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February 02, 2014, 09:45:57 PM Last edit: February 02, 2014, 10:14:39 PM by FalconFly |
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Although I also see the review was biased towards Silver, its intention (seen more in a broad sense outside of his SBSS background) was rather to promote actual value versus percieved value (which is BitCoin, even if some don't like that statement, BTC remains virtual 0's and 1s within the internet - nothing more). The narration was IMHO overly aggressive and not the best way to bring the message across. But in its core, it still is relevant.
Given what I know, alot of his points were quite sharp and make sense, albeit at varying degree. Some of course are speculative in nature but using classic qui bono logic alone, it already makes sense. Plus, BTC holds risks most of its users are either truly unaware of or neglect them.
I see any digital crypto currency as nothing but a modern trial balloon by the establishment (precursor to Globo), the timing just fits too well and I do know groundbreaking, global financial innovations don't happen by chance by some guy nobody seems to really know. Serves as a nice dream but won't happen in reality. Even if its background was authentic (not their invention), they'll either destroy it via legal and illegal means or assimilate it to become their controllable vehicle as needed.
The established global financial System is in grief danger and even with the massive help of central banks worldwide ultimately prone to fail. When it or some of its key components fail, I deem it perfectly safe to assume that TPTB will need to have a "saviour" ready to save the day.
If forced to decide whether to hold either BTC or precious metals, my decision would be an easy no-brainer. For the long term functions of both exchange of money and store of value, the present Bitcoin design is far too insecure and risky for my taste.
BTC is modern, experimental and sexy with just a few undesired side-effects. But that comes at a hefty price which effects could destroy ones entire investment within a very short timeframe. Its acclaimed original philosophy has long been replaced with the most predominant character of typical human influences of finance : pure greed.
I invested a small amount which I risk while riding the BTC train but as soon as I see a profitable point of exit - I'll happily leave that train. I don't see its destination being what many supporters believe to be and I don't like what I see in the distance.
PS. For Millenia, people worked entire lifes for tangible goods and precious metals. - almost untraceable and untaxable - almost uncontrollable - extremely hard to produce
For the last century, people worked entire lifes for pieces of printed paper invented by central banks, which are in unlimited supply. - hard to trace and hard to tax (outside the banking system but this is getting near impossible to be in the western/modern world, just ask at your job to be paid in cash only, like it was common some 50-60 years ago) - still relatively tough to control despite effective systems in place - easy to produce
For sometime this century, I can imagine people working entire lifes for nothing but 0's and 1's which reduce central banks' printing costs and overhead and allow total government control. - extremely easy to trace and extremely easy to tax with the route into relevant changes being already discussed by BTC Foundation - effective control systems almost in place - liiterally effortless to produce (if issued by a central bank in a future revision of a crypto currency)
To me, sounds like a central banker and government wet dream come true. And they have the evil intent, resources, infrastructure, connections and manpower to make it happen.
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