Bitcoin has been used by illicit criminals to engage in their activities in complete anonymity. That is why criminals like it. Federal authorities have been cracking down for this reason. If it can fund criminal activities, what more terrorist activities by enemies of the US? Add to that, hackers have been stealing Bitcoin from the gullible public. Nothing backs Bitcoin and it is like monopoly money which is totally worthless.
And what does the budget and taxes have anything to do with Bitcoin and the US Dollar? Don't try to obfuscate the discussion. We are talking about digital currency traceability. Perhaps you should learn to read? I won't be missing you @Nobert #Nobertmeltdown #triggeredsnowflake
And what better way to control people globally than full oversight and tracking of funds held and spent? You realize you are making the same argument I am?
Will a particular Government defend Bitcoin the way it would its own fiat currency, No. But I certainly would not go so far as calling it "monopoly money". "One thing I have learned over time is the best thing to do is let market price action guide your decision-making and then try to understand the fundamentals as they become more evident and comprehensible. Quite often, how the markets respond will be at odds with your priors. But remember, the P&L always wins in the long run.With that in mind, in a world that craves new safe assets, there may be a growing role for Bitcoin." Paul Tudor Jones https://www.docdroid.net/H1fuimX/the-great-monetary-inflation-pdf
What are you exchanging for Bitcoin when you buy it? You are trading your fiat currency whatever it is. Now, if you were exchanging it for silver or gold coins, you would something of real valued used in the real world. Yet, you are exchanging it for air? If Bitcoin is that valuable, nobody would be selling their Bitcoin? Instead, they are exchanging it for the fiat currency be it the dollar, British pound, Canadian dollar, etc.? It does not pass the stink test.
My friend, Big Brother tracking your funds should be the least of your worries, I am talking about something else. I am talking about total slavery, on a global scale.
Don't get me wrong. I am not a Bitcoin true believer or claim to be an expert on what all of humanity finds of value for all of time, and that's why I provided the PTJ quote. What is an asset changes over time as does their valuations. Like it or not, right now in history, Bitcoin is an asset and is being perceived in that way by more and more individuals and institutions. You might be surprised to know how many people buy bitcoin with items of value other than fiat currency, some of them legal and yes, some illegal. I am going to ignore the, "If Bitcoin is that valuable, nobody would be selling their Bitcoin." People are exchanging their Bitcoin for fiat currencies, as well as a multitude of other goods and services of real value in the real world, including gold and silver coins, which is the disproof of your "value" statement above. The understanding of value based on your financial olfactory is relative and is not inline with the likes of PTJ. For some reason I value his ability to sniff out money more than both your, or my own, "Stink Test". A few years back I helped a friend convert an old RV park into a retreat center. When we upgraded the septic system, to me, it stunk like shit. But to the Septic Contractor it smelled like money. I look at Bitcoin as a piece of Fine Art. An amazingly beautiful piece of art that has as part of its beauty the facility for fractionalized ownership. I see alt-coins as Pop-Art. Some will become Warhol's and the rest will become almost worthless. The Art Mafia's creation of value in a specific artist's body of work is very similar to the way value is created with digital currencies, its just more decentralized. What is your perceived value of the painting below? For me it looks something I could buy at Ikea for $50 bucks. But for others its worth $45 million. In full disclosure I do not own any Bitcoin. I have made a few trades of CME Bitcoin Futures but the volume sucks for my style of trading.
People are exchanging their Bitcoin for fiat currencies, as well as a multitude of other goods and services of real value in the real world, including gold and silver coins, which is the disproof of your "value" statement above. Actually, you proved my point. The only reason people with Bitcoin is changing it to fiat currencies and gold or silver is they know that it is worth nothing. So, they are getting out while, the going is good and they can sell it at a high price. Like selling air. So, they sell you an imaginary Bitcoin and take your dollars, silver or gold. Looks like someone is smart, the other one dumb. Like any Ponzi schemes, the last buyers are the ultimate dupes.
can't have fiat going into anything but equities to prop the stock market used as an economy bellweather before an election.
OK, let me see if I can follow your train of thought. You think you are more intelligent than Paul Tudor Jones, who has placed 2% of his assets in Bitcoin. You think that anytime somebody buys an asset and then sells that asset it is because he knows he is participating in a ponzi scheme and is trying to dupe someone into buying air. Got it. But for the rest of the world perceived value is still value.