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In God, Country, And Bitcoin We Trust
Jan 12, 2022 15:49:33   #
woodguru
 
Mandel Actually said that his state needed to trust in god, country, and bitcoin, which if that sounds a bit weird it is weird...

Trust may be the operative word for crypto currencies, you buy any form of bitcoin you are trusting it has some inherent value behind it...but it does not, there is no stabilized or even regulated foundation to the actual money that is supposed to be represented.

Where's the security in how your money is protected? If ten people put in $100,000 dollars making a total deposit or investment or wh**ever people choose to call it of one million dollars, and the value quadruples and goes up to four times the original value, these ten people have bitcoin balances valued at a total of $4 Million dollars, right?

Okay, so any three of these people can decide to "cash out" having quadrupled their original $100k, and they will be taking out $1.2 million total at $400k each.

Now remember, the ten people we are looking at only put in a total of one million dollars, that's it, that is all they put in. Bitcoin as an entity does not create or make any revenues off off the money on deposit. The only thing that goes up as a value is the theoretical amount people increase their traded values at. One million cash is all the ten people being used as an example put in, and that is all there is among those ten people.

Now if all ten people wanted to cash out and take the quadruple return on their $100 grand, they are taking out $4 million dollars, and people need to wonder about where that comes from, because it is coming from other people's cash deposit investments.

This is how a ponzi or pyramid scheme works, they work as long as people have faith that their money is "safe", but it is only as safe as the rate at which people continue to have faith. When these things crash a lot of people lose their money, and those who got in earlier and took their money out are going to have no sympathy for the people that lose the trillion dollars of people's money that these circle jerk systems currently account for.

https://www.rawstory.com/economist-paul-krugman-analyzes-the-bizarre-alliance-between-bitcoin-and-maga/?utm_source=push_notifications

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