Joseph P. Farrell cautions against cryptocurrencies

[PathWalker]

I wish to share this important analysis and review

5kemcxj0j08

[wnlight]

Well, I lost all that I was typing when my tablet battery failed. Let me just enter that it will be a sad day when we have no choice but to use crypto-currencies. Farrell may be correct that bitcoin was developed by the NSA along with a back door so that they can empty anyone's account at will.

[neutronstar]

There is no stopping cryptocurrencies. I almost never use cash anymore. Digital is here to stay whether people like it or not. I don't see a much of a difference with what we have now. They talk about it not being safe, well your money isn't safe in a bank either.

[Cardillac]

Catherine Austin Fitts has been giving the same warning;

look, the stock market (now crypto currencies- a dervitive of the stock market) always rises to a high and then at some time the bubble bursts- it's always been that way- over and over again-

will people never learn from the past?- history definitely repeats itself-

I don't remember who coined the following phrase but "one cannot expect different results if one keeps constantly doing the same mistake" or something to that affect-

Larry

[Cardillac]

@neutronstar

"Digital is here to stay whether people like it or not"- do you consider this to be a positive thing?-

I don't- we are on an almost daily basis going more and more to the mark of the beast; actually the mark is already there: the chip is already there in our credit cards-

question is: will it remain in plastic or will it at some near time in the future be planted somewhere under our skin?- we can't/shouldn't rule that out-

be well-

Larry

[neutronstar]

@neutronstar

"Digital is here to stay whether people like it or not"- do you consider this to be a positive thing?-

I don't- we are on an almost daily basis going more and more to the mark of the beast; actually the mark is already there: the chip is already there in our credit cards-

question is: will it remain in plastic or will it at some near time in the future be planted somewhere under our skin?- we can't/shouldn't rule that out-

be well-

Larry

I don't see money as a positive period. Doesn't matter whether it is paper or digital. Almost everything wrong with our society you can trace back to money, and usually lack of it. Unfortunately I don't think humanity has evolved enough to create a society that we don't need it anymore.

Until we get rid of money we will never be able to create a society that all people are equal. There will always be slaves in some way or another.

[ceetee9]

Catherine Austin Fitts has been giving the same warning;

look, the stock market (now crypto currencies- a dervitive of the stock market) always rises to a high and then at some time the bubble bursts- it's always been that way- over and over again-

will people never learn from the past?- history definitely repeats itself-

I don't remember who coined the following phrase but "one cannot expect different results if one keeps constantly doing the same mistake" or something to that affect-

LarryI think the quote you're looking for Larry is "the definition of insanity is doing the same thing over and over again and expecting different results" usually attributed to Albert Einstein. Whether Einstein really authored it or not is unimportant however, as it pretty much sums up human behavior. We learn little to nothing from history.

[Cardillac]

@neutronstar

hey, neutron, as for the concept of 'money' in general and how we can do without it (yes, you read that correctly) do check out Kerry Cassidy's recent interview with South African archeologist Michael Tellinger- it's a "whopper doozie" to quote the late but very great GeorgeAnn Hughes (Dr. Farrell's most frequent interviewer)- if you haven't listened to the interv. yet I'm sure you'll find it extremely interresting-

please stay well neutron and all readers-

Larry

[yelik]

Regardless of what everyone is saying or thinking Bitcoin is going up and nothing suggests otherwise at this point. Wait for a correction and jump in with money you can afford to lose and hopefully enjoy the ride. When you are happy with any return cash some in. Just open an account at an exchange - say www.bitstamp.com

[Cardillac]

@yelik

"Regardless of what everyone is saying or thinking Bitcoin is going up and nothing suggests otherwise at this point"-

well, Joseph Farrell and Catherine Austin Fitts (among many others) have actually been saying just the opposite in that anything regarding financial investments in crypto currencies which rise will eventually burst in a bubble-

Fitts predicted the housing bubble 2 yrs. before it happened but at the time she predicted it she was considered to be "insane"-

but this is all hogwash, right?

if you feel secure with Bitcoin then please invest in it; it's your choice-

be well-

Larry

[Flash]

Regardless of what everyone is saying or thinking Bitcoin is going up and nothing suggests otherwise at this point. Wait for a correction and jump in with money you can afford to lose and hopefully enjoy the ride. When you are happy with any return cash some in. Just open an account at an exchange - say www.bitstamp.com

i was getting shares of Nortel - free because it was a fringe benefit of the company to employees - when the company was going up and up and up and up. So one years many of my old long time employees colleagues were millionnaires, all jolly and happy, taking retirement while keeping their share, the next year they were on the street begging.

