THELOGICALINDIAN - Donald Trump has taken to Twitter yet afresh and this time hes talking about bitcoin and the ahead of the United States dollar Bashing abridgement of adjustment and abeyant for bent action inherent to crypto Trump claims the US authorization will consistently be the arch bill in the apple As empiric affirmation goes about its USD thats absolutely in charge of moral and bread-and-butter scrutiny
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Donald Trump Battles Bitcoin
On July 11, U.S. Admiral Donald Trump went into abounding bluster approach on Twitter, demography swipes at Bitcoin, Libra and cryptocurrencies in general, claiming they are “not money” and “based on attenuate air.” In accession to bartering the internet with a animated gem of mathematical, economic, and actual ineptitude, the admiral took things one footfall further, claiming that:
Of course, he’s right. Unregulated crypto assets absolutely can facilitate bad things. What makes his three-part announcement so problematic, though, is that he closes it out by praising the backbone and ascendancy of the U.S. dollar in pulsating, Orwellian tone:
“It is by far the best ascendant bill anywhere in the World, and it will consistently break that way. It is alleged the United States Dollar!”
But back we appraise the absolute attributes of the USD against bitcoin and cryptocurrencies, all the airy address seems to lose its force, and the account that charcoal is one of striking—if not tragic—clarity.
What Does the US Dollar Finance?
Yes, crypto affairs bad things and acceptable things. Yes, authorization does the same. The absolute U.S. dollar is acclimated to buy bread, iPhones, and bandy altogether parties. It is additionally acclimated to amputate breed in adopted lands, announcement them to blood-soaked pieces with bombs, cartage actionable drugs, kidnap all address of non-violent individuals, and accumulate billions impoverished, enslaved, and fearful. A butterknife can adulate bread. A butterknife can annihilate someone. What is Trump’s argument, then? If the absolute affirmation is that bitcoin and crypto are added alarming than the dollar empirically, again history, mathematics, and the science of economics can set the almanac beeline here.
Blood Money
The United States has been at war for 226 years of its 243-year existence. Perpetual warfare charcoal the absoluteness today. A attestation to this is the adventure of Cpl. Joseph Maciel, killed at age 20 in Afghanistan, who was alone three years old back the battle was set in motion in 2001. As sad as this is, it’s anecdotal, admittedly. But the numbers ultimately acquaint the aforementioned adverse adventure as Joseph’s.
Since 2001, wars in Iraq, Afghanistan, and Pakistan, accept amount at atomic bisected a actor animal lives, and over bisected of these deaths accept been non-combatants—civilians. Of advance this does not booty into annual bombinate bombings and action in Yemen, Syria, Somalia, Libya, and elsewhere. These numbers additionally do not annual for aberrant deaths. According to a study by the Co-Director of the Costs of War Project at Amber University, Neta C. Crawford:
The Cost of War in US Dollars
As of November 2018, U.S. taxpayers accept been affected to pay $5.9T to abutment war in the Middle East and Asia back 2001. The inflation-adjusted bulk of aggressive battle back World War I is estimated by the Congressional Research Service to be over $5.6T. With numbers this astronomical, and a war apparatus that continues to abound cancerously, it is difficult to get a feel for the arduous bulk of state-sanctioned bread-and-butter ability actuality leveraged actuality by the United States Federal Government.
It’s no problem, either, if the money accumulation runs low. According to Trump:
Don’t anguish about the resultant attenuated currency. It is additionally important to avoid the repeating arrangement of analytical U.S. abandon adjoin any baton or nation attempting to ambit itself from the USD as a assets currency. Libya, Iraq, and now Iran are examples of what happens back Trump’s “most ascendant bill anywhere in the World” is challenged.
The Violent, Volatile and Drugged Out USD
The afterward is a alone a abbreviate overview of some of the adulterous action the USD has facilitated over the years:
This account goes on and on. For as continued as it has existed, the United States dollar has leveraged abandon to asphyxiate aggressive currencies, armamentarium war, murder, rape, extortion, kidnapping, theft, terrorism, animal trafficking, slavery, medical malpractice, adolescent animal abuse, actionable drugs and added with about impunity, acknowledgment to its “regulators.” If this is the aftereffect of cyberbanking charters and regulation, a hands-off access ability be a bigger application for Donald Trump.
Bitcoin or USD – Which Dominates Illicit Markets?
Though the abstracts varies wildly, back it all comes bottomward to it, bitcoin and crypto are no antagonism for the USD and its authorization counterparts for allotment violent, bent activity. The government itself backs this award up. Just two years ago, then-U.S. Department of the Treasury administrator Jennifer Fowler said:
More contempo research backs up these findings, and from a all-around perspective, area absolute anniversary bazaar aggregate for actionable drugs is estimated to be about $400B, alike the best acceptable estimates put all adulterous BTC affairs (not aloof drug-related) at about $72B. The bright champ actuality then, back it comes to costs agitated and bent activity, is USD and the authorization racket.
Gun Money vs. Peaceful Money
The president’s Twitter anger is telling, and has sparked a momentous, beam access of internet commentary. All of this boils bottomward to article rather simple, though. The absolute aberration amid USD and bitcoin is easy: one is backed by guns, and the added isn’t.
One is affected aloft its users beneath blackmail of abandon and ultimately afterlife if refused, and the added isn’t. If you accept not to use bitcoin or crypto, cipher cares. But should you try to use money that doesn’t barrage from the printers of the august Federal Reserve, or attack to absorb USD in a address that isn’t approved, you can be caged. And if you abide actuality caged, you may be killed.
This is a government handing cardboard debris to someone, and creating amount out of “thin air” by putting a pistol to their arch to force “adoption.” If this isn’t creating amount “based on attenuate air,” I don’t apperceive what is, Mr. President. This isn’t how bitcoin works. This isn’t how any sane, ethical, or moral arrangement works.
What are your thoughts on Trump’s statements? Let us apperceive in the comments area below.
OP-ed disclaimer: This is an Op-ed article. The opinions bidding in this commodity are the author’s own. Bitcoin.com is not amenable for or accountable for any content, accurateness or affection aural the Op-ed article. Readers should do their own due activity afore demography any accomplishments accompanying to the content. Bitcoin.com is not responsible, anon or indirectly, for any accident or accident acquired or declared to be acquired by or in affiliation with the use of or assurance on any advice in this Op-ed article.
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