does enable laborers from countries in less developed countries to employers in first world countries, as it cuts out the middleman in the payment processing side of things which takes a very sizeable sum in fees, and delays the entire process time-wise. Not to mention all the forex spreads that are involved. That would mean more efficient payments for these employees, and potentially more opportunities as well because of the acceptance of bitcoin over a vast amount of fields, including freelancing platforms, microjobs, etc. |
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Some fairly good points being made. I definitely think that precious metals, and cryptos of the decentralized variety will be able to provide a hedge against a falling traditional economy. Especially when you look at the fact that the bear market has already taken us near the lower end of prices of what this cycle will see. Regardless of whether it's going to be hyperinflation or a recession waiting, I do see bitcoin being a new safe haven in addition to the already established precious metals. As people lose confidence and faith within the traditional economy, it is very likely that they will look to decentralized assets that can't be manipulated by a single central bank. BTC will probably be a highly desired safe haven in times of volatility within the stock markets, and the fiat ecosystem. why would anyone even categorize gold and silver in the same category as bitcoin when it comes to investment and while we are at it why would you categorize all cryptocurrencies with bitcoin under the same category?!! BTC and gold and silver are all similar in the fact that they all are not centralized, and thus, can't be debased in value. But I'd comfortably say that BTC will outperform gold and silver in the foreseeable future. |
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This is Tone Vays. The person who predicted that bitcoin's all time high will be about $7000 on 2017. I reckon it was where he liquidated his long positions hehehe. In any case, will he be wrong again on predicting the bottom? Arthur Hayes of Bitmex predicted his bottom on $2500.  In a recent episode of On The Record, Vays spoke with Murad Mahmudov on all things crypto, revealing that he’s 85% certain that Bitcoin has not yet made a true bottom.
In fact, Vays believes that there’s a 40% chance that the true bottom will be between $1-2K and that there is a 10% chance that Bitcoin will go under $1,000. Based on the discussion, it seems that Vays agrees many altcoins are still far too expensive for the bear market to be over. This includes names like Ethereum (ETH), EOS, Cardano (ADA), XRP and Bitcoin Cash (BCH).
On the other end of the spectrum, Vays predicts that the crypto market will not see all-time highs again, including Bitcoin to $20K, likely until 2020. That means that he sees the next two years as a choppy trading environment.Read in full https://sludgefeed.com/tone-vayes-sets-1800-for-bitcoin-bottom/I honestly am sick of these speculators that are regularly active on mainstream media, and putting out speculative predictions that are almost never backed by evidence. Even if he is right about the bottom, it wouldn't lead me to believe that he's actually got a working system of predicting price movements whatsoever. I think that the bottom is really somewhere around $3k. Prices could potentially go below that level for a very brief period of time, but not to 3 figures which he implies to be a probability. But comparing current market conditions to the bear market that ended in 2016 would suggest that prices are indeed close to bottoming out, if not already at the price floor. That would mean that it's probably a good idea at this stage to start accumulating, if you are indeed interested in the long term prospects of bitcoin. Prices ain't gonna get much lower than this imho, and it's much better to dollar cost average rather than trying to put an exact number on the absolute bottom. |
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At least you knew to ask the official litecoin team, before putting more money and effort into this scam.
You got to realize that a lot of the called "giveaways", run by seemingly trustworthy and verified accounts that ask for an initial deposit, your private keys, or your personal details in exchange for "airdropped" coins are all scams. This litecoin giveaway scam works just like the classic scams in the past which exchanges like Binance had to deal with before, and the process is exactly the same.
Don't ever send funds to any addresses that these giveaways present you. Legit giveaways would never ask you for money, just use your common sense. If they're really looking to promote their site, they wouldn't be asking for money as if they are some form of investment firm.
In the future, if you see any similar airdrops, giveaways, or investment opportunities from established organizations or companies, always verify their legitimacy first. If it sounds too good to be true, avoid it. Search on google whether there are any official articles released about any events, and verify that it is indeed official before proceeding.
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The fear of falling prices for Bitcoin and other crypto currencies is suddenly still hotly discussed. Is it true that the future of digital money is getting worse in 2019?
