Tuesday, January 28, 2014

Bitcoin is self-contained, thus highly-volatile, thus a tyrannical money-pump

By Scaliger

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A Self-contained currency is a money-pump

The greatest problem with Bitcoin is its inherently high volatility. High volatility is exactly what speculators are after, in order to milk capital out of the public in a repetitious and perpetual manner, thus the metaphor of a money pump.

Bitcoin is far more volatile than state currencies, because it is not adjusted to the productive GDP,

i.e. to goods/salaries, since no taxes are payable in Bitcoin. Thus Bitcoin is a self-contained currency

Bitcoin pervades ubiquitous surveillance

The very scheme of a bitcoing transaction, forces the user to remain with realm of high-bandwidth communications while carrying a powerful computer.

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