So I am always very prudent when it comes to unstoppable it seems growth in one sector or in one company.

[yelik]

With crypto-currencies invest only what you can afford to lose. Secondly think for yourself and look at the charts because you can never rely on what others tell you to do or not to do especially where money is concerned.

Bitcoin will likely have a major correction at some point but who knows when and at what price. People have been predicting a crash since it reached $1k, then $2k and so on. So whilst waiting for the crash you miss the ride. Whilst waiting for an alien invasion you might miss out on life.

[Satori]

Excerpt from the article referenced/read in the interview by Joseph P. Farrell: https://www.naturalnews.com/2017-12-10-evidence-points-to-bitcoin-being-an-nsa-psyop-roll-out-one-world-digital-currency.html

...
Ten steps to crypto-tyranny: The “big plan” by the globalists (and how it involves Bitcoin)

In summary, here’s one possible plan by the globalists to seize total control over the world’s money supply, savings, taxation and financial transactions while enslaving humanity. (And it all starts with Bitcoin.)

1) Roll out the NSA-created Bitcoin to get the public excited about a digital currency.

2) Quietly prepare a globalist-controlled cryptocurrency to take its place. (JP Morgan, anyone?)

3) Initiate a massive, global-scale false flag operation that crashes the global debt markets and sends fiat currencies down in flames. (Hoax alien invasion, hoax North Korean EMP attack, mass distributed power grid terrorism network, etc.)

4) Blame whatever convenient enemy is politically acceptable (North Korea, “the Russians,” Little Green Men or whatever it takes…).

5) Allow the fiat currency debt pyramid to collapse and smolder until the sheeple get desperate (i.e. Venezuela-style desperation with people eating out of dumpsters).

6) With great fanfare, announce a government-backed cryptocurrency replacement for all fiat currencies, and position world governments as the SAVIOR of humanity. Allow the desperate public to trade in their fiat currencies for official crypto currencies.

7) Outlaw cash and criminalize gold and silver ownership by private citizens. All in the name of “security,” of course.

8) Criminalize all non-official cryptocurrencies such as Bitcoin, crashing their value virtually overnight and funneling everyone into the one world government crypto, where the NSA controls the blockchain. This can easily be achieved by blaming the false flag event (see above) on some nation or group that is said to have been “funded by Bitcoin, the cryptocurrency used by terrorists.”

9) Require embedded RFID or biometric identifiers for all transactions in order to “authenticate” the one-world digital crypto currency activities. Mark of the Beast becomes reality. No one is allowed to eat, travel or earn a wage without being marked.

10) Once absolute control over the new one-world digital currency is achieved, weaponize the government-tracked blockchain to track all transactions, investments and commercial activities. Confiscate a portion of all crypto under the guise of “automated taxation.” In an emergency, the government can even announce negative interest rates where your holdings automatically decrease each day.

With all this accomplished, globalists can now roll out absolute totalitarian control over every aspect of private lives by enforcing financial “blackouts” for those individuals who criticize the government. They can put in place automatic deductions for traffic violations, vehicle license plate taxes, internet taxes and a thousand other oppressive taxes invented by the bureaucracy. With automatic deductions run by the government, citizens have no means to halt the endless confiscation of their “money” by totalitarian bureaucrats and their deep state lackeys.

How do you feel about your Bitcoin now?

Yes, all that and more.

You can also be literally imprisoned within a certain geographical area, with no need for walls, fences, or guards using only electronic "money." They can do this now with credit cards, but if you do not rely on a credit card to make ends meet they don't have you by the you know what to the extent they want.