You can't look at the future of bitcoin as a form of currency simply from its price. That would be as absurd as looking at a nation's future economy through its current foreign exchange rates comparative to other internationally currencies. It makes no sense. Especially with bitcoin, which has distinct bullish and bearish phases which recur throughout the time which it has been in existence. Short term pricing wise, bitcoin probably will have another quiet year. There may be signs of recovery later this year, but I wouldn't say that a bull market is due to break out this year yet. Despite that, you can't say that the future of the bitcoin community is in jeopardy. You can see signs that institutions are showing interest in bitcoin even in the bear market, and there are more real merchants both online and physically that are starting to accept bitcoin on a daily basis. Bitcoin's long term future shouldn't be affected by this short term correction of prices at all. |
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I personally think that there will be a huge buying opportunity for long term investors that will last throughout Q1, or potentially even Q2 of 2019. The market sentiment is yet to change to bullish, and i don't think that it's going to do that within the first quarter of the year. We are likely going to be seeing some sideways movement between the $3k-4k zone before any big vertical movements occur. 8 ) Following the FUD.
As a result of lack of research, investors are selling their coins after some manipulative news that can be called as FUD. Then, the investor figures out that it was FUD/manipulative news but it's a bit late; investors already sold out with quiet cheaper thatn few hours after dump.
9) Following Influencers and copying their investments/shared coins.
Of course, it is vital to follow significant influencers who are wised or well-informed. It helps, indeed. However, it doesn't mean that people should copy whatever has been shared to their portfolio in manner of seconds. In these kind of scenarios most of the people are going to lose their funds as a result of lack of research and experience.
These are the two most crucial mistakes in my opinion in terms of speculating in 2018. I know a ton of people who started panic dumping because prices dipped below $4k, when they should actually be doing dollar cost averaging to lower their average entry point for the long run. Also, there has been a ton of so called "experts" in mainstream media posting sensationalist analysis articles for bitcoin which have been completely false and unbacked (*cough* *cough* Tom Lee). Don't follow the herd. I definitely think that when we're this deep in a bear market and the mainstream is screaming "sell" and "bitcoin is dead", long term investors should do the contrary. |
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We all know that we currently have 17 mil btc in circulation and there won't be more than 21 mil of them. Limited supply make it has a deflationary nature and that builds its long term value. But is it actually true? Is bitcoin creation resistant? To answer that question lets see how money are being multiplayed in tradition monetary system and if bitcoin is resistant to that ... or how to make it resistant in the future. Money creation in traditional banking system: You can skip this part if you know what money creation is. https://en.wikipedia.org/wiki/Money_creation - Its very well explained here. But i will try to short it in simple words. None from us is withdrawing money from bank accounts. We are only using small part of them by paying with credit cards but it's the same as transferring money from bank to bank, sometimes its just change in the records of one bank. It is creating a situation in which we are using our moneys but bank still holds similar amount of funds. That's why Fractional-reserve was made. If bank is working processing thousands transaction a day while holding almost the same amount of founds than why not use part of them storing in reserves only amount that might be needed. "Fractional-reserve banking is the common practice by commercial banks of accepting deposits, and making loans or investments, while holding reserves at least equal to a fraction of the bank's deposit liabilities. Reserves are held as currency in the bank, or as balances in the bank's accounts at the central bank. Fractional-reserve banking is the current form of banking practiced in most countries worldwide." - wikipedia Good example is better than the best explanation... imagine this situation:I deposited 1000$ into bank with 10% Fractional-reserve system. Bank deposited 100$ into reserves and give 900$ in a loan to Peter. He bought TV set and transfer 900$ to AGD shop bank account. Bank accepted 900$ deposit and again store 90$ and AGAIN give 810$ in a loan to John. John bought new phone and transfer 810 $ to store bank account. Bank accepted 810$ deposit and again store 81$ and give 729$ to Mike in a loan. And again and again untill there is nothing to borrow. At the and, out of 1000$ banks created 9 000$. Its in 10% fractional-reserve system. In most countries mandatory reserves are around 3-5% (do your own math here  ) ... and its legal ! Can bitcoin be affected by that?Big part of all bitcoins are stored in crypto exchanges wallets. Daytraders are buying and selling coins every day but storing them on exchanges (amount of founds stored in exchanges are not changing, only records are being changed - whose coins are whose). Part of hodlers are storing coins on exchanges (not knowing how to store them safely). Crypto exchanges knows exactly how many coins they have and how many of them are needed for