The Bloodless (r)Evolution: How Bitcoin Will Destroy Government And Central Banking

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from The Dollar Vigilante:

2 COMMENTS

  1. Bitcoin can NOT destroy government and banking.
    1) Bitcoin can only process 7 transactions/sec while Visa can process 50,000!
    2) The price is all over the board [NOT stable!]
    3) When a small percentage of people want to liquidate their Bitcoin, the trading exchanges FREEZE! You can’t get out when you want.
    4) Governments can make anything they want illegal.
    5) Governments can sieze your Bitcoins when they want because Bitcoin is NOT anonymous as we were LEAD to believe!

    Need I say more???

    • I don’t know shit about Bitcoin, but, I can look at questions or data, and try to see both sides of an issue.——–
      You said, and I think I agree with most things you said… BUT… here’s my 2 cents.
      ————

      Bitcoin can NOT destroy government and banking.
      (perhaps not, but I think that many of us think that government policies are on the path to destroying themselves. Bitcoin may help to fill the gap.)

      1) Bitcoin can only process 7 transactions/sec while Visa can process 50,000!
      (you are very correct. I have read that some other cryptos have much better transaction times than BTC, but everything is still very young, and must evolve to fit the needs, or it will die. I think improvements will be made, to the point of some cryptos being able to catch up to Visa, etc. Only time will tell.)

      2) The price is all over the board [NOT stable!]
      (true. And history shows that all paper monies have eventually gone down to zero. At the very least, inflation of the money supply, is stealing at least 7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of our purchasing power every year. This is why I like PM’s, and will get into some cryptos as my financial situation allows it.)

      3) When a small percentage of people want to liquidate their Bitcoin, the trading exchanges FREEZE! You can’t get out when you want.
      (also true. Things must improve in the blockchain & BTC world, or they will die. I think this is a typical problem of most new things, they evolve or die. Cars in the early 1900’s, were a novelty, very few paved roads, and problems were many. Things evolved, cars improved, roads improved, etc. That’s how I view the crypto currencies, like a “Model-T Ford”, on its way to becoming an F-150 pickup truck in the next couple of decades.)

      4) Governments can make anything they want illegal.
      (Yes they can. Just like they made Prohibition to outlaw booze, and they fight against legalizing marijuana. Governments make many things illegal, but when the world evolves and decides it will have some new freedom, etc, then changes do happen, sometimes peacefully, and sometimes by REVOLUTION. Time will tell.)

      5) Governments can sieze your Bitcoins when they want because Bitcoin is NOT anonymous as we were LEAD to believe!
      (Bitcoin blockchain is an “open & public” ledger accounting system, so yes, it’s default is not anonymous, but some cryptos are designed to be anonymous. Can governments confiscate BTC? Not always so easy for them to do it. If they don’t have the keys, they’re basically screwed.
      They can “tax” all the transactions they can track on the ledger, but things ‘off ledger’ by those other cyrptos, will just be the same as the rest of the world’s BLACK MARKETS where things happen under the table. The world has always had a thriving black market, and it always will.)

      Need I say more???

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