So, the next logical step is to mandate that ALL currencies and so-called money be digital/electronic, or as it has been noted: weightless photons in the electromagnetic ether. That is, no coin, paper money (i.e. bills of credit) or tulips, gold silver, etc... can be accepted to discharge any public debt, such as taxes, fees, permits, licenses, or, all too often, to pay for food, clothing, shelter, gasoline etc... Only electronic money is available and accepted. If you do not have that, then not only will you be unable to survive where you are, you won't be able to get very far by modern-day means of conveyance looking for brighter days and greener pastures. Your paper and coin will not be accepted. Thus, you are stuck or imprisoned where you are, save for hoofing it somewhere and living off the land and good graces of others.

This is the same thing they did when the next major shift was made in 1913 in the US, moving from gold and silver coin or certificates to "bills of credit", i.e, paper "money." House Resolution 196 (I think is the number) was another step Congress took in 1932 outlawing contracts requiring payment in gold and confiscating all gold in the hands of the public, save very little quantities of necessary gold such as for dentist. This was followed in 1933 by FDR's bank closing or holiday when he knowingly lied to we the people when he said that there would be no fiat currency as a result. They also demonetized silver and gold. But being the clever bastards they think they are they had to go further. They had to create an insatiable and unavoidable demand for bills of credit in place of gold and silver. To do that was easy. They mandated that payment of all federal and state and other public taxes, fees, permits, licenses can only be acheived via paper money and coin, not silver or gold. (Try to pay your taxes or the like with a gold coin and see what happens.) The result was predictable and desired. It created a demand for paper currency and clad coin that had no gold or silver in it. This forced gold and silver underground, as well as to be hoarded. (An aspect of Gresham's law.) But, the currency of choice for banksters remained and still is, gold and silver. What does that tell us?

Now, they are taking it to the next level. They will create an unsatiable and unavoidable demand for crypto currency and other weightless photons in the electromagnetic ether. These will also be the only way to discharge any debt and pay any public taxes fees, licenses, permits etc. Like gold or silver, paper currency and coin will fall out of demand, if not outright be made illegal, because no one will be able to use those to pay public assessments. Thus, even if in your local area you wanted to use gold, silver, bills of credit, coin, tulips, etc... you will need weightless photons if you intend to remain part of "civilization" and thus the demand for weightless photons is created and sustained.

But that's ok; we can all go back to sleep now.

[enigma3]

With Bitcoin - ya gotta know when to hold 'em and when to fold 'em.

The Deep State hates Bitcoin because they cannot control it. So they are trying to scuttle it by jacking up the price and by making it fluctuate to scare away investors. It is surely a risk, but how high will it go?

Money has always been with us. Be it digital or paper, it all quacks like money.

Doing away with cash means several things. It means more control by the deep state. Allowing or disallowing purchases. It means a death knell to the poor. They live and breathe cash. There are some religious sects in the US that forbid credit cards or any digital currency. Might as well take the Amish out back and bury them (they will probably come up with their own paper currency). It is, at root, ruthlessly mean spirited.

[T Smith]

This analysis, if you subscribe to it, almost makes an argument to go out and buy Bitcoin.

To wit:

The agreement goes: Bitcoin is a psyop to condition and assimilate the sheeple to adopt and become dependent on cryptocurrencies, until such point where the progenitors of this plot can engineer the collapse of fiat and pull the rug out from under Bitcoin and drive its value to zero (and thus decimate we pleb's life savings, either as direct Bitcoin holders or indirectly by the ensuing crash of the global economy and its underlying fiat debt system) only to become Saviors of Day to replace Bitcoin with blockchain technology and a new and improved crypto sponsored by J.P. Morgan et al and sanctioned by the global government network. (The iconic Hollywood scene comes to mind, with Jimmy Stewart flailing desperately to convince the unsuspecting masses and all.... " Don't you see what's happening here? Potter's not selling! Potter's buying!"