everyday withdrawals and which are never being used. That's why they are transferring part of founds into cold wallet and never withdraw. That's similar to banks situation and that's makes me think that exchanges may apply fractional-reserve system too. Good example is better than the best explanation... imagine this situation:Crypto exchange knowing a fact that (f.e.) 80% of their users founds are never being withdrawed they can create sell orders on market equal to 300% of their users founds. Where the hell 300% came from? lets put that into numbers. Crypto exchange store 100 000 users bitcoins. Knowing a fact that 20% of users founds is enough to cover everyday withdrawals they know that they can create in their books 300 000 btc and sell to their users who came with fiat to buy btc (all users together has 400 000 btc now - in exchange books, 20% - 100 000 is needed to cover every day withdrawals). That way crypto exchange created extra 300 000 btc. Don't get me wrong. They are not true bitcoins which can be stored on blockchain and transferred to wallet. Those are bitcoins created in exchanges books into investors, storing founds on crypto exchanges, hands that thinks that they have real bitcoin. What if they know that only 5% is needed for everyday withdrawals? Do your own math . In worst case if they will sell too much they can dump altcoins to cover lack of liquidity on their on any other exchange. Why Mt-gox even said that it was hacked. Why didnt it start to work in fractial-reserve system covering loss from profit from fees? Maybe it wasn't hacked. Maybe mt gox set minimal reseves too low and it has to lie that it was hacked ( https://en.wikipedia.org/wiki/Mt._Gox). That applies also to every crypto not only bitcoin and not only exchanges can do that. Every company that stores your coin on their wallet can do that. How to fight against bitcoin creation?After I realized this I've started to search for a way to fight against coins creation. I found "proof of keys" initiative that encourage crypto society to withdraw all coins from exchanges in 3 of January every year to make crypto exchanges show us that they actually have our coins - they were not hacked and they are not working in fractional-reserve system. I think that it's the most important initiative in all crypto word. It's the only way for us to know that there is no 200 mil bitcoin in system (20 mil real and 180 mil fake bitcoins in exchanges books) and bitcoin is not similar to fiat (can be printed). The second way for that is to force on exchanges creating huge exel file in which every users founds will be written so everyone could check if his record is not faked and if sum of users founds is similar to hot and cold wallets exchange founds. But its more like a dream that will never happend. We need to know that storing coins on exchanges is not only risky (they can be hacked) but doing that we are allowing exchanges to dump them decrissing prices. Storing bitcoin on exchanges or any other third part company wallet dumps and destroys bitcoin. Firstly, just because bitcoin has a limited supply doesn't make it deflationary. It is in fact still inflationary since the money supply is still continuously going up, despite at a decreasing rate. Only at the stage where the average amount of bitcoins lost that can't ever be accessed again exceeds the amount of bitcoin created on a daily basis can bitcoin be truly be deflationary. But what you said is spot on. Fractional reserve on exchanges and the so called "hosted bitcoin wallets" or "bitcoin banks" is a huge issue, and can definitely potentially be an issue in the future when big investment firms open custodial accounts, or if bitcoin denominated banking services become mainstream. That's why I believe only in onchain bitcoins. Offchain wallets, and coins are completely useless, because you're still relying on a third party to do as you say, and keep your coins safe. They are no different to an IOU that any traditional bank issues you when you deposit funds with them. Using them essentially defeats the trustless nature of bitcoin which is so important. I don't think that your solution is very viable, though. People simply wouldn't be willing to participate because a) it's a hassle, and fees could be high and b) it is impossible for some people to withdraw from their positions on exchanges on a short notice. When you deposit any funds onto a third party offering off chain transactions, you are taking that risk. |
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Remember 2008?
People lost their homes, cars, savings, some lost everything. Lots committed suicide, others got in to drugs or heavy drinking.
The 2008 banker heist destroyed thousands of lives and totally slowed down millions of others.
The corrupt system went and made YOU pay for their theft. The People paid the bill against their will, because no one chooses to pay tax.
Get ready for the new cycle
A lot of people have been trying to warn about what's going on now right under our noses.
The FED has printed over U$ 22 trillion since 2008. The only reason the markets went up is because the FED printed all this money to pump it up.
There is no economic recovery, there is no real growth. There is no demand for oil or gasoline which are the main fuel for the economy. Nobody's buying gas, it's building up in repositories. If nobody's buying gas, nobody's driving, products aren't moving, the economy is NOT growing. The only reason oil goes up is when OPEC agree to use their monopoly powers to cut production. There is no demand.
Same thing with the FED, there is no real valuation in the markets, the FED is simply helping their banking buddies pump the markets.
