Any discussion of Bitcoin or cryptocurrency in general misses the mark if it does not discuss the Tether scam. The contention is that Tether, which is supposed to be a 1:1 dollar equivalent and which has a market cap of $114 billion and it's daily trading volume is greater than all the other top 10 by market cap coins *combined*, is almost entirely unbacked; it's been used to dramatically inflate the crypto market values much like a central bank. In other words, all of crypto has been infected by the same central bank scam that it purportedly claims to avoid from fiat. It has never passed an audit. As I wrote in a post two years ago:
"Tether, a 13 man company based in the Virgin Isles, claims to have the #5 cash balance in world:
Apple $202B (audited)
Google $169B (audited)
Microsoft $132B (audited)
Amazon $86B (audited)
Tether $83B (not audited)
General Electric $67B (audited)"
Because the crypto market is so lightly traded, sticking many tens of billions of unbacked dollars into the system increases the crypto market’s valuations by many, many times that.
The contention is further that Tether has a krisha (protection) on it because it is such a provably obvious and flimsy scam. The krisha is from the NSA and CIA. What is the purpose for them with crypto, then? To beta test upcoming CBDCs which will be used to reduce humanity's freedom to an extent never seen before in human history as the primary goal, along with secondary objectives of money laundering and funds for black ops, as well as to get themselves and their higher-ups rich.
Globohomo can do whatever they want with crypto via Tether; they own it entirely. Whether it goes up 10x or 100x from here or crashes into nothing is entirely up to them. If you invest, understand it is simply a bet on what globohomo plans to do with it from their smoke-filled deliberations, that’s all.
The way “Tether FUD” is resolved appropriately is through something called an “audit.” Or you can just have globohomo deliberately ignore it for another seven years. Either works, I guess.
It will never be "resolved" for someone like you because no standard of evidence will every be good enough. Meanwhile Tether continues to be an effective US dollar proxy transferring billions in value daily.
Childish thing to say but even an audit would not satisfy you because your claim goes way beyond Tether backing, you are literally claiming they control the price of Bitcoin.
Please Keith please do an article on the Reichs Economy under Adolf, many documentaries claim that he printed the new deustch mark based on "hours worked or goods produced" basically a debt economy? And that this system made them extremely prosperous really fast? Please would love your take on this
"I don't see why states would ever embrace a system of international payments where they are limited by a scarce asset."
I don't see you addressed Safedin's point, which is that the game theory for Bitcoin will play out in spite of what bankers and states may or may not want. Through the continued debasement of fiat currencies, the price of assets rises, but the game theory around Bitcoin is especially powerful because at present it is held mostly by retail and not institutions, private or public. Bitcoin is literally the best performing asset of all time, with a CAGR of 55%.
You keep arguing 'somebody else could create a better digital currency'. Well, these "better" digital currencies have been coming and going since the earliest days of Bitcoin so why have they not yet toppled Bitcoin? I think you need to explain this, otherwise why would we not assume the current trend of Bitcoin overall dominance will continue? (Also I note Bitcoin marketcap dominance has been range bound since around 2017)
When was it you predicted Bitcoin would fall below $10k? Was it around the end of 2022 just before the massive bull run that took it from $17k to $60k? How do you account for your failure to predict Bitcoin price in the past?
"game theory for Bitcoin will play out in spite of what bankers and states may or may not want" is an extremely naive statement, bankers and states are the rule makers of the game and the owners of pretty much the gameboard, a monetary revolution will not happen under their watch, just read the first comment and get red pilled on the jews, bitcoin is not the sword we need it might play some kind of positive role in the grand scheme of things but it is not the main character
"just read the first comment and get red pilled on the jews"
I'm on Keith Woods substack, what makes you think I need to get redpilled on the Jews. I'm sorry you're so blackpilled but just look at asset prices such as real estate, gold and stocks then compare to Bitcoin and you will see I have a very good point and Keith's argument doesn't address it.
If Bitcoin energy use is an issue, how much energy does the Petro dollar consume, especially considering the wars fought over oil?
Notice how it’s always about Bitcoin energy use but not “Altcoin/crypto energy use?
Four principles of currency to observe.
1) A store of value
2)Medium of exchange
3)Unit of account
4)Means of social control
The arguments that Bitcoin is still based in dollar settlement is valid, it’s all about the Bitcoin price in $$ so perhaps the true metric of Bitcoins progress should be measured in “adoption “ that is, number of active wallets or new wallets being created. Since the value of fiat currencies are arbitrary & of specious value given the nature of “governance” (debt creation) against the disruption of inflation.
Governments should not be borrowing money to buy cryptocurrencies, you as an individual should not be borrowing money to buy crypto, that is gambling, pure & simple, we are heading toward a casino economy (according to Gerald Celente) or Casino Gulag ( Max Keiser) for Trump to borrow from the Fed to establish a Bitcoin reserve will create a casino economy & Trump does not have the best track record in running casinos.