If this argument is true, and if indeed the NSA did hatch Bitcoin as a means to an end (and it may be... certainly the Powers that Be can easily dismantle Bitcoin whenever they want by all the methods Mike Adams outlines and more) then we are no where near a point of mass assimilation to Bitcoin. In other words, this psyop is just getting started. In order for their plot to work, Bitcoin needs to be nearly as ubiquitous as cash, VISA cards, or an ATM card. As it stands now, it would be way too soon to achieve the objectives Mike Adams argues and very premature, to say the least, for the PTB to dismantle Bitcoin with any effective results.

Until such time when Grandma is using Bitcoin to buy the ingredients for her famous holiday cookies, I think there is a lot of gasoline left in this particular tank. If what Adams, Fitts and Ferrall argue is indeed unraveling in time, I can easily see the engineers behind the psyop driving up the price to $100,000.00 USD or more before the conditions are favorable to attempt their coup.

[yelik]

Keep it simple - Bitcoin is allowing some wealth to be redistributed if you treat it like any other investment opportunity. It may well have CIA finger prints on it or even Elton Musk but who cares.

July 28, 2010 – Early investors paid just six cents for a Bitcoin. A $100 investment seven years ago would be worth (you might want to sit down for this) $28,341,266 today. Clearly most would have cashed in much of their investment before accumulating this amount of gain because they probably would have assumed we'd reached a peak. Whilst we are all trapped by the babylonian black magic money system money buys you freedom and independence.

Now bitcoin is testing $20k its going to get harder to find more buyers so price will need to correct before it can go higher but who knows a few weeks ago I thought $15k was stretching it. We know what thought did to the cat.

[TomKat]

If you haven't sold your bitcoin yet, then you haven't actually made any money, and chances are you won't ever sell since you believe in it so much.


Regardless of what everyone is saying or thinking Bitcoin is going up and nothing suggests otherwise at this point. Wait for a correction and jump in with money you can afford to lose and hopefully enjoy the ride. When you are happy with any return cash some in. Just open an account at an exchange - say www.bitstamp.com

[Hip Hipnotist]

If you haven't sold your bitcoin yet, then you haven't actually made any money, and chances are you won't ever sell since you believe in it so much.


Regardless of what everyone is saying or thinking Bitcoin is going up and nothing suggests otherwise at this point. Wait for a correction and jump in with money you can afford to lose and hopefully enjoy the ride. When you are happy with any return cash some in. Just open an account at an exchange - say www.bitstamp.com

I presume by "you" you're referring to yelik. But since I can't speak for yelik I'll speak for myself. I have sold bitcoin. And guess what? I actually made :cash::cash:! How much I sense you thinking? Only my hairdresser knows for sure. And to make matters better ( for me ) and ( perhaps worse ) for you I've reinvested. Why? Because 'I believe in it so much' I will continue to sell/trade & buy more. Silly me. And if so many uninformed, non-invested doomsayers just happen to get lucky and the crypto bubble does go by-by then "la-de-da!" Bust out the champaign! Because like millions of others I'm waaayy ahead of the game.

Why?

I've said it before, like many others here with even a minimal knowledge of investing, "NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE!"

And now, back to the exchanges! :cash:

[indigopete]

About the only thing worse than enemies trying to "sink your ship" is hand waving friends trying to steer you away from the lifeboats.

Joseph Farell and Catherine Fits could do with understanding that "centralisation" has far more to do with the nature of money than the medium through which it's traded. Making a distinction between digital "credit" and digital "cash" would be a good start.

[Michelle Marie]

I'm not feeling compelled to participate in cryptocurriency at all. I don't keep money in the bank, either. Natural resources, especially food wthin an integrated community is the currency of the future that I'm investing in.

The currency of caring.

The currency of sharing.

