Do you agree with this? USD, Not Bitcoin, Is The Next Digital Currency

[acs267]

A few days ago this was posted on Coindesk. I wanted to see what were you guys' opinions on this article. I thought it was kinda funny.

http://www.coindesk.com/experts-cnbc-usd-btc-future-digital-currency/


Let's have a quote pulled from this:

“The $100 bill is the world’s bitcoin. It’s anonymous. It’s easy to use. It’s actually easier than bitcoin, because you don’t need a computer or even power.”

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[Robert Paulson]

the $100 bill's purchasing power is diluted every second of every day at the discretion of a group of privately owned banks.
by using their monopoly on money creation they siphon away purchasing power from the working population to themselves.
https://www.youtube.com/watch?v=iFDe5kUUyT0 best explanation on youtube as to how this works.
bitcoin is controlled by no one and created by a predefined algorithm.

[blacksails]

I can agree that it's easier to use cash IRL and still be anonymous and have an almost non-existing transaction fee (none in the case of cash), but when purchasing online Bitcoins is like cash. It's the de-centralized cash of the internet.

[Jace]

A few days ago this was posted on Coindesk. I wanted to see what were you guys' opinions on this article.

It's a ridiculous article as these 'experts' completely missed the point by a lightyear.

This is the kind of crap you get from people giving 'expert opinions' on subjects they actually haven't got a clue about.

Let's have a quote pulled from this:
"The $100 bill is the world's bitcoin. It's anonymous. It's easy to use. It's actually easier than bitcoin, because you don't need a computer or even power."

You need power for a cash register these days. And dollar bills are no good with 90% of the world using other currencies than US Dollars. And of all dollars in existence, merely 1% even exist as bills. Dollar bills can be counterfeited. Dollar bills can't be encrypted (thus easily stolen). They can't be backed up (thus easily lost). They can't be spent online (where the vast majority of economic traffic takes place). They are issued by some private organization that can print dollars at whim, and they have the exclusive privilege of doing so, thus lowering the value of existing dollars (yours and mine) which is effectively the same as stealing.

So, no, $100 bills are NOT world's Bitcoin.

[Joshuar]

"Experts? What makes an employee of ConvergeEx a payments or currency expert? They're not in that industry at all. Oh, did anyone mention they just settled for 150m after defrauding their own clients for only five years?"

Those guys are not experts on anything.

Someone should send $100,000 to a relative or w/e in another part of the world, and tell me how much taxes(gift tax etc) and fees were taken out of it. The recipient of the money would not get the full $100,000, but closer to $90,000.

If you do that with Bitcoin, you'd only get a few cents taken out of the $100,000, not a few Thousand dollars taken out like with fiat.

Bitcoin>Fiat

[kelsey]

maybe not USD but fiat is better then Bitcoin.

Lets be honest most Bitcoin holders are in it for the fiat, everyone talks about BTC's 'value' based on its price in USD and not its value as a currency. now its hit over $1000 (in the past), people sat up and listened not whne u could buy a coffee with it.


Bitcoin doesn't allow micro-transactions, Fiat no problem. Fees with Bitcoin even if I am sending to another of my own wallets, Not with Fiat.

People will say but electronically the banks charge, well I don't what bank your using but I've had fee free banking for many years.

Fiats even more fairer distribution.

Bitcoin (due to its non inflationary design) maybe a better store of wealth longterm then fiat, which is it only real benefit, but thats more as a commodity then a currency (and depending on ur buyin point its risky).

[leopard2]

NOOO NOOO you don't need power or a computer, in order for USD to be a digital currency  

that statement alone is enough evidence that this person writes on behalf of the "bad guys" or is simply retarded

Also I wonder if a digital currency that can be mined at zero difficulty by just one mining consortium, called the "FEDERAL RESERVE", is any good? there is no limit either, it is created at an exponential rate with at least 5% per year increase.

If USD was a cryptocoin it would be the worst scamcoin EVER. What a joke..............USD, even worse than Ripple.  

