Tower of Basel
Microsoft former CEO Bill Gates has stated about bitcoin: "Bitcoin is exciting because it shows how cheap it can be . . . in the future, financial transactions will eventually be digital, universal and almost free." "Banking is necessary, banks are not." For example: On November 15, 2018 the Binance bitcoin exchange sent $600 million worth of bitcoin for a total cost of seven dollars ($7). Click here to see the article: https://www.ccn.com/cryptos-too-expensive-binance-sent-600-million-in-bitcoin-for-just-7 . The average bitcoin transaction fee in January 2019 costs about 25 cents. If one bitcoin is worth $10,000, then .0001 bitcoin is worth $1.00.
Expert pension fund managers buy Bitcoin to hedge against bond and stock market losses. To see an example of a White House petition to diversify 1% of Social Security trust funds into Bitcoin; click here: https://petitions.whitehouse.gov/petition/invest-one-percent-1-social-security-trust-funds-bitcoin-instead-us-treasury-bonds-avoid-excess-risk. See: https://news.bitcoin.com/two-us-public-pension-funds-back-new-40-million-crypto-vc/ Also: https://thebitcoinnews.com/bitcoin-goes-to-the-white-house/.
Bitcoin exchanges and wallets do not necessarily operate in all U.S. states. Also, when considering doing business with a bitcoin exchange, attempt estimation of how long it will take to buy the bitcoins and what price you might get under current market conditions, and how long it takes to get your bitcoins or cash transferred to another place, and the cost. For example, see one European exchange's fees: https://www.bitstamp.net/fee_schedule/ .
Unemployed or underemployed people can make vague references to many of these bitcoin attributes, and other prospective benefits mentioned herein, without specifying bitcoin, as part of their informative email to potential bitcoin adult buyers. Currently, about 93% of bitcoin owners are male. Why? See: “How Women Could Send Bitcoin to the Moon”, http://fortune.com/2018/04/27/bitcoin-price-cryptocurrency-women-meltem-demirors/. An update: https://news.bitcoin.com/womens-interest-in-crypto-trading-has-doubled-uk-exchange-reveals/. See also: https://news.bitcoin.com/75-millennials-likely-date-someone-bitcoin/. Given that the U.S. Commodity Futures Trading Commission and the SEC considers BTC a commodity, it would be akin to a person making a recommendation that the relative or friend buy a bushel of corn to benefit from any potential profit, such as during a famine. The email would ask, if the sender revealed the actual underlying vehicle (BTC) idea to the potential BTC buyer would that person email back a percentage of any new high gross profits to the email sender, for as long as the buyer owns the vehicle? If the prospective BTC buyer agreed to comply with this 'gifting back' scenario, in order to know the identity of the actual underlying instrument (BTC), the sender could then email this website address http://www.bitcoincurrencytrust.com, or http://www.bitcoinfun.net, to the prospective BTC buyer. Consider educating the person, walking them through the purchase, and giving ongoing information. If subsequently persuaded to buy bitcoins, would the BTC adult buyer pay the BTC educator 25% or even 10% of the total gross new high profits (preferably paid in bitcoins, for example) to the educator's bitcoin address, monthly or quarterly? Setting aside the issue of 'legally enforceable contract,' maybe the honor system itself would work for some people (and thereby avoid complications.) If a friend fails to pay, replace them with a better friend? IRS regulations exempt from income tax a maximum gift of $15,000 per year. https://news.bitcoin.com/gifting-bitcoin-is-one-way-a-person-can-avoid-paying-crypto-taxes/ If the payments started in July 2010 at .08 (8 cents) per bitcoin, each $100 payment (1,250) bitcoins would be worth over 7 million dollars as of a June 24, 2018 bitcoin price of about $5,900 per bitcoin.
"Nearly 80% of all transactions in Germany are made with paper currency, putting Europe’s economic engine in direct conflict with the vision coming out of Brussels ... The spillover effect has affected new forms of investment, like Bitcoin, which witnessed an astronomical rise over the last months and has been brought back into the discussion as a viable alternative to fiat currencies.'https://www.technocracy.news/index.php/2017/02/10/cash-no-longer-king-europe-begins-elimination-paper-money/
Max Keiser of RT's Keiser Report offers a different view on the subject. "The problem describing bitcoin is twofold. First, you have to throw out what you think you know about money. Second, you have to become moderately fluent in a few technologies. The beauty of bitcoin is that as the price of bitcoin rises, more people are incentivized to tackle the learning curve out of self-interest. When the price was $3 - when Keiser Report first covered bitcoin - you could afford to ignore it. But as price heads to $5,000 and higher, you can't afford to ignore the technology and accept the fact that your preconceptions about money are probably wrong," https://www.rt.com/business/399761-bitcoin-overhyped-dangerous/?utm_source=spotim&utm_medium=spotim_recirculation&spotim_referrer=recirculation
"The cryptocurrencies are a statement of faith in a new community of entrepreneurial cosmopolitans who hold themselves above national governments, which are viewed as the drivers of a long train of inequality and war.” Robert Shiller, Nobel Prize Winner, Economics See: https://news.bitcoin.com/niall-ferguson-tells-bank-of-england-bitcoin-is-financial-system-of-the-future/
“Every informed person needs to know about Bitcoin because it might to be one of the world’s most important developments.” Leon Louw, Nobel Laureate nominee
“I think the Internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash.” Milton Friedman, Nobel Prize Winner, Economics
“Bitcoin is a technological tour de force” Bill Gates, Microsoft Co-Founder
"Bitcoin and other privacy focused and decentralized crypto currencies are the biggest innovation of my lifetime. They literally take the power and control of money out of the hands of government and into the hands of people that use it." --- Charlie Shrem, early bitcoin investor and entrepreneur
Author: Mark K. McConnell is a former stockbroker principal and investment adviser, commodity trading adviser, educator, and retired career U.S. federal employee; BA, political science; BA, education; MA in interdisciplinary studies. The government regulations, investor ID requirements, security, and liability issues do not warrant my offering managed accounts at this time. A popular idea is to dollar cost average with once per month buys, for example. 'Businessmen's risk' commonly means use only speculation funds which if completely lost, will not affect your life style. Seek professional advice if need be.
Bitcoin, the worldwide digital currency of the future, is a tool to help achieve justice in society. As a practical matter, it will be easier to have peace on earth with one world government that is designed to enable the greatest good, to the greatest number, in the shortest time. We the People need to educate our leaders that we want that which is best for us. Then the many can prosper along with the few. Nothing is stronger than an idea whose time has come. Knowledge is power. Fairness and justice are the inherent ideals and goals of one world government. In his book The Republic, Plato specified that social science specialists, the governors, philosopher kings, were alone qualified to administer social justice. They were to be trained to know “the Good,” the enlightenment state as discussed in Plato’s "Allegory of the Cave." Financial well being often facilitates more free time for Self development. For consciousness based education, see: https://www.mum.edu.
To quote Albert Einstein: "You cannot solve a problem from the same consciousness that created it." Know thy Self, remember home, the kingdom of heaven within: pure consciousness. Perhaps instead of cursing the darkness, we should switch on the light. "Knowledge is structured in consciousness." Transcend.
FORTUNA FAVET FORTIBUS ET PATIENTES
Fortune favors bravery and patience.
Thanks for bitcoin donations, accepted at this address: 3AVP4AFmMD7rqJpRHxD7XJSCv5E5Cb6wrH
Bitcoin YouTuber Sonny Decree debates the hyperwave application to bitcoin prices. He states the idea is basically the same human emotion that characterizes all market psychology, greed and fear effects on price variations, per the chart below. See his video: https://www.youtube.com/watch?v=EXhbV3r3gng.
"50 Reasons to Pay Attention to Bitcoin" (updating needed)
1 CONTROL; you are FULLY in control of YOUR money
2 Freedom; other people can’t vote your money away
3 Support the separation of state and money
4 No middlemen; bitcoin dis-intermediate the financial world
5 No transaction fees (~$0.003 ledger fee for on-chain)
6 No borders; send money to anyone; access anywhere
7 No transaction delays; propagation time < 1 second
8 No ‘banking hours’; control your money 24/7
9 No minimum account balance
10 No overdrafts (predatory fees: $32B /year in US)
11 No risk of identity theft ($1.5B /year in US)
12 No inflation (limited money supply)
13 No minimum age; it's the currency of the next generation
14 No bank runs; for that matter, no walks to the bank either
15 No bank holidays; just a lifetime holiday from the banks!
16 No capital controls
17 No hidden taxation
18 No bank bail-ins
19 No paperwork (my bank had 5 pages of fine print!)
20 No chargeback fraud; fast settlement (~10min, soon faster)
21 Permissionless innovation; build the next financial app
22 Privacy; digital assets without a registered name
23 No social exclusion; poor people can use bitcoin
24 No censorship; send money to anyone
25 No account freezes or levies
26 Opt out of fiat and boycott the banks & government
27 No dealing with bankers; no supporting the war-dollar
28 No lost/manipulated records; immutable ledger entries
29 It will likely be worth a lot (>$1 trillion market cap) in the future.
30 Bitcoin is an antifragile technology; it gains from disorder
31 Bitcoin is open source; it evolves and improves daily
32 Bitcoin is still early-stage; huge potential innovation
33 15-45% discounts (Amazon, Starbucks, Etc)
34 No counterparty risk; it is decentralized
35 Not fractional reserve; not a debt-based economy
36 Use a currency that rewards saving (good behavior)
37 Huge potential in future robotic/machine economies
38 Potential for decentralized economic actors
39 Lost bitcoins will result in long-term money supply deflation
40 Escrow without escrow agents or paperwork
41 Safely store money in your mind with brainwallets
42 Use multiple wallets organize your money (like folders)
43 Initial public offering (IPO) without paying millions of dollars
44 Smart contracts; imagine a world without the need for lawyers
45 Smart property; imagine a car that checks the blockchain
46 Smart money; bitcoin is the first ‘programmable money’
47 Cash is king; bitcoin is cash for the internet
48 Investment hedge against currency or societal collapse
49 Help end world poverty & hunger for the 3 billion underbanked
50 #1 fastest growing industry for VC (virtual currency) investments
In 2019, are these lower prices underneath the internal trend line a buying opportunity for the long term (5 + year) investor?
