{"id":33839,"date":"2021-03-06T14:52:14","date_gmt":"2021-03-06T19:52:14","guid":{"rendered":"http:\/\/angry.net\/blog2\/?p=33839"},"modified":"2021-03-06T14:52:14","modified_gmt":"2021-03-06T19:52:14","slug":"janet-yellen-is-not-a-fan-of-bitcoin","status":"publish","type":"post","link":"https:\/\/angry.net\/blog2\/?p=33839","title":{"rendered":"Janet Yellen is not a fan of Bitcoin"},"content":{"rendered":"

Good day all. Bitcoin has been around for about since about 2008 and has exploded in value over the last few years. For those who may not know, bitcoin is a \u201cCryptocurrency\u201d that is basically untraceable. This makes it a very popular means of making transactions that you don\u2019t care to make known.<\/p>\n

<\/p>\n

<\/p>\n

Currently, a bitcoin is worth something on the order of $53,000. Personally, I don\u2019t use bitcoin, although I did play with it back when it first came out. Sadly, I lost the bitcoins I generated, or I would probably have a few million dollars in the bank. Oh well, them\u2019s the breaks.<\/p>\n

Recently, the new Secretary of the treasury, Janet Yellen, commented that she didn\u2019t like bitcoin, and considered it inefficient. Here are the details from CNBC<\/b><\/a>:<\/p>\n

Treasury Secretary Janet Yellen issued a warning Monday about the dangers that bitcoin poses both to investors and the public. <\/b><\/p>\n

<\/p>\n

Despite a sharp slide in price to start the week, the cryptocurrency continues to trade above $53,000 as it has received boosts from various sources. Elon Musk\u2019s Tesla recently made a substantial purchase and has said it will accept bitcoin for transactions. However, Yellen said there remain important questions about legitimacy and stability. <\/b><\/p>\n

\u201cI don\u2019t think that bitcoin \u2026 is widely used as a transaction mechanism,\u201d she told CNBC\u2019s Andrew Ross Sorkin at the New York Times\u2019 \u201cDealBook\u201d conference. \u201cTo the extent it is used I fear it\u2019s often for illicit finance. It\u2019s an extremely inefficient way of conducting transactions, and the amount of energy that\u2019s consumed in processing those transactions is staggering.\u201d <\/b><\/p>\n

First, I don\u2019t think Yellen really \u201cGets\u201d Bitcoin and why it\u2019s used. Yes, it isn\u2019t the most efficient way of doing transactions, but it does have the advantage of being pretty much untraceable. I know that the IRS has added an entry in the 1040 forms asking if you have any Bitcoins. (I think the answer most people will provide is \u201cNo,\u201d and the IRS will have no way of proving you do, which is the whole purpose of Cryptocurrencies) The second part of the statement regarding the energy used to produce Bitcoins is quite accurate.<\/p>\n

Mining bitcoin requires users to solve complex mathematical equations using high-powered computer setups. The electric consumption used in the process leaves an annual carbon footprint equal to the nation of New Zealand, according to Digiconomist. <\/b><\/p>\n

\"\"<\/a><\/p>\n

In addition to consumption concerns, bitcoin also is considered to be a tool of those involved in a number of illegal activities because its use is difficult to trace. <\/b><\/p>\n

Yup, there is that. I suspect this is the real reason that Yellen doesn\u2019t like Bitcoin. Like all Progressives, she wants to control everything, and anything that she can\u2019t control is bad and must be stopped. There is also another reason she hates it. Competition.<\/p>\n

The Federal Reserve, where Yellen once served as chair, has studied the issue and discussed the possibility of a new digital currency along with a payments system it expects to roll out over the next several years. <\/b><\/p>\n

\u201cI think it could result in faster, safer and cheaper payments, which I think are important goals,\u201d Yellen said. <\/b><\/p>\n

And you will also make sure that any transactions can be easily tracked so you can tax whatever you don\u2019t flat out confiscate. I suspect that most people won\u2019t touch your version of a cryptocurrency with a 10 foot pole. It\u2019s not that we don\u2019t trust you\u2026.Oh Hell yes, it is the fact that we don\u2019t trust you.<\/p>\n

<\/p>\n

Now do I think Bitcoin is overvalued? Of course, which is one reason I don\u2019t use it. I\u2019m also old school and prefer something a bit more \u201chard\u201d such as cash, gold, silver, etc. I fully expect someone to slip an Executive Order to the Fake President, Dementia Joe, which he will sign without reading because…senility, that will ban Americans from using or possessing Bitcoin or any other cryptocurrency.<\/p>\n

Thatisall<\/p>\n\"1\"2\"3\"4\"5 (2<\/strong> votes, average: 5.00<\/strong> out of 5)
<\/span><\/span>Loading...<\/span>\n

~The Angry Webmaster~<\/b><\/i><\/p>\n