Home Forums Hunting & Shooting Hunter's Campfire Bitcoin and other digital currency

Seen where sleepy Joe is wanting a bill on his desk in a short amount of time dealing with Bitcoin and other crypto currencies. Can someone please explain the legitimacy of these "curencies"? As I understand it, you can't go to your local wally world or other big box stores and buy stuff with it. Am I wrong? How is its use not devaluing or harming the dollar?

It or any other ''good'' money would drive the U.S. dollar to oblivion. That is why you can't require something besides dollars in payment of a debt. You will see digital money criminalized the same as gold ownership was in 1933. In the 1930s Congressman Daniel Reed warned the country that if we followed FDRs socialism we would come to '''feel the lash of a dictator''

The worthless dollar has to be protected at all costs. This country is going to suffer a bad fate for defending a worthless currency. About like the man that gets killed trying to defend the honor of a woman that has no honor.

The ''lash of the dictator'' is now on us.

Bitcoin has ATM machines scattered around the country. You can go there then go to Walmart if that helps,

The USD is worth as much as one square of toilet paper.

Any currency is worth only what is accepted.

all currencies other than direct barter are essentially worthless in and of themselves. Handy as a medium of exchange, things of unequal value can be then be"bought" despite the different values.

Who the hell wants a cow's worth of eggs? But with a cow worth 2,000 somethings, and egg worth one something, one can use a one something from the sale of a cow for XXX somethings to buy an egg, rather than figuring out what to do with the other 1, 999 eggs from the barter.

I don't understand crypto-currency, but maybe it's the same. If one believes fairy-dust has value, and other's agree - then fairy-dust (crypto currency) maybe exchanged for a real, tangible item.

At least until enough people believe fairy-dust isn't real or has value. I would not sell anything to someone, nor buy something from them using said fairy-dust, as I do not believe it is real.

But then, as said, neither is USD, Rubles, Yen, Marks, Euros etc. Same house of cards as religion- it's all based on faith with no proof.

How many decades has it been since you've seen a US Dollar. The Bill's in my pocket say Federal Feserve Note. Isnt a note an instrument of debt?

So your bank insures you to 250,000 dollars. How many dollars do you have in your bank? How many billions are there in banks? There are no dollars. Dollars are backed by gold. You dont have dollars in your bank. You have Federal Reserve notes.

How much of your bank notes backed by gold. Now why did Jesus whip the money changers (bolshevick banksters) out of the Temple? How many trillions would it take for the US traitorus Bolshevik Govt to cover the peoples bank deposits?

Ha. Got a clue. Just remember, Obama Care will save you $2500 a year, sucker. Do you think the Bolsheviks in the US govt give a schiett about you? I wouldn't bank on it.

Cash is simply the storage of labor.

A man works at a task that is necessary... for a wage. That wage has stored value in exchange for the efforts of another.

If man #3 has a blank check backed by the government (i.e. the Federal Reserve) the labors of man #1 and #2 become worthless (EXCEPT BETWEEN MAN # 1 and MAN #2 that continue to value each other's products).

A "Taking" or "Eminent domain" is where man #3 FORCES (enslaves) man #1 and #2 into valueless labor with a valueless currency.

This is economics 101.

When the bullets fly... that is when anarchy 101 or revolution 101 occurs (depending on which side of the "Taking" if you are on).

Starving people in cities and suburbs will demand your food...

You will allow it...

Or you will not allow it...

Figuratively speaking but since I buy in bulk and use a bidet I can afford to upgrade to Charmin or Cottonelle and even so I’m paying roughly around a half a cent per square…..you need a better toilet paper guy. 😁

Our cash will soon become not worth a schiett toilet paper.

People are willing to accept them as a medium of exchange.



You don't understand it well, but that is normal for people who post crypto threads here and you should not let that stop you from further musings. There are many here who know even less than you who will be happy to give you virtual back pats and the like.



I'd enjoy your pointing out on a graph of the purchasing power of the dollar where you see the influence of cryptocurrencies. How about this one: https://www.officialdata.org/us/inflation/1800?amount=1#buying-power

That is a bit extreme...

But I do advise on stockpiling Hard Commodities... Physically Held (that are your knowledge or trade) with surplus currency on hand.

Good link... short and sweet... clear as a bell on reality.

What makes bitcoin or any of the other crypto's "good" money? If the value of these alternatives are dollar based, BC is currently trading at 42,835, and the dollar is so severely devalued, doesn't that in turn make not only these alternatives but pretty much every thing else virtually worthless when the dollar crashes? How many of you own BC or some of the other crypto's?

I'm not in crypto, but I wouldn't consider any of it other than the privacy cryptos.
But those will probably be the first ones banned.

I think if it more as a commodity than a currency. It's valuation swings too wildly to ever be a stable currency with reserve status.

The thing is - the creator of bitcoin basically created it until they had 85% of it as a finite thing and then opened it up to everyone else. That reeks of scam to me.

So long as you have a key to your digital wallet, power and access to the internet - you can have your bitcoin. There's that to consider.

Scarcity, in and of itself does not create value. We've likely more dollars now than rubles - would you rather a dollar or ruble today?

Someone else put it to me this way -

The dollar is backed by an identified bearer signatory, the U.S. government. The Federal Reserve holds assets against its issuance of reserves and currency. If money supply is fixed - like it would be on a move to bitcoin - then interest rates would be free floating and market determined. All economies experience productivity growth, and all healthy economies experience real growth. Those gains are measured in nominal money, so nominal money must also grow over time. Therefore, if the money supply does not grow, then credit and monetary aggregate growth is restricted. Credit cannot exist unless it can make legitimate claim to settle in money. So, ultimately, too little money supply (bitcoin/digital currency that's finite) eventually causes funding and liquidity squeezes.

Just my off the top thoughts.

Good points there. They point out one of the problems with the Federal Reserve system. It allows money to grow way beyond actual growth. In fact at over an 8% annual rate. Designing a currency that follows the real economy is a big problem.

Being the world's reserve currency, they felt there was no limit to the amount they could expand the money supply, because whatever price-inflation this would cause would be diluted throughout the world, i.e., we could export our price inflation. This formula, however, does have its limits, and we are living through its final stages now, which won't be pretty. All those dollars will soon be coming home to bid up the prices of everything in the US.

Thanks for that explanation - well done and appreciated. As to the USD (and the other currencies) being based on faith, it seems to somehow work. Given that, I don't understand why people for whom it works would be so desirous of tearing it down.

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It's also not exactly 100% theft proof either. Remember when hackers shut down the gas line a while back - ransom was paid in bitcoin. US Government went in and snatched it back once it was paid IIRC.