I feel wealthy, but not in the sense of any kind of money. 😃💕💚💕😃

MM

[SiriusB]

Wether people like it or not, there will be a digital only money system in the future. The point is, if you either want to use a centrally controlled or a decentralized system to use, I'd always go with the latter. Its not the point if bitcoin is NSA back door controlled or not. Decentralized money system, will undermine central banking in the long therm. Personally, I like that. This might offend people but the mark of the beast, apocalyptic, Jesus retuning mythos is a spiritual psyop, as well as the muslim and jewish narratives about Madhi and Moshe ben David and overlap and correspond. Anyway, I'd invest money which one could loose 100% in different cryptos and see where the rides leads. Investing ones hole assets or even get in debt for investing ointo cryptos is the worst thing one could do on the other hand.

[Tangri]

With Bitcoin - ya gotta know when to hold 'em and when to fold 'em.

The Deep State hates Bitcoin because they cannot control it. So they are trying to scuttle it by jacking up the price and by making it fluctuate to scare away investors. It is surely a risk, but how high will it go?

Money has always been with us. Be it digital or paper, it all quacks like money.

Doing away with cash means several things. It means more control by the deep state. Allowing or disallowing purchases. It means a death knell to the poor. They live and breathe cash. There are some religious sects in the US that forbid credit cards or any digital currency. Might as well take the Amish out back and bury them (they will probably come up with their own paper currency). It is, at root, ruthlessly mean spirited.

Well, I didn't want to write on this subject, because I didn't want to promote a "wrong act". But myths are growing on to wrong direction.

"The Deep State hates Bitcoin because they cannot control it."

is one of the sample.

First, we need to define Deep State- AI (Artificial Intelligent) relation.

Mining is one kind of farmer job (You are doing data mining). To create or earn cryptocurrency, you need to spend energy and compute power(creating a block or excavating an exist one.) Simple english, you are helping to solve cryptic passwords,/messages or/and create a new one. Ask yourself, on whose behalf of, you are doing this, Deep state or window governments?
This is a very delicate subject, like, talking war histories and reasons, front of children. But if they eavesdropped it by accident, we need to satisfy their curiosity with small talk, without creating a buggy man or a Hero.

[Tangri]

She is mining bitcoins and probably DeepState (sorry AI )hates her.

(IoHO) is based in The Hague and presents itself as an organization devoted to exploring how individuals can capitalize on biological, and data production labor through art and research projects.

r0CnjsCEois


http://speculative.capital/


Read their statement:idea::
"Human-generated data is a resource already extracted by companies like Google and Facebook, producing vast amounts of capital. Why aren't we, the data workers, capitalizing from it? If even jobless workers are generating capital by producing data, are we truly unemployed? Which propositions for our data labor rights can we think of?"

[TomKat]

I think bitcoin is a relatively harmless bubble -- it probably won't bring down the economy when it pops, since it's not really linked to anything else, and so won't create a domino effect.

A long time ago I learned not to want things just because other people want them. So it's not in my nature to buy bitcoin, something of zero value except that other people want it for some reason.



If you haven't sold your bitcoin yet, then you haven't actually made any money, and chances are you won't ever sell since you believe in it so much.


Regardless of what everyone is saying or thinking Bitcoin is going up and nothing suggests otherwise at this point. Wait for a correction and jump in with money you can afford to lose and hopefully enjoy the ride. When you are happy with any return cash some in. Just open an account at an exchange - say www.bitstamp.com

I presume by "you" you're referring to yelik. But since I can't speak for yelik I'll speak for myself. I have sold bitcoin. And guess what? I actually made :cash::cash:! How much I sense you thinking? Only my hairdresser knows for sure. And to make matters better ( for me ) and ( perhaps worse ) for you I've reinvested. Why? Because 'I believe in it so much' I will continue to sell/trade & buy more. Silly me. And if so many uninformed, non-invested doomsayers just happen to get lucky and the crypto bubble does go by-by then "la-de-da!" Bust out the champaign! Because like millions of others I'm waaayy ahead of the game.

Why?

I've said it before, like many others here with even a minimal knowledge of investing, "NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE!"

And now, back to the exchanges! :cash:

[chris_walker]

There is no stopping cryptocurrencies. I almost never use cash anymore. Digital is here to stay whether people like it or not. I don't see a much of a difference with what we have now. They talk about it not being safe, well your money isn't safe in a bank either.It is safe if you use cash and metal coins like copper, silver, gold and platinum. Digital is dangerous and your usage of it compromises the rest of us. I do not want some criminal bank controlling *MY MONEY*!

