RE: Steem Bounty - Is Bitcoin a Chaos Proxy? Share Your Thoughts and Get Rewarded by jmhb85

View this thread on steempeak.com

Viewing a response to: @cryptotem/steem-bounty-is-bitcoin-a-chaos-proxy-share-your-thoughts-and-get-rewarded

· @jmhb85 ·
$0.09
It is a threat to the interventionist states (and others less) and their control over the currency and the money supply. Central banks and governments have assumed the financial and regulatory monopoly as a last resort to sustain spending structures, clientelism and excessive indebtedness, the use of legislation to attack any medium that threatens its main economic policy weapon should not be underestimated.

But what is a threat to some is an opportunity for others, Bitcoin has become a shield against inflation and totalitarian governments.

I live in Venezuela, and the government created a cryptocurrency called Petro to trace over the economic blockade that has been imposed by many countries.
👍  , ,
properties (23)
post_id45,166,758
authorjmhb85
permlinkre-cryptotem-steem-bounty-is-bitcoin-a-chaos-proxy-share-your-thoughts-and-get-rewarded-20180424t123907839z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2018-04-24 12:39:06
last_update2018-04-24 12:39:06
depth1
children4
net_rshares14,162,677,349
last_payout2018-05-01 12:39:06
cashout_time1969-12-31 23:59:59
total_payout_value0.090 SBD
curator_payout_value0.004 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length703
author_reputation6,726,323,919,212
root_title"Steem Bounty - Is Bitcoin a Chaos Proxy? Share Your Thoughts and Get Rewarded"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (3)
@cryptotem ·
Thanks for your comment! It definitely can be seen as a shield. Do you think there is a positive correlation between the amount of lost trust in the status quo and the price of Bitcoin?

Also, I am curious, to what extent are the people in Venezuela talking about this Petro? What is their opinion?
properties (22)
post_id45,170,081
authorcryptotem
permlinkre-jmhb85-re-cryptotem-steem-bounty-is-bitcoin-a-chaos-proxy-share-your-thoughts-and-get-rewarded-20180424t130253416z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2018-04-24 13:02:54
last_update2018-04-24 13:02:54
depth2
children2
net_rshares0
last_payout2018-05-01 13:02:54
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length298
author_reputation20,313,173,491,806
root_title"Steem Bounty - Is Bitcoin a Chaos Proxy? Share Your Thoughts and Get Rewarded"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@jmhb85 ·
$0.07
I quote the words of Jhon McAfee: "Larger block size, we survive. Status quo, Bitcoin dies. It's as simple as that folks."

With respect to the petro: The petro is a cryptocurrency (digital currency created by the government of Venezuela) and its credibility has depended on the security of the technological platform, as well as its independence from the Central Bank or the Government. If its issuance is centralized in a public entity and regulated by a Superintendence of Cryptocurrencies, there will be the fear that it could be manipulated in accordance with the Government's exchange, fiscal or monetary objectives.

As such there is no impediment for the state to create its own currency, but what it does make clear is that in this way the government recognizes that the national currency no longer has the sufficient value to be able to support the transactions nor the economic growth of everybody.

The reserves of oil and minerals can not be offered as a guarantee of a cryptocurrency, which will be of this China and Russia for example, are at risk of the cancellation of the debts that Venezuela has with these and more countries of the world.

Venezuela is in international focus. The country suffers a severe shortage of food and medicines, there is an inflationary spiral, where prices increase to the point that there are tickets money in the country that are no longer useful, and where there are even problems to print the tickets money themselves, the economy has contracted in recent years and the country is on the verge of a default.

For all these reasons, it is very difficult for the petroleum to generate a confidence similar to that offered by the other cryptocurrencies that are not controlled by any Government or Central Bank.
👍  , ,
properties (23)
post_id45,172,593
authorjmhb85
permlinkre-cryptotem-re-jmhb85-re-cryptotem-steem-bounty-is-bitcoin-a-chaos-proxy-share-your-thoughts-and-get-rewarded-20180424t132036779z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2018-04-24 13:20:36
last_update2018-04-24 13:20:36
depth3
children1
net_rshares10,510,957,055
last_payout2018-05-01 13:20:36
cashout_time1969-12-31 23:59:59
total_payout_value0.056 SBD
curator_payout_value0.012 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length1,759
author_reputation6,726,323,919,212
root_title"Steem Bounty - Is Bitcoin a Chaos Proxy? Share Your Thoughts and Get Rewarded"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (3)
@cryptotem ·
Thanks for this in-depth reply @jmhb85, I really appreciate it!

So could I say that the Petro does not interest the people at all?
properties (22)
post_id45,227,188
authorcryptotem
permlinkre-jmhb85-re-cryptotem-re-jmhb85-re-cryptotem-steem-bounty-is-bitcoin-a-chaos-proxy-share-your-thoughts-and-get-rewarded-20180424t201522287z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "users": ["jmhb85"], "tags": ["bitcoin"]}"
created2018-04-24 20:15:21
last_update2018-04-24 20:15:21
depth4
children0
net_rshares0
last_payout2018-05-01 20:15:21
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length131
author_reputation20,313,173,491,806
root_title"Steem Bounty - Is Bitcoin a Chaos Proxy? Share Your Thoughts and Get Rewarded"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@steem-bounty ·
re-cryptotem-steem-bounty-is-bitcoin-a-chaos-proxy-share-your-thoughts-and-get-rewarded-20180501t115509940z
Congratulations! Your submission earned you 0.176 STEEM from this bounty. You have received 0.165 STEEM from the creator of the bounty and 0.011 STEEM from the community!
properties (22)
post_id46,358,465
authorsteem-bounty
permlinkre-cryptotem-steem-bounty-is-bitcoin-a-chaos-proxy-share-your-thoughts-and-get-rewarded-20180501t115509940z
categorybitcoin
json_metadata"{"app": "steem-bounty/1.0.0"}"
created2018-05-01 11:55:09
last_update2018-05-01 11:55:09
depth2
children0
net_rshares0
last_payout2018-05-08 11:55:09
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length171
author_reputation168,095,294,179,951
root_title"Steem Bounty - Is Bitcoin a Chaos Proxy? Share Your Thoughts and Get Rewarded"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000