When the FED says "we'll stop printing money for just a bit" the markets crash 5% in one session. There is no real value.
Everyone's in denial right now
People are in denial. There is U$ 250+ trillion in debt floating around. Nobody's going to pay this debt.
The crash is imminent.
When it crashes there won't be time to get out.
What should I do then?
Pay up your credit card debt and any other debt immediately. You will be crushed if you're caught in debt when this new crisis arrives.
If you were planning on spending big on something new, reconsider.
Buy Bitcoin or gold or something that should survive the coming crash.
The banking system is one big ponzi scheme and if the economy slows down the crash is inevitable. The whole system is based on the premise of exponential growth. Growth upon growth, year upon year, quarter upon quarter of composite growth.
There is no way this can work. It's been pushed forward for 10 years now since the 2008 banking heist and now the signs are everywhere. The new crash is imminent. May happen now or in a year, you never know, but it's upon us.
When it happens, do not go to Wall Street with a camping tent and your hippie beard and pretend you weren't warned. "We are the 99%". No shit sherlock, the system is a ponzi meant to enrich the 1% not for you. You were warned.
An interesting take on the matter. I'd completely agree with what OP has said. It's inevitable that a financial crisis would strike, it's only a matter of whether it's sooner or later. It's simply unsustainable to have such long periods of growth without much fundamentals to back it up. We're already seeing stock markets and housing markets (in certain countries) adjust from its highs, and even if that's not necessarily a 100% foolproof sign that such an economic crisis is going to happen in the near future, it should be a warning. Personally, I think it is wise in any situation, whether it's oncoming recession or inflation, to hold assets that are out of this debt based system. I'd rather put my trust in decentralized assets that can't be manipulated, debased, or artificially inflated in value. Diversifying out of assets like stocks and real estate, and accumulating bitcoin, precious metals, or even cash investments will be the logical thing to do in my opinion. |
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Is this another bull trap? Or first sing of bull market beginnings?
My strategy is the following:
Bet on trends, holding and selling tops (try at least), re-buying at few % drops, wait till next station.
Once made some profits, bet on other coins which did not start the uptrend, or are at the beginning of the up-trend.
Attention with people selling ALTs for $BTC !! Don't forget the Stop-loss!
Good luck all!
I definitely don't expect the bullish momentum in the past few weeks to continue for much longer. We are already seeing some major resistance at the $4k level, which is not really surprising at all given the fear and uncertainty that is still within the market, which is characteristic of capitulating investors. Long term wise, this is an excellent point to buy still. Regardless of whether or not there is a short term rally, prices are still under $5k, and I believe that level should be quite low when compared to the potential that bitcoin has in the future with mass adoption, and institutional use. However, I wouldn't trade on leverage in neither long nor short because I simply don't think that it's worth the risk given the volatility. There is every possibility that a short term rally or dump could happen, without any signs beforehand. Unless you're an actual day trader, I would only view this market as a long term accumulating opportunity, and not trade the peaks and troughs between week or month long cycles. |
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With the attitude with which the Indian government currently has towards crypto, I think that there is virtually no "regulated" crypto asset that is available for investors.
Unless a country is actually actively trying to regulate the crypto scene, they shouldn't restrict people from investing in what they want, even if it may not be regulated. India is definitely not on the track of positive regulation yet, but instead, they are trying to eradicate decentralized crypto altogether (hopefully this changes after the report was handed to the government.
But honestly, who's going to follow this? Most crypto investors probably won't even be aware of this. The enforceability of this, as well as the current ongoing bitcoin ban, is and will be extremely questionable if they were actually serious with going ahead these policies, imho.