Bitcoin is too volatile to be of any practical use.

[turiya]

We(!) are ready to give everything for "in" trend.

While many love to speculate about the sheer number of jobs that robots and artificial intelligence are going to replace in the near future, no one seems to be coming up with any solid alternatives.
One forward-thinking Dutch startup, however, believes humans should start using their bodies to produce capital… but not in the way you’re imagining. :bigsmile: She is mining a bitcoin.

r0CnjsCEois


http://speculative.capital/



Reminds me of the movie Matrix with all the humans that are being "tapped" for their energy.

I've heard that it takes alot of energy to produce one bitcoin... Something like the amount of energy to run a family's house for a week.


https://pbs.twimg.com/media/CjG_SEsWgAAiIiz.jpg

[indigopete]

Bitcoin is too volatile to be of any practical use.

The other way around. It's bitcoin's very volatility that makes it "useful".

• useful as a store of value
• useful as a means of exchange
• useful as a unit of account

In the first case, bitcoin has proved just about the least risky investment of anything you could have picked over the last 5 years. It has proved a better store of value than any national currency, better than gold, oil and practically any other commodity.

The reason for that is that it's a form of debt-free money that is deflationary (supply cannot be arbitrarily inflated) while at the same time electronically liquid which makes it almost unique amongst monetary media today. It's its fixed supply that gives it its volatility but that's also the property that makes it a high performer in terms of store of value against inflating fiat currencies so you can't have one without the other.

In the second case (means of exchange) you can send part of a bitcoin to your Visa debit card account (those that accept it) and spend it almost anywhere in the world. You can also transact at distance with it which you can not do with gold coins or bars.

In the third case, almost the entire alternative-cryptocurrency market (altcoins) is price-denominated in BTC now which makes it an increasingly safe reserve for storing gains in cryptocurrency native form.

To say that bitcoin is "of no practical use" against that background is a bit like saying that email was of "no practical use" in 1995 when it started to come on the scene (and many people did in fact say that at the time).

[Red Skywalker]

From the viewpoint of an extraterrestrial 1 question:

What is "money" or "currency" and where is it used for ??? Can you eat it? Can it repair your transportation machines? Etc. ...

We don't use such stuff, we asked for what we need from the ones who like to make the best things you may need and they get or are given what they need if they needed something.

From the viewpoint of an extraterrestrial : we don't understand "money" only that it makes many dependent, and losing free will, from a few.


:cat:

[TomKat]

If you buy a car for 3 bitcoin and then bitcoin goes up a thousand or down a thousand, somebody just got screwed. Hence, too volatile for a means of exchange.



Bitcoin is too volatile to be of any practical use.

The other way around. It's bitcoin's very volatility that makes it "useful".

• useful as a store of value
• useful as a means of exchange
• useful as a unit of account

In the first case, bitcoin has proved just about the least risky investment of anything you could have picked over the last 5 years. It has proved a better store of value than any national currency, better than gold, oil and practically any other commodity.

The reason for that is that it's a form of debt-free money that is deflationary (supply cannot be arbitrarily inflated) while at the same time electronically liquid which makes it almost unique amongst monetary media today. It's its fixed supply that gives it its volatility but that's also the property that makes it a high performer in terms of store of value against inflating fiat currencies so you can't have one without the other.

In the second case (means of exchange) you can send part of a bitcoin to your Visa debit card account (those that accept it) and spend it almost anywhere in the world. You can also transact at distance with it which you can not do with gold coins or bars.

In the third case, almost the entire alternative-cryptocurrency market (altcoins) is price-denominated in BTC now which makes it an increasingly safe reserve for storing gains in cryptocurrency native form.

To say that bitcoin is "of no practical use" against that background is a bit like saying that email was of "no practical use" in 1995 when it started to come on the scene (and many people did in fact say that at the time).

