Jeff Berwick explains Bitcoin once again to Varney and Co. The latest run up to over $400 dollars a bitcoin has caught these MSM investment commentators off guard. Many businesses such as Subway and Shopify are accepting bitcoin and the future of the online currency is looking very bright.
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oh yeah, bitcoin is worthless because you have to trade US dollars for it,, just like you have to trade British Pounds, Japanese Yen, South Korean Won, Chinese Yuan and Eurodollars and many many more with US Dollars. All of these currencies must be worthless as well.
BitCoin is a world currency REGULATOR that will eventually become a recognized currency. BitCoin gives the Dollar Economy stability. Bitcoin is like Real Estate it is always worth what the last person was willing to pay for it. It is finite. BitCoin will reflect true wealth in the Economys of the world, it will always be a true non-manipulated confirmed register of the worlds wealth. Just wait until the other 97 percent of the world finds out about it.
These media type are so use to the old way of doing things, by time BTC is $10,000/BTC then they will say "ohhh Bitcoin is now an accepted form of currency", NO Shit Sherlock, we've been trying to tell you that for the longest! Keep saving in BTC people, it's going nowhere, it's here to stay!
The "coin" part of the name is confusing people and I can see why some people have a hard time grasping it.
Bitcoin doesn't revolve around units of currency. It is largely an electronic ledger with a proof-of-work mechanism for making sure transactions are valid, and the currency it counts is just a part of it. As with any currency no matter how local or big, a currency's value comes from increasing acceptability.
I love reading the comments of the uneducated masses that will be passed by with this technology. Sounds like when people said people would never bank, shop , communicate etc..on the internet. Not to be too inflammatory put the poor are often also ignorant not by coincidence.
If bitcoin works then people will create bitdollar, bityuan, etc. A never end currency story! No gov likes to give up the control on currency anyway! It is naive to think gov can't shutdown virtue currency like bitcoin. They can even shutdown the internet if they want!
This Jeff guy seems like a real douche. Guess what Jeff, BitCoin Is only worth what another retard will pay in actual money. I'd pay about,...... $0. I'm not going to make some douche rich off my real money.
Bitcoin used for illegal activities. What a terrible argument by the mainstream. What do you think criminals, murders, gangsters, governments use? Dollars, Euros, etc.
In the end, bitcoin is not gold b/c it is not tangible and is regulated by the amount in the Earth. Bitcoin may be a up from paper fiat issued by CB's but fails to live up to what I would feel safe as calling money - a store of value.
My 2 ounces, Peter (ps. I own Bitcoins as a speculative bet on its success)
Here's an important question: If no one knows who the creator of Bitcoin is nor do they have access to the ledger, then how do you know that the group or person who created it still does not have control? Imagine the Fed, but completely invisible- that potentially could be what Bitcoin is. Could this person or group be siphoning off gobs of money or manipulate it with complete anonymity?
I support the Bitcoin, but I don't think anyone has ever asked this question before.
For those viewing bit coin as an investment -
The US dollar's upside is zero and the downside is zero. It is a fiat currency and will lose value every year and ultimately all its value. For bit coin since supply is limited, technically its upside is unlimited but its downside is also zero. Sounds like a no brainer to me. I am in the process of picking up some bit coin. Best of luck to all.
Why the hell are they stll interviewing that guy charles bain (or something, that black guy at the beginning) for economic advice? I remember him form laughing at Peter Schiff for predicting the economic crisis of 2008 in 2007. He said back then its a good i.d. to infest in goldman sachs.
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What I love about BTC right now is it's diverting money from time tested "money", silver and gold. This has given me the opportunity to get the metals and the mining shares on the cheap.
The setup in BTC right now is fantastic. Surreal may be a better word.
I don't know what will happen with BTC but when a BTC user told me that silver has NO VALUE I immediately thought that a lot of people are going to get burned. Regardless of whether or not BTC makes it. If you have BTC and you are not selling some at these levels, you are smitten. You have to sell to make money.
One BTC user saying silver has no value shouldn't tell you anything about BTC. It should just tell you that you came across yet another person that has no understanding of money or economics, which is the vast majority of Americans.
this tv anchor is so obnoxious and rude, not mentioning completely oblivous to what he is talking about. You can see his anger and distrust with innovation and technologies. Luckily we live in an age that favors innovators who dare to take risks and change the status quo. Is BTC here to stay? Hard to tell, but its already something and a big message about the current banking system. One thing is for sure, dollars are going byebye, with the printing machines operating at full speed, inflation will hit hard and fast somewhere in the future.
Afraid to say that I absolutely never give Fox, BBC, CNN, Sky or any other mainstream media channel 'the benefit of the doubt'. I admire your optimism (but personally find it misplaced, sorry).
I prefer to place my own optimism in new concepts like (as it has become) the alternative media and, of course, radical concepts such as the BTC might become or even more radical ideas like a Resource Based Economy.
I am more interested, for the moment though, in informing those already uninformed as to the evils of the status quo.
Well, I always give them the benefit of the doubt. I know FOX is usually associated with all evil in the world, although there are probably some people that work there that are not like that. Btw, Berwicks was a gentlemen on the show! He upstood his point with such a class.
Don't mean to be insulting but why would it surprise you that a servant of Rupert Murdoch (who has a vested interest in the status quo) is being rude and obnoxious about the possibility of an alternate financial paradigm.
Fox presenters always have an agenda/opinion and it's always in line with the nefarious ends of it's Owner and largest shareholders.
I still have to do my own research into bitcoin, so wouldn't speak for or against it,
but that said, anything that can provoke such a strong reaction from Fox must be worth a look at!
As an aside, I was very impressed with Mr Berwicks composure and how he resisted the (clearly intended) incitement to react defensively.
Varney acts as though "dollars" are not ever used as a digital currency. Has he never used a debit card? The most obvious thing never discussed is: what gives a currency value and indeed what is money? Does it derive its value from the fact that it is backed by all the overwhelming violence of a world empire?
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"You could sell me the bitcoin and I would send you real dollars—real money?" Bahahahahahaha so much irony here it's ridiculous.
Like so many others are saying, good job Jeff! I don't think I could have kept my cool like you did.
+TheFinnmacool Because its better! Its non-physical so there are less risk of confiscation by the state, theft, and also you can send bitcoins anywhere in the world whenever for no fees, thats thanks to its non-physical property. Also you cannot fake bitcoins, you could fake gold with whatever metals underneath. And also, who would want to stay stuck in gold at 1280 and not participate in the bitcoin wave!! $600/coin now baby!!!
Bitcoin is better because the Government can't get it's greedy hands on it, they can't inflate it, they can't make more than 21 million bitcoin - therefore they can't do a QE of Bitcoin making bitcoin worth less. The reason why they can't get their greedy hands on YOUR Bitcoin is due to the Blockchain technology.
AAARH what stupid idiots!! Talk about Discredit whitewash attept - they are such horrible actrs its painful to watch! "You can do illegal activities with bitcoin" - oohh noo shit lets ban US fiat dollars Now since thats used for massive illegal trade just ask mexican maffia ! Jeff u did great keep it up!
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