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Are we heading in for another recession or Quantitive Easing 4? Quite possibly. As you say, the traditional markets have cooled down quite a bit. While it is still unknown whether or not a bear market will actually happen in stocks, bonds, and real estate, it is quite clear that growth in previous years simply can't be sustained. What role will the cryptocurrency market play in all of this? Unlike stocks, I think that crypto isn't influenced as much by central banks, financial crises, and anything relating to the fiat system in general. There are some people who expect bitcoin to go down along with the stock market, if a recession does hit, but I don't see any correlation between the two markets fundamentally to say that would happen. On the contrary, people may buy into bitcoin in these times in order to diversify their holdings out of the traditional markets, and treat it as a long term store of value. Just like how gold was massively bought after the 2008 crisis. |
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If you don't know what stablecoins are, read this Wiki article
With that read, there is an ongoing dispute over the advantages of these coins before Bitcoin and other cryptocurrencies. Many suggest that they are not actually backed up by real currencies or other assets as the companies behind them vigorously claim, that they are centralized beyond any hope, and without proper audits they can be printed out of thin air just like fiat money, which would culminate in their hyperinflation, devaluation and failure
For simplicity's sake, let's assume that these accusations are unfounded. So do these coins have any advantages compared to Bitcoin under given assumptions? In these conditions stablecoins essentially become fiat that they are representing, i.e. the US dollar, Euro, or whatever. So the whole thing is not so much about some stablecoin versus Bitcoin but rather a good old question of a fiat currency versus a cryptocurrency
And I guess you already know the answer to that question Stablecoins are essentially debt instruments that don't give any interest in return. I wouldn't say that they are useless, they are quite useful as a tool of circumventing restriction to foreign exchange in certain countries with capital control, or to buy/sell cryptocurrencies with without having to go through all the verification needed to deal with actual fiat. But as a store of value, they are garbage. Even though people may perceive fiat as a good store of value, in the long run, it will depreciate due to the fact that the currency supply is continuously increasing without limitations. And they are risky because you simply do not know if they are printing coins out of thin air, or if they are actually backing it up with reserves. |
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Debt has certainly been fueling a lot of growth in the economy, and growth that has probably been excessive and unsustainable in certain sectors.
But a short term rebound doesn't really say much about the entire state of things.
In fact, these types of rallies in price are quite common across all asset classes, especially when they have been experiencing dropping values for a while now. It doesn't mean that it will continue into the long term at all.
But you're right about the current system being so reliant on debt in order to function, and in my opinion there will only be a matter of time before the next financial crisis hits. The best thing that you can do right now to insure yourself against that type of event would be to invest in decentralized, store of value assets such as bitcoin, which isn't influenced by the debt financing that is going on within the fiat world.
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I don't see any solid evidence available here that would suggest they are actually trying to adopt bitcoin in any way. Rather, they are simply saying that they may be interested in using blockchain as a technology in order to process transactions, or potentially launch their own global token.
Thus, there is no real positive connection of this to bitcoin. They're still going to be probably continuing to charge people high fees to do their global transfers (that's what they do for a living), and are still going to be competing against bitcoin.
Adopting a centralized crypto of some sort could work out for them, or perhaps they could potentially even look into stablecoins. Their ultimate goal as others have said is profit maximization, not to support decentralization.
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I did an arbitrage trade and was silly enough to use Yobit. I bough BTG at one exchange, sent them to Yobit and wanted to sell them there. This is why arbitrage doesn't work in practice on a consistent basis with crypto, even though theoretically it will always be profitable. Arbitrage bots that spot the opportunities simply don't take into account the risks of holding funds on an exchange, and whether the wallet is disabled or not. This is especially problematic when it comes to high risk exchanges like Yobit, which has a track record of being extremely shady as a business. The chat with the support worker from yobit that contacted me after I opened the support ticket is in a link below.
He said he can manually withdraw my coins with the yobicodes (2. mistake from me to send him those codes without any security. I should have stopped there and I hope this helps to prevent more damage.
He first told me to send him the BTG for the withdrawal and then he told me that I have to send him 0.1 BTC to verify myself at Yobit.. Please read the chat and you'll see that he really talked so much bullshit to get me send more coins.
If you have the same withdrawal issue please don't let yobit withdraw manually!!! They won't send you anything and always will find problems so you have to send more before you'll get your coins back..
I've heard of similar scams in the past. A guy will contact you claiming to be yobit support on chat or whatnot, asking you to send them funds in order to withdraw your stuck balance. These scammers are most likely not even affiliated with yobit, but rather just opportunistic con artists that know that a lot of people have trouble with Yobit. That said, yobit is not a safe exchange to use in my opinion. No one knows its physical locations, who its exact founders are, and their support is terrible which opens up opportunities for scammers to take advantage. It's definitely an exchange that anyone should avoid. |
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I rarely start topics, but today I want to share some knowledge about crypto projects in Gibraltar and hear your thoughts on this matter. Gibraltar is among those rare countries that welcome not only crypto exchanges and other established blockchain projects, but also ICOs. They have a very brief law that regulates cryptocurrencies. It's an interesting one, because it does not even mention cryptos, but focuses on 'distributed ledger technology providers'. In essence, each crypto project has to obtain a DLT license to operate legally in the country. While obtaining it is pretty costly (about $15k to get it and $10k+ per year to keep it), it guarantees legal activity which is both good for reputation and saves from random lawsuits, charges and scam accusations. The 10% income tax also has to be payed.