[indigopete]

If you buy a car for 3 bitcoin and then bitcoin goes up a thousand or down a thousand, somebody just got screwed. Hence, too volatile for a means of exchange.

The problem isn't bitcoin's exchange rate with the dollar in that case, it's the exchange rate with the car. One must compare like with like when making analysis like that.

The appropriate test would be if you paid 3 Bitcoin for a car and then the next week it cost 4 Bitcoin (considering bitcoin as a currency).

Or...

Pay $20,000 for a car and the next week it cost $30,000 (considering the $USD as the currency).

But it's inconsistent to measure the price of the car one week in one currency and then compare it the next week using another as you did above.

What you would find if you did those tests is that the $USD is more optimal for price stability and Bitcoin is more optimal for store of value. So in that sense they are complimentary and the most effective use of monetary media would be to hold your savings in bitcoin and spend them in $USD denominated trades.

That is actually by design because the two properties of money that can be varied with in order to accommodate different liquidity demands are:

• exchange rate against goods and services (i.e. prices)
• money supply

Central banks vary money supply on order to keep price inflation at a stable rate. The cost of doing that is that one unit of the currency looses value over time as the economy expands. With a fixed supply currency, however, prices have to decrease to satisfy liquidity demands as the economy grows (or put another way, the value of 1 unit of the currency has to constantly increase). The latter is what is happening with bitcoin which is why it's in demand as a store of value rather than a trading currency.

[T Smith]

If you buy a car for 3 bitcoin and then bitcoin goes up a thousand or down a thousand, somebody just got screwed. Hence, too volatile for a means of exchange.

The more BTC becomes entwined and exchangeable with USD, the less true this assertion, regardless of how volatile the USD price is relative to Bitcoin. Especially now with Bitcoin trading in the futures markets.

If you are overly concerned with the fluxuating USD price relative to Bitcoin (presumably as a merchant with an inventory to manage in USD), or put another way, the purchasing power of the USD relative to BTC, you simply buy a futures contract (with USD) to secure whatever USD price you must procure to achieve BTC/USD parity at the time of exchange.

For example, let's say you have 20k USD inventory you are pricing in BTC. At today's exchange rate, a customer pays you 1.47 BTC for your inventory, on which you can convert back to USD and realize a 10% profit margin, but only if you can convert your BTC revenue back to USD at the same exchange rate at the time of purchase. As a merchant, you can set up business mechanisms to exchange your BTC revenue to USD almost instantly (if you must), but you still risk substantial losses (or unexpected gains) with daily (sometimes hourly) price swings in BTC/USD as much as 30%.

This is all resolved through the futures market, and which is precisely the reason for the futures market. The merchant, with an inventory valued in USD, can purchase a BTC futures contract to assure a set USD price for BTC at some time on some future date.

The problem is, for USD, once merchants begin to play this game they will soon realize it's much easier to get screwed as the USD/BTC price is rising, since they're converting back to dollars that are worth less relative to BTC. Intuitively one would think the greater risk is if the price of BTC falls, in which case you might fall short when you convert to USD, but it's actually just the opposite. When BTC is on the rapid rise merchants have to continue to lower the BTC price of their unsold merchandise. The Toyota Corrola that cost 1.47 BTC today might only cost 1.36 BTC tomorrow, 1.25 BTC the next day, and so on.

Nothing serves to illustrate just how inflationary prices are relative to the USD when you compare it's collapsing purchasing power next to BTC.

Regardless, this is all solved by purchasing a future contract at the time of purchase.

[TomKat]

I can't see myself buying a futures contract to buy something on Craigslist, but maybe you could create an app for that? Why not use orange juice or soybeans while you're at it?

[T Smith]

I can't see myself buying a futures contract to buy something on Craigslist, but maybe you could create an app for that? Why not use orange juice or soybeans while you're at it?

You can convert something you sell on Craigslist in Bitcoin instantly into USD.

However, if you're closing on a real estate transaction that takes four months to settle, you might want a future's contract. (No need for orange juice or soybeans).

