Congressman Warns Bitcoin Is A Threat To The U.S. Dollar

Congressional Report Warns of Potential Bitcoin Threat to US Dollar

Congressional Report Warns of Potential Bitcoin Threat to US Dollar submitted by realhuman to Bitcoin [link] [comments]

Congressman Schweikert: Is Bitcoin Threat to US Dollar? (and Professor Bitcorn Strikes Again)

Congressman Schweikert: Is Bitcoin Threat to US Dollar? (and Professor Bitcorn Strikes Again) submitted by coinwatcher to Bitcoin [link] [comments]

What are the advantages of bitcoin against USD in short to medium term as the threat of runaway inflation for us dollars is also 0?

submitted by abstrx to Bitcoin [link] [comments]

What are the advantages of bitcoin against USD in short to medium term as the threat of runaway inflation for us dollars is also 0? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Trump boasts he could weaken US dollar ‘in two seconds if he wants to’ --- Inflation is good for Bitcoin Cash! Threats of inflation almost as good!

Trump boasts he could weaken US dollar ‘in two seconds if he wants to’ --- Inflation is good for Bitcoin Cash! Threats of inflation almost as good! submitted by Anenome5 to btc [link] [comments]

Why Bitcoin is a perceived threat to the US dollar

Why Bitcoin is a perceived threat to the US dollar submitted by towjamb to ethtrader [link] [comments]

Trump boasts he could weaken US dollar ‘in two seconds if he wants to’ --- Inflation is good for Bitcoin Cash! Threats of inflation almost as good!

Trump boasts he could weaken US dollar ‘in two seconds if he wants to’ --- Inflation is good for Bitcoin Cash! Threats of inflation almost as good! submitted by vegasbooty to Cryptoandme [link] [comments]

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief submitted by enissay22 to Bitcoin [link] [comments]

Bitcoin Could Emerge As A Threat To US Dollar In Future

Bitcoin Could Emerge As A Threat To US Dollar In Future submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin Could Emerge As A Threat To US Dollar In Future, Suggests St. Louis Fed Chief

Bitcoin Could Emerge As A Threat To US Dollar In Future, Suggests St. Louis Fed Chief submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin Could Emerge As A Threat To US Dollar In Future, Suggests St. Louis Fed Chief

Bitcoin Could Emerge As A Threat To US Dollar In Future, Suggests St. Louis Fed Chief submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief submitted by leftok to atbitcoin [link] [comments]

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief

submitted by sokeaman to bitcoins [link] [comments]

Bitcoin Could Emerge as a Threat To US Dollar In Future-St. Louis Fed Chief Reveals

Bitcoin Could Emerge as a Threat To US Dollar In Future-St. Louis Fed Chief Reveals submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief submitted by Cointelegraph_news to CoinTelegraph [link] [comments]

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief

Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief submitted by DedMozai to ICOinfo [link] [comments]

St. Louis Fed’s Bullard: Bitcoin not a threat to the US dollar yet

St. Louis Fed’s Bullard: Bitcoin not a threat to the US dollar yet submitted by leftok to atbitcoin [link] [comments]

Bitcoin Could Emerge As A 'Threat' To US Dollar In Future, Suggests... #cryptocurrency #bitcoin #crypto… https://t.co/9jDhR9S2t3 - Crypto Insider Info - Whales's

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Threat to US dollar, future interventions /r/Bitcoin

Threat to US dollar, future interventions /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

How would the popularity of alternative currency like the Bitcoin affect the US dollar and what can the US government do curtail this threat to it's currency?

submitted by SirHumanoid to AskReddit [link] [comments]

[debunk] Washington Signals Dollar Deep Concerns "The Bitcoin threat was eliminated on May 17 when the Gestapo Department of Homeland Security seized Bitcoin’s accounts. The excuse was that Bitcoin had failed to register in keeping with the US Treasury’s anti-money laundering requirements."

[debunk] Washington Signals Dollar Deep Concerns submitted by IWillNotBiteYourDog to Bitcoin [link] [comments]

A Detailed Summary of Every Single Reason Why I am Bullish on Ethereum

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself on the DeFi Pulse website.

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA player Spencer Dinwiddie tokenized his own NBA contract.)

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (Jitsi for the zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

TL;DR:

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Trump Will Destroy The USD! Leading To Bitcoin Takeover! Here’s Why… Threat of Currency War, US Dollar & Chinese Yuan Forecast Why Bitcoin Can't Replace the US Dollar (Fiat) - YouTube Bitcoin vs the Petrodollar - Jerry Robinson Bitcoin's Greatest Threat

Billionaire Investor Ray Dalio Outlines Looming Threat to US Dollar – Here’s Why He’s Not Buying Bitcoin. by Daily Hodl Staff. September 24, 2020. in Bitcoin, Regulators ‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎ ADVERTISEMENT. The founder of the largest hedge fund firm in the world is sounding the alarm on the future of the US dollar. Ray Dalio, founder and co-chief investment officer of ... US Congressman: Bitcoin Is a Threat to the US Dollar Author: Jordan Lyanchev Last Updated Nov 7, 2019 @ 15:11. Yesterday, the CEO of Facebook, Mark Zuckerberg, appeared before Congress to answer questions, primarily on Libra, the company’s planned cryptocurrency. Congressman Brad Sherman took the opportunity to bash cryptocurrencies such as Bitcoin, saying that they could pose a threat to ... U.S. Congressman Brad Sherman is no fan of cryptocurrencies like Bitcoin, and he let that be known during a rant aimed at Facebook CEO Mark Zuckerberg on Wednesday. The US dollar has been the world’s official reserve currency for several decades, yet many in the political sphere believe the rise of Bitcoin could end its global supremacy. During a recent ... Although any potential threat to the US dollar looks a long way off, the substantial rise in Bitcoin’s value relative to the US dollar is likely to cause heightened concerns. Some analysts reckon the BTC/USD price could reach $100,000 by the end of 2021. Several countries around the world have also made moves to shift away from the US dollar’s influence. Iran, for instance, recently ...

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Trump Will Destroy The USD! Leading To Bitcoin Takeover! Here’s Why…

Donald J. Trump AKA Mr. President has finally let the world know his stance on Bitcoin and cryptocurrency, and it’s not good. He views BTC and crypto as a threat to the United States dollar ... “You can give a man a fish or give a man a bitcoin, but if you can teach him how to fish or teach him the understanding of economics behind money then you ha... CEO of IG US Rupert Osborne discusses the US Dollar, the Chinese Yuan, and safe-haven assets. Are we on the brink of a currency war and has the US Dollar overtaken the prominence of the Japanese ... Can Bitcoin / cryptocurrencies replace the US dollar / US government and fiat currencies? Can Bitcoin be the revolution that takes down the fraud that is cen... Bitcoin and Bitcoin Cash last night illustrated a perfect example of one of Bitcoin's greatest threats: The herd-like mentality of many investors in this market. In other words, fear. Given the ...

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