Wednesday, November 22, 2017
Bitcoin Futures: Central Banks Are History
Cryptocurrencies are here to stay. Why? Because Bitcoin futures will commence trading on December 11, 2017 at the Chicago Mercantile Exchange.The Mercantile never backs a loser.The Merc is the incarnation of the greed and will to survive that exists in all of us.It's the monster from the Id to borrow a character from the great 1950's sci-fi film "Forbidden Planet". Government as we know it will go away for lack of funding. Fed up with military-industrial murders? Fed up with the progressives agenda of silly costly giveaways in the Quixotic pursuit of equality among different kinds of people? Switch to crypto currencies and see how the IRS can try to collect? The IRS will be left with many field trips to homes of suspected tax evaders. Ask them if they have a warrant to come in and take an inventory. It will require thousands more employees to carry out awkward and long tedious information gathering.Looks like a law that can't practically be enforced. Like the Volstead Act it will be repealed or effectively killed by non relavence.Central banks will be mostly out of work. Printing money willy nilly and running up debt with the fiat currencies will halt.All that debt around the world in all different dominations are payable in the currency they were issued.But cryptocurrencies are not one of those denominations. So how will government and corporations pay their debt? How will America enforce financial sanctions on "rogue" countries with Bitcoin being a live option? Will ISIS pay its operatives or next of kin with Bitcoin transfers for work rendered? Will Israeli demand Bitcoin instead of dollars for its yearly "aid"? Will members of congress follow Israels lead a require cryptocurrencies as salary instead of bucks?