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  • user warning: Table './conserva_drupal/cache_filter' is marked as crashed and should be repaired query: UPDATE cache_filter SET data = '<p>CURRENCY: November 6, 2019</p>\n<p>House members summoned Facebook&rsquo;s Mark Zuckerberg to Washington, D.C., and grilled him &mdash; harshly &mdash; about his plan to create a new currency, Libra.<br />\n &ldquo;Why should we trust you?!&rdquo; asked Congressman Mike Doyle.</p>\n<p> I LIKED it when Zuckerberg said, &ldquo;I actually don&rsquo;t know if Libra&rsquo;s going to work, but I believe that it&rsquo;s important to try new things.&rdquo;<br />\n He was right. That&rsquo;s very important.<br />\n The Libra would make it easier to transfer money anywhere in the world. It also promises stability. Its value would be based on a basket of currencies from different countries, which would protect Libra owners from inflation in any one country.<br />\n It&rsquo;s an idea that deserves a try.<br />\n But it may never be tried because the clueless politicians&rsquo; threats of punitive regulation scared off many of its supporters.<br />\n Politicians want to crack down on Libra &ldquo;because they&rsquo;re threatened by it,&rdquo; says tech reporter Naomi Brockwell in my new video. &ldquo;This is going to be competition for the U.S. dollar. Government doesn&rsquo;t like competition.&rdquo;<br />\n Governments also like to control any money that we might use.<br />\n &ldquo;Want to send money to Russia to a family member; it&rsquo;s going to be censored. You want to send money to a relief effort in Venezuela; it&rsquo;s going to be censored,&rdquo; says Brockwell. But if you use a cryptocurrency like Libra or Bitcoin, &ldquo;your money will get through. That&rsquo;s an incredibly powerful tool that gives people the freedom to spend their money where they want to spend it.&rdquo;<br />\n Bitcoin is harder to stop than a currency like Libra would be because Bitcoin doesn&rsquo;t emanate from one company or government mint. There&rsquo;s no one owner of Bitcoin or most other cryptocurrencies.<br />\n &ldquo;It is the first currency that is decentralized,&rdquo; Brockwell points out. &ldquo;That&rsquo;s why it&rsquo;s still around, because they haven&rsquo;t been able to have these hearings, haven&rsquo;t been able to call the CEO of Bitcoin and say, &lsquo;cease and desist!&rsquo; There is no server to unplug, no company to shut down, no CEO to throw in jail, so it persists! That&rsquo;s really exciting.&rdquo;</p>\n<p> DIGITAL currencies &ldquo;live&rdquo; on thousands of individuals&rsquo; computers, so no government can stop them by pressuring any one company.<br />\n That&rsquo;s a reason they&rsquo;re valuable.<br />\n When Bitcoin started, it was worth virtually nothing. But two years ago, the price of one bitcoin reached $19,891. Then it crashed to $3,192. As I write, the price is $9,390.<br />\n That volatility deters many people from using Bitcoin as money, but to those of us who don&rsquo;t trust governments, Brockwell points out: &ldquo;It is the only suitable money for free people.&rdquo;<br />\n Of course, many disagree.<br />\n &ldquo;I think it&rsquo;s a gigantic classic pump and dump scheme,&rdquo; says investor Peter Schiff. &ldquo;There&rsquo;s nothing to give Bitcoin value.&rdquo;<br />\n It&rsquo;s &ldquo;a bubble,&rdquo; vulnerable to attacks from governments. &ldquo;They can get banks and financial institutions to make it very difficult for Americans to use it.&rdquo;<br />\n Schiff doesn&rsquo;t claim we should count on dollar bills because he doesn&rsquo;t trust politicians either. He suggests people buy gold to hedge against politicians&rsquo; irresponsibility.<br />\n &ldquo;Gold has worked for thousands of years,&rdquo; says Schiff. Unlike Bitcoin, &ldquo;gold has actual value. A huge industry needs gold: jewelry ... consumer electronics, aerospace and medicine.&rdquo;<br />\n I&rsquo;ve hedged against the dollar by buying both gold and Bitcoin. My Bitcoin investment did better. But Schiff says I&rsquo;m a fool if I don&rsquo;t sell it now.<br />\n I don&rsquo;t know which way prices will move. But I know that it&rsquo;s good to have alternatives to government-created currencies. The dollar&rsquo;s value is only backed by politicians&rsquo; promises. I sure won&rsquo;t trust those.<br />\n Even when currency is stable, government can use its power over currency to censor people.<br />\n &ldquo;The government decided that they didn&rsquo;t want WikiLeaks to receive donations, so they froze transactions,&rdquo; observes Brockwell. But they couldn&rsquo;t stop Bitcoin.</p>\n<p> SHE SAYS government has had &ldquo;a monopoly on the money supply for a very long time, and now consumers finally have a choice. You can send bitcoin peer-to-peer to someone on the other side of the world almost instantly at very low cost, and it can&rsquo;t be censored. That&rsquo;s incredibly powerful.&rdquo;<br />\n It is.<br />\n Alternatives to government monopolies are very good things.</p>\n', created = 1575790960, expire = 1575877360, headers = '', serialized = 0 WHERE cid = '2:8239988a35e1c9ecb1fb9d8bc74715cf' in /home/conserva/public_html/includes/cache.inc on line 112.
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Set money free

CURRENCY: November 6, 2019

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