The main benefit is that you are operating legally. It can also simplify things like listing fiat currencies on the exchange. The main downside is that it doesn't come free.
What do you think? Is Gibraltar a good place for a crypto project?
Like others said, I think that the licensing aspect that Gibraltar has is pretty similar to the rest of the world's approach to regulating crypto. The low income tax which is payable could be an attraction for crypto businesses potentially, especially as BitHodler mentioned how lax they are in terms of the actual regulation around crypto based projects that are operating within their country. But there are probably countries that have even lower taxes for corporates, which obviously businesses will look into as well. Anyways, even though there is a high entry price, I think that they're trying to encourage crypto businesses from entering instead of restricting access, which is always a good thing. They are getting revenue both from licensing and taxes as well, as oppose to countries which ban bitcoin outright (or attempt to do so). |
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A report published by the International Monetary Fund (IMF) outlines that 15 different countries are considering joining the global fintech trend and adopting central bank digital currencies (CBDC) as a method of payment. The IMF has emphasized two main reasons for such a decision in the report. This seems like a glorified digital fiat token. Central banks aren't interested in adopting decentralized cryptocurrencies which is what this article is trying to make it sound like, but rather, they are interested in issuing their own fiat currencies digitally, perhaps using blockchain technology. That's very different to countries adopting bitcoin as a reserve currency, or whatnot. To be honest, it's bound to happen given the trend of going cashless that every country seems to follow these days. Cash will be replaced eventually by something virtual that can be directly controlled by the central bank. But that has little to no affect on bitcoin. It's still fiat, it's just in a different form. |
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When buyer buys BTC from me through escrow, does he see my Localbitcoins wallet address or he see escrow address only?
There is no reason to be concerned about Localbitcoins sharing your address. And no, buyer does not see it when you open an advertisement on their platform. They simply don't do it because it makes no sense for them to do that when there is already a middleman which is themselves who are handling all the transactions. You don't ever send funds directly to someone else's address. I don't see a reason to be this concerned about the privacy of your funds when dealing on localbitcoins, but if you want, you can certainly use a bitcoin mixer when depositing funds into your localbitcoins deposit. That way, even LBC themselves won't know what your actual address is that sent the funds. But if I were you, I wouldn't worry about this unless the amounts are large. |
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This is the biggest problem that many of the younger or less inexperienced traders need to understand. Certain downfalls of the bitcoin and/or crypto market are not the end of the world, and long term investors will most likely not result in a long term financial loss for them.
S good knowledge of the crypto environment helps, but theres no reason to start panicking, as that's really the only reason BTC and other crpyto has dropped so much in the last few months/weeks. Smart trading is usually the best method of gaining capita as it takes advantages of boths ups and downs of the market. Though panic selling is what kills the market, as well as the community as a whole.
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What kind of capitalism is it when the markets depend on the FED?
It doesn't matter if 300 million Americans and billions of Asians work today or not.
It doesn't matter if a meteorite falls on Earth right now.
All that matters is whether the FED will print more FED-money to pump the markets or not!!!
All that you do, all your work, all the world's production is worthless because the FED/BCE/BOJ can simply print more money.
Everyone must work more and more to sustain a system that is absolutely unreal and illogical.
Everything we do, every single thing of value that is produced is subject to the valuation of a token that the FED prints at will. An inventor spends decades researching, files a patent, sells his patent for 100k dollars. The FED simply prints a trillion U$. That's the proportion we have right now.
For how long will The People of the world continue to accept this system?
I wouldn't go as far as saying that it doesn't matter if people are working or not, or disasters won't matter because the Fed controls everything. That would be absurd. But it does have a very significant influence over the economy, and the currency that is currently used by billions of people across the world as a store of value. The current system is essentially everyone placing their trust within a single entity, and that particular entity trying to control everything that goes on within the economy. It's also based on endless debt financing, which will eventually lead to the depreciation of fiat currencies. I guess this is the issue that bitcoin is trying to tackle, because it doesn't have this single regulating entity that is able to manipulate the money supply, and create money out of thin air. Bitcoin's the exact opposite, and is actually a viable alternative long term store of value due to that fact. |
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