[Beliathon]

I went all-in on Bitcoin with my life savings when a BTC was worth only $87 each. I did this not to get rich, I had no idea if BTC would go up or down from the ~$100 mark.

I didn't merely invest in Bitcoin, I deliberately divested from the Dollar. I did it to get my life savings as far away from the dubious dollar as possible.

The dollar is in a bubble, it's value is HUGELY artificially inflated, and sooner or later the market is going to correct itself. Don't let your wealth get destroyed when that happens.

Related: Dead Dollar Walking
Related: Wealth Inequality in America

[hilariousandco]

A few days ago this was posted on Coindesk. I wanted to see what were you guys' opinions on this article. I thought it was kinda funny.

http://www.coindesk.com/experts-cnbc-usd-btc-future-digital-currency/


Let's have a quote pulled from this:

“The $100 bill is the world’s bitcoin. It’s anonymous. It’s easy to use. It’s actually easier than bitcoin, because you don’t need a computer or even power.”

I think they're entirely missing the point judging by that quote. And you certainly need a computer or power for most other transference of USD (and any other fiat) though.

[acs267]

maybe not USD but fiat is better then Bitcoin.

Lets be honest most Bitcoin holders are in it for the fiat, everyone talks about BTC's 'value' based on its price in USD and not its value as a currency. now its hit over $1000 (in the past), people sat up and listened not whne u could buy a coffee with it.


Bitcoin doesn't allow micro-transactions, Fiat no problem. Fees with Bitcoin even if I am sending to another of my own wallets, Not with Fiat.

People will say but electronically the banks charge, well I don't what bank your using but I've had fee free banking for many years.

Fiats even more fairer distribution.

Bitcoin (due to its non inflationary design) maybe a better store of wealth longterm then fiat, which is it only real benefit, but thats more as a commodity then a currency (and depending on ur buyin point its risky).

How is it 'fairer'?

Also, it's value as a currency is measured via OTHER currencies. How do you think Fiat is measured? Do you want to just 'create' a value for Bitcoin?

[kelsey]

it's value as a currency is measured via OTHER currencies.

you mean its price not it's value.

[kelsey]

How is it 'fairer'?

You do know with fiat there is only one singular way to obtain it?


(although once you allow trading between btc and fiat you can't say either's fairer distribution then the other)

[Lethn]

A few days ago this was posted on Coindesk. I wanted to see what were you guys' opinions on this article. I thought it was kinda funny.

You know how jaded I am with governments when I immediately started laughing out loud at this article in particular.

[LAMarcellus]

I went all-in on Bitcoin with my life savings when a BTC was worth only $87 each. I did this not to get rich, I had no idea if BTC would go up or down from the ~$100 mark.

I didn't merely invest in Bitcoin, I deliberately divested from the Dollar. I did it to get my life savings as far away from the dubious dollar as possible.

The dollar is in a bubble, it's value is HUGELY artificially inflated, and sooner or later the market is going to correct itself. Don't let your wealth get destroyed when that happens.

Related: Dead Dollar Walking
Related: Wealth Inequality in America

The dollar is dying. Once the word dollar referred to a specific weight of silver in small rounds grains. Now it refers to inked toilet paper.

Fractional reserve banking is enabled when money substitutes are used. Niall Firage, Ascent of Money gives a great historical account of how paper money and fractional reserve lending were spawned. Fractional reserve banking is used by dishonest bankers and their cronies to enrich themselves, necessarily at our expense. Fractional reserve banking is how the bombs are paid for to keep the Empire at war since the Koreans War. Fractional reserve banking is fraud. It is counterfeiting. It allows some actor in the market to buy goods, without having to do anything for someone else to earn that money. Adding insult to injury, at least at one point the fractional reserve system did have some backing, with each note being worth less and less of the backing as more and more notes were counterfieted without any additional backing for the newly created notes. Today there is no backing, period. It is just debt that we are asking others to take on and that "we promise" we will give something useful for. It used to be required that notes had solid backing by money, historically gold. No fool would accept otherwise. Today we are hoodwinked.

