Bitcoin is the reserve currency of the Knowledge Age

[iamnotback]

The SDRs will be the reserve currency of the dying Industrial Age...

Armstrong on bitcoin again

https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/bitcoin-is-it-sustainable/

Doesn't really get into it in any depth. Seems convinced govt will ban it if it grows.

Armstrong doesn't understand that it is technically implausible to ban Bitcoin.

He doesn't understand that is why Bitcoin is the new escape valve, i.e. the new gold per my discussion with CoinCube. Bitcoin is transportable and gold no longer is.

We will need a world government and complete totalitarian control over every server that connects to the Internet via every host in the world in order to regulate crypto-currency and blockchains. We need absolute global totalitarianism in order to relegate crypto-currency to the new uselessness of gold, and that won't happen during this global collapse (that is for a future time as the Bible predicts). It isn't only Bitcoin, there are many altcoins.

Please send this rebuttal to Armstrong.

The reserve currency is a narrow phenomenon that has more to do with the dying Industrial Age (see my comments in the Economic Devastation thread for more insights).

Bitcoin is serving a purpose in this evolution but it is not the be-all or end-all of this technological transformation.

Make sure you read this:

https://bitcointalk.org/index.php?topic=1082909.msg17458485#msg17458485

As you've stated, Bitcoin could become the world's reserve currency - the institutional playground.

I have never said that and have instead argued that it won't be the reserve currency. Perhaps you are confusing where I have written that Bitcoin is the reserve currency of the altcoin ecosystem.

Yes, my mistake - altcoin reserve.

Would it be possible for Bitcoin to become a global reserve currency at all? I'm assuming competitive collusion among major governments along with addition of control and tracking sufficient to enable AML/KYC for those governments.

The coming SDRs reserve currency will be a compromise by all the nations to fix the coming strong dollar vortex global collapse. That reserve currency is for the Industrial Age economy (the one built with huge fixed capital investment and huge fractional reserve banking leverage). The leftists (collectivists) are enslaving themselves in that dying, but huge albatross monolith. Gold is dying along with that physical economy. We will still have a physical economy, but it will provide no real economic growth and it will become very small in terms of profit relative to the Knowledge Age economy over the coming decades.

Bitcoin, blockchains, and altcoins are the decentralization technology of the fledgling Knowledge Age which rises to replace the dying Industrial Age, as a network effect of the decentralized Internet. Bitcoin is the reserve currency of that new nascent economy.

The economy and society are bifurcating. I predicted this years ago and have been using that term bifurcation.

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[Yakamoto]

It's definitely looking very good when it comes to what kinds of currencies are going to be used during the Information Era, but I do not believe that "SDRs" are going to be going anywhere anytime soon, to be honest. It's mostly wishful thinking right now and I don't have a ton of confidence that Bitcoin is going to shoot up and take a major position in the global economy anytime soon. Especially considering the market recently.

[Velkro]

It's definitely looking very good when it comes to what kinds of currencies are going to be used during the Information Era, but I do not believe that "SDRs" are going to be going anywhere anytime soon, to be honest. It's mostly wishful thinking right now and I don't have a ton of confidence that Bitcoin is going to shoot up and take a major position in the global economy anytime soon. Especially considering the market recently.

Yeah current predictions are too far fetched.
Bitcoin is revolution but will it be used on more wide scale payment system?
Maybe it will be best in the world store of value, store of value of new era when keeping/buying gold will be old-fashioned retro lovers thing.

[iamnotback]

Bitcoin is revolution but will it be used on more wide scale payment system?

It may be my altcoin which does that. But Bitcoin will remain the reserve currency of the altcoins and the on/off ramp to fiat. The point is the crypto-currency and blockchain ecosystem is a paradigm shift which will enable the Knowledge Age. The SDRs will be for the dying Industrial Age physical, usurious economy.

but I do not believe that "SDRs" are going to be going anywhere anytime soon, to be honest.

Because you don't understand Martin Armstrong's short dollar vortex thesis which makes the BW#2 monetary reset a certainty. The world will demand the strong dollar be replaced with a cooperate reserve unit, i.e. the SDR. This is a certainty.

