the most important discussion in the world today. anyone with half a brain knows fiat is a ponzi scheme. the question is - bitcoin or gold? whats the best alternative and why? I just cant wrap my head around bitcoin. its not TANGIBLE and physical, and any number of carbon copies can be made. what happens when governments ban fiat on ramping? its not like gold where you can truly have privacy and transact offline.
I want a genuine discussion here, not a bagholding cope general.
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Ask yourself the following question.
Did bitcoin fulfill its mission of being a digital currency?
Silver and litecoin
Why not both? I don’t see why people assume you have to pick just one.
The governments banning argument against bitcoin can also be applied to gold governments have banned gold in the past and required citizens to give it up in exchange for fiat
Alleged advantages of BTC over gold: It is instantly transmittable, and highly divisible
Answer to alleged advantages: Gold can also have these properties too, whether by means of gold-backed cryptos like Kinesis, or gold-backed currencies in the banking system.
Alleged advantage of BTC over gold: Privacy
Answer to alleged advantage: BTC stores every transaction on a public ledger. This is why the celebrity Twitter hackers were caught within days, and the money from the Silk Road has been recovered. Additionally, if you want to use BTC as a currency, you have to go through Blockstream's second-layer solutions which track and trace everything you do. So BTC has no privacy.
Gold, on the other hand, can be physically transmitted by hand in complete privacy.
Disadvantages of BTC over keeping gold in a vault:
You lose your life-savings after
i) Getting tortured for ten minutes
ii) Getting memory-loss or dementia;
iii) Making a thoughtless mistake;
iv) From a fire or natural disaster;
v) From burglary;
vi) From hardware failure.
Disadvantages of BTC over gold:
1) BTC will collapse once the price sinks under the cost of production for the miners.
2) Most BTC miners are in China.
3) BTC is propped up by the fiat ponzi scheme of tether.
4) BTC has no intrinsic value. Hence Russia, China, and other nations which actually produce the goods and commodities we use will never accept it in exchange for them. When fiat collapses, BTC will be priced in gold at 0.
5) BTC is over-complicated. No normal person will ever set up an LN node; they are happy to keep using the modern banking system. As using the LN compromises privacy anyway, there will be no reason to use BTC second-layer over gold-backed currencies in the banking system. BTC without second-layer demands $100 fees and 3-day transaction times, and so is, of course, impossible to use as a currency.
Tether is about to cause the most catastrophic rug-pull in human history.
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As of today, seven-day printing-rate of tether is $38 billion per annum.
I suspect that the CFTC knows that tether is a scam, but they won't audit it for the same reason that they won't audit the COMEX. Crypto is an Adam Back/Blockstream-created ponzi to split the anti-fiat community. The COMEX already would have gone bankrupt if our efforts had been fully concentrated on physical silver during these past ten years. Once fiat collapses, BTC becomes priced in gold, and all crypto (as being the fruit of the poisoned tree) immediately goes to zero.
"To overturn the history of gold is wishful thinking. Fully backed Gold and silver substitutes and circulating coins are practical and acceptable for 7bn transacting individuals. BTC will then have no role and sink to zero priced in gold." - Alasdair Macleod, 8 November 2020
>its not TANGIBLE and physical
Why does this matter? You disregard Peter Schiff when it comes to talking points like that, he pulls talking points out of his ass that do no pertain to economics. "Intrinsic value" is not a thing, value is subjective. Sometimes people can come to value something just knowing that innumerable others value it.
>and any number of carbon copies can be made.
That's not the same thing as bitcoin suffering from inflation. So why does that matter. There's no dilution of the supply of bitcoin there.
>what happens when governments ban fiat on ramping? its not like gold where you can truly have privacy and transact offline.
What country are you in? Seems very very unlikely in the United States, having watched previous congressional hearings on bitcoin/crypto legislation. Pic related is a US congressman. Maybe go watch some of the congressional hearings if you are concerned.
Save up 6 tot 12 months of living expenses in fiat.
Buy gold with 1/3 of it, 1/2 if you're feeling comfortable.
Put a few % of your monthly paycheck in BTC, more if you're feeling comfortable.
Here you go, user.
Damn I should proof read
**you should disregard Peter
Bitcoin - will get fucked when all the computers running it get fucked
Gold - will get fucked when someone finds a space gold rock to fuck
Even so, I'll still pick both options.