Decentralized Cryptocurrency Czars: Bitcoin Mining Council borders on absurdity as well as contradictory, more and more Bitcoin exchange platforms aligning with CENTRAL Powers! – June 11, 2021
One of the hardest arguments I have regarding Bitcoin to people who don’t believe in it is convincing them it’s not a pyramid scheme. The last person I recommend to anyone when it comes to Bitcoin is MicroStrategy CEO Michael Saylor. For me, Saylor peddles Bitcoin like it’s a cult or pyramid scheme.
I don’t know if he knows or if he even cares, the truth of the matter is Michael Saylor may have bet his entire life on Bitcoin, so to a degree, I understand why says what says and why does what he does, but for myself, the mere fact that Bitcoin mining now has a council defeats the entire purpose.
Gold is regulated as many people know and that’s the main reason why there isn’t a private gold money market in which people can simply opt-out of participating in fiat money markets. Sure you can save in Gold, but governments aren’t going to allow people to transact in Gold to buy groceries and other things, because it would relegate fiat currencies to coupons or food stamps.
Well with this whole climate change agenda being pushed, Bitcoin is finding a way to self-regulate itself which ultimately means higher costs, which now creates a whole new barrier to entry that revolves around government edict. The mere fact that this Bitcoin council has been created to obey its globalist masters is an embarrassment.
I was also listing o Kevin O’Leary and man Kevin really makes Bitcoin sound corporate, Kevin O’Leary wants to make Bitcoin mainstream and all this is well and good, but if something is mainstream, open, and willing to be regulated, let’s no longer imagine it to be decentralized.
Because now not only is there an arbitrary amount of bitcoin that will be created that is silly in origin, the mining process which is also silly in its origins to participate in this game now controls the narrative of something I thought was supposed to represent freedom.
Outside of the fiat system, Bitcoin has no value if it wasn’t for political fiat dollars, Bitcoin would have nothing to measure itself to. We all associate Gold with something to run to in the event the fiat markets fail, Bitcoin is the false assurance the fiat markets remain solvent and keep printing money, which by the way for the most part is digital and as far as the U.S system goes is filled with debt which sadly makes it deflationary.
The only inflation in the global economy as most people are figuring out are GOVERNMENT regulations. Good inflation comes via innovation, all the other inflatons are merely fiat price inflation, that wouldn’t exist sustainably in a Gold Standard.
As an example, minimum wages wouldn’t exist in Gold Standard, not for long anyway, America abandoned the gold standard because of minimum wages and social security, a lot of the smarter European nations have abolished the FEDERAL minimum wage law.
Mining costs for gold are what they are and if one monopolized party in a free market was charging too much in relation to the value they bring, this would cause deflation because people would consume less of said monopolized good or service.
Regulations are the governments’ way of controlling INNOVATIONS, that’s how we got to where we are now. Prior to the typewriter, I’d have to write something by hand and post the typewriter I could make spelling errors and not worry about spending money on whiteout or wasting paper. These innovations drove down costs and under a Gold standard would actually give my gold and therefore my labour under a gold standard more purchasing power.
Bitcoin if it bows down to regulations is in fact becoming an oppressor and not an innovator. The beauty of technology is supposed to be its innovative properties and the way I see it, with every passing day, Bitcoin is becoming obsolete as an asset, and to hide the obvious many of the contributors with a lot to lose are working as hard as they can to cater to the globalist powers that be.
I don’t think people understand that Bitcoins’ value comes from Fiat dollars, Bitcoin has no value otherwise. The reason people began calling Bitcoin an asset and comparing it to gold is that it fails as a currency. It’s already obsolete and because technology is ever-expanding with every passing day the use cases for Bitcoin are shrinking.
Now, this shouldn’t be confused with the crypto markets not having any value next to fiat dollars, it’s just that the Bitcoin network as it stands today is all hype and no substance. If you look at the Bitcoin price index it looks like it’s going to suffer a massive crash in its fiat price.
Being that Michael Saylor is trying to use other people’s money to stabilize the price, all of this is looking more and more like a Ponzi scheme and that’s unfortunate. So for most professional investors, the problem with Bitcoin is that not a currency, its price is unstable, and as we all know software evolves, which Bitcoin can do with a fork, but then it splits and the derivative may in fact have more practical purposes than the source.
I don’t know too many people who care to use Lotus 1-2-3 in the year 2021, the blackberry messenger was good for its time, but better technology eventually came along. Because Bitcoin fails as currency and is trying to present itself as an asset, which means that it now has to compete with other assets.
macOS is a digital asset, Windows is a digital asset, there are lots of digital assets that have survived the test of time because they serve a specific purpose and do a better job than now obsolete technologies. The issue I see with Bitcoin is that I don’t know what problem it solves that other assets don’t do a better job-solving?
I liked the whole idea of disrupting the regulators, but look now, there’s a Bitcoin Mining Council, that some might start labeling a cartel? Which is being described as a “voluntary and open forum” of bitcoin miners? which is kind of like a regulatory body!
The mining community then becomes like the central bank or the politicians if Bitcoins, which decides which bitcoins are good and which are bad, you know like picking winners and losers, or you know like keeping blood diamonds out of the network, almost like Leftists who want to topple statues or burn down buildings or challenge the mere existence of museums that might display artifacts that are derived from a period of time in which human civilization was less advanced.
Bitcoin wants to pretend it’s something physical when it’s not and the final point I’m trying to make here is that this “voluntary and open forum” of bitcoin miners comes across like maybe Bitcoin which is a decentralized digital currency, supposedly without a central administrator may simply be the Lotus 1-2-3 of cryptocurrencies.
I wonder if the Bitcoin Mining Council was created to mirror the World Gold Council? I’m not sure, but as an example, I don’t need Coinbase or some other centralized exchanged to get cash or other things for my gold. As most people are figuring out once you make money in bitcoin, you’d better find the proper channels to get your fiat money out, because more and more of these exchange platforms are aligning with central powers, and being that Bitcoin is failing as currency and governments are moving into tax it, it wouldn’t surprise me if Bitcoin experiences a massive sell-off.
The Bitcoin Mining Council kicks off with MicroStrategy’s boss at the helm – but Elon Musk isn’t part of the group | businessinsider.com
Interesting times ahead!