Banks create money by making loans, but this process is not in any way constrained by reserves, deposits or a money multiplier. Banks do not need deposits to make loans. The idea that banks somehow lend out grandma’s savings is propaganda. Instead banks simply create money via accounting wizardry. When a bank approves a loan they simultaneously create a deposit in the borrower’s bank account and voilà new money is created. Banks do not function by lending out deposits. Instead the act of lending creates more deposits. This is the reverse of the sequence taught in almost all economic textbooks.  Banks create deposits at will.

Economic texts often state that banks are constrained by reserve requirements. This is another lie. There does exist a number called reserve requirements.

The vast majority of money is NOT created by central banks, but by regular banks who loan out money that doesn't exist.
The simply move numbers around in their records, creating debt out of thin air.

And my limited understanding of the Basel rounds is that Tier 1 reserve capital requirements will gradually become more strict, thus enabling TPTB to collapse the global banking system so they can usher in their NWO and SDRs.

[iamnotback]

Armstrong on bitcoin again

https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/bitcoin-is-it-sustainable/

Doesn't really get into it in any depth. Seems convinced govt will ban it if it grows.

Armstrong doesn't understand that it is technically implausible to ban Bitcoin.

He doesn't understand that is why Bitcoin is the new escape valve, i.e. the new gold per my discussion with CoinCube. Bitcoin is transportable and gold no longer is.

We will need a world government and complete totalitarian control over every server that connects to the Internet via every host in the world in order to regulate crypto-currency and blockchains. We need absolute global totalitarianism in order to relegate crypto-currency to the new uselessness of gold, and that won't happen during this global collapse (that is for a future time as the Bible predicts). It isn't only Bitcoin, there are many altcoins.

Please send this rebuttal to Armstrong.

It may indeed be impossible to ban bitcoin in the long term, but in the short to medium term? It would IMHO be very messy should a major economic player attempt such a thing.

Imagine the US gov. shutting down coinbase/bitstamp/etc, even declaring jail time for those that are caught using bitcoin after the ban.  Bitcoin investors would panic and most bitcoin holders would make a mad dash for the exit, cratering the price.  It would almost certainly end up recovering eventually (as you said it would require a NWO to ban completely), but who knows how long that might take; in the meantime btc wouldn't look so good as store of value even to those not directly affected.  I feel a ban from a major nation such as the US or China would not be a negligible event, and I would imagine Armstrong is thinking along those lines.

It would be a great opportunity to back up the truck and fill it up with BTC at lower prices, because this would be the US government shooting themselves in the foot.

The worst thing a government can do is ban something only to have the population give them the middle finger and it be proven that the government is impotent. From there, Bitcoin would skyrocket in price as it being shown how powerless the government is to ban it.

You are too fearful because you are a short-term speculator. Long-term crypto-currency investors understand that this is a paradigm shift for the world and they understand they are going to be very wealthy over the coming decade.

Weak hands will be thrown off and end up not being wealthy.

Apparently some of you have messaged Armstrong, but he is hard-headed and still doesn't understand that technically it is implausible ban all crypto-currencies regardless if the government wants to:

I understand that people say I am wrong about bitcoin or cryptocurrencies. You cannot possibly fight against government. They can say whatever they want and their judges rule in government’s favor. Forget it! You cannot find any possible legal argument that will ever survive.

Can someone please message him and explain to him how dull minded he is on this issue. Explain what I wrote as quoted above about needing to ban every server on the planet. How the hell are governments going to coordinate and then enforce that?

Oh course governments can probably regulate the mining farms in China (and they could attack and hardfork with their superior hashrate), but that is why we will have altcoins, in particular the one I am developing which doesn't depend on either proof-of-work nor proof-of-stake.

Remind Martin, it is Shelby Moore who is refuting him. He should remember me from email. I am tired of emailing him. He should hear from more of you, instead always myself emailing him.

[Kakmakr]

I doubt if Bitcoin could even cover the transaction volume of a small country like Zimbabwe at this stage, so scaling Bitcoin to become the global reserve currency will be a challenge. We will have to accept temporary solutions like the Lightning Network to accomodate for larger scaling options.

Simply increasing the block size, will not scale enough to become a global reserve currency. ^hmmmmm^

Governments will rather opt for private Blockchains with better scaling solutions than using a public Blockchain where they have no control. ^hmmmmm^

[Kevin77]

I doubt if Bitcoin could even cover the transaction volume of a small country like Zimbabwe at this stage, so scaling Bitcoin to become the global reserve currency will be a challenge.

