Topic: [2021-02-23] Yellen sounds warning about ‘extremely inefficient’ bitcoin - page 2. (Read 318 times)

Just had to post this. Between fits of deep belly laughter.

Just days after this felon Yellen states that bitcoin is “extremely inefficient” - the entire federal reserve payments platform goes down:

https://www.dailymail.co.uk/news/article-9296385/Entire-Federal-Reserve-payment-CRASHES.html

Oh the irony. Karma's a bitch eh?

Anyone notice Bitcoin payments crash lately? No? LULZ

Let's print paper Bitcoins and begin exchanging them offline.The energy costs will be zero,so fiat bankers like Janet Yellen and all the Bitcoin haters will stop whining about energy consumption and "transaction inefficiency".
Fiat paper money fans love paper money,so I guess that they will shut up,if we turn Bitcoin into paper money.
They won't shut up about illicit finance and BTC being used for illegal stuff,so I can't find a solution about this problem.

Kakmakr, it’s amazing that someone just shows up literally half a meter away from some high-ranking official and does something like this - so hasn’t anyone learned anything from the lesson “how Congress is occupied” in a country boasting of having a top level of security at all levels?

I have to admit that when I first saw the picture, it seemed to me that someone was playing with photoshop - because I’m almost certain I’ve seen that person somewhere before - but the whole thing is actually completely real because there’s a video of the whole event.

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Some may have thought that some things would change with the arrival of the Biden administration, but some things have their continuity, no matter who was in the White House. People are appointed to positions because of their attitudes toward someone or something, and this lady deserved her chair because of her attitude toward cryptocurrencies. I find it very indicative that in a very short time she was commented on the topic of Bitcoin several times, which was definitely not the case during the previous administration.

A women scorned..... Read this ----> https://www.cnbc.com/2017/07/12/someone-held-up-a-buy-bitcoin-sign-during-yellens-testimony-to-congress.html

Janet Yellen will never forget this embarrassment on national television and revenge is clearly on her agenda now... It is such a pity that petty things like this can come in the way of progressive technology.

She will never support Bitcoin and she is also old school (Fiat slave) ... so even if this event never happened, she would still not be in favor of Crypto currencies. (A puppet placed in that position to serve the Fiat Puppet masters)  

Despite all the scaremongering.. Bitcoin continues to trade above the $50,000 level. Rather than attacking Bitcoin all the time, Yellen and the rest of the reptilian overlords must think about the falling purchasing power of the US Dollar. They should analyze why people are not preferring the USD to store their wealth. I am still waiting to see how the latest $1.9 trillion stimulus is going to turn out. Let's see what impact it is going to have on inflation.

I agree with this woman on only two well-known points. One, Bitcoin is really inefficient in terms of how speed a transaction can be done at least compared to Visa or Mastercard and there can be a problem with network congestion plus increasing confirmation fees at a time when there is a big volume of transactions - these are the things that Bitcoin has to improve a lot. However, people are using Bitcoin not really as a money but as a store of value like the physical gold so maybe for now there is no major issue here. Two, the mining of Bitcoin is costing us a big chunk of energy, so there is a big challenge to find an alternative technology that can lower the power requirement. I am looking at Bitcoin as a work in progress therefore we should be prodding developers to be more creative and use their ingenuity to make Bitcoin more modern and more efficient.

"Efficiency" is a term that requires that one first define what one wants to accomplish.  If the goal is to have a hidden 2-200% tax on people so that you can enrich and empower yourself and your cronies, then fiat is certainly efficient.  If your goal is to destabilize governments and countries by not having an objective standard of value, then fiat is efficient.  If your goal is to maintain power over everyone alive by controlling their money supply, then fiat is definitely efficient.  If your goal is slow, reversible transactions (months for credit cards), then fiat credit cards are quite efficient.  If your goal is to undermine liberty, the fiat is quite efficient. If your goal is to shuffle bills around in armored trucks, and allow some control-freak bureaucrats to control the supply, then it is efficient.  If your goal is to require huge vaults, printing presses, special paper, and all kinds of other things, fiat is extremely efficient.

Alternatively, if your is to protect yourself from confiscation, protect yourself from inflation, protect your privacy (more so with taproot and other privacy improvements), and in general provide an avenue for liberty worldwide, then bitcoin is extremely efficient.

In short, Yellen has motives that do not involve liberty or freedom, but involve power and control.

Next it will be: think of the children, watch out for extremists etc.

Sure, if max volumes coming from ... oh

https://amycastor.com/2021/02/23/ny-ag-tether-bitfinex-settlement-reveals-commingling-of-funds-years-of-shenanigans/

She could consider Bitcoin transactions as extremely inefficient, you could really be wondering how they come up with it if she just compares it to the current system transactions. We have heard of this kind of warning before, they are telling it over and over again but this time she made sure, its timing where the market is doing a correction. This is more like a Fud.

Translation: "We are still desperately scared about Bitcoin's existence and we're taking our last few possible steps to try our best to make people focus on anything else but what we can't control".

I'd bet a grand at least 5% of every government and authority owns cryptocurrencies. They're decades ahead of us with the tech behind the scenes and they know this is uncontrollable.

Establishment talking points:

Bitcoin is "used for illegal activities"
Bitcoin is "not green"
Bitcoin is "risky"
Bitcoin is "volatile"
Bitcoin is "a bubble"

etc. etc.

They will be spouting these and others more and more as they see people moving away from their currencies as a store of value and embracing something else.

Bitcoin is not a threat to the utility of fiat currencies.  We need them for day to day transactions.

Bitcoin is a threat to their control of the economy through their manipulation of their currencies.

Yellen's agenda towards bitcoin is right now very clear. Every time she publicly speaks about she tend to remind the public that bitcoin is used mostly in illicit ways and today she is adding spice to the recipe saying that it is also an inefficient transactional network.
All good, let her talk.

Yellen seems to be butt hurt about the Bitcoin guy who photobombed her a few days back. And regarding the efficiency of Bitcoin with regards to conducting transactions, there are both positives and negatives. Positives include the ease at which Bitcoin can be transacted across the international borders, added anonymity and low transaction fee for high volume transactions. Now talking about what Yellen mentioned, scalability is the biggest issue that is regarded as one of the drawbacks.

But usage of Bitcoin is out of personal choice. People are using Bitcoin, because they don't trust fiat currency. Whether it is efficient or inefficient doesn't make much impact on the choice. When trillions worth of US Dollar banknotes are printed without any limit, citizens are concerned about how to protect their wealth.

Key points:

• Treasury Secretary Janet Yellen on Monday warned that bitcoin is an “extremely inefficient” way to conduct monetary transactions.
  
• She spoke as the cryptocurrency’s price tumbled in morning trading, but remained above $53,000.

Source: https://www.cnbc.com/2021/02/22/yellen-sounds-warning-about-extremely-inefficient-bitcoin.html

To say that people buying bitcoin as a transaction mechanism is ridiculous but to say that it is used for illicit finance is even more ridiculous.