26 February 2014

To Bitcoin or Not to Bitcoin

Several friends of my vintage have written or spoken with me about Bitcoin and how they simply do not understand it. I find that I do not explain such concepts without a great deal of unnecessary political and religious commentary, so I have referred friends to several YouTube videos hoping they would help. Here is a link that some of you may wish to view on YouTube to explain the "Bitcoin thingy" from a freedom and liberty point of view with a wee bit of foul language, so be forewarned: click here.

With the apparent vanishing of MtGox, many will believe that this means Bitcoin is dead.  No. Bitcoin is no more dead than the U.S. dollar is dead if a bank or a savings & loan goes under.  Bitcoin will continue, and who knows... MtGox may reemerge.  

The problem with MtGox is/was that it appealed to those who did not grasp the idea of Bitcoin and still maintained a bank and banking mentality.  Keep your own Bitcoins... Only a fool would place their jewels and gold in a bank these days, and it is even more foolish to store Bitcoins with others when it is not necessary. This is part of the radical nature of the crypto-currency ... and it is why banks, banksters, and parasitic governments hate it so much.

Self-disclosure:  I have no bitcoins at this time.