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Romeg's avatar

One of the best written articles on Bitcoin I've seen so far. Great job, Chris.

Buffet likes commercial banks such as Wells Fargo and BofA or BAC, because they have the ability to create dollars out of thin air via fractional reserves. Bitcoin, OTOH, while it is expanding at the moment, will be fixed at 21,000,000 making owning bitcoin, for THEM, a purely speculative move; not something in which banks should be involved. It was the banking industry and powerful bankers that pushed for nations to go away from the gold standard to FIAT currencies at the beginning of the 20th century and the perpetual inflation that relentlessly erodes purchasing power and is the cruelest, most regressive tax of all.

Bitcoin will be the way to avoid much of that. Dollar cost averaging, as practiced by you, is the best way to accumulate bitcoin at the best price over the long term.

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Romeg's avatar

There is, however, ONE thing that worries me, perhaps unnecessiraily: In 1933 Frank D. Roosevelt OUTLAWED the private ownership of gold, the 'approximate' basis for the value of the U.S. Dollar and most currencies around the world. What is to prevent some future fascist government from doing exactly the same thing with Bitcoin by either fiat or international treaty?

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