On a long enough timeline, the value of all fiat drops to zero. Joining us today for a quick tour of the history of monetary devaluation, and how it can be avoided, is Ken Shishido of the Tokyo Bitcoin Meetup Group.
SHOW NOTES AND MP3: https://www.corbettreport.com/?p=19515.
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James how do you know big money can't just buy out majority btc and end up controlling the btc currency since it's so hard to generate new bitcoins nowadays and also the govt probably has unlimited computing power in order to create more so?
I prefer paper money, its easy to make, paper came from tress, so our money came from tress.. gold is hard to find, i can't imagine digging my own backyard and find some gold dust…
Is the dollar going to collapse on Sept. 27th? Why do so many people keep saying that it will and how can they have an exact date like that?
So you're quite comfortable with replacing one fiat system with another virtual value entity? What level of encryption will forever be safe against crash or hacking? pleas explain
won't having bit coin make rich people richer as they will be able to get access to powerful computers and mine for bit coin before anyone else?
https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/
yeah… change from a valueless piece of paper, to an abstract valueless piece of electronic information… I think this bitcoin thing is just an electronic goose that make golden eggs or "gold coins" to someone… a scam that is… part of a scam is to make it look profitable to those that are to be scammed… and then the act drops…
time will tell…
cheers!
Sounds good to me, once they can tighten its system up and fix all the interferences I'm on board
its crazy how similar this guys path to bitcoin is to mine.
Monero > Bitcoin
OMG!!
SATOSHI I LOVE YOU!!!!!!!!!!!!!!!!!!!!!
Colbert is hitler he said hitler was Jewish. Israel should fuck your face. Nazi. Go to to Israel you will be arrested on sight. Nazi Colbert. Japan should deport to Israel where you dealed in Jail. Go back to America. I promise you you will be jail soon. Fucking obamist communist merkel journalist. Obamist.muslim.
Huge fan, but "on a long enough timeline the value of all fiat drops to zero" is not entirely true. If the fiat is loaned into existence, or debt-based, it will eventually go to zero. If it is debt-free fiat, it is simply a medium of exchange (i.e. an alternative to bartering), which is what money has to be first — before it can be a unit of account or a store of value. Debt-free fiat is an aid in the conduct of commerce whereas all debt-based money is a lien on the conduct of commerce. Debt-free fiat will not go to zero. The success of debt-free fiat Colonial Script is why we fought the Revolutionary War. The failure of the debt-free fiat Continental (used to finance the Revolutionary War) was purely the result of a massive counterfeiting campaign engineered by the British. Backing a currency by a precious metal or other scarce resource is and an unnecessary artificial discipline imposed on governments. The US Debt was $6.7 trillion in 2003, yet cumulative interest payments on the debt through 2003 totaled $7.0 trillion. In other words, if you took away the debt-based money creation apparatus, the US government actually spent $300 billion less than it received in tax receipts. If a precious metal is backing a debt-based currency, the creators of the currency will eventually own all of that precious metal.
An EMP (man-made or natural) would make bitcoins irrelevant. Gold and silver have proven more sound and reliable throughout history, but more important than what society agrees to be used as currency, is who issues that decided currency, whether it's gold, silver, or peanuts, if the power to issue and control the supply truly lies with The People, then and only then is it a truly free and Democratic society… unfortunately at the moment private families control the world's fiat currency, all the while championing this system of slavery through perpetual debt as "free" and "civilized"…
US Treasury money held its value Okey-Dokey until 1913, and went into "hockey stick" inflation. I think a lot of folks don't know what FIAT is, and mistake it for the stuff we're using today. It isn't. We're using fractional reserve lending out of a private bank. Fiat is simply an arbitrary medium, regulated in supply to maintain its value. It is not bound to any physical commodity, and the problems that go with that (on hoarding or availability). It can be nationalized, and spent into existence without debt or interest. But no matter what we do, things like wars can bring it all down, by overprinting to cover excessive costs, or really, just plain old fashioned bankruptcy. I support the monetary reform act (Bill Still – Money Masters), which gives us real fiat, and ends what we're using today. It's based on Lincoln's Greenbacks. I have one provision to ask for, which is that the calculation of the current value (CPI/inflation) be a formula publicly conducted and overseen by congress, as opposed to privately by the treasury. I hope everyone learns about how simple money can be. Cheers.
You can't have secured digital currency unless you have secured computer networks. There is no guarantee that any trading or exchange platforms are completely secured. What about other type of crypto-currencies that are less expensive than Bitcoin? Shouldn't they be better investment?
Religion………
using the current collectible value of the 1 yen silver coin to describe the devaluation is misleading/not useful.
barter
gold silver precious metals are the future
anything based on internet is hackable and bitcoin shady past dies not inspire confidence ..don't forget bitcoin project was started n funded by cia like social networks .
speculation ..one of the inventions of talmudism
Money's value could base on land, production power , peoples and a lot of things , it is not just about gold and silver.
Bitcoin is nothing but a virtual currency, controlled by an algorithm. As such, it is no better than BANK CONTROLLED paper currency.
+corbettreport – please please please look into MAIDSAFE and the coming SAFENet and SAFEcoin — real anonymity as there is no blockchain, no violation of Mises regression theorem, and there is an open-source community-regulated DECENTRALIZED market being co-developed [SAFExchange] -meaning no more exchange hacking like Mt.Gox and Bitfinex and you can trade anything anonymously without State intervention. Forum where you can talk to many well informed people: https://forum.safenetwork.io/
I cannot get in to my head to trust bit coin.Please explain
I have to admit that I know nothing about Bitcoin.
Bitcoin sucks.
Bit coin evangelist? :-/
Bitcoin SUCKS becuz u cant use it when teh world ends!
To all the gold-and-silver-only idiots (I used to be one of you), it's called diversification.
The love of money.
The amount of utter stupidity and ignorance among the comments on this video is unbelievable.
Now you just need a tin foil fedora. Almost there……..
I am confused by showing women dancers in the video…. I've never seen that in your videos before…. Does that mean there's a connection between Bitcoin and prostitution, of course it does. NWO is all about prostitution aka capitalism.
I can buy a loaf of bread at the corner store, with what?