Trump-Connected Billionaire Peter Thiel: Bitcoin Threatens Fiat, Tax Authorities Can’t Break Codes

admin Anonymity, Bitcoin, Donald Trump, Fiat Money 1 Comment

Over the past few years, Peter Thiel, a prominent venture capitalist with a net worth of $2.7 bln, spoke of the threat Bitcoin poses to fiat money and the financial freedom it grants to its users. Thiel, who appeared on the Economist’s Keynote interview, stated: “It becomes a threat to fiat money at a point where Bitcoin is encrypted in such a robust way that the tax authorities can’t break the encryption, can’t tell how much money you have, and what transactions you are doing.” Trump’s transition team involvement Currently, Thiel’s stance on Bitcoin is notable considering his involvement in President-elect Donald Trump’s transition team, establishing himself as a crucial member. He emphasizes that the decentralized nature of Bitcoin allows users and citizens of the U.S. to benefit from financial freedom and escape the monopoly of the government. More importantly, he notes that tax authorities will no longer be able to track the earnings and income of entrepreneurs, workers and other individuals that are forced to deal with extreme amounts of income taxes among others. Anonymity of Bitcoin Thiel believes that Bitcoin is anonymous and that authorities can’t tell how much money users have. Conceptually however, this statement is false. …

Fiat Money, What Is It?

admin Banking, Fiat Money, The History Of Money 0 Comments

Fiat Money Money is a very obscure and almost supernatural topic for most people. Hardly anyone actually takes the time to understand how the monetary system actually works, how new money is created, and what role the Government actually plays in this process. If you don’t know much about these things you will be absolutely stunned when you first learn how it all actually works. To start with we need to understand how the current debt-based money system works and how it is rigged in all ways possible. The least of our problems is related to the fact we use fiat money. The short video below explains some important things you should be aware of. To sum it up rather quickly, most of the money in our economy actually represents a debt to the banks. What essentially happens is that banks loan out money which they do not have. Via the magic of fractional reserve banking they can loan out nine times as much money as they actually have in their reserves. When you get a loan the banks don’t actually take it from other accounts, so new money is created in the process. In other words: the more debt …