CoinFlip’s Ben Weiss makes the case for Cash, admits Bitcoin makes it easier for the government to trace your transactions – June 13, 2021,
I’ve always hated the Bitcoin wallet, I’ve also always hated that people can trace your Bitcoin transactions. I’m not a fan of Coinbase, and although I like the concept of Bitcoin, I personally believe it’s going to be replaced. I don’t even think a fork can save Bitcoin, I think its days could be numbered.
With that said I do think Bitcoin will always be remembered and have sentimental value to a lot of people. But its days appeared to be number as its practicality in the modern world, is becoming increasingly obsolete. I’m not sure if people like Ben Weiss comprehend that Bitcoin going corporate is a bad thing, but I don’t know if they even care, because if the Bitcoin price IN FIAT DOLLARS doesn’t go up, all bitcoin derived businesses have a lot to lose so you can see the push for investors in Bitcoin to attempt to get in good favor with the government.
The fractional reserve component of the U.S dollar is very important to its sustainability. Because Bitcoin has a limit as to the amount of Bitcoin that can ever be PRINTED, I don’t see how to value it without the U.S dollar? I think people tend to forget, that humans like unperfect money because we’re all imperfect. In a market economy, there is a term called “Overshooting” which is a term used in macroeconomics to describe the behavior of the exchange rate after the economy is hit with a shock.
Overshooting happens when the market is attempting to correct itself, during this phase price discovery is extremely important, and finding liquidity is extremely important for the markets to function. Bitcoin denies the ability to find liquidity during a market downturn.
One of the reasons many of us HATE LEGAL TENDER laws is that prior to legal tender laws, the private sector, might create its own money. When the market crashes, people don’t stop living, nor would say sit back and wait for the Bitcoin or Gold gods to save them, people will barter and discover a price. Gold and silver is the easiest way to discover the price of things, but it doesn’t necessarily mean that people would want or should be forced into transacting in Gold in silver.
This is why anyone who claims that anything other than a Bitcoin is a shitcoin is an idiot! If transaction times in Bitcoin are slow and your transactions can be monitored and the costs associated with transacting in Bitcoin continue to mount, it simply means that Bitcoin is becoming obsolete.
The reason why without a fiat currency, people like transacting in Gold and silver is because most people know and are interested in the mining costs and production costs. Now, let’s take things a step further, without the heavy hand of the government, mining gold and silver gets even cheaper as would Bitcoin.
a Market economy revolves around CHOICES and options, we all merely want a government to protect and enforce our pursuits of property ownership, which for me ties in with liberties and freedoms. I’m willing to donate a portion of my wealth to a Government that only does what it’s designed to do.
But because of fiat dollar-derived greed, these Bitcoin corporatists are begging to be in the good graces of government. In the article below, CoinFlip’s Ben Weiss makes the following statement Bitcoin anonymity is just a big myth – and using it to launder dirty money is stupid. Can I dig a little deeper here? What does laundering money really mean?
Money laundering is the process of changing large amounts of money obtained from crimes
So ask yourself a question if your country has a big DEMOCRATICALLY elected government that gets put into power by socialist voters who want the use the government to steal money from those who have and give that money to the voters who claim to have not, in that scenario anyone the government doesn’t like can be viewed as a money launderer and under a Bitcoin standard individuals the democratically elected government doesn’t like can be traced and tracked down.
This can’t happen as easily under a Gold System or even a cash system. Even when Socialist U.S President FDR confiscated Gold from Americans, the process although forceful was still voluntary. The government had no way of knowing who had the gold, what the government did was scare people into VOLUNTARILY giving up their property.
In a Bitcoin standard, the government would have you cornered and it would be worse if you’re rich. Now I’m sure there are ways around it, but these ways are very EXPENSIVE, remember the ever-increasing Bitcoin transaction fees, along with the Ben Weiss claim that using bitcoin to launder dirty money is stupid, is an admission that Bitcoin is useless based on it’s stated purpose.
Ben Weiss claims that using Bitcoin to launder dirty money is stupid? I want to remind the reader that some of us think this war on drugs is STUPID because they’re creating dirty money. Since Marihuana became legalized, government regulations are the only entity preventing the price of weed from dropping to its true value which would is closer to zero than people realize.
What Happens When A State Grows Way Too Much Weed (HBO) | YouTube
If there was no welfare State, fewer people are enticed to do or even sell drugs. Because if there’s no government support for drug abusers, anyone thinking of doing drugs will weigh the costs associated with the habit. It’s not to say that people won’t do drugs, but in the real world without a welfare state labels stick.
This or that person is a drug abuser so beware, now this won’t make the person on drugs less of a human it’s just that in the market they’d have less value. Now when the government steps in and rewards the drug abuser and even allows the drug abuser to vote for the next mayor, governor, or president, why shouldn’t the drug abuser vote for welfare in exchange for government surveillance?
When the government rewards the drug seller by artificially raising the price of drugs, why shouldn’t a person who cares nothing about the laws of the land not take the risk to enrich themselves selling dope? Once the government steps in to any market transaction or in the case of Bitcoin, once the government is WELCOMED into a transparent digital marketplace, what is the likely outcome? Bitcoin buyer beware, your beloved has gone corporate!
Bitcoin anonymity is just a big myth – and using it to launder dirty money is stupid, a crypto ATM chief says | businessinsider.com
Interesting times ahead