9 – 18 – 2017
I have been studying and following Bitcoin’s ascent closely for several months, and all I have to show for my effort are unanswered questions. Questions like, where does the money go? Who is really in charge? And question number one, How is this even allowed to exist in the first place? We live in a society completely controlled by a consortium of international banks. In America, we have the Federal Reserve and its henchmen in other departments, namely the U.S. Treasury and the I.R.S.
As citizens, we are taxed on every dollar we earn and again on every dollar we spend. Their greed has no bounds, so I find it very hard to believe that they would allow Bitcoin’s “free medium of exchange” to exist at all. That’s a lot of moving money which they aren’t getting a piece of. And yet, Bitcoin is still around and has grown exponentially in 2017.
Maybe Bitcoin was initially created by cypher-punks in 2009, but since then it has grown into something so much bigger. At the same time, the government remains on the sidelines while millions of dollars are getting shuffled around. It doesn’t add up, unless Bitcoin is a new and experimental forum for the global war on cash. It may sound crazy, but allow a moment for it to roll around on the brain. People place their currency into this supposedly anonymous technology, run by faceless entities, and currency is moved and goods are exchanged. The individual users may not be known to one another, but personal information is entered to establish a “digital wallet,” necessary for transacting in the Bitcoin market. The individual user, therefore, is not anonymous. Could there be a more ingenious method for tracking those that don’t want to be tracked and feel that they have circumvented government intrusion? It’s almost too perfect.
Just last week, China announced that it is banning Bitcoin trading on the Shanghai Exchange effective September 30, 2017, citing the lack of regulation as the key factor in making this choice. Will other governments follow suit? Only time will tell…
I do and always will prefer to invest in more tangible commodities. Items of that can’t be created at the click of a mouse, and are a store of value. Gold and silver precisely fit those criteria.