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Discussion in 'Preparedness & Survival' started by ATCclears, Apr 27, 2013.
Study: 45 percent of Bitcoin exchanges end up closing | Ars Technica
The problem with single point of failure (SPF) technologies is that there is an SPF, which some day can and will fail, either by accident or on purpose. This is why modern updates to an ancient solution are not really tenable long term.
Oddly enough, the best thing to use for currency... coins, if you use a cheap base metal you don't have to worry about melt down, they are instantly recognizable, and are difficult to counterfeit without a fair amount of time effort and skill.
I do admire any attempts to divert from the Petro Dollar and its associated ponzi scam, but I'm afraid when it comes to our owner's control over fiat currency, their grip is just too tight. Silver and gold are nothing more than 'attempts' because they control that market also via 'certificate' printing. Of course, yes, they are better than soon to be worthless pieces of paper.
You really have to hand it to them. The elite and their minions like Goldman Sachs raking it in while America goes down the tubes.
As far as Bitcoin, yes, a valiant attempt to break away, but alas it is in vain.
Burt, you do realize there is a really simple solution to the problem of the "petro dollar and it's associated ponzi scam"? Don't hang onto it!
I like the US dollar, in that people give me a bunch of them for my labor, and I can immediately turn that around into machinery, gasoline, bar stock, guns, ammunition, food, clothing and shelter. I really fail to see how that equates to a scam, now taking those dollars and stuffing them into a bank or god forbid the stock market and then expecting them to retain their value, or even earn enough interest to make up for the lost value due to inflation, now that's a scam.
I know there was a quote by one of the Austrian School thinkers that "good investments can only be made when all the factors of the market are known", the problem with things like bitcoin, the stock market, and fiat currencies is that the real players make sure it's difficult for smaller players to understand all the factors that determine the outcome of the market.
However, this can be turned on it's head very easily, and summed up by another quote: "A strange game. The only winning move is not to play. How about a nice game of chess?" Which is actually a simple solution, as the bigger players game is predicated on you playing.
I'm going too far down the rabbit hole with game theory which is rapidly getting outside the scope of bitcoin.
Bitcoin is merely a speculator's experiment. How many people interested in it actually want it to buy something or pay someone? None- people want it because it was going up in value rapidly. Until people use it to primarily exchange actual goods and services, it's a fool's investment.
Easier said than done. Our owners started that game in 1776 and are in control of EVERYTHING. Here people know what the Federal Reserve represents, what Fiat currency is, what fractional reserve backing is, but they are too busy being wage slaves to do something about it or really care.
Let's face facts. The Euro Bankers that own this country have won. They have an entire nation of dumbed-down and deluded minions to do with what they please. Give them credit. We have already lost.
Bitcoins are being used in exchange for actual goods and services. You just need to know where to look for vendors that accept them. Bitcoins are also one of the very few methods of paying online anonymously. Again, you just need to know how to do it safely.
I just read the article. Holding bitcoins in online exchange accounts is beyond stupid to begin with.