Above is a bitcoin weekly logarithmic price chart showing the internal trend line. For technical analysis,see Tone Vays on YouTube; https://www.youtube.com/channel/UCbiWJYRg8luWHnmNkJRZEnw/videos. An example: 01/01/2019: https://www.youtube.com/watch?v=pjXzrAOhAPo. BTC trader Vays states the 2019 low could be the $1,300 area. He suggests scaling in purchases (dollar cost averaging such as with monthly buys). Vays also states the other cryptocurrency coins ("alt-coins") are useless, scams, or otherwise fraudulent. Also, see analysis 'The Moon' by Carl, one example from 01/01/2019: https://www.youtube.com/watch?v=VEgb6lE6ig4. Historically, will these BTC prices be buying opportunities that save pensions, even with just a 1% asset allocation into bitcoin? See: https://thebitcoinnews.com/1-bitcoin-99-cash-portfolio-outperforms-gold-bonds-sp-500/. Arthur Hayes, CEO of bitcoin exchange BitMEX, also suggested a potential BTC price drop to the $3,000 area or lower in 2019, thus a good buying opportunity for the LONG TERM INVESTOR. Mahmudov expects a 2019 low of in the $2,000 area, but a 2023 top above $100,000. See: https://twitter.com/MustStopMurad. Others believe the bitcoin price already bottomed out at the $3,200 area in 2018, another predicted 2019 low by Tyler Jenks (hyperwave theory) is $1,000, but eventually $10,000,000. Long term is a period of 5+ YEARS!
* When you sign into your bitcoin account (similar to logging into your email account), the above is an example of what a bitcoin withdrawal screen looks like when you want to transfer bitcoin from one address to another. Each bitcoin DESTINATION ADDRESS is unique, encrypted by 34 characters: numbers, capital letters, and lower case letters. If the above bitcoin address belonged to a merchant, imagine that you are spending 0.10 bitcoin to buy something worth $378.10 in U.S. dollars, because the current market price of bitcoin is $3,781.00. (However, if a merchant allows it, always send a small amount of bitcoin to test the success of that transfer before sending the larger amount). Then click the REVIEW WITHDRAWAL button to go to the next popup screen, Step 2, then click CONFIRM to send the the bitcoin transfer to the address shown. Use your wallet; or to use the public blockchain to check the transfer status, click here: https://www.blockchain.com/explorer. Bitcoin privacy is enhanced if you use a new destination address each time, available with hardware wallets.
Apple.com co-founder Steve Wozniak has given a glowing endorsement of bitcoin, saying that he hopes the cryptocurrency will one day serve as a global single currency. He states: “Only Bitcoin is pure digital gold." Digital Currency Group’s Barry Silbert states Bitcoin is ’50 times more useful’ than gold. Silbert believes that the bitcoin infrastructure will be in place during 2019, then prices will 'snap back hard.' An article from investor.com suggested bitcoin could soon rapidly drive out cash as a means of payment. See: https://www.investing.com/analysis/how-long-till-bitcoin-replaces-cold-hard-cash-200310923 The prestigious realty firm Brown, Harris, Stevens (bhsusa.com) believes that in five years Bitcoin transactions will make up 25 to 30 percent of sales. "Financial blockades are bad for humanity but great for Bitcoin. The more Paypal, Patreon, Visa, and Mastercard censor, the stronger it becomes." https://news.bitcoin.com/financial-blockades-are-bad-for-humanity-but-great-for-bitcoin/. With a daily transaction volume of over $8 billion, bitcoin is on track to overtake Mastercard, the second largest credit card network in the world, in volume. See: https://finance.yahoo.com/news/big-milestone-bitcoin-track-transfer-161319470.html.
"Until now whenever we’ve needed to transfer money we’ve had to rely on a third party, whether it be a bank, a clearing house or a payment network. Bitcoin offers, for the first time, a method for transferring value and making payments from anywhere to anywhere, in real-time, without any intermediary. This could mean we soon see many billions of people sending bitcoin everyday as easily as they currently send a text message."
Another popular bitcoin exchange is http://www.kraken.com, in San Francisco since 2011. It is entrusted by Japan as the trustee for the Mt. Gox claims, and has been given a top score for security.
BTC investor Roger Ver states: "We all wish we could have invested in Bitcoin when it was worth 10 or 25 cents per coin, as it is now worth $370/bitcoin (as of 9 Feb 2016). $100 investment at 25 cents/bitcoin would be a handsome $148,000 today. So, is it too late to invest in Bitcoin? I don’t know–is it too late to get involved in the internet?"
With growing acceptance of cryptocurrencies in Germany, as well as in Asian countries like Vietnam and Singapore, the banking industry will be forced to keep pace with the new financial technology world. Consider a recent (June 30, 2017) statement by Antony Jenkins, the former CEO of Barclay's Bank, quoted from bitcoin.com: "This is just in the footprints of what's going to happen here. As these technologies season and develop, we can imagine total transformation of the banking system, using Blockchain for example, in a world where banks don't really exist anymore." See also: https://www.cryptocoinsnews.com/lending-app-micromoney-aims-to-bring-2-billion-unbanked. The popularity of virtual currencies is undeniable, which means that even if these bigger institutions aren’t interested, others most definitely are. President of the Crypto Valley Association in Switzerland, Oliver Bussmann, has said that “more and more bankers are coming in,” hoping to capitalize on the lucrative gap left by their larger counterparts. http://bitcoinist.com/europe-small-banks-crypto-big-banks/.
Bitstamp Exchange Bitcoin price chart
Although past performance is no guarantee of future success, the future looks promising. In 2016 multi-billionaire bitcoin venture capitalist Tim Draper predicted a BTC price of $10,000 in 2018 (actually reached on 11/28/2017). When asked if he would sell bitcoin for dollars, he said: "Why would I sell the future for the past?" Also: “If I had a meeting with [Indian Prime Minister Narendra] Modi] I would have let him know he is making a huge mistake. [Bitcoin] should be the national currency.” He suggests the same for the U.S. Also: "I’m Thinking $250,000 By 2022." Draper also states of Bitcoin “It's bigger than the Iron Age, the Renaissance. It's bigger than the Industrial Revolution .... bigger than the internet." He states bitcoin will replace the US dollar in 5 years. See: https://cointelegraph.com/news/tim-draper-says-bitcoin-is-bigger-than-the-industrial-revolution-in-debate-with-skeptics. "While the United States trends towards isolationism, it’s also opening the door to have the dollar supplanted by Bitcoin as the primary international currency of choice." --- Ken Jacobs, CEO of asset management firm Lazard. John McAfee, who has a math doctorate in point-set-topology, (also the creator of the first antivirus software), predicts bitcoin to be worth $1,000,000+ by the end of 2020. He states that is also due to U.S. dollar hyperinflation. McAfee states bitcoin is the most important invention since agriculture, the "saving grace of humanity." Meanwhile, he states he is against paying income taxes, and is avoiding the IRS. Mark Yusko of Morgan Creek Capital calls bitcoin a digital gold store of value, and gold is an $8.4 trillion market, thus his eventual $400,000 bitcoin price prediction. “We believe bitcoin will be one of, if not the, largest network on the planet. We are in the middle of the greatest wealth opportunity … It’s beyond any of our imaginations.”
Tom Lee of Fundstrat Global Advisors makes a sophisticated case for a $10,000,000 bitcoin price in 2029. Click this YouTube link: https://www.youtube.com/watch?v=GGberGnxiJk&feature=youtu.be. Also, Tyler Jenks and Leah Wald: https://medium.com/@lucidfunds/the-long-and-winding-road-to-10-million-bitcoin-4b1c83d26e5d. Lee believes the bitcoin price will bottom out in 2019. At a bitcoin price of, let's say, $3,500; .01 bitcoin (BTC) would basically only cost $35.00. The smallest bitcoin price unit is one Satoshi, .0000001 bitcoin. Click here to see: http://www.btstatoshi.com
Bitcoin's appreciation rate of 82,000% in the last 7 years outperforms even Amazon.com's common stock share price.
Israeli Prime Minister Benjamin Netanyahu: "Are banks doomed to eventually disappear? The answer is yes! Should this be done tomorrow and should it be done via bitcoin? That is a question."
Al Gore, former Vice President of the United States: "I am a big fan of Bitcoin … regulation of money supply needs to be depoliticized."
However, in November 2018, many of the year-end bitcoin price predictions have been revised downward; and the year end price per the Bitstamp Exchange was $3,823. Meanwhile, a dissenting opinion suggests a longer bear market for bitcoin: https://www.ccn.com/bitcoin-price-decline-will-persist-until-mid-2019-crypto-analyst-willy-woo/.
Once you have paid a small purchase fee, like .25%, subsequent transferring the BTC to a different account is electronic, and cheap. The SWIFT bank wire transfer of money can take from 2 to 10 days, depending on the situation, and cost between $40 and $65 U.S. dollars. Bitcoin transfer (when initiated from the wallet) only takes a few minutes in January 2019, and on average costs about 25 cents. The blockchain computer network needs to do the verifications. Also, see: http://www.bitgo.com, per that website: "BitGo Instant allows on-chain, zero confirm, instant transactions between participants. Before BitGo Instant, typical transactions took 10 minutes or more to be recorded in a block by miners .... Instant charges 0.1% for transactions above 1 BTC." Bitgo also has a guarantee of funds. Also, the website http://www.bitpay.com will cash bitcoin into US dollars, and deposit to your bank account for a flat rate charge of 1% of the dollar amount (ten dollars in our $1,000 example). It may be less expensive if your exchange or wallet will deposit BTC sales proceeds directly to your bank account.