Fractional reserve banking would be dead, were it not given subsidy and a monopoly by government. We are forced to used this failed banking model by open end of a barrel of a gun. Wildcat banking would be eliminated in the marketplace, as we will see in our own lifetimes, bitcoin will completely replace status quo fractional reserve banking, unless the force and coercion used to prevent our free choice are so great that it kills us.

That being said,
Would you accept a "bitcoin note" or a piece of paper that says "backed by bitcoin".   What if you knew the "bitcoin bank" only had 10% in its vaults, yet had somehow loaned out 900% that amount in "paper backed by bitcoin".

BEWARE PAPER BACKED BY BITCOIN!!!    Bitcoin is money as gold is money. Currency always starts with money backing,  then the paper currency politically loses the backing, for the kids or to stop terrorism or some other BS, and then we're fucked all over again with tyranny. Tyranny goes hand in hand with corrupting, insidious banks and their fractional reserve fraud!

We wont always have access to computers. true.
But paper money is not the solution. Certainly not fractional reserve fiat "fuck the citizens" paper.  
Maybe some novel encrypted Satoshi paper that will prevent itself from being copied or counterfeited.  

[acs267]

How is it 'fairer'?

You do know with fiat there is only one singular way to obtain it?


(although once you allow trading between btc and fiat you can't say either's fairer distribution then the other)

So, you want a currency that only has one way to obtain it? Jeez. That's great.

it's value as a currency is measured via OTHER currencies.

you mean its price not it's value.

No, it's value.

[Meuh6879]

“The $100 bill is the world’s bitcoin. It’s anonymous. It’s easy to use. It’s actually easier than bitcoin, because you don’t need a computer or even power.”

but you need fed and bank to generate it ...
for my choice, i prefer that bitcoin generate bitcoin ... and not the human corrupted by a system.

[Beliathon]

BEWARE PAPER BACKED BY BITCOIN!!!    Bitcoin is money as gold is money. Currency always starts with money backing,  then the paper currency politically loses the backing, for the kids or to stop terrorism or some other BS, and then we're fucked all over again with tyranny. Tyranny goes hand in hand with corrupting, insidious banks and their fractional reserve fraud!

I feel it's important to note here the distinction between a bank-note, which is an "I owe you" from some central organization - and a paper wallet, which is actual money on the blockchain.

[leopard2]

maybe not USD but fiat is better then Bitcoin.

Lets be honest most Bitcoin holders are in it for the fiat, everyone talks about BTC's 'value' based on its price in USD and not its value as a currency. now its hit over $1000 (in the past), people sat up and listened not whne u could buy a coffee with it.


Bitcoin doesn't allow micro-transactions, Fiat no problem. Fees with Bitcoin even if I am sending to another of my own wallets, Not with Fiat.

People will say but electronically the banks charge, well I don't what bank your using but I've had fee free banking for many years.

Fiats even more fairer distribution.

Bitcoin (due to its non inflationary design) maybe a better store of wealth longterm then fiat, which is it only real benefit, but thats more as a commodity then a currency (and depending on ur buyin point its risky).

Look mate if you need  a real micro transaction just use DOGE

But everything else you say, is just due to the evil nature of big government (as opposed to small government which is what people need). Without massive government opposition, BTC would be around 5-10 000 $ today and accepted by everyone and their mother !!!

[acs267]

BEWARE PAPER BACKED BY BITCOIN!!!    Bitcoin is money as gold is money. Currency always starts with money backing,  then the paper currency politically loses the backing, for the kids or to stop terrorism or some other BS, and then we're fucked all over again with tyranny. Tyranny goes hand in hand with corrupting, insidious banks and their fractional reserve fraud!

I feel it's important to note here the distinction between a bank-note, which is an "I owe you" from some central organization - and a paper wallet, which is actual money on the blockchain.

You deserve a Citizen Kane clapping Gif. Too bad I can't find one.

