It’s Not Really About Bitcoin Price Surging, It’s Fiat Currencies In Free Fall

[Ares]

According to Stefan Molyneux, a highly regarded Canadian podcast host, it is more important to recognize the free fall of fiat currencies, more so than to acknowledge the exponential growth rate of Bitcoin.

Molyneux says:

“It's not so much that Bitcoin is going through the roof - it's that fiat currencies are in free fall, but only Bitcoin is noticing.”

The decline of fiat currencies
For many decades, governments have had absolute control over the global finance sector and monetary policy through the fiat currency system. Through it, central banks such as the US Federal Reserve have obtained the ability to inflate the supply of reserve currencies and to manipulate the world’s most widely utilized form of money.

In an interview with Fox Business, major electronics retailer Overstock CEO Patrick Byrne stated that fiat currencies will continue to fall over the next few years, as investors and the market move onto separate money and state.

As fiat currencies decline, the only form of decentralized currency that is Bitcoin and other cryptocurrencies in the market, will eventually overtake reserve currencies.

“You think that’s a bubble? What do you think that fiat currency you carry around in your purse is? This dollar stuff, it’s just some fiat currency based on … the surplus taxing authority of the US Treasury of which I assert there is zero ... It’s about time the world switches to real money. Either gold or Bitcoin,” said Byrne.

Currently, the two forms of money or assets that are not subjected to the control and manipulation of governments are Bitcoin and gold. But, as demonstrated by the Indian government in late 2016, because of its physical attributes, gold can be confiscated and repossessed by the authorities at their will.

With Bitcoin, confiscation of user funds and assets is not possible, if users store their Bitcoin on a non-custodial platform in which they have full control over their private keys and funds.

One major advantage Bitcoin has over gold is its transportability. Gold is a viable store of value given that investors can store large amounts of money in the asset. But, it is difficult to transfer gold, especially through borders.

Bitcoin will continue to prosper as fiat currencies decline
Considering that Bitcoin remains as the only viable alternative to fiat currencies, the decline of government-issued money will continue to lead more investors and general consumers into the Bitcoin market.

As such, Byrne noted that Bitcoin price could reach $1 mln in the long-term if Bitcoin begins to take over reserve currencies and challenge the gold market.

“We have all these currencies since Bretton Woods, fluctuating against each other, and maybe the dollar hasn’t gone to zero against these currencies but all of them have gone down 95 percent ... versus something that they can’t control like … gold and Bitcoin. So Bitcoin may be on its way to a million for all we know,” adds Byrne.

https://cointelegraph.com/news/its-not-really-about-bitcoin-price-surging-its-fiat-currencies-in-free-fall

[Joshua01]

Precisely! The House of Cards that is the FRN is falling!!

[madfranks]

Molyneux says:

“It's not so much that Bitcoin is going through the roof - it's that fiat currencies are in free fall, but only Bitcoin is noticing.”Maybe a little, but honestly what's causing the BTC price surge is its blossoming mainstream awareness, and the fact that as a new asset class it's attracting hundreds of millions of dollars worth of interest.

[Uncle Salty]

Stefan doesn't really know what he is talking about.

But hey, bold headlines sound good.

The US$IMF world reserve currency system is coming to an end. Fiat cannot be both medium of exchange and store of value without corrupting the value and price of fiat and financial assets.

Central Banks hold gold, not btc.

Freegold is coming.

BTC is a wild ride and will make many rich and many cry.

[Ares]

Stefan doesn't really know what he is talking about.

But hey, bold headlines sound good.

The US$IMF world reserve currency system is coming to an end. Fiat cannot be both medium of exchange and store of value without corrupting the value and price of fiat and financial assets.

Central Banks hold gold, not btc.

Freegold is coming.

BTC is a wild ride and will make many rich and many cry.

I've been seeing freegold articles since back in the early teens (2013+ etc) yet I'm not finding much info about how such a system word work. I see a number of articles discussing the split of medium of exchange and store of value, but no real explanation of where the gold would come from since it's currently all locked away by the purveyors of debt.

[Uncle Salty]

I've been seeing freegold articles since back in the early teens (2013+ etc) yet I'm not finding much info about how such a system word work. I see a number of articles discussing the split of medium of exchange and store of value, but no real explanation of where the gold would come from since it's currently all locked away by the purveyors of debt.

All you need to know about Freegold is here: http://fofoa.blogspot.com/

He also has a private speakeasy site for members.

Simple, elegant, and functional.

[Ares]

All you need to know about Freegold is here: http://fofoa.blogspot.com/

He also has a private speakeasy site for members.

Simple, elegant, and functional.

Simple, not exactly. He takes an extremely convoluted route to explain a concept.

