Bitcoin got a major advertisement today with the FEDs payment systems all going down

in hive-148441 •  2 months ago 

The Government knows best! Don't use non-sovereign monetary systems cause ours our best! Not

Remember good ol Janet Yellen, yea the prior FED Chairman that's now serving as the Treasury Secretary?

You know, the one that recently said bitcoin is being used for illicit activities and is inefficient?

Do you remember here yet?

You should, she's the one being blamed for the selloff in bitcoin though we all know better, she was just the scapegoat for some good ol investing rotations.

When you see headlines like this though, it's hard not to laugh:

image.png

(Source: https://twitter.com/BradMichelson/status/1364672284997414916/photo/1)

The funny thing is these headlines are literally only 2 days apart.

One day bitcoin is inefficient, the next day the government monetary rails are all broken.

But yea I guess bitcoin doesn't work as a monetary payment system, and we shouldn't rely on it.

What people don't understand is that the inefficiencies of bitcoin are actually a feature.

The reason it uses so much energy is because that is how the network is secured, if it used less computing resources, it would be easier to take over.

Bitcoin works because it is secure and reliable.

It's never been down, and it's never been hacked. If that requires an enormous amount of energy to run, so be it.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Completely agree! Bitcoin/crypto is the future. And that was sad but incredibly hilarious how those statements were just 2 days apart, haha. I wonder if Yellen really knows what Bitcoin is. haha

She has an idea, but doesn't see the big picture, or want to.

  ·  last month (edited)

Yeah, many people are like that sadly. Plus I hate the argument that Bitcoin is used in illegal activities. Something like only 1% is when 60 to 70% or something of $100 dollar bills is used in illegal activities, haha. I could be wrong on those numbers, however. Thoughts on Coinbase, IPO?

Coinbase IPO is great news for crypto. It will bring in billions of dollars to the company that they can use to further the ecosystem, or even buy some bitcoin with.

Yeah, that is what I am thinking too. Huge news, I know they have been talking about it for awhile but looks like it is finally happening. One stock I would be proud to own.

It's being valued currently around $100 billion, that seems really steep to me. I think it will be a unicorn for a bit, but once the bull market stops coinbase makes no money, so they will need to figure out other revenue models.

yeah that makes a lot of sense. So maybe I will wait to buy the stock until things settle, so I don't buy it too high, haha.

I think it will do very well during the current bull market in bitcoin, but when the bull market slows or ends I'd be out and waiting for the next one before I got back in. Just my thoughts.