Friday, December 8, 2017

Bitcoin Doesn't Exist

Here is a fascinating series of essays from "Dr. D" at The Automatic Earth website:

https://www.theautomaticearth.com/2017/12/bitcoin-doesnt-exist-1/

https://www.theautomaticearth.com/2017/12/bitcoin-doesnt-exist-2/

https://www.theautomaticearth.com/2017/12/bitcoin-doesnt-exist-3/

https://www.theautomaticearth.com/2017/12/bitcoin-doesnt-exist-4/

https://www.theautomaticearth.com/2017/12/bitcoin-doesnt-exist-5/

Here is what I don't understand - check out these key provisions in the US Constitution:

Article I, Section 8
[The Congress shall have Power]
5: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
6: To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

Article I, Section 10
1: No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts ...

I would argue that Congress has the sole power to determine what is money in the US, and if warranted could determine at any time that Bitcoin is NOT money and declare its use as money to be ILLEGAL.

Their failure to do so and take back control of our money supply from the banks is even worse than their failure to take back war making power from the Executive Branch. Both failures are leading directly to the demise of our republic.

But let's not worry about that. I think they should spend all their free time going after the male sexual predators in the US. That's a MUCH more important issue.

3 comments:

  1. I suspect that no one will do anything about this until Bitcoin manages to crash the whole system, but by that time we'll all be screwed:

    http://www.shtfplan.com/headline-news/bitcoin-bubble-is-bitcoin-going-to-1-million-or-is-it-going-to-zero_12082017

    And I think that's exactly what the powers that be want.

    ReplyDelete
  2. Here is another suggestion that crashing the whole system is EXACTLY what Bitcoin will do:

    http://fortune.com/2017/12/04/bitcoin-futures/

    ReplyDelete
  3. Here is a good explanation of why Bitcoin is NOT money:

    https://www.cnbc.com/2017/12/07/kevin-oleary-bitcoin-is-an-asset-not-a-currency.html

    ReplyDelete