The legacy financial system is “late to the party” on Bitcoin, with all the Bitcoin seminar & conventions happening around the world, and a concentration of Bitcoin aficionados milling into El Salvador ( literally “The Saviour?) is it too conspiratorial to imagine these “Bitcoin Whales will naturally collude to control the volatility of the asset? How often have we seen the market jump or drop in time with the closing date of Bitcoin options, frustrating the speculative bets being made on “calls & puts”. (Options were once & should again become illegal).
On the limited supply question, every Bitcoin has 8 zeros after it, but why do so many Altcoins worth only a few cents (or micro-cents) still have eight zeros as well? Is it because they all copy the Bitcoin protocol? Is that why the whole market (generally) moves up & down in tune with bitcoin? Are the Altcoins the boats & Bitcoin the tide?
I found some information claiming the original “blockchain “ protocol was “One Coin” developed one year before Bitcoin, now known as Ripple (XRP) a centralised banking means of settlement,unit of account, ( but not yet a currency)
We are in the early days of the first phase of “Store of Value” for Bitcoin (Keiser) hence the volatility.
Speculating on its merit as a currency is premature, No doubt the legacy financial system (Banks) will attempt to seize control of the issuance of money in a “full spectrum dominance” kind of way, (CBDC MacGuffin?) Watch & heed the developments in Ripple XRP stalking in the background.
We must also consider Gresham's Law of Money which states that bad money eventually drives out good money when it comes to usage. People would prefer to hold on to BTC than exchange it since it's treated as an appreciating asset. It's like arguing to make the family silver the everyday currency of your household instead of plain ol' cash.
Bitcoin maximalists refuse to recognize and understand human incentives for some reason.
Simply put guys, you're paying for a $20 lunch and you have two twenties of cash in your wallet. Do you hand the cashier the old, worn-out $20 bill or the brand new, crisp $20 bill?
How you answer this question will help settle everything.
Please also try to articulate this contending position on money appearing as gift / debt utopia sounding system on video format, sounds really interesting
"A new class of global citizen" would eventually be forced to look towards government for some kind of validation, I mean drug dealers are already " a new kind of global citizen"
Any discussion of Bitcoin or cryptocurrency in general misses the mark if it does not discuss the Tether scam. The contention is that Tether, which is supposed to be a 1:1 dollar equivalent and which has a market cap of $114 billion and it's daily trading volume is greater than all the other top 10 by market cap coins *combined*, is almost entirely unbacked; it's been used to dramatically inflate the crypto market values much like a central bank. In other words, all of crypto has been infected by the same central bank scam that it purportedly claims to avoid from fiat. It has never passed an audit. As I wrote in a post two years ago:
"Tether, a 13 man company based in the Virgin Isles, claims to have the #5 cash balance in world:
Apple $202B (audited)
Google $169B (audited)
Microsoft $132B (audited)
Amazon $86B (audited)
Tether $83B (not audited)
General Electric $67B (audited)"
Because the crypto market is so lightly traded, sticking many tens of billions of unbacked dollars into the system increases the crypto market’s valuations by many, many times that.
The contention is further that Tether has a krisha (protection) on it because it is such a provably obvious and flimsy scam. The krisha is from the NSA and CIA. What is the purpose for them with crypto, then? To beta test upcoming CBDCs which will be used to reduce humanity's freedom to an extent never seen before in human history as the primary goal, along with secondary objectives of money laundering and funds for black ops, as well as to get themselves and their higher-ups rich.
Globohomo can do whatever they want with crypto via Tether; they own it entirely. Whether it goes up 10x or 100x from here or crashes into nothing is entirely up to them. If you invest, understand it is simply a bet on what globohomo plans to do with it from their smoke-filled deliberations, that’s all.
https://neofeudalreview.substack.com/p/misconceptions-regarding-viewing
I miss the Tether FUD from 2017. Two more weeks as they say.
The way “Tether FUD” is resolved appropriately is through something called an “audit.” Or you can just have globohomo deliberately ignore it for another seven years. Either works, I guess.
It will never be "resolved" for someone like you because no standard of evidence will every be good enough. Meanwhile Tether continues to be an effective US dollar proxy transferring billions in value daily.
A thorough audit by a reputable accounting firm would meet my standard of evidence.
You are either a troll or ill-intentioned.
"You are either a troll or ill-intentioned."
Childish thing to say but even an audit would not satisfy you because your claim goes way beyond Tether backing, you are literally claiming they control the price of Bitcoin.
They used tether to inflate BTC over BCH
Rofl give it up Bcash-tards. You lost.
Please Keith please do an article on the Reichs Economy under Adolf, many documentaries claim that he printed the new deustch mark based on "hours worked or goods produced" basically a debt economy? And that this system made them extremely prosperous really fast? Please would love your take on this
"I don't see why states would ever embrace a system of international payments where they are limited by a scarce asset."
