Trump: Not a fan of Bitcoin (which is not money)

[dannno]

Are you on Steemit?

Not regularly, but I have an account

https://steemit.com/@dannnorpf

 

[revgen]

The problem I have with bitcoin is that it's not an ideal currency for longterm savings and blue-chip investments. This is the kind of economy that Ron Paul and other Austrian economists say we should build towards.

Bitcoin is digital and digital storage is abysmal right now. The most reliable long-term storage for digital files is magnetic tape. Magnetic tape is old and out of date since audio cassettes and VHS tapes disappeared. Nobody uses it except for data storage since the big tech companies are too busy inventing AI brain-control devices and other creepy tech straight out of Brave New World and 1984. The average magnetic tape lasts about 15 years, so you have to backup your bitcoin every 15 years to another tape drive. It's makes more sense just to buy gold and bury it somewhere. Only you know where it is and you can dig it up 30 years later for retirement.

 

[devil21]

whew, thank you. I re-read what he said. Now I am not so confused.

"He" said unregulated is bad, unregulated Libra included. It implies that regulated Libra is a-ok, of course. But who knows since "Trump" apparently thinks FRNs are money thus showing "his" continued economic ignorance.

They know that if a prominent Dem says they don't like something, the GOP will embrace it like a long lost child, then Trump can spin it into something that the government should regulate, thus incorporating it into legal existence, and you'll eat that up too. Voila! GOP embracing things that reduce economic liberty, that they otherwise would oppose, and all it took was a couple of comments from a few people thousands of miles away to do it.

 

[Zippyjuan]

"He" said unregulated is bad, unregulated Libra included. It implies that regulated Libra is a-ok, of course. But who knows since "Trump" apparently thinks FRNs are money thus showing "his" continued economic ignorance.

What do you use to exchange for goods and services? Gold? Bitcoins?

 

[dannno]

The problem I have with bitcoin is that it's not an ideal currency for longterm savings and blue-chip investments. This is the kind of economy that Ron Paul and other Austrian economists say we should build towards.

Bitcoin is digital and digital storage is abysmal right now. The most reliable long-term storage for digital files is magnetic tape. Magnetic tape is old and out of date since audio cassettes and VHS tapes disappeared. Nobody uses it except for data storage since the big tech companies are too busy inventing AI brain-control devices and other creepy tech straight out of Brave New World and 1984. The average magnetic tape lasts about 15 years, so you have to backup your bitcoin every 15 years to another tape drive. It's makes more sense just to buy gold and bury it somewhere. Only you know where it is and you can dig it up 30 years later for retirement.

Remember that chart I posted earlier? You are definitely in the "does not understand bitcoin" camp. Not that you are totally wrong, you're partially correct. But for the wrong reason.

I recommend you keep gold and silver as well, metals will outlast bitcoin.

But if you also had a significant amount of bitcoin, you wouldn't back it up on a tape drive. One option would be to could stamp your 24 word phrase password onto a metal plate, silver, gold, whatever and bury it with your gold. You could even stamp 20 or 22 of the words on there and just remember the other words, and if anybody found it they still wouldn't be able to steal your bitcoin even though they could steal your gold.

As long as at least one bitcoin node survives, the entire blockchain survives. As long as you have your 24 word pass phrase, you have your wallet.

What people would recommend back in the day is to actually buy a small amount of bitcoin and use it. Learn to buy it on an exchange, transfer it to a private wallet and store it. Make some purchases, etc. Just do a small amount at first to learn, you will learn a lot that way.

Back then, it wasn't worth much so a lot of people stored their bitcoin on USB drives and locked them in a safe or lockbox or something if it was worth something. The newer encrypted wallets cost about $100, though, and so once you have enough that you want it highly secure you will want one of these and will need to learn to use it.

You get a 24 word passphrase when you initiate a new encrypted wallet, you store this in a very safe place in case your electronic wallet is lost, stolen or gets locked out. Then you set an 8-number pin to get in to your device. If your device has 4 or 5 bad attempts at the pin in a row, it locks out and you have to restore the wallet from the 24 word pass phrase.