We also use: https://bitcoincharts.com and https://bitcoinwisdom.com/markets/bitstamp/btcusd. Click here to view a table of current price activity of most of the major bitcoin markets: https://www.bitcoincharts.com/markets/. See also: https://coinmarketcap.com/coins/.
Scared money usually loses. Long term holders, sometimes misspelled as "hodlers," are not scared into selling. https://btcmanager.com/wall-street-analyst-provides-some-evidence-hodling-bitcoin-is-best/. One poll suggests many bitcoin holders will not sell until the bitcoin price reaches $200,000. Long term holders may benefit by assigning someone else to report the annual bitcoin closing price thereby minimizing the fetish of keeping daily track of it, which can lead to selling before the recommended minimum 5 year holding term. The issue is not whether the price has doubled or halved today, but rather is the long term trend upward.
Lowest Annual Bitcoin Price:
2012 – $4
2013 – $65
2014 – $200
2015 – $185
2016 – $365
2017 – $780
2018 – $3200
Buy and HOLD, Long Term (5 Years), Bitcoin Wealth Strategy
In China, OKCoin’s Duan said: "Talking about the impact of digital money now is like trying to predict how the Internet would transform lives in the 1980s. We know it’s going to be huge. It has the potential to change the entire economic infrastructure. We’re just not sure about when and how." The China market remains huge, as one survey suggests approximately 40% of Chinese people want to invest in bitcoin. Also, a white paper by the Chinese government bank, the People's Bank of China (PBOC), is a plan to buy one million bitcoins, enough for one bitcoin per China's 1 million villages (one third of the world's total). Each village, with an average of 916 people, would eventually be a "millionaire".
Read about China's potentially game-changing quantum encrypted communications satellite network: http://www.dailymail.co.uk/sciencetech/article-4777230/Chinese-quantum-satellite-sends-unbreakable-code.html Could the quantum speed hack any PIN or password? Some BTC Core guys are worried, most are not: “In the grand scheme of risks and threats, it will take 20 to 30 years to be a real threat and by that time, we will have better signature schemes." https://www.forbes.com/sites/amycastor/2017/08/25/why-quantum-computings-threat-to-bitcoin-and-blockchain-is-a-long-way-off/2/#35ba5b3c29a9 Other countries are looking to omit the U.S. dollar from their economy, and might replace it with bitcoin.
Other than an online internet "bitcoin wallet", consider using hardware wallets that stores BTC OFF-line, for example: https://www.keepkey.com , https://www.ledger.com, https://www.trezor.io. Keep your secrets, hide wallets, or safety deposit box? And, double check receiving and sending addresses to verify they are correct. John McAfee recommends OFF-line hardware to avoid loss of coins due to hackers. The new smartphones that have offline 'cold storage' like Samsung and China's Huwei sports hardware that could facilitate another bull run in the bitcoin price. Andreas Antonopoulos recommends NOT storing bitcoins on paper wallets unless you are skilled, because such paper wallets can be difficult to use and secure. He recommends hardware wallets.
An alternative source of bitcoins is https://localbitcoins.com. It includes an online escrow service, perhaps less risky than the option of meeting the seller in person? This author has not investigated these exchanges for quality, or legality. Some state law enforcement agents are working with the U.S. Secret Service to arrest localbitcoins.com bitcoin sellers for violation of state anti-money laundering and money transmission laws. Does state law suddenly supersede federal law? Qui bono? Who benefits from having contradictory federal (and state) laws, such as with the U.S. Commodity Futures Trading Commission and SEC (bitcoin is a commodity) vs. U.S. Treasury - BTC is not legal tender, but it is money? Or rather, an asset, or property? If states like Wyoming, Pennsylvania, and Florida rule that bitcoin is money, and the U.S. Treasury says bitcoin is money, why not tax-free money? Have cake, eat it too? And if the U.S. Supreme Court decides digital currency is tax exempt currency, what reparations are due and payable? "Once any person would be able to use bitcoin for daily purchases, I believe that most governments will acknowledge it is a tax-free coin." Gidi Zakay, Bittax CEO.
On August 1st, 2017, bitcoin had its split into two coins, bitcoin core (BTC) and bitcoin cash (BCH). "The creation of Bitcoin Cash is what is called a 'hard fork.' The creators are releasing a completely new software that allows for eight times the number of transactions per block. This means Bitcoin Cash could process transactions faster." Bitcoin Cash is worth far less than bitcoin. "Like bitcoin, Bitcoin Cash relies on the community. It will only be successful if people decide en masse to create the blocks for the bitcoin Cash blockchain." http://www.channel4000.com. See: https://bitcoinist.com/bitcoin-winner-takes-all-market/. https://www.investing.com/news/cryptocurrency-news/buy-bitcoin-sell-your-altcoins-says-pioneering-wall-street-blockchain-analyst-1464512. See also: https://bcfocus.com/news/bill-miller-a-billionaire-bitcoin-btc-investor-calls-altcoins-worthless/19761/. And: https://bitcoinist.com/bitcoin-will-be-the-amazon-of-cryptocurrency-says-vc-advisor/. Kiss of death for the altcoins? One federal Judge has ruled altcoin ICOs are securities. Investor lawsuits? A Microsoft study indicated trying to speed up BTC transactions by increasing the memory capacity of each block impedes the decentralization benefits, making bitcoin better than Bitcoin Cash (bcash). Remain observant. Regardless, consider staying in control of your private keys, such as with Ledger, Trezor, or Keepkey. Many exchanges and wallets initially refused to support BCH other than making it available to sell or transfer out, yet others provided support to trading BCH. Some referring to it as an "alt-coin," in need of further due diligence. Many bitcoin developers hate BCH, referring to it as a ripoff clone of bitcoin. The 'segregated witness" (segwit) BTC soft fork is now faster and cheaper. Those bitcoin wallet 34 character addresses start with the number 3 as opposed to the original bitcoin addresses that started with a 1.
Meanwhile, the U.S. dollar competes for other fiat currency investment flows. There is some shotgunning of the digital currency market with other virtual currencies; ICOs are initial coin offerings. Analysts at Satis Group indicate only about 5% of ICOs are successful or even look like they might be, while over three quarters of ICOs are scams. China and a few other countries have outlawed them, and about half of them failed in 2017. Deception abounds, but there is also healthy competition as a few other currencies find their lesser niche in an ocean of capital, unless bitcoin co-opts those functions as well. Also, this author is hopeful that the blockchain can incorporate state of the art speedy hardware and software to expedite transactions, such as the Lightning Network, already successfully tested in real time. See: https://news.bitcoin.com/first-real-bitcoin-lightning-network-payment-completed-via-bitrefill/ For less than 1 cent, Lightning Pizza Lets You Order Domino’s Pizza With Bitcoin anywhere in the U.S. with instant transactions and a 5% discount: http://LN.Pizza. There is plenty of optimism regarding bitcoin's future, such as this excerpt from a cointelegraph.com news article:
"Over the course of 90 days, Bitcoin values grew tenfold as an economic panic set in, bringing Bitcoin national press from CNN and others as the newest of virtual safety nets. History repeated itself last summer in Greece, as Bitcoin was pushed to an annual high by the economic collapse of the island nation in the Mediterranean Sea. The 'Brexit' vote forced the British Pound to drop over 10 percent, and this market value quickly switched to Bitcoin, spiking over $100. The election of Donald J. Trump as the 45th United States President, added a quick boost to Bitcoin of almost 4 percent in one night, as the specter of Trump spooked the markets.
Can a bull-run be guaranteed? No, but we’ve seen this movie before and know how it ends. As more E.U. members implode, and as Bitcoin continues to show its intrepid strength, year after year, where would you move your money in a crisis? Bitcoin is proving to be the best play in town, regardless of what country your town resides in. Given the fact that Italy is a considerably larger economy than Greece or Cyprus - Italy is ranked fourth in the E.U. overall, behind France - it looks like it could be a very Merry Christmas for Bitcoin owners." That is, until the January 2017 profit taking (but quickly followed by a price rebound).
The online bitcoin company http://www.xapo.com offers a BTC wallet, a BTC debit card for ATM machine use in dollars, and like most wallets, the security of a deep cold storage Bitcoin security vault intended to protect bitcoin from hacker thieves. The CEO, Wences Casares, believes Bitcoin is the only digital currency that will survive, and it will be bigger than the internet. They also accept a check-in-the-mail to fund your account, enabling you to buy now, if the check arrives in California within 3 business days (moving to Switzerland soon?) They are registered in a few states. Xapo president Ted Rogers suggested "alt-coin" cryptocurrencies could be facing a “mass extinction event”. He added, Bitcoin trading around $6000 provides an “incredible opportunity” to buy. Their website quotes one advisor:
Lawrence H. Summers was the Secretary of the Treasury under President Bill Clinton, and continues to be one of the leading economic and policy thinkers of our time:
Jeff Sprecher, Intercontinental Exchange chairman and CEO, with his wife Kelly Loeffler, an ICE executive who will be CEO of the startup Bakkt, on the trading floor of the NYSE on July 9, 2018. [photo credit: Gillian Laub for Fortune]
"The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next? Backed by Microsoft and Starbucks, Intercontinental Exchange is launching a startup called Bakkt to make the cryptocurrency safe for your retirement fund, and maybe for retail, too." [By Shawn Tully, August 3, 2018]
Bitcoin could be on the verge of breaking through as a mainstream currency. At least that’s the goal of a startup that is soon to be launched by one of the most powerful players on Wall Street, with backing from some of America’s leading companies. This morning Intercontinental Exchange—the trading colossus that owns the New York Stock Exchange and other global marketplaces—announced that it is forming a new company called Bakkt. The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin. With the creation of Bakkt, ICE aims to transform Bitcoin into a trusted global currency with broad usage." See: http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/.
