{"id":28526,"date":"2017-12-03T10:21:01","date_gmt":"2017-12-03T15:21:01","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28526"},"modified":"2017-12-03T10:21:01","modified_gmt":"2017-12-03T15:21:01","slug":"is-cryptocurrency-a-government-plot","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28526","title":{"rendered":"Is Cryptocurrency a Government Plot?"},"content":{"rendered":"
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Is Cryptocurrency a Government Plot?<\/a><\/h3>\n<\/div>\n
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QUESTION:<\/strong> You\u00a0have said that the future will be cryptocurrencies. The Bank of Canada<\/strong><\/a> has come out and acknowledged what you have been saying that such private issue challenges the government\u2019s profit structure. Do you think electronic money will be viable sooner or later down the road?<\/p>\n

PG<\/p>\n

ANSWER:<\/strong>\u00a0Electronic currency is ALREADY<\/strong> the bulk of the money supply. When you deposit $100 in a bank, it lends out $90 from your deposit and\u00a0your bank statement still reflects you have $100. However, the person who borrowed the money now has $90 in their account. The government did not \u201cprint\u201d money to cover that extra\u00a0$90, rather they just created \u201celectronic\u201d money.<\/p>\n

So what is the big thing about cryptocurrencies? The idea is that it is money that will not depreciate and is strangely not \u201cfiat.\u201d Yet, it is no different than the electronic money created by the bank, which is also outside the strict domain of government.<\/p>\n

If you just look at the price of Bitcoin<\/strong>, it demonstrates that this is merely a speculative boom indistinguishable from the Dot.COM Bubble,<\/strong> which also reflected a new era in technology. If Bitcoin was truly an alternative currency that was supposed to retain its value, the mere fact that the rice has soared like any stock proves that it is by no means a \u201cstore of wealth\u201d that somehow is better than currency in which it must still be converted to use in the bulk of the economy.<\/p>\n

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If the power grid failed, everyone would be broke. You could not even buy food. Society would revert immediately back to barter. There are risks to any form of electronic money be it a bank or crypto. The government\u00a0WILL<\/strong> move toward cryptocurrencies\u00a0THAT THEY WILL CONTROL,<\/strong> not the private sector. I have stated before, they argue electronic money eliminates cash crime from bank robberies, drugs, prostitution, etc., but it introduces more sophisticated hacking computer crimes.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Is Cryptocurrency a Government Plot? QUESTION: You\u00a0have said that the future will be cryptocurrencies. The Bank of Canada has come out and acknowledged what you have been saying that such private issue challenges the government\u2019s profit structure. Do you think electronic money will be viable sooner or later down the road? PG ANSWER:\u00a0Electronic currency is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[942,4174,15611,12103,379],"class_list":["post-28526","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-canada","tag-bitcoin","tag-cryptocurrency","tag-electronic-currency","tag-government"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28526"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28526\/revisions"}],"predecessor-version":[{"id":28527,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28526\/revisions\/28527"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}