More Bitcoin confusion, oh my.

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If Bitcoin didn’t matter, couldn’t they just ignore it and wait for it to disappear? Why the widespread critical media attention? They are spending a lot of time and money trying to kill it, because it IS a threat. Currency is what we make it, it comes from the trust of the users. Banks have lost our trust, so people are looking for an alternate.

All about this article today:

http://www.businessinsider.com/fleckenstein-on-bitcoin-2013-12

OK, so right off the bat you can tell this is propaganda or a confused journalist from the statement about Bank of America. Yes, BoA said bitcoin could be worth $1300/per- this article refers to it as an endorsement. This is not an endorsement!!! True estimates on what BTC would be worth if it succeeds as a world currency are in the millions. $1300 is a laughable joke. They intentionally threw out a number slightly above the current buying price to make it seem as though we are near the ceiling. Anyone calling that an endorsement is a liar.

Alright so on to the rest of the fakery/confusion. They love to claim gov fiats have qualities that are lacking in Bitcoin. This article says that Bitcoin lacks taxation ability and a standing army (or something like it). Bitcoin is as taxable as any other currency. Government’s tax by watching the marketplaces. If you work or buy something somewhere, you are obligated to tell the government for taxation purposes. You can, however, pay in cash for wages or goods in secret. Bitcoin won’t change any of this in the slightest. Actually, a bitcoin system is much easier to track money movements than cash. So paying someone under the table would become more difficult with Bitcoin, strengthening the government’s ability to enfore taxation. Got it? Bitcoin = more taxable!

The standing army. OK, so what is a standing army? A group of people dedicated to a cause. Bitcoin has this in spades, and the community is ‘armed’ with incredible computer skills. . . .And what is happening to those old conventional ‘standing armies’? Aren’t they being slowly converted into computer controlled systems? . . .Further, Bitcoin enthusiasts are there because they believe in the currency. But looking at suicide rates in the US army, I’d say those people overwhelmingly are there because of economic pressure- they don’t seem to enjoy what they are doing or believe in it. Which military unit is generally more effective, the one filled with idealists and true believers, or the one stocked with sadists, opportunists and the unfortunate poor?

And the rest of the misinformation again in brief:

Its not speculation, its investing, I have no intention of ever selling my BTC for CAD. EVER! Speculators push and pull bets. I’m an investor.

Joke, joke, enamored, chain-letter…Lots of empty belittlements lacking any sort of argument in a lame attempt to make you feel foolish. This works in a schoolyard i guess. . .

Oh and even the title is sensational and asinine. “Everyone betting on Bitcoin will lose everything”. What about people who’ve already cashed their speculative bets and made money? What about someone who bought it 5 mins ago at $720 and sold it now for $750- didn’t they just profit? Its volatile, of course you can make money, are these ‘journalists’ unfamiliar with buying and selling?! Shake your head, this is not journalism, its foolishness.

Finally, they tell us this statement is important because this man (Fleckenstein) is a critic of the Federal reserve. The corporate media is sooo confused. On one hand they love to tell us anyone criticizing the Fed is a libertarian whack job, but then they want us to take this Fed critic’s statement seriously. That makes total sense. Scramble, scramble, scramble. . .

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About remistevens

crazy musician type from toronto, philosophy major. work in a museum. . ..
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