"Intercontinental Exchange, the operator of 23 global exchanges including the New York Stock Exchange (NYSE), has announced plans to launch an 'open and regulated' global digital asset ecosystem, as well as one-day physically delivered Bitcoin contracts pending CFTC review and approval. The company, called “Bakkt,” will work with enterprises including BCG, Microsoft, and Starbucks. See: https://news.bitcoin.com/nyse-owner-bitcoin-should-be-in-retirement-funds-credit-cards-retail-stores/. The first round of funding secured $182.5 million. Jeff Specher, the Chairman of Intercontinental Exchange (ICE) which owns the New York Stock Exchange (NYSE) and many other exchanges internationally: “Bitcoin could be the first worldwide currency.” Also, Etoro CEO Yoni Assia states: "In time, we believe that we will see the greatest transfer of wealth ever onto the blockchain." https://bitcoinist.com/etoro-ceo-wealth-blockchain-interview/.
Also, Tyler Jenks and Leah Wald of Lucid Investments believe bitcoin is currently in a "hyperwave" price chart formation (below) that will see the price drop to the same level as the beginning of that wave (P1) at $1,000, before eventually ascending to $10,000,000. See the online article: https://medium.com/@lucidfunds/the-bitcoin-hyperwave-the-bear-market-continues-to-growl-32cc723de95e
The CEO of both Twitter and payment service Square, Jack Dorsey, believes Bitcoin will become the world's, and internet's, single future currency. He states bitcoin will replace the U.S. dollar within 10 years. Click here to read further: https://crypto-lines.com/2018/03/21/bitcoin-will-replace-the-dollar/. Coinbase CEO Brian Armstrong agrees, and pays employees' salaries in dollars or bitcoin.
U.S. Commodity Futures Trading Commissioner, Rostin Behnam states: “Cryptocurrencies will proliferate to every economy and every part of the planet. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
Max Keiser: "Bitcoin is a gift from God to help humanity sort out the mess it has made with its money ... China, Russia, and Japan are buying bitcoin for their own sovereign wealth funds." Over 120,000 people in Moscow use bitcoin. Overstock.com CEO Patrick Byrne says bitcoin is “the most important change in 6,000 civilizations of technology." Japan legally recognizes bitcoin as a currency, and allows the industry to regulate itself. Apple.com co-founder Steve Wozniak has stated bitcoin is better than gold. From Fox News: "A single bitcoin could be worth $1 million in a few years, meanwhile bitcoin is saving lives in currency hyper-inflated Venezuela." See: https://bitcoinist.com/bitcoin-price-venezuela-doubling-18-days/. Also: https://www.rt.com/op-ed/450065-venezuela-us-control-resources/. And: https://bitcoinist.com/in-argentina-investors-flock-to-safe-haven-bitcoin/. "Bitcoin Hits $24,000 In Iran After Government Okays Mining." (09/06/2018) https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/ (bitcoin creation). Ukraine saw a sharp increase in bitcoin purchases in 2018. The World Gold Council claims Bitcoin could “… undermine the tools used by the Fed and other central banks to influence the economy.” (Thank God!) See: https://bitcoinist.com/world-gold-council-bitcoin-central-banks/. The Nobel Prize winning economist Paul Krugman states: “Gold is dead… Bitcoin has more utility than gold.” https://bitcoinist.com/gold-bitcoin-history-identical/ . According to TIME Magazine, bitcoin development should be a world-wide priority.
The relatively new virtual, digital currency, bitcoin (BTC), is understood differently by different people. According to Wikipedia: "Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto." Click here for more Wiki information: https://en.bitcoin.it/wiki/Main_Page. For a simple 1 minute 37 seconds on YouTube explanation: https://bitcoin.org/en/ . Bitcoin is created by computer operations called "mining." Bitcoin ‘miners’ find the solution to a complex math problem every ten minutes, which concurrently processes pending bitcoin transactions on the blockchain network. Mining can be so profitable on a larger scale and bitcoin price that Samsung has entered the mining hardware manufacturing business. It typically costs a ballpark of four thousand dollars to 'mine' one bitcoin, but only about $571 in Venezuela. See: https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06.
The bitcoin currency software is based upon "blockchain" database ledgers of the transactions, similarly your bank has computerized accounting records, debits and credits, transfers, correlating with the "infrastructure". The entire bitcoin transaction history can be downloaded onto your computer. Bitcoin is 'decentralized,' a basic element of freedom from bank and government middlemen. Bitcoin is an application of the blockchain, just as email is an application of the internet.
Andreas M. Antonopoulos is one of the most respected bitcoin experts; search YouTube for his videos. See his 2 minute videos: https://www.youtube.com/watch?v=1-XUbH1F0Os and also: https://www.youtube.com/watch?v=yhKIKB6cn6w. To help understand the magnitude of the spirit of the importance of digital currency to humanity, view the 37 minute video: https://www.youtube.com/watch?v=V4WMAPXuHVg. (Regarding the international currency wars, and the neutral but saving grace role of bitcoin, view his 1 hour YouTube lecture: https://www.youtube.com/watch?v=knkZptPZLzI.) Excerpts from his "Internet of Money" theme: https://www.youtube.com/user/aantonop. Also: https://www.youtube.com/watch?v=r2f0HlaRdgo. Just as you need not understand the action of electrons in your car's electrical system, you need not understand everything about bitcoin, or everything about its genius mathematical cryptographic software. The important thing is that the car gets you to your destination, the bitcoin payment system is working, and BTC is a store of value. Bitcoin may be the perfect currency when the transactions are almost instantaneous and free. See: https://www.bitcoinlightning.com. Also: https://www.youtube.com/watch?v=rrr_zPmEiME. Check out their payment processing application, Open Node. A small scale beta lightning network is working now, initially for small retail purchases, which only takes 5 seconds. Also, see a recent report by Forbes: https://www.forbes.com/sites/ktorpey/2019/01/23/bitcoin-lightning-network-payments-have-already-surpassed-all-altcoins-at-this-retailer/#5cce75223992. Twitter CEO Jack Dorsey welcomes a Twitter/Bitcoin alliance with his participation in the Lightning Torch pay-it-forward operation. See https://bitcoinist.com/jack-dorsey-twitter-bitcoin-lightning-network/. An online gaming application: https://www.lightningspin.com/.
Bitcoin is the original digital currency, and it's success has spawned a new industry which is sometimes generalized as digital currency, 'crypto' currency due to greater and lesser degrees of anonymity, privacy, and security; and virtual currency. The MIT works suggest the possibility that bitcoin alone will remain, by simply achieving achieving the capabilities of all the other digital coins, also known as alternative (alt) coins.
On the bright side, the more the bankers attempt to dissuade us from our new currency, bitcoin; by selling it short, and spreading fear, uncertainty and doubt (FUD) via their mainstream news media (6 corporations control 90% of the news), thereby reducing the price; the more bitcoins We the People can afford to buy. As bankers realize they need to capitulate and buy bitcoin (the currency of the future), the higher the price goes, and the wealthier the bitcoin holders get. This redistribution of wealth is on autopilot, like a perpetual motion machine. The investment opportunity of a lifetime? Maybe, but invest what you can afford to lose.
Bitcoin and the digital revolution it has started is better demonstrated and experienced, rather than explained, starting with how to set up and use a "digital currency wallet" (like bitcoin). See a video demonstration, learn by viewing, and then by doing. Max Keiser prefers a more private way to buy bitcoin: “This little Azteco printer replaces Bitcoin ATMs ... Merchants anywhere in the world can easily sell Bitcoin. Swap your fiat for voucher-code that loads onto your wallet. Done. ”See: https://azte.co. Another bitcoin service: https://www.abra.com/ advertises Abra is the only app (smartphone software application) in the world that allows you to buy, store, and invest in 28 cryptocurrencies (why?) as well as in equities like stocks, all-in-one place securely. The Opera mobile browser, Opera for Android, will enable users to buy cryptocurrencies directly on their smartphones. Heretofore, one of the most popular ways to buy, sell, and use bitcoins is the bitcoin exchange, with a 'wallet,' offered by various online bitcoin companies, such as blockchain.info. See also: https://bitcoinist.com/best-bitcoin-wallet/ . See this 10 minute video on how to open a bitcoin wallet, buy bitcoin, and send it to someone else: https://www.youtube.com/watch?v=V4WMAPXuHVg
To start, exchanges usually require personal information, a 'selfie' picture of your ID such as a driver's license or passport held next to your face. And maybe proof of residential address, like a utility bill. Some bitcoin exchanges restrict purchases to $100 per week pending more and more "verification", like weeks of more small purchases, like when using VISA or Mastercard. Comparison shop exchanges (such as Kraken, Bitstamp, Gemini, BitMex, Binance, etc.) to avoid such restrictions. Questions persist about Bitfinex solvency. Canadian BTC exchange QuadrigaCX may have been a BIG fraud. Upon depositing national currency (e.g. the dollar) type funds into the bitcoin exchange account, often by bank wire transfer, or bank to bank account transfer, you are ready to buy. If you are already convinced you want to buy bitcoins, even just .001, one way is to open a bitcoin account at an online exchange, get ID verified and approved, fund the account, enter a buy order, consider transferring it immediately to your hardware wallet, and HOLD. Just follow the instructions on the website to set up an account. Or if you want to sell bitcoins, check your own exchange or wallet service, regarding their fees to sell bitcoins and deliver the cash to your bank account, such as by wire transfer which may take a week. If your long (bought) bitcoin position shows a paper loss you want to stop, but you want to keep those bitcoins, you can apply a hedge by selling short 1 bitcoin for each one owned. Then offset the BTC sold short position when you think the market is headed back up. See: https://www.youtube.com/channel/UCc4Rz_T9Sb1w5rqqo9pL1Og. Below *is an example of a screen showing the transferring of bitcoin.