Elegant, also not really. It rest upon a lot of IF's or Whens.

Functional has yet to be seen.

Freegold looks more to be theory than a practical functional system.

Just from what I read in the article that was posted.

[crimethink]

Bitcoin is in a huge bubble. If it was just fiat falling, gold and silver would be reflecting that, as well.

Bitcoin is every bit as manipulated as the paper "gold" and "silver" markets.

[Ares]

Bitcoin is in a huge bubble. If it was just fiat falling, gold and silver would be reflecting that, as well.

I would agree if they weren't so controlled. Whenever they rise in price or get close to a psychological threshold they get shorted. Every single time.


Bitcoin is every bit as manipulated as the paper "gold" and "silver" markets.

Your proof of this is where? I've been looking for manipulation and the only one I can find is Bitfinex USDT (Tether) to the USD.

[crimethink]

Your proof of this is where? I've been looking for manipulation and the only one I can find is Bitfinex USDT (Tether) to the USD.

Same proof that metals are manipulated...circumstantial. If I had such "proof," then it could be shut down instantly.

It's not a question of "if" but "how much?"

http://www.zerohedge.com/news/2017-08-06/mysterious-trader-nearly-unlimited-bankroll-said-be-manipulating-bitcoin-price

[Ares]

Same proof that metals are manipulated...circumstantial. If I had such "proof," then it could be shut down instantly.

It's not a question of "if" but "how much?"

http://www.zerohedge.com/news/2017-08-06/mysterious-trader-nearly-unlimited-bankroll-said-be-manipulating-bitcoin-price

That's the question. I know it will be more difficult to perform the usual obscene amounts of naked shorts like they are used to with Silver and Gold. The reason being is that the wallets are on the blockchain and are public knowledge. So if say JPM, or CME attempt to dump 25,000 naked shorts on the market yet the wallet where the shorts are coming from only has 5000 bitcoins then you'll know it's a bullshit call and can option against it.

[Uncle Salty]

Simple, not exactly. He takes an extremely convoluted route to explain a concept.

Elegant, also not really. It rest upon a lot of IF's or Whens.

Functional has yet to be seen.

Freegold looks more to be theory than a practical functional system.

Just from what I read in the article that was posted.

Freegold gets rid of paper gold. No borrowing, lending, or paper gold. Just physical. Buy or sell.

All currencies then float against each other and gold.

Save in gold, spend in fiat, invest in stocks, real estate, whatever.

Simple, elegant. That's it.

[Ares]

Freegold gets rid of paper gold. No borrowing, lending, or paper gold. Just physical. Buy or sell.

All currencies then float against each other and gold.

Save in gold, spend in fiat, invest in stocks, real estate, whatever.

Simple, elegant. That's it.

Right, but that goes on the premise that those who hold the vast majority of gold (Federal Reserve Bank) will relinquish control of the gold and give it back to the Government.

[woodman]

Your proof of this is where? I've been looking for manipulation and the only one I can find is Bitfinex USDT (Tether) to the USD.

Think about it. Do you really think the control freaks aren't elbow deep into bitcoin?

[Neuro]

I would agree if they weren't so controlled. Whenever they rise in price or get close to a psychological threshold they get shorted. Every single time.



Your proof of this is where? I've been looking for manipulation and the only one I can find is Bitfinex USDT (Tether) to the USD.

And USD is not exactly in a limited supply. This current bubble isn't due to normal people pouring their savings into bitcoins. It's from people connected to central bankers free money.

[Ares]

Think about it. Do you really think the control freaks aren't elbow deep into bitcoin?

With such a limited supply (16 million at present) and every wallet viewable and larger wallets identifiable on the blockchain no I don't see how it would be possible to directly control Bitcoin like they do with Silver and Gold.

[Ares]

And USD is not exactly in a limited supply. This current bubble isn't due to normal people pouring their savings into bitcoins. It's from people connected to central bankers free money.

Possibly, the volume is pretty evenly distributed throughout the major exchanges.

[Shami-Amourae]

John McAfee believes Bitcoin will hit $1 Million by 2020, and highly recommends Monero (I've been in that myself.)

https://www.youtube.com/watch?v=CssU9WBHx6k

Monero is used a lot in the DeepWeb/Black Market since it's not traceable, unlike Bitcoin which is.

------

I think EOS could be huge too.

If you buy EOS remember to register them (http://support.exodus.io/article/65-i-ve-received-eos-tokens-in-exodus-how-do-i-register-them) before June 2018 or you may lose them.

