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Genuine Question NOT FUD
Hey guys,
This is my first post here; I have been here for a while, just reading and learning; before I ask my question, let me make it very clear I am 100% in on Bitcoin, and I am actively orange pilling pplI like to believe I have a very strong conviction in BTC and believe it is ethos.
I also believe in don’t trust, verify.Recently a colleague who is also into bitcoin sent me a message saying I know how you love a good conspiracy theory, and he said he read/heard somewhere the following:
“China invented Bitcoin as they saw how fragile the US economy was during 2008 GFC. So they created bitcoin to infiltrate the US economy and have this 15 year plan to slowly kill the US dollar so the Yuan can be the world reserve currency and show that they have controlled the US from within and they are about to have a massive sell off in the coming days”I had no response to this and it got me thinking that this is in the realm of possibility,
So I would love to hear what you educated bitcoiners here think of such a claim and how I can respond to this, as well as put my mind to ease.Thank you in advance
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7 Replies
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These are fair questions. Here are some possible answers:
1. BTC is essentially de-centralized. It is not completely 100% decentralized because it relies on electricity, the C++ language, and binary computing to function. But for our purposes let’s say it is de-centralized. Therefore, it does not matter who spawned it. It operates basically without an admin. The analogy I have heard Saif use that I think is fitting is that of the wheel. You don’t need to know who, when, where it was invented precisely. You use it everyday because wheel is a proven technology to you.
2. Don’t make financial decisions based on strong convictions.
3. Bitcoin doesn’t really infiltrate anything. People choose it because they determine it has superior characteristics than USD.
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4. USD failure is due to the inability of humans to constrain themselves from drastically expanding the money supply since it is much easier to click a button and create more money than it is to collect it in taxes. If there was a law requiring a balanced budget and fractional reserve banking was eliminated (or at the least that fully reserve banking was not banned) USD would not be in so bad of shape. But these problems are not exclusive to USD. This is a phenomenon that is likely to happen with any easy money situation and there are loads of example throughout history.
5. BTC is not perfect. But it is not competing against perfect ideal monies. It is in my opinion most similar to gold in it’s characteristics. But both gold and BTC have their flaws. Look for the less flawed as there is no flawless money that exists at this time.
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This reply was modified 1 year, 1 month ago by Scott.
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This reply was modified 1 year, 1 month ago by
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Thank you for taking the time to answer my questions, Scott
I appreciate you, and you make a lot of sense-
You are welcome. By law I mean more like law of the universe rather than legal law…because legal law is meaningless to criminals, which is what most people in positions of power trend towards.
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🙏
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In my opinion, this is conspiracy. And even if true, they will be shooting themselves in the foot. Bitcoin won’t undermine the USD to enrich the YUAN. It will undermine both debt based instruments. China has banned BTC mining anyways so I think this is nonsensical.
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hi Bitcoin is a flight to safety the people have decided for themselves, all currencies are devaluing this is why you must protect your family take the time to listen to this
Focus and Stack Sats
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