I have been vociferous in my opposition to the idea that “Bitcoin is money.” However, I think that there is one argument in favor of Bitcoin - the US and allied governments have had stunning success - particularly since 9/11 - in wrapping the globe in the chains of financial surveillance and “OECD-compliance”, that is, elimination and/or discreditation of tax havens. With almost nowhere left to hide your wealth and no practical way to implement a backed digital currency that is credibly immune to the global control grid, an unbacked digital currency is actually an attractive alternative.
The fact that it is unbacked does make it “hours from collapse” at any point in time. Any scaling back of the global control grid could collapse unbacked digital currencies overnight. But the fact that it is unbacked is actually a feature, not a bug, in that its purpose is to make uncompromisable financial privacy possible.
As long as the New World Order continues its headlong march into a Brave New Cashless World, I think that unbacked digital currencies will be able to act as more-or-less stable stores of value. But this should be understood in a very cautionary light. The value of Bitcoin is directly proportional to global financial tyranny. If the government were to simply ban all money in any form (including its own) overnight… people would resort to trading with cigarettes or some other commodities. This is what Bitcoin/et. al. really are. They are the “cigarettes” of a prison economy. They are in line to act as a “pressure release” for the global economy as the global control grid is being welded shut into a hermetically sealed, airtight container.
But there are countervailing forces against the global control grid. China and Russia have both openly speculated about a non-dollar/non-SDR commodity-backed, international money. If such a money were brought into being, unbacked digital currencies could suffer a significant fall in value. Even more dangerous, China could conceivably reinstitute its anonymous bank accounts and allow international customers. Any country or group of countries that can credibly deliver financial privacy and inflation-sheltering - despite the best efforts of the US and OECD to the contrary - would inadvertently trigger a sharp drop in the value of unbacked digital currencies.
Another thing to worry about is that the market cap of Bitcoin is still really small - and it’s the largest unbacked digital currency. This makes it vulnerable to engineered collapses.
So, Bitcoin is “use at your own risk.” If you buy Bitcoins, you should read the financial news daily and maybe consult a fortune-teller from time to time to try to foresee any sudden shifts in the global financial order away from the suicidal race to the cliff of a global cashless financial system that we are currently locked into. But for as long as the NWO is going full steam ahead, your unbacked digital currency will be safe and will only increase in value so long as it maintains a good customer-base.
There may be some wisdom in putting aside a small amount of cash into a Bitcoin wallet, particularly if you are doing a lot of under-the-table business. You might be able to pay a lawyer from that wallet while your other assets are seized, thus increasing the likelihood that you might actually get those assets back. Whatever you don’t put into a Bitcoin wallet, you may want to consider putting into gold and literally burying it. Geocaching may be a good skill to develop so that a person could hike out into the wilderness and bury a small stash of gold at some GPS coordinate which you might memorize or store in encrypted form.
Clayton -