Those who think Bitcoin is not following a monetary (reserve asset) adoption pattern should note the uncanny pattern in the Bitcoin chart which matches the adoption pattern of gold after Nixon ended the Bretton Woods accord:
EDIT: some more discussion of Armstrong below, but first: Bitcoin Could be ‘First Worldwide Currency’: NYSE Owner
Armstrong's latest document on the greatest trade of the century appears to state that Bitcoin has potential in being utilized by states so long as they can make use of tracking mechanisms, but still misses the competitive nature of its adoption among them.
He is still idolizing the power of the nation-states. Has not yet realized what time it is. The nation-state's time is coming to an end. We are moving to the 10 kings in the Bible, i.e. the 10 regional economic zones. NAFTA, EU, Asian Union, etc.. Clear as day that is what is happening.
And here he is again totally duped by the inept and corrupt IMF:
Discussing Armstrong’s recent Orlando conference:
Armstrong mentioned the Knowledge Age explicitly during the session on Economic Revolutions. He also stated that he cannot predict things like Microsoft or IBM's Lotus productivity suite, but continues to take jabs at crypto as though he can. It is obvious that he views crypto in the same light as coins or static database entries.
He also explains away any crypto takeover as an impossibility because governments will not accept a great to their power; I do not have any way of pointing out to him that every current crypto is vulnerable to government control and grants them ultimate control & tracking capabilities greater than existing systems by far.
Armstrong also mentioned the fact that the dollar wound up as reserve currency largely by default since there were no other options after WWII - it was the only viable unit and no others were trusted by multiple nations. Yet he thinks the IMF is more likely to be trusted by multiple nations to provide a universal reserve currency..
It's not only that crypto provides greater tracking and transparency than physical cash (as a benefit to governments in one respect), but more importantly that the IMF is not trusted at all (such as by China, Russia, or Iran) because it is controlled by for example the USA. Bitcoin is stepping into the power vacuum vacated by the dollar as it grows too strong and crashes the global economy (Armstrong's short dollar vortex underway because everyone was borrowing in dollars due to low interest rates) because there is no other asset that can be the de facto reserve currency.
Most importantly it is precisely because Bitcoin is not controlled by anybody (in theory at least although I know that Rothschild controls it behind the curtain, nobody can prove that) that it will be the only asset
that by default can be accepted by the all nations. They will not overtly accept it but de facto it will be accepted by the process of elimination and jurisdictional arbitrage.
Armstrong things governments can individually ban crypto, but they can't because (high net worth) individuals can do jurisdictional arbitrage. You and I are not the only people planning to give up our U.S. citizenship. The wealthiest man in France already did. And one of the Google founders moved himself to Singapore a few years ago.
Even China's ban is a joke. The citizenry go around the ban as they wish.
Amazing that Armstrong is using my terminology "Knowledge Age" which I first wrote about in my seminal essay in 2013 and which I had been emailing him about all these year.
Armstrong will of course be wrong.
---------------------------- Original Message ----------------------------
Subject: Armstrong's Pi day marks bottom of Bitcoin flash crash and other important events
From: "Shelby Moore"
Date: Wed, November 21, 2018 5:24 pm
To: armstrongeconomics@gmail.com
How much longer will it take for Armstrong to realize that Bitcoin is inseparable from globalization. Not only was Bitcoin the only other asset (other than USD and U.S. stocks) that broke out from downtrend on July 12, but we can see it is bottoming with a probable ATH in volume on the week of the Pi turn date:
https://busy.org/@anonymint/re-anonymint-most-important-bitcoin-chart-ever-20181115t203603758z
This indicates that as the other Pi day events (see link above for a list of them) which are essentially the death of the current USD reserve currency and nation-state regime and moving towards multi-lateral regional hegemonies globalization (e.g. China can displace the US Navy in the South China Sea because closer to supply lines), Bitcoin is bottoming and preparing to continue to rise to take its place as the global monetary reserve currency to replace the old regime circa 2032 or earlier.
Remember Bitcoin is following the monetary adoption pattern of Gold since Nixon closed the gold window
Everyone, do not forget this post which has the chart and further explanation (including an explanation of why Armstrong is incorrect about nations banning Bitcoin):
https://busy.org/@anonymint/re-anonymint-most-important-bitcoin-chart-ever-20180912t173804376z
Archived here:
Please show that chart comparison (to gold's rise after Nixon) to Armstrong at his Orlando conference.
That is very clear evidence that Bitcoin is part of the globalization
phenomenon and end of the nation-states era as we head into the 10
economic unions regions (Kings in Revelation) era.
In fact, no nation has yet banned Bitcoin blockchain transactions. They have only banned exchanges. Bitcoin is legal in every nation on earth. Even Bolivia which has banned cryptocurrency, actually has not banned sending transactions to the blockchain. Armstrong needs to stop being so sloppy in his understanding of the facts around Bitcoin.
Any thoughts on current BTCUSD move?
FYI : Craig W is starting to threaten with a segwit attack again