REASONS TO BUY:
Regarding the exponential acceleration of the price of bitcoin:ttp://www.altcointoday.com/bitcoin-capitalization-adds-1-bln-daily-industry-leaders-explain/ See also the YouTube video: https://www.youtube.com/watch?v=-0kRLvpDBSY, "10 Reasons Bitcoin Price will Destroy All Time Highs in 2017". As you would expect, bitcoin value and thus bitcoin price are set by buyers and sellers in the bitcoin exchanges and other auction type markets. However, thin volume and short term trading on margin (using leverage) make for sloppy fill prices, thus more losses. An all cash buy and hold strategy seems promising. Evidence suggests ninety percent of short term traders lose money, so amateurs should be wary of competing with high speed computers automated by multi-million dollar artificial intelligence investments. People get upset with long term holders for not telling them when to sell and take profits. Most people are not experienced short term traders, and do not know when to buy back in, also known as reinvestment risk. It opens a new level of risk, which usually results in losses. It is safer and simpler to stick to the plan, a 5 year minimum holding period. Historically, anyone who has bought bitcoin at whatever price, and held over ANY two year period, shows a profit. So why not hold another two years plus for the prospect of even more profit?
Max Keiser of RT.com states: "It's impossible to overhype bitcoin. The way bitcoin is changing society is as profound as Gutenberg's printing press or Edison's light bulb". Keiser dismissed concerns about bitcoin hacking, saying the core bitcoin blockchain itself has never been hacked while being immutable. Mark Yusko of Morgan Creek Capital states even conservative pension funds are interested in buying bitcoin. "Researchers from a consulting firm and a pension fund make the case for institutional investments in cryptocurrencies. Example of asset allocation: 1.3% in BTC." See: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3082808. BitcoinIRA.com enables investors to hold bitcoins in their retirement accounts. See also: https://www.equities.com/news/the-case-for-bitcoin-in-your-retirement-portfolio. Various American universities such as Harvard, Yale, Stanford, Dartmouth, University of North Carolina, and MIT are invested in bitcoin. Abra CEO Bill Barhydt states that based upon his survey of big hedge fund managers and other institutional money managers, they will buy bitcoin this year (or 2019?) Then, ‘All hell will break loose.' Coinbase Custody is targeting $10 Billion in institutional funds for bitcoin investment, see: https://custody.coinbase.com/ , and also: https://gemini.com/institutions/ , and: https://xapo.com/institutions/ , and: https://www.ccn.com/nomura-unveils-institutional-grade-cryptoasset-custody-service/. Also: https://news.bitcoin.com/nyse-owner-bitcoin-should-be-in-retirement-funds-credit-cards-retail-stores/ . See also: https://bitcoinist.com/bitcoin-could-make-credit-cards-obsolete .
"40% of the world’s top 50 universities offer at least one class on blockchain or crypto assets." https://bitcoinist.com/stanford-offers-most-crypto-classes/ See also: https://www.cnbc.com/2018/02/07/bitcoin-education-at-high-schools-and-colleges.html. Almost one-fifth of US university students own cryptocurrency, while 9 percent have already formally studied it. https://bitcoinist.com/coinbase-study-almost-20-percent-of-students-own-cryptocurrency/.
Per design, only 21 million of bitcoin will be 'mined,' (and about 17 million of it already has been produced), thus the scarcity factor; bitcoin is not subject to inflation. Nearly four million Bitcoins from the early days may have been lost. Also, the number of BTC rewarding 'miner's' efforts was cut in half in July 2016. Meanwhile, bitcoin is accepted for payment by some major corporations, like Expedia, and Subway. Russia's largest online retailer, Ulmart, now accepts bitcoin (twelve percent of Russians say digital currencies are their main source of income). A primary competitor to the U.S. Postal Service, United Parcel Service (UPS), may soon accept BTC for payments. For a longer list, see: https://www.ebay.com/gds/100-Companies-That-Accept-Bitcoins-As-Payment-/10000000206483242/g.html
According to John Deters, chief strategy officer of the Chicago Board Options Exchange (CBOE): "Bitcoin has now evolved to a point that its utility as both a payment vehicle and a store of value is clear, while the overall popularity of digital assets has proven to be pretty resilient." In December 2017, as bitcoin peaked at an intra-day dollar price of approximately $20,000, the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) began trading bitcoin futures contracts. As expected (?), the first thing the institutional traders do is sell BTC short. If not long term committed, maybe weak hands should not be heavily invested in Bitcoin. The CBOE, with partners Van Eck and SolidX have applied to the SEC to allow a bitcoin exchange traded fund, (ETF). SEC Commissioner Robert J. Jackson Jr. states that an SEC-approved Bitcoin ETF is inevitable; in 2019?
Bitcoin's prices are not immune from politics. The U.S. Commodity Futures Trading Commission (CFTC) has announced that bitcoin is a commodity, and federal law supersedes state law. Although BTC is referred to as a commodity, and as a currency, bitcoin is not, in and of itself, a commodity futures contract according to the National Futures Association, and the Securities and Exchange Commission (SEC) states BTC is a commodity. The CFTC Commissioner also has stated that BTC will probably cost Wall Street a lot of job losses. The thing is, bankers need to change their business model from maximizing profits at any cost, to adapting services in volume to the many, like 3 billion under-banked people. This author believes it is an act of patriotism and spirituality to invest in bitcoin. Bitcoin use combined with micro-finance, government subsidized smart phones, and free internet access, could help alleviate poverty worldwide. Bill Gates predicts that over the next five years “... digital money will catch on in India and parts of Africa and help the poorest a lot over the next five years." One Indian official tasked with bitcoin regulation decided it cannot be done. Will India create its own digital currency? Japan, the Philippines and Australia have legalized Bitcoin.
Meanwhile the banks are investigating how they can profit from the digital currency ideas, such as adopting the block chain for banking services and accounting. A group called R3, comprised of over seventy of the world's biggest financial institutions has been researching ways to harness the speed, accuracy and efficiency afforded by the blockchain. In early 2018 their preferred digital currency appears to be 'ripple', centralized in the Ripple Labs corporation. With 100 billion ripple originally created, with the largest (nefarious) 'pre-mine' of any digital coin, gifting themselves control of 60 billion coins (centralization BAD), with only 38 billion circulating? And Ripple Labs can shut down any account at will, or the whole network? Some critics warn this setup increases the risk of "pump-and-dump" losses. Andreas Antonopoulos states that the blockchain is nothing but a slow database. It is bitcoin that is all important, not the blockchain infrastructure. He also states: “Your keys – your Bitcoin; not your keys – not your Bitcoin.” Antonopoulos is not keen on BTC ETFs (exchange traded funds) due to privacy and control compromises ETFs would mean for investors. Still, the larger banksters are in denial, trying to remain relevant by extolling the blockchain supremacy over their nemesis, bitcoin. See: https://news.bitcoin.com/90-of-corporate-blockchain-pilots-will-never-materialize-researchers-say/. Alternatively, a Forbes interview on how blockchain is a tool to help eliminate poverty world wide: https://www.youtube.com/watch?v=CecpCepnkA. Meanwhile, Goldman Sachs bank is investing $ 59 million in BitGo, a digital currency custody firm that is government regulated.
Here is a statement from the New York state department of financial security: "It is in the long-term interest of the virtual currency industry to put in place appropriate guardrails that protect consumers, root out illegal activity, and safeguard our national security." As of 2015 in New York state there is now a $5,000 license fee to operate a digital currency business, a money transmitter license. However, Kansas, Illinois, New Hampshire, Tennessee, Texas and Wyoming have enacted laws that exempt some digital currencies from money transmitter licenses. Can the banks compete? Not in the long run, given the elegant simplicity of bitcoin. As the very young bitcoin 'geek' said to the banker: "You can't stop us!" Bankers oppose bitcoin because there is no need for bankers, or their thefts, warmongering, and drug trafficking. As banker (and thus government?) opposition to digital currency is overridden, just as digital photography replaced film photography, the volume of bitcoin transactions will increase, and volatility will drop. Technology marches on. Not even bankers can stop the rising tide. Ohio businesses can pay taxes with bitcoin at OhioCrypto.com. State Treasurer Josh Mandel says bitcoin is a currency, and hopes other states will agree. State Representative Tyler Lindholm went on an interview on CNBC television to promote Wyoming as a welcoming destination for crypto businesses. He explained that if you mine bitcoin there is now no longer a property tax, no income tax and no corporate tax. See: https://www.msn.com/en-us/money/video/wyoming-passes-blockchain-bills-to-lure-crypto-business/vi-BBK8TwU. In spite of heavy opposition from the banker lobby (no surprises) Wyoming easily passed a law allowing institutions to offer financial services using bitcoin. Wyoming has passed a law giving direct property rights to cryptocurrency holders, making it even harder for the state and federal government to confiscate your bitcoin.
One fear is that of money laundering and using bitcoin to facilitate crime, terrorism, etc. due to it's pseudo-quasi-anonymous nature. It is not terrorists using digital currency for such crimes, it is mostly the banks. Maybe less bankster theft and warmongering would create fewer petty thieves and terrorists? Antonopoulos answers: "Just because terrorists wear shoes, we do not ban the shoe industry."
Israeli Prime Minister Benjamin Netanyahu is right, the banks are ripe to be replaced by bitcoin technology. For example, the world’s richest 1% acquired 82% of global wealth in 2017, and the poorest half got nothing. In less than 12 years, the 1% super rich will own two thirds of all the wealth on earth. https://www.cnbc.com/2018/01/22/wef-18-oxfam-says-worlds-richest-1-percent-get-82-percent-of-the-wealth.html. Documentary: 'The Spider's Web: Britain's Second Empire' : https://www.youtube.com/watch?v=np_ylvc8Zj8. Also: https://www.rt.com/business/443549-us-corporations-tax-evasion/. Also: "Ex Nazi Bank Now the World's Central Bank" : https://www.bilderberg.org/bis.htm. And: https://www.amazon.com/Collusion-Central-Bankers-Rigged-World/dp/1568585624.