------

There's a potential problem right now with USDt (Tether), and many exchanges who use it, including Bitfinex could possibly collapse. Bitfinex just recently blacklisted US customers, which means they are up to shady shit ATM.
Tether is linked to the USD, so 1 Tether, is exchangeable for 1 USD. There's rumors that there was a hack a few days ago where $30 Million was stolen, and so USDt/Tether might not be able to exchange for 1 USDt to 1 USD.
If Tether collapses it could take many exchanges down with it. Many traders take profits in USDt, thinking its safe, but it isn't.
Keep note that Bitfinex is one of the top exchanges for EOS, so if it gets fucked EOS could get taken down with it.
If there's a major issue that comes out with Tether in the coming months expect a huge collapse in Cryptocurrency prices.

------

Millenials and Generation Z are NOT investing in Stocks, Real Estate, or Precious Metals. Most are investing in Cryptocurrencies. The prices of Cryptocurrencies are going up primarily from mass adoption and limited supply. It's not a Bubble.

This is a paradigm change, markets don't work the way they used to anymore.


------

Just a few key points you guys should consider.

[Ares]

I've been seeing a lot of rumors about Bitfinex so if anyone here has any funds at that exchange I recommend withdrawing your funds as soon as possible. They are acting similar to how Mt.Gox was before they went under. Withdraws have been delayed which crytpsy did as well before they imploded.

It's also why I like the Waves platform, it uses a decentralized exchange (Dex) which allows you to trade within their platform. Your funds never leave your wallet until you complete a trade. Not every currency pair is there, but they're working on it.

[Horn]

With such a limited supply (16 million at present) and every wallet viewable and larger wallets identifiable on the blockchain no I don't see how it would be possible to directly control Bitcoin like they do with Silver and Gold.

It really isn't worth anything for them to control it, they'd just deny service to any exchange or remove it.

Some kind of imaginary loss would need to be propped into a segment of the populace is all, like Uber in Germany. The day when PC's themselves are dinosuared to only businesses and windows becomes an app. is like next year anyways.

Bitcoin engineers are nothing more than today's Electric Company pensioners if anything at all to the all seeing eye.

[Uncle Salty]

Right, but that goes on the premise that those who hold the vast majority of gold (Federal Reserve Bank) will relinquish control of the gold and give it back to the Government.

The private citizens that set up the $IMF Federal Reserve system all hold gold as well.

They will welcome gold repriced one time to $50K when they usher in the new system.

World reserve currencies last about 100 years or so. Freegold will be the new Bretton Woods.

[Neuro]

John McAfee believes Bitcoin will hit $1 Million by 2020, and highly recommends Monero (I've been in that myself.)

https://www.youtube.com/watch?v=CssU9WBHx6k

Monero is used a lot in the DeepWeb/Black Market since it's not traceable, unlike Bitcoin which is.

------

I think EOS could be huge too.

If you buy EOS remember to register them (http://support.exodus.io/article/65-i-ve-received-eos-tokens-in-exodus-how-do-i-register-them) before June 2018 or you may lose them.

------

There's a potential problem right now with USDt (Tether), and many exchanges who use it, including Bitfinex could possibly collapse. Bitfinex just recently blacklisted US customers, which means they are up to shady shit ATM.
Tether is linked to the USD, so 1 Tether, is exchangeable for 1 USD. There's rumors that there was a hack a few days ago where $30 Million was stolen, and so USDt/Tether might not be able to exchange for 1 USDt to 1 USD.
If Tether collapses it could take many exchanges down with it. Many traders take profits in USDt, thinking its safe, but it isn't.
Keep note that Bitfinex is one of the top exchanges for EOS, so if it gets fucked EOS could get taken down with it.
If there's a major issue that comes out with Tether in the coming months expect a huge collapse in Cryptocurrency prices.

------

Millenials and Generation Z are NOT investing in Stocks, Real Estate, or Precious Metals. Most are investing in Cryptocurrencies. The prices of Cryptocurrencies are going up primarily from mass adoption and limited supply. It's not a Bubble.

This is a paradigm change, markets don't work the way they used to anymore.


------

Just a few key points you guys should consider.

Paradigm change huh? ;D

http://realinvestmentadvice.com/wp-content/uploads/2017/02/Investor-Psychology-Curve-Full.png

I heard that before...But maybe it is different this time? ;D

Bitcoin going to $500! But maybe to $15000 first!

[old steel]

The Evolution of Bitcoin Founders

1. We hate banks. Physical Bitcoin will destroy them!
2. Look how rich we are. Ha ha. To the Moon!
3. We can't sell these btcs to anyone :(
4. We need institutional liquidity. We need paper futures!
5. We love banks! We love Wall Street!!!

[Ares]

3. We can't sell these btcs to anyone
4. We need institutional liquidity. We need paper futures!
5. We love banks! We love Wall Street!!!

Not really, the thought of wall street banks getting involved have been mixed on the bitcointalk forum.