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1/ Dear @bankofengland, FAO Andrew Baily.
I've just read Andrew's interview regarding #Bitcoin
for @thisismoney, where he says digital currencies will fail as businesses, consumers and regulators look for digital currencies which are "stable, safe and well-designed."
I've just read Andrew's interview regarding #Bitcoin
for @thisismoney, where he says digital currencies will fail as businesses, consumers and regulators look for digital currencies which are "stable, safe and well-designed."
2/ I think Andrew does not understand why #bitcoin is so successful.
Firstly #bitcoin is stable, safe and well designed.
The best part is the design of its monetary policy, a design which is a response to the policies of central banks such as the @bankofengland.
is so successful.Firstly #bitcoin
is stable, safe and well designed. The best part is the design of its monetary policy, a design which is a response to the policies of central banks such as the @bankofengland.
3/ Let's look at your Twitter profile as a reference point, where you state you work to ensure:
- Low inflation
- A stable financial system
The reason people like I hold #bitcoin is that low inflation is not enough, with #bitcoin we are targeting no inflation.
- Low inflation
- A stable financial system
The reason people like I hold #bitcoin
is that low inflation is not enough, with #bitcoin we are targeting no inflation.
4/ Inflation is a hidden tax on our savings, punishing those who work hard to be able to save and prudent enough not to spend it all.
I assume your second point of a stable financial system is a joke, good one. You are the bank of the government, the most irresponsible spender.
I assume your second point of a stable financial system is a joke, good one. You are the bank of the government, the most irresponsible spender.
5/ Despite the incompetent behaviour of successive governments you continue to lend them money. My bank would not lend me money under such circumstances.
@RishiSunak appears to be a lovely fella but he has saddled our country with levels of debt not seen since the 60's.
@RishiSunak appears to be a lovely fella but he has saddled our country with levels of debt not seen since the 60's.
6/ Rishi will be okay though, he works for the government, the employer of last resort and his wife has a few quid, but those people facing the burden of paying back this debt will suffer, whether it is through higher tax or inflation (we are wise to this trick).
7/ The UK government debt to GDP level is now over 100% and this is set to rise further.
135% is the event horizon for which 51 of the last 52 countries to hit this level has seen a currency devaluation. https://www.ft.com/content/57974640-8bea-448c-9d0b-32f34825f13e
135% is the event horizon for which 51 of the last 52 countries to hit this level has seen a currency devaluation. https://www.ft.com/content/57974640-8bea-448c-9d0b-32f34825f13e
8/ #bitcoin exists because of people like you. It was born in the 2008 financial crisis after your second bailout of the banks.
Us who #bitcoin use it as a hedge against yourselves and @RishiSunak, it is how we protect ourselves because it is so well designed.
exists because of people like you. It was born in the 2008 financial crisis after your second bailout of the banks.Us who #bitcoin
use it as a hedge against yourselves and @RishiSunak, it is how we protect ourselves because it is so well designed.
9/ You also said "'Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No, I don't think we're there yet."
Sorry, you are wrong, we have and it is called #bitcoin. We aren't interested in your CBDCs or Great Reset.
Sorry, you are wrong, we have and it is called #bitcoin
. We aren't interested in your CBDCs or Great Reset.
10/ Clearly you are thinking with regards to the @bankofengland, Boris and Rishi.
If you would like a cuppa where I can explain #bitcoin from the perspective of the people then give me a shout. I am just up the road in Bedford.
Love Peter x
If you would like a cuppa where I can explain #bitcoin
from the perspective of the people then give me a shout. I am just up the road in Bedford.Love Peter x