[TomKat]

Why would I want to sell something in bitcoin if I'm just going to convert it to USD? As I said, BC is too volatile for use as a currency, and if you are going to use futures contracts, the need for that just proves it's too volatile. Its only value is its speculated future value, like tulips centuries ago.

[Olaf]

The following post on a German computer forum gave me a very good impression about the absurdity of Bitcoin hype

Source: Ich habe die Festplatte mit den Bitcoins auf der brit Muelldeponie gefunden (https://www.heise.de/forum/heise-online/News-Kommentare/Weiter-heftige-Bitcoin-Kursausschlaege/Ich-habe-die-Festplatte-mit-den-Bitcoins-auf-der-brit-Muelldeponie-gefunden/posting-31585115/show/)

I found the hard drive with the Bitcoins on the British dump!

After weeks of digging in the garbage in England in rain and wind, I finally found it - the hard drive with the 7500 Bitcoins, which the guy from England threw away.

http://www.manager-magazin.de/finanzen/artikel/bitcoin-brite-james-howells-warf-bitcoin-festplatte-auf-den-muell-a-1182083.html

I am of the opinion that, for the time being, these are just strings of numbers that a certain number of people currently measure a certain amount of value. A hype.
What exactly do I have to do now to convert them into EUR? Can someone give me a tip?

I went to https://www.bitcoin.de/de/btceur/market first.
There the current exchange rate stands at 12,930.67 € (as of 27.12.17 03:15 o' clock).
In the best case, this is 96,980,025 EUR after Adam Riese.
I would be very happy with the sum. But I'd also accept one or two million less.

For "Number of Bitcoins" I entered a value of 7500. The table shrinks and you get the message: "There is currently no suitable demand for your offer to buy. You can now create a sales quotation that is presented to all potential buyers."

In other words: Nobody wants my 7500 BTC? :-(
At the moment, it seems that others are also trying their luck to get rid of their bitcoins.

I got an overview of all the offers to buy, that is to say to which courses people ask for Bitcoins:

http://filehorst.de/d/cpuCnbgu

On the other hand, there are currently 852 BTCs on offer.

http://filehorst.de/d/cjmmFEkr

So I'm not selling the 7500 pieces now, but let's say a modest 50 instead.
So if I put them in the form, I just find a few buyers who offer me between 111.11 € (ha, a wise guy who thinks I'll fall for it: -) and 7.111,00 €.

Ok, then not in bulk - I only sell 50 pieces in approx. 2 BTC each.
The first 25 offers added up, the demand is already there, but it drops to a price of 10.100,00 €. And if I list the first 50 customers, who buy at least 2 BTC from me, then the offers drop to 6.123,00 €.

If I actually start selling 500 or 1000 pieces, then it catapults the price loosely below 1000 euros and lower.

Do I see it right that this whole thing is just a ridiculous hype?
With worthless paper money, I can at least wipe my ass. I can't even do that with BTC.

I'm gonna smash the hard drive. Out of rage at completely silly promises and hyped online articles.

I've discovered a new lucrative source of income anyway: bounty hunting.

In the course of the Bitcoin-Hypes there are more and more lucky knights who take advantage of the moment and launch even new "surefire" cryptocurrencies.

Like OneCoin.
https://www.onecoin.eu/de/

Whilst some of the "financial revolution" on pretty well-designed responsive design websites palavern, the English Wikipedia provides a bit of information:
https://en.wikipedia.org/wiki/OneCoin

Since a lot of stupid Germans have fallen for the currency of the future in Dubai and Bulgaria, lawyers and prosecutors have to roll over a pile of files:

https://kanzlei-herfurtner.de/onecoin-betrug-und-abzocke/

Investigations in the Anglo-Saxon countries are already a bit further afield - behind the criminal circus is a certain Juha Parhiala, who apparently has already set off with several million. Numerous victims have now joined forces for a bounty to liquidate the bang head.

So if someone knows where it is (allegedly in Southeast Asia): We can divide the sum.

BTW with BTC:
And don't forget - it's still true: Every morning a fool gets up!

Translated with www.DeepL.com/Translator (https://www.deepl.com/translator)