[Beliathon]

Look mate if you need  a real micro transaction just use DOGE

Please read: http://trilema.com/2014/why-dogecoin-is-a-scam-why-the-people-pushing-it-are-assholes-why-business-insider-is-a-contemptible-piece-of-shit-why-anyone-who-ever-worked-for-it-will-be-dancing-in-the-street-for-nickels-and-wh/

[keithers]

Disagree because all of the problems that the gov't is trying to say BTC poses i.e money laundering, purchasing of illicit good, anonimity...they are all safe havens with cash.

[acs267]

Disagree because all of the problems that the gov't is trying to say BTC poses i.e money laundering, purchasing of illicit good, anonimity...they are all safe havens with cash.

USD is the dirtiest currency out there. Money laundering, murder, drugs, bootleg, suicide, rape, etc. There's so many nasty things out there. I don't think Bitcoin goes that far. But the Government doesn't mention that.

Look mate if you need  a real micro transaction just use DOGE

Please read: http://trilema.com/2014/why-dogecoin-is-a-scam-why-the-people-pushing-it-are-assholes-why-business-insider-is-a-contemptible-piece-of-shit-why-anyone-who-ever-worked-for-it-will-be-dancing-in-the-street-for-nickels-and-wh/

I don't get why so many people take Doge so seriously. It was a joke. A joke that changed into a crypto - but it's still a joke. If it's a scam, then whippee. It's still a joke.

[poordeveloper]

Cash can't be transferred worldwide as easily and cheaply as Bitcoin. I think that alone makes Bitcoin a much better competitor in terms of efficiency and cost.

[sana8410]

Here they start again with their idiots experts!Why are the so afraid of bitcoin?If the US Dollar is the Future Digital Currency why they give so much importance to bitcoin?Accepting bitcoin costs zero fee. Accepting bitcoin and having some 3rd party converting it to USD, yes, that'll cost about 1% fee (actually it's more like 0.5% nowadays). Still way less than paypal, visa, mastercard, etc which (unlike Bitcoin) all come with huge risks, limitations and dependencies.

[MarketNeutral]

Is the USD capped at 21 million? lol.

[keithers]

Disagree because all of the problems that the gov't is trying to say BTC poses i.e money laundering, purchasing of illicit good, anonimity...they are all safe havens with cash.

USD is the dirtiest currency out there. Money laundering, murder, drugs, bootleg, suicide, rape, etc. There's so many nasty things out there. I don't think Bitcoin goes that far. But the Government doesn't mention that.

Look mate if you need  a real micro transaction just use DOGE

Please read: http://trilema.com/2014/why-dogecoin-is-a-scam-why-the-people-pushing-it-are-assholes-why-business-insider-is-a-contemptible-piece-of-shit-why-anyone-who-ever-worked-for-it-will-be-dancing-in-the-street-for-nickels-and-wh/

I don't get why so many people take Doge so seriously. It was a joke. A joke that changed into a crypto - but it's still a joke. If it's a scam, then whippee. It's still a joke.

The US gov't could say monopoly money was the future of US currency and there would be millions of sheep who follow

[Bit_Happy]

Electronic USD (through Google, Paypal and Facebook) will be tough competition for BTC.
We have the advantage of a limited supply, and that is a really big deal.

[Pente]

Electronic USD (through Google, Paypal and Facebook) will be tough competition for BTC.
We have the advantage of a limited supply, and that is a really big deal.

As soon as they make a frictionless way to send USD over the internet, it will be added to the cryptocurrency exchanges like cryptsy.com resulting in just an easier way to switch back and forth between currencies quickly. The USD will still have the problem of an unlimited supply of them though.

This will only help Bitcoin.

[CryptoPanda]

I read it, thought to myself those guys are f**** delusional.

[keithers]

I wish USD had some bills higher than $100.  Maybe a $500 bill, I think $1000 may be too high. We also need to get rid of pennies. I throw those away. Seriously.

[acs267]

I read it, thought to myself those guys are f**** delusional.

I know right? If they want USD to go digital, that means you're going to need a computer and Internet. Though they bashed Bitcoin because you need a computer and the Internet?

