PQC: In this blog, I have always wished (translation: challenged) governments, particularly Western government would BAN Bitcoin (and all other crypto-currencies) outright categorically, and see what would happen next!
I have also asked everyone to show me just one thing, one single thing that the State/Government has ever successfully banned!
Those people with statist mindset are just a bunch of dumbshit who never question why prison exits and incrementally increases over time! Even the cruelly mighty fucking God cannot ban a single thing since day one! (Yeah! talk about God-fearing people huh… and law abiding citizens eh! And don’t ever forget that those in government are the worst law-breakers ever! I don’t want to say anything about all sorts of priests here :-))
Have people ever wondered why, despite all the bad press, all kinds of expert’ Bitcoin obituaries , and government threats of all sorts, Bitcoin has not only survived, thrived from $0.0015 USD in 2009 to as of today (24-May-2019) ~8,000.00 USD, but “worst” still it has also inspired the birth of thousands other crypto currencies? Hundreds of which have been actively “used” daily? (Click here to have a quick glimpse in real-time https://www.worldcoinindex.com/
And if one cares to know, instead of repeating stupid lines from “experts”, just have a quick look at the real-time Bitcoin daily “trading” with micro transactions such as 0.25 USD, 2.50USD … up to multiple thousands, hundreds of thousand dollars.
Click here to have a quick look at the block-chain in real-time operation https://www.blockchain.com/btc/unconfirmed-transactions
Or put it in Bitcoin perspective, people are using very small amount of Bitcoin or to be exact the “Satoshi” as unit of exchange and unit of account to buy and sell something! In this case 625 satoshis (0. 50 USD) .
Remember 1Bitcoin=100,000,000 (one hundred millions) Satoshis.
Click here if you want some basic knowledge https://www.btcsatoshi.com/
So, what do you think what’s going on here? Are these “Bitcoiners” or “crypto-currenciers” a bunch of idiots, uneducated tinfoil hat freaks, who have nothing to do in their lives and with their “real” fiat money even after ten turbulent years have passed since 2009? Or what?
As always, it’s all up to you.
I am one of those idiots, uneducated tinfoil hat freaks who said, in this blog, that one day in the near future 1 Satoshi will be equal 1USD, or 1Bitcoin will be worth 100,000,000 USD! Not only because is Bitcoin a deflationary currency with known finite supply but also because fiat money is inflationary by nature and has been losing value (purchasing power) very fast! a.k.a “inflation”
Bitcoin Threatens To ‘Take Power’ From The U.S. Federal Reserve
Bitcoin, which has roared back over the last few weeks after what many feared was a terminal decline since its peak in late 2017, has long been called a threat to the existing financial system and the central banks that run it—though these claims have in the past been largely fringe ideas.
The bitcoin price, now hovering around $8,000 per bitcoin, double what it began the year at, is often closely tied to public awareness of cryptocurrencies and the latest bitcoin bull run beginning in early April re-started the public debate on bitcoin.
Now, U.S. Democrat Congressman Brad Sherman has urged his colleagues to consider banning bitcoin and cryptocurrencies due to the threat they pose to U.S. international financial power, saying bitcoin needs to be “[nipped] in the bud.”
U.S. Congressman Brad Sherman last week introduced a bill to ban bitcoin and cryptocurrencies.
“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions,” Sherman said at a meeting of the House Financial Services Committee last week.
“Clearing through the New York Fed is critical for major oil and other transactions. It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have against Iran, for example, would become irrelevant.”
Bitcoin, which allows its users to move value around the world beyond the sight and reach of governments and law enforcement, is often criticized for its ability to help terrorists, criminals, tax evaders.
“So whether it is to disempower our foreign policy, our tax collection enforcement or traditional law enforcement, the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law,” Sherman added.
Sherman, who has previously called bitcoin and cryptocurrencies “a crock”, added the U.S. should prevent people from buying or mining cryptocurrencies.
Following Sherman’s attack on bitcoin and cryptocurrencies, Anthony Pompliano, bitcoin advocate and founder of Morgan Creek Digital Assets, hit back, saying any such laws would be “nearly impossible to enforce”—though Sherman is right to be worried and trying to ban “bitcoin will drive more adoption.”
Bitcoin’s recent price surge has rekindled the public debate around the future of bitcoin and cryptocurrencies. Coindesk
“While many people will claim Brad Sherman doesn’t know what he is talking about, I would argue that his statement highlights that the Congressman knows exactly what is happening,” Pompliano wrote in a blog post. “He sees the increased probability that we are moving to a world where non-sovereign currencies are the default and it sounds like he is scared.”
“Mr. Sherman realizes that the United States, and other countries with major currencies, will lose considerable power if they are no longer in control. While his understanding of the technology’s potential is accurate, it appears that the Congressman does not understand the improbability of being able to ban ownership of these decentralized digital currencies. The laws could be created but they would be nearly impossible to enforce.”
Meanwhile, a survey out this week found the percentage of people in the U.S. holding cryptocurrencies doubled over the last year, with almost three-quarters of those asked (74%) now aware of bitcoin and cryptocurrencies.
“Over the past few years, the digital asset and blockchain sector has faced massive shifts,” said Frank Fu, chief executive of HBUS, the U.S. partner of the Singapore-based Huobi bitcoin and cryptocurrency exchange, which carried out the research. “Despite the volatile crypto markets, we’re seeing governments and businesses adopting blockchain technology at a rapid pace.”
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies Billy Bambrough Contributor