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  • Genuine Question NOT FUD

    Posted by Wassim on March 19, 2023 at 00:02

    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 ppl

    I 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

    Lawrence-stanley replied 2 months, 2 weeks ago 4 Members · 7 Replies
  • 7 Replies
  • Scott

    Member
    March 19, 2023 at 22:36

    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.

    • This reply was modified 1 year, 2 months ago by  Scott.
    • This reply was modified 1 year, 2 months ago by  Scott.
    • Scott

      Member
      March 19, 2023 at 22:50

      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.

      • This reply was modified 1 year, 2 months ago by  Scott.
  • Wassim

    Member
    March 20, 2023 at 00:53

    Thank you for taking the time to answer my questions, Scott
    I appreciate you, and you make a lot of sense

    • Scott

      Member
      March 20, 2023 at 04:53

      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.

      • Wassim

        Member
        March 20, 2023 at 06:33

        🙏

  • Pat

    Member
    March 30, 2023 at 18:59

    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.

  • Lawrence-stanley

    Member
    March 6, 2024 at 01:14

    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

    https://youtu.be/8Mhu6dxj7qk?si=-i4YJB6MgXfVpm9X

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