Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Early Bitcoin Investor Trace Mayer Says US Monetary System Is Fundamentally Unconstitutional

by Daily Hodl Staff
October 6, 2019
in Bitcoin
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

ADVERTISEMENT

In an episode of The What Bitcoin Did Podcast, accountant, lawyer and Bitcoin supporter Trace Mayer joins host Peter McCormack to map out the ills of the US monetary system.

Calling it “fundamentally unconstitutional” Mayer says it’s also an egregious violation of human rights.

“It enables confiscation through inflation which is a form of taxation without representation, without due process of law. It erodes the political checks and balances with the power of a purse because politicians can just print and print and print.

And even worse, we try to uphold this concept of central bank independence, as if we want this highly political entity that enables monetary elites to manage the lives of millions of people through interest rates and monetary policy. And we don’t want that to be political? We want them to be independent and insulated from the political process?”

While the Federal Reserve Board and central banks are on one side of the equation, Bitcoin is on the other. Mayer calls it the biggest battle.

“Bitcoin is a massive battlefield of economic war. We’re able to now secure monetary sovereignty in these sound property rights, but also the war is you against you. It’s you against your future self and it’s this concept of time preference.

ADVERTISEMENT

When you don’t have a sound tool like Bitcoin, the hardest money ever invented, it’s easy to spend these digits that are easily created just by CTRL+P by the central bankers. But bitcoins are hard to make more of.”

“Bitcoin is limited in amount by mathematics – in the consensus mechanism, in the cryptography and all this stuff. Just like gold are precious atoms, Bitcoin are precious numbers – these private keys.”

While Mayer doesn’t foresee the collapse of the US dollar or the euro any time soon, he says Bitcoin is the best hard money. McCormack tells Mayer he’s the first and only guest he’s ever had who pegs everything to the price of Bitcoin.

Prepared for the next wave of cryptocurrency expansion and Bitcoin integration, Mayer says he keeps his financial statements in BTC, gold and US dollars.

As for an extreme scenario where the US dollar suddenly tanks, McCormack asks him how he thinks it would play out – would Bitcoin become the unit of account as the dollar is, simply, forgotten?

Says Mayer,

“That’s the multi-trillion-dollar question.”

You can check out more episodes here.

ADVERTISEMENT
Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
  • Everest Receives Crypto Custodian Approval
    February 23, 2021
  • Here’s How Traders Are Staking Crypto Assets Without the Hassle
    February 18, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$46,500.00
$46,500.00
7.87%
Ethereum
$1,476.78
$1,476.78
9.38%
Binance Coin
$221.19
$221.19
10.54%
Polkadot
$30.15
$30.15
9.65%
Cardano
$1.03
$1.03
0.9%
XRP
$0.435229
$0.435229
7.8%
ADVERTISEMENT

Spotlight

  • $8.7 Trillion Asset Titan BlackRock Has Officially Entered Bitcoin Market
    February 18, 2021
  • North American Bitcoin ETF Erupts, Analyst Says It Could Soon Shatter $1 Billion in Assets Under Management
    February 22, 2021
  • Dash Isn’t a Privacy Coin, According to Andreas Antonopoulos
    February 19, 2021
  • Public Companies Will Mirror Tesla’s Bitcoin Investment, Says Wealth Management Exec – Here’s Why
    February 23, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.