Quote from @Terrell Garren:
I watched the Ben Bernake interview, and here is where he is wrong
He says gold has value because it's used to fill teeth... Well, less than 10% of gold is used for industrial purposes, so he is wrong there.
He said bitcoin cant be used to buy groceries.
False. Strike just partnered with NCR and Blackhawk. Which means you can walk into a Starbucks or Walmart and spend bitcoin.
Ben said bitcoin is used by criminals. False, the former director of the CIA has released a statement about that. Less than half of all bitcoin transactions are used for illegal reasons. Compare that to the 2 trillion a year in fiat.
" Never expect a man to understand something if his salary depends on his ignorance "
So he might be right, but not for the reasons he believes, which doesn't really make him right.
why spend something that is appreciating, for groceries? It works in the same way that the fear of things being more expensive next year motivates people to buy today. The value of the dollar is dropping. And housing values have been rising and insane amount compared to the dollar. So that will incentivize people to rush out and get a house now for fear they will pay more for it next year. That's another benefit to the government and the system of inflation. So buying things like a house or a car or groceries with bitcoin would be similar to selling stocks that are performing well, to do the same. So I believe that as long as bitcoin is appreciating, people won't be incentivized to spend it on stuff, which could be a good reason that bitcoin won't replace the s***** fiat dollar. Don't you think that's a good reason?
I've noticed a couple of things, you NEVER answer questions and 99% of what you post here is literally Spam
So let's see what happens