It is too early to worry about bitcoin as a global reserve currency. But for an individual it is most suitable to to save and reserve for future. The scalability issue of bitcoin will get auto solved when it become so necessary and just before any bottleneck occurs.

Governments will rather opt for private Blockchains with better scaling solutions than using a public Blockchain where they have no control.

Why people opt for less advantageous private blockchian solutions for their saving when they are having a full freedom bitcoins. Government may bring private coins for their reserve purposes. But people will choose bitcoins for obvious reasons.

[franky1]

wake up people

altcoins are crapcoins.. and making bitcoin no longer the useful front-end coin by becoming the hidden reserve currency of crapcoins is not the future we want.

and while we stupidly let devs dismantle bitcoins front-end utility, the same devs are helping the real IMF with their hyperledger to build the real SDR reserve currency and world finance ledgers (controlled by banks)

seriously wake up and stop thinking that taking bitcoins front-end utility away is a good thing

[franky1]

I doubt if Bitcoin could even cover the transaction volume of a small country like Zimbabwe at this stage, so scaling Bitcoin to become the global reserve currency will be a challenge.

It is too early to worry about bitcoin as a global reserve currency. But for an individual it is most suitable to to save and reserve for future. The scalability issue of bitcoin will get auto solved when it become so necessary and just before any bottleneck occurs.

Governments will rather opt for private Blockchains with better scaling solutions than using a public Blockchain where they have no control.

Why people opt for less advantageous private blockchian solutions for their saving when they are having a full freedom bitcoins. Government may bring private coins for their reserve purposes. But people will choose bitcoins for obvious reasons.

1. but if bitcoin is not a front end currency because its utility has been taken away and pushed into the background.. all people end up using is permissioned services like LN. where you have to hand funds into a multisig and need the hub manager to sign off on all of your transactions... does not sound better to me

2. 99% of population in the fiat economy are using government funding without knowing how it works. they wont jump across to anything else, so dont be fooled into thinking that the governments will just disappear because bitcoin has been pushed into the background. yea pushed into the background .. i said it.. by making bitcoin a reserve currency pushes it away from peoples ability to get their hands on even more, pushes it away from peoples ability to use daily.

[franky1]

I doubt if Bitcoin could even cover the transaction volume of a small country like Zimbabwe at this stage, so scaling Bitcoin to become the global reserve currency will be a challenge. We will have to accept temporary solutions like the Lightning Network to accomodate for larger scaling options.

Simply increasing the block size, will not scale enough to become a global reserve currency. ^hmmmmm^

Governments will rather opt for private Blockchains with better scaling solutions than using a public Blockchain where they have no control. ^hmmmmm^

again bitcoins mainnet should not become a reserve currency as thats just pushing it into the background and using LN/crapcoins as the front-end.

as for saying bitcoins mainnet cant scale. and then twisting the plot to suggest that if it could scale it would still be a reserve currency in the background is foolish.

bitcoins mainnet can scale as a front-end payment network, but you need to wash away the failed doomsdays scripts you may have read that it needs XXgb blocks by tomorrow.

instead put a rational/logical hat on and realise that bitcoins mainnet should make baby steps forward periodically to expand naturally.. we are not gonna get 7billion people in a day.. its a years-decades scaling not a one day superman jump to extremes.

these safe onchain scaling babysteps should have happened last year. but instead it has been halted using fear of superman flights.

analogy:
yes babies should not take thier first baby steps because mummy and daddy fear the baby will run into a car withinin 10 years. so lets fearmunger all parents that all babies that take their first step will guarantee to run into a car tomorrow. so wrap up your baby and tie it to a cot. and call it your reserve baby. and then adopt a second child to be the one you push around the streets

also wash away the concept that bitcoin will become the 'one world' currency' for 7billion people.. instead think about the current 0.0266% using bitcoin and imagine it settling at about 1-5% of world population(after NATURAL not SUPERMAN growth). definetly dont assume 100% uptake. as that then becomes no 'free choice' option if its the only one.

