Hillary Clinton Talks Bitcoin and Cryptocurrency: Will it Weaken Governments – 248

Hillary Clinton fears Bitcoin will Undermine dollars as World Reserve Currency Former Democrat Democratic presidential Candidate Hillary Clinton spoke about Bitcoin and crypto's ability to weaken Governments I mean That was the point Presidential candidate Hillary Clinton Spoke about Bitcoin and crypto's ability To weaken governments during video panel Discussion at the Bloomberg new economy Forum in Singapore on Friday Hillary warned well it looks like a very Interesting and somewhat exotic effort To literally mine new coins in order to Trade with them has the potential for Undermining currencies [Music] You went all the way She she finally figured it out boys She knows what's happening Oh man Targeting mining specifically here Because why Why What's what's the difference between Mining and staking Can you buy a real world asset and in Return get staked cryptocurrency But Honestly Do you understand

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Do you understand what's going on here Staked cryptocurrency like ethereum or Anything else that's staking requires That you enter into that market through Another currency through a fiat currency Proof of work cryptocurrency does not Require this to participate within proof Of work cryptocurrency you can purchase Any piece of computer equipment and Begin to mine cryptocurrency and Participate within the network and There's nothing anybody can do about it On the banking level or the government Level In describing this rather vague threat To nations in multinational corporations Hillary betrayed the fact That she doesn't know the difference Between Bitcoin and the separate asset Class of cryptocurrencies many Politicians don't the term should not be Used interchangeably Bitcoin assures Anyone with internet access A decentralized permissionless right to Property that cannot be confiscated or Censored by any government no one on the Bitcoin network is forced to choose Between updating their software or risk Losing their wealth it is backwards Compatible Bitcoin is a geographically Agnostic personal Sovereign wealth fund The other thousands of cryptocurrencies Are centralized in largely unregulated Assets whose protocol can be changed at

Any time thus in crypto the threat of Property confiscation persists Bitcoin And crypto are completely different Asset classes I mean I would say proof of work and it depends On the proof of work crypto right but I Would say proof proof of work cryptos And everything else are completely Different asset classes right but as Defined what we've started to find as Far as definitions from the SEC so far Very vaguely is that you know Bitcoin proof of work is a commodity and Proof of stake is of course going to be A security that is loose definitions Right now and probably will be changed It's quite funny though because there Are more stringent rules surrounding Securities And less stringent rules surrounding Commodities as of right now but as we've Seen here recently there has been a Request to increase the funding towards Regulation of Commodities probably Specifically for this in particular and There is definitely an attack Vector on Cryptocurrency going on through Environmental Accusations Therefore when Hillary casually throws Crypto in with her laundry list of Threats to her political and economic Worldview she is categorically wrong Actually I do not think she is I think

She's right And here's the thing that they're Missing yes it's Bitcoin magazine They're going to be biased but if Bitcoin goes away or if they completely Try to block Bitcoin and other Cryptocurrencies spin up and people Decide to participate within that Network that are even just straight Clones of Bitcoin it just becomes a Problem of not being able to actually Regulate once again I equate it to the War on Drugs you're going to spend Billions to trillions of dollars trying To regulate an industry that is Unregulatable right you shut down Bitcoin you have another Bitcoin to pop Up you shut down Bitcoin too you have a A raven coin pop up you shut down Ravencoin you have a Casper pop-up you Shut down Casper you have a radian Pop-up you shut down radian you have a Nexa pop-up and they keep popping up and They never stop popping up you can't get Rid of them all and if people decide to Stop participating Within traditional Finance and decide to start Participating within cryptocurrency There's absolutely nothing you can do About it from a regulation level the Only thing you can really do is say oh You're not allowed to exchange that for X product in our country but if you have An individual Rancher or you know shop

Owner that's like no I'll accept it then You bypass that all together I send money to you you send money to me Why is this such a big deal well it's a Big deal because when we talk about the Levels that they keep bringing down on The people to tax right it's like you Have to report every you know over 600 For the entire year on PayPal or cash App or whatever now has to be reported So hey it's not uncommon to split Lunches for with someone over a course Of a year and have that bill go up to 600 so now not only am I paying The tax or state sales tax for the state Sales tax but I'm also paying the Federal tax on now what is considered Income even though it was just the Splitting of lunch and I didn't even it Gets stupid so what do people do well Hey uh can I pay for half of my lunch in Bitcoin yeah sure done right This is the problem They're trying to get more money and Drain the people of their money and at Some point people start opting out if It's easier for me to send Bitcoin from Me to you to pay for half of my lunch And I don't have to worry about it Ticking away at my report level on PayPal then I'm probably going to be More inclined to do that and it doesn't Just have to be Bitcoin I'm sorry Bitcoin magazine but it doesn't I'm sure

There's probably 20 different people in Chat right now that if I split lunch With them I could say can I send you the Equivalent in Casper and they would tell Me yes Right This is the thing pay attention She's right more than Bitcoin magazine Here cryptocurrencies cannot undermine Fiat currency or nation states outright Because what they offer is fundamentally The same as Fiat which is an asset that Can can and is debased by governance Once again I disagree you're able to Spend these things up like take a very Simple one like Monero right Like that's not going to have the same Problem take Dogecoin not going to have The same problem as a lot of what They're saying here it's kind of funny It's almost as if Bitcoin magazine Wanted to say that Hillary Clinton Clinton is wrong so bad that they took This weird angle thanks for checking out This clip from the crypto mining show You can check out the full episode here Or more crypto content down here also I'd like you to check out my locals page At son of a tech.locals.com where you Can become a member for free or choose To be a five dollar a month supporter That unlocks additional content

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