I don't see you addressed Safedin's point, which is that the game theory for Bitcoin will play out in spite of what bankers and states may or may not want. Through the continued debasement of fiat currencies, the price of assets rises, but the game theory around Bitcoin is especially powerful because at present it is held mostly by retail and not institutions, private or public. Bitcoin is literally the best performing asset of all time, with a CAGR of 55%.
You keep arguing 'somebody else could create a better digital currency'. Well, these "better" digital currencies have been coming and going since the earliest days of Bitcoin so why have they not yet toppled Bitcoin? I think you need to explain this, otherwise why would we not assume the current trend of Bitcoin overall dominance will continue? (Also I note Bitcoin marketcap dominance has been range bound since around 2017)
When was it you predicted Bitcoin would fall below $10k? Was it around the end of 2022 just before the massive bull run that took it from $17k to $60k? How do you account for your failure to predict Bitcoin price in the past?
"game theory for Bitcoin will play out in spite of what bankers and states may or may not want" is an extremely naive statement, bankers and states are the rule makers of the game and the owners of pretty much the gameboard, a monetary revolution will not happen under their watch, just read the first comment and get red pilled on the jews, bitcoin is not the sword we need it might play some kind of positive role in the grand scheme of things but it is not the main character
"just read the first comment and get red pilled on the jews"
I'm on Keith Woods substack, what makes you think I need to get redpilled on the Jews. I'm sorry you're so blackpilled but just look at asset prices such as real estate, gold and stocks then compare to Bitcoin and you will see I have a very good point and Keith's argument doesn't address it.
If Bitcoin energy use is an issue, how much energy does the Petro dollar consume, especially considering the wars fought over oil?
Notice how it’s always about Bitcoin energy use but not “Altcoin/crypto energy use?
Four principles of currency to observe.
1) A store of value
2)Medium of exchange
3)Unit of account
4)Means of social control
The arguments that Bitcoin is still based in dollar settlement is valid, it’s all about the Bitcoin price in $$ so perhaps the true metric of Bitcoins progress should be measured in “adoption “ that is, number of active wallets or new wallets being created. Since the value of fiat currencies are arbitrary & of specious value given the nature of “governance” (debt creation) against the disruption of inflation.
Governments should not be borrowing money to buy cryptocurrencies, you as an individual should not be borrowing money to buy crypto, that is gambling, pure & simple, we are heading toward a casino economy (according to Gerald Celente) or Casino Gulag ( Max Keiser) for Trump to borrow from the Fed to establish a Bitcoin reserve will create a casino economy & Trump does not have the best track record in running casinos.
The legacy financial system is “late to the party” on Bitcoin, with all the Bitcoin seminar & conventions happening around the world, and a concentration of Bitcoin aficionados milling into El Salvador ( literally “The Saviour?) is it too conspiratorial to imagine these “Bitcoin Whales will naturally collude to control the volatility of the asset? How often have we seen the market jump or drop in time with the closing date of Bitcoin options, frustrating the speculative bets being made on “calls & puts”. (Options were once & should again become illegal).
On the limited supply question, every Bitcoin has 8 zeros after it, but why do so many Altcoins worth only a few cents (or micro-cents) still have eight zeros as well? Is it because they all copy the Bitcoin protocol? Is that why the whole market (generally) moves up & down in tune with bitcoin? Are the Altcoins the boats & Bitcoin the tide?
I found some information claiming the original “blockchain “ protocol was “One Coin” developed one year before Bitcoin, now known as Ripple (XRP) a centralised banking means of settlement,unit of account, ( but not yet a currency)
We are in the early days of the first phase of “Store of Value” for Bitcoin (Keiser) hence the volatility.
Speculating on its merit as a currency is premature, No doubt the legacy financial system (Banks) will attempt to seize control of the issuance of money in a “full spectrum dominance” kind of way, (CBDC MacGuffin?) Watch & heed the developments in Ripple XRP stalking in the background.
Very well articulated points.
We must also consider Gresham's Law of Money which states that bad money eventually drives out good money when it comes to usage. People would prefer to hold on to BTC than exchange it since it's treated as an appreciating asset. It's like arguing to make the family silver the everyday currency of your household instead of plain ol' cash.
Bitcoin maximalists refuse to recognize and understand human incentives for some reason.
Simply put guys, you're paying for a $20 lunch and you have two twenties of cash in your wallet. Do you hand the cashier the old, worn-out $20 bill or the brand new, crisp $20 bill?
How you answer this question will help settle everything.
Like your analogy of the Silverware. Learned that lesson the hard way.
Please also try to articulate this contending position on money appearing as gift / debt utopia sounding system on video format, sounds really interesting
Keith what do you think about Bitcoin/crypto being used as the money of a new class of global citizen? Palladium wrote an article about how it will change immigration a while back: https://www.palladiummag.com/2019/05/17/how-cryptocurrency-will-transform-migration/
"A new class of global citizen" would eventually be forced to look towards government for some kind of validation, I mean drug dealers are already " a new kind of global citizen"