The Irony of Asking Central Authority what it Thinks of Bitcoin

Warren Buffet was the most recent authority to come out against bitcoin in a long string of notable wealthy individuals who've already done so.

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He then admits that he doesn't know what he's talking about:

I get into enough trouble with things I think I know something about," he added. "Why in the world should I take a long or short position in something I don't know anything about.

The bottom line is that you have to ask someone else what they think about bitcoin, you aren't prepared enough to use it wisely in the first place. You have to be of the kind of independent nature where you just don't care what anyone else thinks. Don't be a seeker of approval. Bitcoin isn't asking permission. It simply exists and is there for the world's unbanked.

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The technology is an idea and ideas are notoriously resistant to attack, particularly when the code is open source and nobody is in charge. It's very existence is anathema to the idea of authority. As long as there's two individuals running bitcoin mining hardware in the world, there will be bitcoin. Maybe nobody else cares, but it doesn't either.

The banking institutions of the world see nation-less cryptocurrencies as a threat to their monopoly on issuing fiat. It is a threat to their power base because if it replaces national fiat, the value of that national fiat currency goes to zero. Most of the worlds governments compound their problems by inflating their currency to the point that it's only worth a small fraction of itself every generation or so, which causes an equity drain into a currency with a superior store of value.

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Change isn't coming because Americans want crypto; it's coming because the 5.5 billion of the worlds underbanked and unbanked will use it because bankers have excluded them through their system of the law enforcement of money which includes KYC (Know Your Customer), AML (Anti Money Laundering) and CTF (Control of Terrorist Financing).

Authority doesn't see the 5.5 billion of the world that is in poverty. They will have phones worth a dollar using a free Mycelium Wallet which will allow them to do remittances putting Western Union and others that charge a 15% transaction fee out of business.

(source - Andreas Antonopoulos)

You can't ask authority what it thinks because it can't see its own demise. The hour of its death is hidden from it.

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