I wish USD had some bills higher than $100.  Maybe a $500 bill, I think $1000 may be too high. We also need to get rid of pennies. I throw those away. Seriously.

ZWD! Here we come, guys!

[leopard2]

Look mate if you need  a real micro transaction just use DOGE

Please read: http://trilema.com/2014/why-dogecoin-is-a-scam-why-the-people-pushing-it-are-assholes-why-business-insider-is-a-contemptible-piece-of-shit-why-anyone-who-ever-worked-for-it-will-be-dancing-in-the-street-for-nickels-and-wh/

Then use LTC or any other blockchain for the microtransactions. I was just saying that the inability of sending dust transactions with BTC blockchain is not an issue at all.

[keithers]

Look mate if you need  a real micro transaction just use DOGE

Please read: http://trilema.com/2014/why-dogecoin-is-a-scam-why-the-people-pushing-it-are-assholes-why-business-insider-is-a-contemptible-piece-of-shit-why-anyone-who-ever-worked-for-it-will-be-dancing-in-the-street-for-nickels-and-wh/

Then use LTC or any other blockchain for the microtransactions. I was just saying that the inability of sending dust transactions with BTC blockchain is not an issue at all.

I use LTc for that too. The faster confirmation times are amazing. I basically use BTC almost like a savings account that I deposit more money into when prices come down

[TheMage]

Look mate if you need  a real micro transaction just use DOGE

Please read: http://trilema.com/2014/why-dogecoin-is-a-scam-why-the-people-pushing-it-are-assholes-why-business-insider-is-a-contemptible-piece-of-shit-why-anyone-who-ever-worked-for-it-will-be-dancing-in-the-street-for-nickels-and-wh/

So let me get this straight, someone posts an article of so called "experts" (which we all obviously disagree with, well most of us), and most people here are defending BTC from it, yet you decide to post an article doing the same exact stuff these experts did to BTC to another crypto?



Dude, the irony is so thick I can cut it with a knife.

[Siegfried]

Electronic USD (through Google, Paypal and Facebook) will be tough competition for BTC.
We have the advantage of a limited supply, and that is a really big deal.

As soon as they make a frictionless way to send USD over the internet, it will be added to the cryptocurrency exchanges like cryptsy.com resulting in just an easier way to switch back and forth between currencies quickly. The USD will stop have the problem of an unlimited supply of them.

This will only help Bitcoin.

Interesting.

[CurbsideProphet]

maybe not USD but fiat is better then Bitcoin.

Lets be honest most Bitcoin holders are in it for the fiat, everyone talks about BTC's 'value' based on its price in USD and not its value as a currency. now its hit over $1000 (in the past), people sat up and listened not whne u could buy a coffee with it.


Bitcoin doesn't allow micro-transactions, Fiat no problem. Fees with Bitcoin even if I am sending to another of my own wallets, Not with Fiat.

People will say but electronically the banks charge, well I don't what bank your using but I've had fee free banking for many years.

Fiats even more fairer distribution.

Bitcoin (due to its non inflationary design) maybe a better store of wealth longterm then fiat, which is it only real benefit, but thats more as a commodity then a currency (and depending on ur buyin point its risky).

Bitcoin doesn' allow micro-transactions?  How so?

[poordeveloper]

Electronic USD (through Google, Paypal and Facebook) will be tough competition for BTC.
We have the advantage of a limited supply, and that is a really big deal.

As soon as they make a frictionless way to send USD over the internet, it will be added to the cryptocurrency exchanges like cryptsy.com resulting in just an easier way to switch back and forth between currencies quickly. The USD will stop have the problem of an unlimited supply of them.

This will only help Bitcoin.

Or it will be regulated and prevented to be used in those kind of sites.

[LAMarcellus]

BEWARE PAPER BACKED BY BITCOIN!!!    Bitcoin is money as gold is money. Currency always starts with money backing,  then the paper currency politically loses the backing, for the kids or to stop terrorism or some other BS, and then we're fucked all over again with tyranny. Tyranny goes hand in hand with corrupting, insidious banks and their fractional reserve fraud!

