BEWARE PAPER BACKED BY BITCOIN!!! Bitcoin is money as gold is money. Currency always starts with money backing, then the paper currency politically loses the backing, for the kids or to stop terrorism or some other BS, and then we're fucked all over again with tyranny. Tyranny goes hand in hand with corrupting, insidious banks and their fractional reserve fraud!
I feel it's important to note here the distinction between a
bank-note, which is an "I owe you" from some central organization - and a
paper wallet, which is actual money on the blockchain.
Good catch!
Yes Bank Notes are evil incarnate. Paper wallets to back up your bitcoins are awesome and required!
But as to my warning.
We may see a bait and switch type tactics. Where Bitcoins are declared legal. Then within 10 years time, new legal tender laws are being written and passed "to protect consumers". These laws will allow "banks" to issue paper notes backed by bitcoin. People just keep losing their coins and paper currency backed by bitcoin will allow us to make them whole, and allow wise phDs to direct the conomy and BS BS BS. Next thing you knew bitcoin has been relegated to the monetary dustbin like gold. Meanwhile we are all enslaved by it's substitute, inked toilet paper and its infinite clones, now with Satoshis face instead of Georges. Same old Same old if we don't learn.
BEWARE BANK NOTES BACKED BY BITCOIN! Fractional Reserve lending will rear its ugly head any time a paper note is substituted for the real thing, and circulated as if it's the real thing.
*I AM NOT DISCUSSING PAPER WALLETS HERE, PLEASE BACK UP YOUR BITCOINS ONTO A PAPER WALLET IN ADDITION TO WHATEVER OTHER METHOD YOU USE*
