That’s true. bitcoin is much used by the elite community to save their earning and escape taxation.
Taxation is what makes the elite rich. Since the first kings. Only very few people become rich by their merits. Most rich people become rich because of state money, state contracts, etc… Taxes is stealing from the poor to give to the rich, while telling the poor that it is the opposite and distributing some cookies. The best way to become rich is to have a company that delivers to the state and some lobbying.
But with a transparent ledger revealing all of your transactions to the world, graved in stone, you must be a hell of an idiot thinking that you can hide from taxes using bitcoin. This is because the government hasn’t yet caught up. Once they do full ledger analysis, all those trying to hide on a transparent ledger will be seriously disappointed about the privacy lack of bitcoin.
What is especially terrible with bitcoin is the finite amount of it, making it deflationary in the long term. This allows entities that can print fiat at will, to obtain a large stash of it “for nothing”, like they do with gold, and then, being a “free whale”, manipulate the thing like hell, as a pump of value from the “innocent speculator” to the “manipulating whale” (central bank). Whenever central banks will start buying bitcoin (with freshly printed fiat), people will cheer on the forum, and not see that this is the ultimate end of bitcoin as a free (as in freedom) currency.
Published at Wed, 15 Mar 2017 06:05:54 +0000
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