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.
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.
ft.com/content/579746…
135% is the event horizon for which 51 of the last 52 countries to hit this level has seen a currency devaluation.
ft.com/content/579746…
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.
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
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