How did we lose our government? To quote Georgetown University professor Carrol Quigley's book, Tragedy and Hope, 1966, on the banker's (secret elites of the New World Order) plan:
"The Power of financial capitalism had [a] far reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalistic fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the system was to be the Bank for International Settlements (BIS) in Basel, Switzerland, a private bank owned and controlled by the world's central banks, which were themselves private corporations. Each central bank sought to dominate its government by its ability to control treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence co-operative politicians by subsequent rewards in the business world." The BIS, its directors and employees (past and present) can do virtually anything and everything they want, with complete secrecy, immunity and with no one looking over their shoulders. However, at their alternate Sunday meetings on the 18th floor, why do they feel they need three (3) separate fire suppression sprinkler systems? The BIS is allegedly a Rothschild business operation. See: http://www.thebernician.net/rothschild-the-hidden-sovereign-power-behind-bis/. Also: "These wars are all about the banking. And millions of innocent people are killed in them." See: https://www.rt.com/op-ed/425751-us-war-military-invade/. See General Butler's book: 'War Is A Racket'. General Butler: "WAR is a racket. It always has been. It is possibly the oldest, easily the most profitable, surely the most vicious... It is the only one in which the profits are reckoned in dollars and the losses in lives." Butler was the most decorated U.S. soldier. See: https://ratical.org/ratville/CAH/warisaracket.pdf . The latest amount missing from U.S. government accounts, mostly the Pentagon is $21 trillion. See: https://www.forbes.com/sites/kotlikoff/2017/12/08/has-our-government-spent-21-trillion-of-our-money-without-telling-us/#30074fdf7aef.
"Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild (1744-1812), founder of the banking House of Rothschild. "The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests." The Rothschild brothers of London writing to associates in New York, 1863. "As the 19th century wore on, the Rothschild banking family became the most powerful and valuable one in Europe. They controlled the currency exchange to such a level that they could dictate the ebb and flow of wars and political confrontations all across Europe." https://www.thefamouspeople.com/profiles/mayer-amschel-rothschild-10935.php. "If my sons did not want wars, there would be none." ~ Gutle Schnaper, Mayer Amschel Rothschild's wife. Has the Rothschild banking clan planned, subcontracted, financed, and profited from all these wars by financing both sides, routinely pitting factions against each other, with even more usury to finance the reconstruction? Former U.S. President Franklin Roosevelt: "The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government ever since the days of Andrew Jackson." "All Wars Are Bankers' Wars." Documentary: https://www.youtube.com/watch?v=5hfEBupAeo4. Upon opposing central banker theft of public funds, U.S. Presidents Lincoln, Garfield, McKinley, and Kennedy were shot dead in public. Qui bono, who benefitted?
In 1878 the leader of Germany, Otto Von Bismarck, stated: "The death of Lincoln was a disaster for Christendom. There was no man in the United States great enough to wear his boots and the bankers went anew to grab the riches. I fear that foreign bankers with their craftiness and tortuous tricks will entirely control the exuberant riches of America and use it to systematically corrupt civilization." Whatever happened to "Do unto others as you would have them do unto you?" and "Thou shalt not kill." and "As you sew, so shall you reap." Quotes from Rothschild agent/war criminal Henry Kissinger: “It is an act of insanity and national humiliation to have a law prohibiting the President from ordering assassination." (Kissinger was the psychopath inspiration for the popular movie "Dr. Strangelove: How I Learned to Stop Worrying and Love the Bomb". Dr. Strangelove was a former NAZI turned U.S. President adviser). Kissinger: "Who controls the money controls the world." "The illegal we do immediately, the unconstitutional takes a little longer." [Like, the 'Federal' Reserve Bank?] "Depopulation should be the highest priority of U.S. foreign policy towards the Third World." [Kill them all?] “Military men are just dumb, stupid animals to be used as pawns in foreign policy.” "O how I have dreamed of this delightful moment...We shouldn’t be afraid of atomic bombs and missiles. No matter what kind of war breaks out—conventional or thermonuclear—we’ll win." "War is war. The years will pass, and we’ll get to work producing more babies than ever before." "The United States is baiting China and Russia ... The coming war will be so severe that only one superpower can win, and that’s us folks.” Kissinger forgets to mention the Russians have beaten us at the arms race the U.S. started, and now have unstoppable, radar-evading Avanguard hypersonic 27,000 miles per hour nuclear missile tactical superiority over the U.S. As well, Russians have unstoppable nuclear armed drone torpedoes. It boggles the mind that in spite of all the power of the earth's generals and admirals, a few bankers have enslaved the earthlings in the hell of war for two hundred years. Do U.S. politicians and military leaders take a modified oath [to protect and defend the Constitution from all enemies foreign and domestic] that excepts the banksters who brag that political and military men will be "...so interested in (Rothschild central banking) profits or be so dependent upon its favours that there will be no opposition from that class?" Are our leaders dumb, scared, bribed, or all of the above? Will humanity go extinct due a psychopath infection? Literally carved in stone on the Illuminati's Georgia Guidestones: “Maintain humanity under 500,000,000 ..." [So 93% of humanity must die? Fascists love eugenics.] For the Kissinger trial, see: https://en.wikipedia.org/wiki/The_Trial_of_Henry_Kissinger. For the big picture, click here: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2015/10-overflow/20151030_war.jpg. On psychopaths: Snakes in Suits: When Psychopaths Go To Work; see: https://www.amazon.com/Snakes-Suits-When-Psychopaths-Work/dp/0061147893/ref=sr_1_1?s=books&ie=UTF8&qid=1547063097&sr=1-1&keywords=snakes+in+suits.
The European Union has internal debate on whether it can regulate bitcoin at all, and has legally designated bitcoin as a currency that is exempt from value-added taxation. The Japanese bitcoin trading volume is fast increasing. One Japanese company offers bitcoin paychecks. Japan's largest BTC exchange is bitFlyer, now in the U.S: https://bitflyer.jp/en/. In 2019 most bitcoins are bought using the Japanese yen, followed by U.S. dollars, and S. Korean won. One third of S. Koreans own bitcoin, and their popular anger stopped government threats to ban bitcoin trading. Large Chinese bitcoin exchanges are now moving to S. Korea, Hong Kong, Japan, etcetera. Singapore states they have no intention of restricting digital currency investing.
When the Mt. Gox bitcoin exchange in Japan reported $480 million dollars worth of missing bitcoins (650,000 BTC) due to hacking, the exchange filed for bankruptcy. That hacking triggered the bitcoin price plunge from about $1,163 intra-day high in November 2013 to the January 2015 intra-day low of about $152 (per Bitstamp). Was that $152 intra-day low price the "despair" low point, therefore the bitcoin market bottom? Evidence suggests the Mt. Gox trustee Nobuaki Kobayashi has subsequently ignored the advice of Kraken.com CEO Jesse Powell, as well as reversed his own prior promises, and instead dumped thousands of bitcoins on the open market, thereby depressing the price. Self dealing (short selling?) market manipulation? Most bitcoin claimants just wanted their bitcoins back. Regardless, long term bitcoin holders are patient. See: https://blockonomi.com/mt-gox-hack/ . Fundstrat Global Advisors’ Tom Lee states Mt. Gox selling is a short term concern, and does not change the positive long term fundamentals.
Ray Dalio is the founder of one of the world's best and largest hedge funds, Bridgewater Associates, with over $160 billion in assets under management. (It is interesting that he and all 1,700 of his employees practice Transcendental Meditation®.) See: http://www.tm.org. Dalio recommends gold investing, before the debt load implodes. To read further, click here for the article: https://finance.yahoo.com/news/ray-dalio-there-is-a-big-squeeze-coming-202511228.html. Billionaire Bill Gross, manager of the $1.5 billion Janus Global Unconstrained Bond Fund, states our financial system is like a "truckload of nitro glycerin on a bumpy road." Morgan Stanley Bank recently published a report calling bitcoin “a gold mine for institutional investors.” Good enough for individual investors, presumably. "He who owns the gold (or bitcoins?) makes the rules"?
JP Morgan Chase Bank CEO Jamie Dimon sometimes announces bitcoin is a bubble, fraud, etcetera; then his bank buys bitcoin at lower prices upon the resulting selloff (Dimon's daughter is a bitcoin buyer, and he admits the price may go to $100,000). One EU jurisdiction has Dimon under criminal investigation for market manipulation: https://www.thestreet.com/story/14322661/1/jp-morgan-ceo-jamie-dimon-bitcoin-market-abuse-swedish-firm.html. However, in March 2018 Dimon reversed course and obeyed federal law, in the bank's "full disclosure" report to the SEC and potential bank investors, stating bitcoin was a threat to the bank's business model (e.g., could put the bank out of business). Likewise, the Bank of America made the same statement: https://cryptocoingrowth.com/2018/02/23/bank-of-america-admits-bitcoin-is-a-threat-in-sec-report/. Since 2010, JP Morgan Bank has paid fines of $28.7 billion for financial crimes like predatory lending and fraud resulting in the economic crash of 2008. In December 2017 allegations arise against several such large banks for ongoing laundering of human trafficking, drug trafficking, and terrorist armaments money. See: http://www.nytimes.com/2013/01/03/opinion/how-bankers-help-drug-traffickers-and-terrorists.html. Also: https://news.bitcoin.com/government-funded-drug-trafficking-makes-usd-the-worlds-dirtiest-currency/ .
Max Keiser replies: "To say bitcoin is fraudulent would be like saying gold is fraudulent. Some might say this, but no rational person would agree." John McAfee replies to JPMorgan CEO Dimon: "It costs $1000 to mine 1 bitcoin. (Now much higher). What does it cost to print US dollar? which one is the fraud?" #bitcoinpic.twitter.com/SyWzaEOzhS Meanwhile, Wall Street wants in on the bitcoin profits. See: https://news.bitcoin.com/first-soros-now-rockefellers-move-into-cryptocurrency/.
John McAfee @officialmcafee (Twitter): "We are in a revolution against the waning power of governments and bankers. Their only weapon is sowing fear. If you give into that fear, then it impedes and delays our inevitable victory. Cryptocurrencies are not crashing. They are bending against the impotent wind of the past." Since 2009, bitcoin has been announced as "dead" many times, but it always rises again. Historically it has had several "crashes" in price, from which it has always made historic bull runs, growth spurts.
