You know I don’t claim to be an economics whiz, but I’ve been exploring this trying to understand what is going on. Max Keiser is pushing bitcoin very heavily with his own startup. Something didn’t feel right as I listened to his promoting startcoin and how wonderful it is.
I went to the bank of the future website which had a link to the bitcoin page. Bill Gates is recommending it. Huge red flag there. It also quotes Ben Bernanke, a disciple of Milton Friedman and the Chicago school of Economics which Reagan, Bush, Clinton, Bush, and now Obama have followed. It’s wealth without ethics. Libertarian thinking that wants to privatize everything and charge people for living (not exaggerating if you believe that geoengineering is about manipulating the weather to make a profit off of governments, i.e., the public, so there won’t be droughts, floods, hurricanes, and earthquakes.)
An electronic “coin” is not something you hold in your hand. It relies on computers that will correctly put your money where you want it to go. We all know how computers can and have been hacked.
Secondly, it depends on people being honest. Honesty is in short supply nowadays with people lying to achieve their own ends. The ends justifies the means. Just because someone says they will put $$ in your account, does not mean that they will. It depends on a human being programming a computer to do what it is told, and if it does not, having a human being correct the computer.
It also means at some point in time, that there will be a human being along the line that will add or subtract coins according to your wishes.
That is giving waaay too much power to individuals that you cannot see in real time, know them (like you would know people at your local bank), and if all else fails, be able to walk to your bank and withdraw money. You are at their mercy.
So…yeah, I’ve grave concerns about bitcoin and now about Max Keiser promoting it and blaming Germany for everything happening in Greece. I have to ask “why”?