Arriving on the heels of our last post, we view this story as not just a bad pipe dream, but wonder just how much 1,000 ATMs would cost, in some other money other than Bitcoin, to whatever BIG is attempting to “make money on money” by “coming to the rescue” of the Greek people.
We reiterate: Bitcoin is just another commodity masquerading as money. Bitcoin is NOT money anymore than silver or gold coins were money. There's a lot of things in the world that are not what they claim to be and a lot of people who are not what they claim they are either. That may be the way of the world, but that's no reason to be lulled into believing something is so when it is not so. If one is looking to discover The Truth; the ultimate authority, then one has to dispense with things like wishful thinking, believing in substitutes, the “anything will do” philosophy that robs society and individuals of their ability to distinguish better from the not so good, etc.
To reiterate, money is anything required to split barter between two individuals. To the extent that some commodity is used as this instrument, the instrument is not money and moreover the commodity used actually participates in the trade, thereby changing in some external or arbitrary manner, the terms of the trade. Gresham's Law restated, turned on its head as it were, is a real law. It proves exactly what we have been saying all along; the cheaper the form of money, that form will drive all more expensive forms of money out of circulation. Hence, all attempts to construct some single metal or bimetalic circulating money supply are stupid, lame brained, hair brained, backward and ignorant wastes of time and resources! Gold and silver will always be commodities. Bitcoin, which has fluctuated in price because it is from the outset announced to be a scarce commodity, is proved not to be money either. Please do not fall for any of the stupendously erroneous and irrelevant considerations that apply to “block chain technology” etc. All that is mere smoke and mirrors.
This blog's solution, and this has always been so even though the claim may sound outrageous, is the ONLY real solution that will work today, tomorrow and forever. But it requires people everywhere to recognize certain historical and practical facts and after that to come together and organize to implement the proposal. If one cannot understand that the only money that is real is what a human being issued, not some government and not some bank, then one really doesn't deserve to be anything but a slave to some government or some bank. Bitcoin is no different. What do you think a Bitcoin ATM would dispense? Euros in this case. Isn't that the significant tip off that Bitcoin is just another invention of the same clique that's running everything -and has for many hundreds of years? Get a reality check, people!