Keiser continues: "US dollar, stocks, bonds, and property are all in bubbles. Bitcoin (and gold) are underpriced vs. these other assets that are in bubbles. Bitcoins are very cheap vs. government bonds - that are trading at multi-hundred-year highs - for example." Economist and Bitcoin Foundation founding director Jon Matonis states : “To the people who say bitcoin's a bubble, I would say bitcoin is the pin that's going to pop the bubble… The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles.” New York University’s “Dean of Valuation,” Aswath Damodaran, asserts that Bitcoin is a true currency and not a fraud, and bitcoin supersedes gold as a store of value: http://www.coindesk.com/people-trust-cryptocurrencies-gold-says-wall-street-dean-valuation. See: https://thebitcoinnews.com/bitcoin-is-financial-dynamite-saifedean-ammous-interview/. Read his: The Bitcoin Standard textbook: https://www.goodreads.com/book/show/36448501-the-bitcoin-standard. Saifedean Ammous: "Bitcoin is the most advanced and best form of money ever invented." Bitcoin Standard quotes: https://twitter.com/ydemombynes/status/985560599248756736
Bitcoin's popularity around the world is rising, with more and more businesses accepting the currency. Approximately 260,000 Japanese food establishments and retail locations are currently accepting bitcoin as payment for goods and services. Over 1,500 restaurants in Denmark accept bitcoin payment. Bitcoin automatic teller machines (ATMs, or BTMs?) are now cropping up in some countries, and about 38% are two-way, accepting both the national currency to buy bitcoins, and accept bitcoins to get cash. The U.S. has about 2,355 BTMs as of November, 2018; with about 4,000 worldwide. In the U.S., "You'll Soon Be Able To Buy Bitcoin at the Grocery Store." See: http://fortune.com/2019/01/18/buy-bitcoin-grocery-store-coinstar/. Every train station in Switzerland has a BTM, and soon, every Austrian post office. Bitcoin is payment for public transportation in 37 Argentine cities. Australians can now buy bitcoins in 1,200 newsstands throughout the country. All French tobacco shops can sell bitcoin in January 2019. See: https://www.rt.com/business/419158-switzerland-embraces-bitcoin-cryptocurrencies-ico/ Click here to find a bitcoin ATM near you: https://coinatmradar.com/bitcoin-atm-near-me/.
An ETF example is a security that trades in a commodity, tracking the price, such as gold, or oil, etc. An application for a bitcoin exchange traded fund (ETF) by Cameron and Tyler Winklevoss (the same twins who originated the Facebook idea), was denied twice. Although centralized, such an ETF should bring substantially more institutional money into buying bitcoin, and thus a bullish price rally upward, at least temporarily. According to Cameron Winklevoss's forecast, bitcoin’s price could someday grow to as much as $340,000 with a market cap of $7 trillion. The twins' Gemini bitcoin exchange deserves a look regarding security of digital currency, as they offer qualified insurance. For security, bitcoin exchanges hold the majority of currency offline in 'cold storage.' However, Gemini promotes government regulation over customer privacy.
Magester Advisors released their research that suggested bitcoin would be the world's sixth largest reserve currency by 2030. If so, how much would each bitcoin be worth? Ronnie Moas of Standpoint Research states that "... a fraction of the world’s $200 trillion in stocks, bonds, gold, and cash will eventually make its way into bitcoin and other cryptocurrencies over the next 10 years. Moas thinks cryptos will be used as a payment system in emerging economies, and a store of value elsewhere. Cryptocurrencies then establish themselves as an asset class that mainstream investment advisers pitch to clients, he says. This scenario takes bitcoin’s market value from $225 billion today to $1 trillion. Overall, he believes cryptocurrencies will reach $2 trillion as they go to 4% of global investment assets', Moas says." The Ronnie Moas end of 2019 BTC price prediction: $28,000. "The Bitcoin industry and cryptocurrency market are growing at an exponential rate and if such growth rate can be sustained in the mid to long-term, the market cap of Bitcoin will be able to break the $1 trillion mark." See: http://www.newsbtc.com/2017/10/18/bitcoin-much-better-fiat-says-billionaire-investor-tim-draper/. Also: (Twitter) @RonnieMoas: "I dont care if bitcoin is not the fastest or cheapest. I'm buying & holding something that 300 mln people will be trying to get their hands on two years from now & there will only be a few mln available for sale. That mind-boggling supply/demand imbalance will drive $BTC to $100K." From Fox News: A single bitcoin could be worth $1 million in a few years. See: https://www.youtube.com/watch?v=EhaJmCnje4U
If you buy even just one bitcoin for all cash now, or even a fraction of a bitcoin, like .01, for a long term holding, be sure to list it in your last will and testament. Give at least one heir your PIN and password for your bitcoin wallet, or at least the location of same. Your heirs will be forever grateful.
The National Association of Securities Dealers Automated Quotations (NASDAQ), the world's second largest stock market after the New York Stock Exchange, has prototype software for securities transactions that uses the bitcoin blockchain technology. Currently, a stock purchase or sale takes two business days to close, besides the next step of actually transferring the funds. Using the blockchain technology, both steps occur immediately, and the data is, itself, the money. The Governor of China's Central Bank, Zhou Xiaochuan has stated that digital currencies will inevitably replace cash. Some countries are working on their own digital currencies. However, read this great article regarding bitcoin's superiority over the central banks' digital currency attempts: http://www.coindesk.com/central-bank-fail-digital-currency/ . Officials at the Swiss National Bank confirm that private digital currency like bitcoin is superior to any attempt by any national bank to create their own digital currency. Russian President Vladimir Putin agrees: 'By definition, neither Russia, nor any other country can have their own crypto ... cryptocurrency goes beyond national borders.' Vladislav Ginko of the Russian Presidential Academy of National Economy and Public Administration: "US sanctions may be mitigated only through Bitcoin use. Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The central bank of Russia sits on $466 billion of reserves and has to diversify..."
In early 2015 one friend was considering a long term holding of bitcoin, so I suggested he use 'dollar cost averaging' (scaling in purchases) to accumulate a position. For example, he could make first of the month (cash) purchases of bitcoin between $200 and $300 per bitcoin, and those prices were available in 2015. He might never get the exact low price, but overall he might have an average cost of approximately $250 per bitcoin. If the price went back up to the "old" intra-day high (http://www.bitstamp.net exchange) of $1,145 per bitcoin, he would be a happy investor. Technical chart analysts love the idea of the price 'returning to the old high'. Given the price surge In November 2017, I advised him that one profit taking idea is to sell when the daily price goes below the previous week's low, i.e., at sell stop order at $14,676, which was hit on 12/21/2017.
Once in your bitcoin account, sending BTC is as simple as copying and pasting the send-to address window provided, such as this author's favorite bitcoin address: 3AVP4AFmMD7rqJpRHxD7XJSCv5E5Cb6wrH (thank you for the donations), then enter the amount in fractions (decimals) of a bitcoin, such as .01, or 1 or more bitcoins, then click send. Or, spend (buying) is similar. Or transfer between your own bitcoin addresses. Done. It is as easy as text messaging on a cellphone. It is similar to online banking, moving dollars from checking to savings, etc. Some people have said it is as easy as sending an email. See also: http://www.bitcoin.org.
The European Union has fully licensed the bitcoin exchange http://www.bitstamp.net, effective July, 2016. No "seminar" or "webinar" is needed to open a bitcoin account, just log onto an exchange site and complete the sign-up instructions. Such exchanges offer trading and spot market investing for cash. Bitstamp also provides cashing in your bitcoins for currency or gold coins.
U.S. investment firm Fidelity, which administers over $7.2 trillion in client assets, has announced the launch of a new company, Fidelity Digital Asset Services, according to an Oct. 15 press release …. Fidelity reportedly already works with “over 13,000” institutional clients — to draw these actors into the emerging (digital currency) space. See: https://cointelegraph.com/news/investment-giant-fidelity-launches-digital-assets-services-targeting-institutional-investors.
HAPPY 10 YEAR BIRTHDAY, BITCOIN! Thanks, 'Satoshi Nakamoto'!
Switzerland beat America with the first digital currency Exchange Traded Product (ETP), announced in the press on November 17, 2018. Not a bitcoin ETF, but some similarity. See: https://www.myidleincome.com/switzerland-approves-the-first-crypto-exchange-traded-product/
"So, cryptocurrencies in general give us a stable medium through which we can communicate our information about values and prices in a way that no government mandarin (bureaucrat) can distort or usurp. For the predators who have used our central institutions to predate on the rest of humanity, it’s a very bad development." A statement from Overstock CEO, Patrick Byrne, quoted from: https://thedailycoin.org/2017/07/31/patrick-byrne-cryptocurrencies-matter/ Another John McAfee quote: “You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust." Max Keiser again: “If Satoshi had released Bitcoin 10 years earlier, 9/11 would never have happened."
Former Congressman and Presidential candidate Ron Paul states in his new paper "The Dollar Dilemma," just how bad the monetary system is today, and bitcoin can help fight the decaying global economy. See also:https://www.marketwatch.com/story/ron-paul-tax-free-crypto-could-help-avoid-a-fed-created-recession-2018-10-30?mod=hp_minor_pos21. A Ron Paul national poll result: bitcoin is the best investment for the future. See: https://bitcoinist.com/half-choose-bitcoin-ron-paul/
Christine Lagarde, the Director of the International Monetary Fund (IMF), warns a large-scale shift away from government currencies and into bitcoin could put bankers out of business. She praises digital currency and suggests it could transform the way people save and invest.
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Max Keiser continues: "Bitcoin has intrinsic value the same way a gold mine has intrinsic value. When you own bitcoin, you own a piece of a network that, like a gold mine, has intrinsic value," Keiser explains. "This is a bit misleading in that gold supply is worth trillions and bitcoin is worth billions. The real question is, what price would bitcoin need to get to the equal value of gold. The answer is, well into the $100,000 per bitcoin. Will it get there? I think so, yes." Slide forward to minute 13:50 to view Max Keiser’s guest “Vortex” to get his enthusiastic overview of the various strengths of bitcoin. See: https://www.rt.com/shows/keiser-report/443405-us-plutocracy-corporate-elite/. The Union Bank of Switzerland (UBS) states the bitcoin price must hit about $213,000 to replace the U.S. money supply.