[jacafbiz]

I think Bitcoin has a long way to go, there is no country where 10% of the population is using BTC, $10 Billion dollar is nothing when compared to the Global economy. In my own view, BTC can only try to take some percentage of the pie. 1% of global economy is huge for now

[cengsuwuei]

I think Bitcoin has a long way to go, there is no country where 10% of the population is using BTC, $10 Billion dollar is nothing when compared to the Global economy. In my own view, BTC can only try to take some percentage of the pie. 1% of global economy is huge for now

i think to get volume transaction in bitcoin to get 10 billion dollar is easy
bitcoin volume transaction is now 200 million dollar/day
the future , next time, bitcoin user can incraese so is capitalization 10 billion dollar/day is posible

[iamnotback]

I doubt if Bitcoin could even cover the transaction volume of a small country like Zimbabwe at this stage, so scaling Bitcoin to become the global reserve currency will be a challenge. We will have to accept temporary solutions like the Lightning Network to accomodate for larger scaling options.

Simply increasing the block size, will not scale enough to become a global reserve currency. ^hmmmmm^

Governments will rather opt for private Blockchains with better scaling solutions than using a public Blockchain where they have no control. ^hmmmmm^

again bitcoins mainnet should not become a reserve currency as thats just pushing it into the background and using LN/crapcoins as the front-end.

as for saying bitcoins mainnet cant scale. and then twisting the plot to suggest that if it could scale it would still be a reserve currency in the background is foolish.

bitcoins mainnet can scale as a front-end payment network, but you need to wash away the failed doomsdays scripts you may have read that it needs XXgb blocks by tomorrow.

You are a pinhead idiot. And I am going to prove it. Stay tuned...

Really you should STFU because you don't know.

[Jet Cash]

I don't think Bitcoin will be THE reserve currency, but it is certainly beoming a reserve currency. I'd include it with gold, silver and the emergent copper holdings of physical metal. Also, I'm starting to think that domain names may also become a reserve currency, however, the centralisation of registries, and the difficulties in valuation make this a bit of a specialist investment.

[eternalgloom]

wake up people

altcoins are crapcoins.. and making bitcoin no longer the useful front-end coin by becoming the hidden reserve currency of crapcoins is not the future we want.

and while we stupidly let devs dismantle bitcoins front-end utility, the same devs are helping the real IMF with their hyperledger to build the real SDR reserve currency and world finance ledgers (controlled by banks)

seriously wake up and stop thinking that taking bitcoins front-end utility away is a good thing

What do you mean by the statement that (all?) altcoins are crapcoins? Do you literally mean that you think there's no room for a single alternative crypto-currency? All because they're taking the wind out of Bitcoins' sails?

[franky1]

What do you mean by the statement that (all?) altcoins are crapcoins? Do you literally mean that you think there's no room for a single alternative crypto-currency? All because they're taking the wind out of Bitcoins' sails?

name one that can be used at 300,000+ merchants.

as for altcoins.. right now they are crapcoins. otherwise they would have already 'taken over'
that said e should not cripple/halt bitcoins utility purely to give a crap coin an advantage.

(EG G maxwell loves his monero but hates bitcoin, he cant wait for monero or the bankers hyperledger take the lead)

im not saying in the future an altcoin may offer something better.. but we should not cripple bitcoins mainnet to win that future altcoin some fame


strange thing is that people want to cripple and halt bitcoins growth and remove its utility to directly be spent with 300,000+ merchants. purely to let a permissioned network (LN) or an altcoin(buzzword: sidechain) take over.

all because of false fearful doomsdays that bitcoin needs to be 5000 miles away tomorrow, where forcing it to run now will kill bitcoin. so lets not even let bitcoin walk one step.

bitcoin can get to its destination one step at a time.. dont doomsday the running at lightspeed rhetoric by midnight as an excuse to stop it from walking and growing everyday.

[Xester]

To say that bitcoin is the reserve currency of the knowledge area is a hypothesis with less likelihood to occur. What is certain is that blockchain e fiat technology will sprout and will change the world. This technology will be adopted and be used not only in the financial and economic sectors but also to other sectors of society as well.

With digital money nearing its release bitcoin becoming the future becomes unclear.

[aso118]

I don't think Bitcoin will be THE reserve currency, but it is certainly beoming a reserve currency. I'd include it with gold, silver and the emergent copper holdings of physical metal. Also, I'm starting to think that domain names may also become a reserve currency, however, the centralisation of registries, and the difficulties in valuation make this a bit of a specialist investment.

There are multiple reserve currencies - the Chinese Yuan recently become the fifth one. The term 'reserve currency' and 'special drawing rights' are used by the IMF and we can sure that such multilateral organizations won't consider Bitcoin. Bitcoin can become the de-facto reserve currency of people, not the reserve currency of governments.