UBS Global Wealth Management claims “bitcoin’s limited and highly inelastic supply exacerbates its volatility” making it a risk to clients – March 27, 2021,
What really bothers me are the images of bitcoin as a physical metal, which it’s not, in both the PROFESSIONALLY written articles I point to in this post, the images used to describe bitcoin make it appear to look like a physical metal.
The writers of Bitcoin often do this to give Bitcoin the appearance of something that exists outside of cyberspace, because for most people if they can’t image Bitcoin as online a digital asset that can only get as far as its digital wallet can take it, then the truth of the matter is that most people would reject it.
Bitcoin is reliant on the CENTRALIZED electrical Grid and let me be clear, that I’m not pro nor am I anti bitcoin, but when you read into most mainstream media articles, you can clearly see that the writers in many circumstances, like Bitcoin because they want a CENTRALIZED digital dollar.
For most of the people of the world ignorant about the creation of money, they imagine that the perfect world would be a world in which the governments of the world could finance any and every venture, like Universal Basic Income, Universal Health Care, Gucci, and Prada bags for everyone who wants one, etc.
There are lots of people who would love to detach money from commodity prices and for the first time in the modern era, Bitcoin can make this a reality. The blockchain can really get rid of a lot of government, which to me is the power of Bitcoin, but Bitcoin as Money, I’m sorry it’s really a silly idea.
The mining process of bitcoin is merely mimicking the morning process for commodities, which is silly if you think about it. But historically humans have done a lot of silly things, in China as an example, people forget how wasteful the Chinese Communist Party is.
China has over a billion people and people should know that China which has around the same landmass as the United States has a lot of Ghost cities, so whenever you imagine that the world is overpopulated, remember that China has ghost cities. The reason China has ghost cities is that it’s a centrally planned economy. The riches of China are derived from its FREE MARKET ZONES!
I bring this up because most people still imagine something physical when they imagine bitcoins because the images of Bitcoins are often images of bitcoins being a metal. This illusion is used to sell something purely digital as something physical.
The volatile price of Bitcoin should make perfect sense to everyone because it’s PURELY a digital asset, most purely digital assets are volatile because any software has its existence threatened by a new innovative superior software.
The entire existence of the internet is based on innovation, from my position, when I look at Bitcoin and the modern crypto-space, I can imagine its ugly aging process, I can imagine people aging with Bitcoin the way some people age with analog devices.
People should understand that UBS Global Wealth Management covers both high net worth and ultra-high net worth individuals. A percentage of high net worth individuals inherited their wealth and it’s up to entities like UBS Global Wealth Management to preserve that wealth.
It’s not to say that UBS Global Wealth Management went out of its way to attack Bitcoin, but n many ways, Bitcoin is a confidence game, the power is clearly the Blockchain, which gets rid of a lot of government. Bitcoins are merely bringing the Blockchain into the consciousness of the masses.
Now, that Bitcoin has taken off, you’ll notice that less and less is being said about the blockchain, why? Because Blockchain technology gets rid of ALOT OF GOVERNMENT! The mining process for Bitcoin isn’t even necessary, the blockchain can REPLACE modern banking, the blockchain can remove the power illusion central bankers have over the markets.
The Blockchain can work with a fractional reserve banking system, the problem however would be interest rates, which central banks could no longer control. I personally think Bitcoin and cryptocurrencies as they exist now are comical, however blockchain technology is revolutionary, it’s government financial shrinkage on steroids, steroids has been known to shrink the size of a man’s penis, well politicians and central bankers lose a lot once people comprehend blockchain, which by the way is still in its infancy.
Now, it’s for this reason why I’ll personally play along with this cryptocurrency game, because the greed motive is helping more and more people to get involved in blockchain, now, here’s the thing about blockchain, that’s really bad for the government, once people understand it, chances are there’s no money in the world a government could pay someone to work for it.
Blockchain technology has given the world its first taste of true freedom. It’s unlikely that the reality has hit most people yet, but in time, more people will comprehend what I’m writing about now. The Central Planners, want to use Bitcoin to create a centralized purely digital currency. Because a lot of the people involved in Bitcoin are involved primarily because of the greed motive, they’re ignoring the obvious.
It’s not my place to tell people what to do with their time or their money, but what I will say is that Bitcoin is an experience everyone should try for themselves. My experience with bitcoin is that for a digital technology it’s very clunky, the entire experience feels dated and unnecessary, like trading gold and silver pieces for some food.
I’ll hoard the gold, silver for appreciation, storage of my wealth, and an emergency but I’ll spend the idiots’ fiat money because at the moment it’s still more convenient and my transactions are only traceable when I want them to be. The Bitcoins are traceable whether I like it or not, the Bitcoin transactions are slow, Bitcoins price in commodities are volatile, it’s reliant on the grid, the higher the price of Bitcoin gets, the more likely it is for the Governments to get involved. Because Bitcoin is digital and its ledger won’t allow a MARKET-based fractional process, it’s useless as money.
There will be 21 million Bitcoin and that’s it? With gold mining, the fractional process revolves around the reality that more gold could be discovered, the interest rate is a reflection of the scarcity of gold, sure the governments of the world perverted this reality, but scarcity isn’t supposed to be FIXED! We have a market economy for a reason.
Lastly, Bitcoin is a technology, we’ve learned from Kodak that we can pretend the digital camera doesn’t exist, but one day that digital camera is going to destroy Kodak, whether Kodak wants to accept it or not isn’t important the bottom line is that the digital camera destroyed Kodaks obsolete technology.
With every passing day, new cryptocurrencies are making Bitcoin look comical, it’s reaching the point now, that what’s holding Bitcoin together is the belief that because Bitcoin was the first it’s the only cryptocurrency that matters? hmm, where have I heard that story before?
Interesting times ahead!