A picture of James Warburg, the son of the the globalist bankster and co-founder of the U.S. 'Federal' Reserve Bank, and Rothschild agent, Paul Warburg. James Warburg addressed the U.S. Senate on February 17, 1950: "We will have a world government whether you like it or not. The only question is whether that government will be achieved by conquest or consent."See: http://www.spingola.com/new_world_order1.htm
Traditional economists shake their heads, wondering what value is behind it. Bitcoin's creators and supporters consider it a liberating medium of exchange, not subject to the whims of central banks that print excess money. Bitcoin's magic inherent value is called belief that it will be more beneficial than fiat currency. Fiat means national paper currencies like the dollar and yen that governments print per the desires of the wealthy elite, regardless of the effects on the majority of the people. Fiat money like the U.S. dollar is not backed by precious metals, but rather backed by the taxpayers. Historically, fiat money has a reputation for becoming worthless within an average of 27 years. The dollar's buying power in 2018 is about 2 percent of its 1913 value. See: https://fred.stlouisfed.org/series/CUUR0000SA0R. To quote former U.S. Senator and Secretary of State Daniel Webster: "Of all the contrivances devised for cheated the laboring classes of mankind, none has been more effective than that which deludes him with paper money." The oldest currency, the British pound, is now worth .5% of its original value.
Bitcoin is currently the only viable candidate for a non-sovereign store of value, but it seems that it's still massively underpriced. Huber states that “ … traditional investors have ‘missed’ some of the principle advantages Bitcoin offers — namely, a ‘secure, decentralized, and censorship-resistant’ payment protocol which constitutes the ‘reinvention of money.’ “ 07/26/2018 See: https://bitcoinist.com/bitcoin-value-proposition-underpriced/ See also: Michael Novogratz (@novogratz): "Bitcoin is going to be digital gold, it is going to be a place where you have sovereign money."
Tim Draper predicts the total market capitalization for cryptocurrencies will reach a whopping $80 trillion by 2023.
Novogratz update: https://www.cnbc.com/2018/10/03/bitcoin-wont-top-9000-by-years-end-former-hedge-fund-legend-novogratz-says.html See also: https://thebitcoinnews.com/relax-the-next-rally-will-be-bigger-than-you-can-ever-imagine/.
One friend said he was worried about buying bitcoin, given the contrary opinion of vested economic interests. Andreas Antonopoulos states the greatest threat to bitcoin is not governments. China can terminate bitcoin trading, but that just forces the business elsewhere. Will China have good luck with its own digital renminbi (yuan)? In September 2017 the President of European Central Bank, Mario Draghi, stated: “(It is) not within our power to prohibit or regulate bitcoin”, yet some EU bankers want bitcoin taxed out of existence. This time, the will of We the People will prevail. See below: "'EU crackdown on bitcoin is attempt to protect banks." https://www.rt.com/news/413517-bitcoin-cryptocurrency-eu-crackdown/. See also: https://news.bitcoin.com/worlds-biggest-banks-helped-clients-steal-63-billion-in-taxes-in-europe/.
If any threat to bitcoin at all, perhaps one of the other digital currencies. Like what, bcash? A Microsoft report states it used the wrong approach to speed up b-cash transactions. Ethereum? The more complicated the software, the more attack vectors, and the easier it is to hack (thus the superiority of bitcoin?) See: https://news.bitcoin.com/report-claims-34000-ethereum-smart-contracts-vulnerable-bugs/ Maybe one that is not yet created? Could it compete with the burgeoning bitcoin industry, such as comparing transaction volume? The Amazon.com founder, Jeff Bezos, the wealthiest man in the world, wrote a book entitled: "Get Big Fast." Bitcoin is getting big fast. Bitcoin is battle hardened.
Andreas Antonopoulos advises: "Ignore the drama, bitcoin is stronger than ever." His website: https://antonopoulos.com/. Antonopoulos believes bitcoin will eventually absorb all the functions of the all the other digital currencies (also known as alternative coins, or "alt-coins.") He also cautions that an exchange traded fund (BTC ETF) only tracks price, is not BTC ownership, and could emphasize store of value over the currency (payment) feature, slowing down the widespread adoption of BTC as currency.
"RT: Under the new EU legislation on tightening regulation, are governments trying to discredit users of cryptocurrencies by labeling them all as ‘money launderers’?"
"If we have something that decentralizes the money supply and threatens the business model of the banks, there’s going to be pushback against it," claims former (British) MI5 intelligence officer Annie Machon ... "It is inevitable. Any crackdown on our rights of privacy on the internet always has an excuse that it is trying to stop money laundering or trying to stop terrorism or pedophiles or whatever." Adds Paul Rosenberg: "So many banks have been caught out money laundering on vast scales and have received vast fines for laundering gray and black money from particularly the drug trade. Perhaps, we should say that the EU should close down our banks, too ... What this really boils down to at the end of the line is the coercive institutions of the past being threatened by the voluntary institutions of the future." See: "Deutsche Bank Gets Raided After Calling Bitcoin a Risk for Criminal Activity." https://bitcoinist.com/deutsche-bank-raided-bitcoin/. Also: https://www.theguardian.com/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims. At a recent (June 2018) conference of the world's central bankers, the question came up as to whether bitcoin was a threat to the government fiat currencies. The answer was no, as long as the people retain confidence in those currencies. Why should they have such confidence? In the event of a bank run on such ‘too big to fail’ banks like JP Morgan, Wells Fargo, and Goldman Sachs; only the first two percent of customers can get their money out. The worldwide industry standard fractional reserve system often only requires 2% of customer's deposits to be retained in the bank. That enables 98% of the people’s deposits to be lent out to others, such as the military industrial complex. If peace broke out, the world economy would be transformed with a redistribution of wealth. The bankster fractional reserve system is a pyramid or ‘ponzi scheme’, and such frauds always fail. Bitcoin might not absorb all paper currencies very soon, as there will be co-existence depending upon time, place, and circumstances. Bitcoin can complement paper currencies.
In a CNBC interview (below), bitcoin venture capitalist Lou Kerner stated Bitcoin will be like Amazon.com which during the dot.com boom/bust was down in price by 95% for two years. Kerner says that Bitcoin is the greatest store of value ever created, and will surpass gold. Historically, over any two year period, long term bitcoin holders (“hodlers”) have always gotten tremendous rewards. See: https://www.cnbc.com/video/2018/11/21/kerner-bitcoin-is-the-greatest-stored-value-ever-created.html
Jake Chervinsky @jchervinsky (Twitter.com) is one of the primary authors of the New York state money transmitter law vis-a-vis bitcoin, the "bitlicense." Regarding bitcoin and the banker's comparison to the Dutch tulip speculation craze/price crash in 1637 boom/bust, Chervinsky states: "Okay, let's compare bitcoin & tulips: Bitcoin is software enabling permissionless, trustless, censorship-resistant value transfer on a global scale. It has the qualities of great money: durable, portable, fungible, divisible & scarce. Tulips, on the other hand, are flowers."
One of the original bitcoin co-developers is Nick Szabo: "Bitcoin could survive a nuclear war." "Central banks will end up using bitcoin as a reserve currency.” See also: https://news.bitcoin.com/nick-szabo-central-banks-may-turn-to-cryptocurrency-reserves-over-gold/
CAUTION: Digital currency is not (yet) legal tender everywhere, is not (yet) backed by the U.S. government, and accounts and value balances are not (yet) subject to consumer protections. The information herein does not constitute investment advice or an offer to invest.
Thanks to Zach Doty for the "50 Reasons to Pay Attention to Bitcoin." https://www.linkedin.com/in/zachdoty
Thanks also to the world's foremost expert on technical training, an education professor at the University of Idaho, Dr. Robert Ketchum: http://www.ketchumgroup.net
As you can see in the chart above, bitcoin is still in the early stages of growth.
When the U.S. debt load implodes causing hyperinflation, people with Bitcoin, gold and silver will prosper. Others might go hungry, like some people are now in oil-rich Venezuela. In the coming bank runs, maybe 2% of people's money can be withdrawn. The banks are bankrupt. With Bitcoin you can be your own bank.
This website (best viewed with Chrome browser) is intended for informational and entertainment purposes only; opinions, which can change, not giving advice. Per your preference JUST READ THE TEXT FOR NOW, view the video and other links later. Some analysts are scaling in monthly purchases, anticipating a possible Bitcoin bottoming out price by May, 2019. To avoid U.S. economic sanctions, Russia has an internal debate about investing $10 billion of their $466 billion U.S. assets and U.S. dollars to buy bitcoin. “These sanctions and the will to adopt modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.” Click here to view the article: https://bitcoinist.com/russia-10-billion-bitcoin-investment/.
Regarding the above bitcoin price prediction chart: "The highs of this new rush will reach as far as $50,000, and future races could bring Bitcoin as high as $250,000." See:
Daniel Krawisz, a co-founder of the Satoshi Nakamoto Institute, has written that Bitcoin-induced currency demonetization, or hyperbitcoinization is what would occur should any hapless currency stand in bitcoin’s path of total world domination, resulting in a bitcoin price of $100,000,000 (one hundred million dollars). See: https://news.bitcoin.com/hyperbitcoinization-bitcoin-100mil-per-coin-2030/. “Bitcoin is the monetary black hole that will gobble up all fiat…” Max Keiser. Meanwhile, according to a Yale economics study, at least 6% of total investment portfolio assets should be in bitcoin, whether or not the investor is enthusiastic about digital currency. See: https://bitcoinist.com/new-yale-study-every-portfolio-must-include-at-least-6-bitcoin/ Also:https://thebitcoinnews.com/yale-university-invests-in-400-million-crypto-funds/