I feel it's important to note here the distinction between a bank-note, which is an "I owe you" from some central organization - and a paper wallet, which is actual money on the blockchain.

Good catch!    

Yes Bank Notes are evil incarnate. Paper wallets to back up your bitcoins are awesome and required!

But as to my warning.

We may see a bait and switch type tactics. Where Bitcoins are declared legal. Then within 10 years time, new legal tender laws are being written and passed "to protect consumers". These laws will allow "banks" to issue paper notes backed by bitcoin. People just keep losing their coins and paper currency backed by bitcoin will allow us to make them whole, and allow wise phDs to direct the conomy and BS BS BS.    Next thing you knew bitcoin has been relegated to the monetary dustbin like gold. Meanwhile we are all enslaved by it's substitute, inked toilet paper and its infinite clones, now with Satoshis face instead of Georges. Same old Same old if we don't learn.   

BEWARE BANK NOTES BACKED BY BITCOIN!   Fractional Reserve lending will rear its ugly head any time a paper note is substituted for the real thing, and circulated as if it's the real thing.

*I AM NOT DISCUSSING PAPER WALLETS HERE,   PLEASE BACK UP YOUR BITCOINS ONTO A PAPER WALLET IN ADDITION TO WHATEVER OTHER METHOD YOU USE*

[noviapriani]

“The future of money will really be on finding ways to transact in a
lower-cost way, and that’s a societal trend, not just bitcoin.” Except that Bitcoin is already a way to transact in a lower-cost way and has been for five years now. Societal trends need the technology first, and approximately five years later.. the masses go 'Oh'

[ebliever]

Hey guys! I got this great idea for a new Altcoin I'm going to release! Here are the details:

Name: US Dollar
Supply: TBD; will be decided by a group we'll call the "Fed". No, it won't be answerable to you. No, there is no cap. What could go wrong?
Note: We don't actually have the blockchain locked down to prevent double-spending (counterfeiting). We know it's a problem, and we are working on it.
Confirmation Time: Expect a couple of days for most transfers. Please give it up a week before bothering your exchange admins.
Note: You may want to invest in training to detect forgeries.
Transfer Cost: Will range from $10-25 or more depending on institution, there is no standard in the blockchain.
Note: Physical transfers will also be available! (We do recommend washing of hands after handling of physical "Dollars" to prevent spread of disease.)

We expect this Altcoin to be a MAJOR success! With features like these, how can it fail???

[keithers]

Hey guys! I got this great idea for a new Altcoin I'm going to release! Here are the details:

Name: US Dollar
Supply: TBD; will be decided by a group we'll call the "Fed". No, it won't be answerable to you. No, there is no cap. What could go wrong?
Note: We don't actually have the blockchain locked down to prevent double-spending (counterfeiting). We know it's a problem, and we are working on it.
Confirmation Time: Expect a couple of days for most transfers. Please give it up a week before bothering your exchange admins.
Note: You may want to invest in training to detect forgeries.
Transfer Cost: Will range from $10-25 or more depending on institution, there is no standard in the blockchain.
Note: Physical transfers will also be available! (We do recommend washing of hands after handling of physical "Dollars" to prevent spread of disease.)

We expect this Altcoin to be a MAJOR success! With features like these, how can it fail???

There isn't much that can go wrong...looks like you have just saved the world's economy.

[zolace]

Bitcoin has its own space in the market. It doesn't need to compete with the dollar.

[MegaHustlr]

the $100 bill's purchasing power is diluted every second of every day at the discretion of a group of privately owned banks.
by using their monopoly on money creation they siphon away purchasing power from the working population to themselves.
https://www.youtube.com/watch?v=iFDe5kUUyT0 best explanation on youtube as to how this works.
bitcoin is controlled by no one and created by a predefined algorithm.

That is one of the most compelling reasons to use bitcoins, no loss of value until now.