Become a fan of Slashdot on Facebook

 



Forgot your password?
typodupeerror
×
Bitcoin China

Peter Thiel Calls Bitcoin 'a Chinese Financial Weapon' (bloomberg.com) 115

Peter Thiel is "pro-crypto" and "pro-Bitcoin maximalist," but he also thinks the cryptocurrency may be undermining America. From a report: Thiel, the venture capitalist and conservative political donor, urged the U.S. government to consider tighter regulations on cryptocurrencies in an appearance on Tuesday. The statements seemed to represent a change of heart for Thiel, who is a major investor in virtual currency ventures as well as in cryptocurriences themselves. "I do wonder whether at this point, Bitcoin should also be thought [of] in part as a Chinese financial weapon against the U.S.," Thiel said during an appearance at a virtual event held for members of the Richard Nixon Foundation. "It threatens fiat money, but it especially threatens the U.S. dollar." He added: "[If] China's long Bitcoin, perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works."
This discussion has been archived. No new comments can be posted.

Peter Thiel Calls Bitcoin 'a Chinese Financial Weapon'

Comments Filter:
  • Everyone else calls Peter Thiel a Nazi fucktard.
    • Wow. Leading with an Ad Hominem attack. That's unusually inventive.

      And predefining 'everyone else', kudos.

      • Re:In other news (Score:5, Informative)

        by spun ( 1352 ) <loverevolutionary@@@yahoo...com> on Thursday April 08, 2021 @12:28PM (#61251502) Journal

        Oh come now, the fact that Peter Thiel is a Nazi fucktard is completely relevant to this discussion. Allow me to quote this shitstain for you:

        "I no longer believe that freedom and democracy are compatible The 1920s were the last decade in American history during which one could be genuinely optimistic about politics. Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women—two constituencies that are notoriously tough for libertarians—have rendered the notion of "capitalist democracy" into an oxymoron In our time, the great task for libertarians is to find an escape from politics in all its forms Because there are no truly free places left in our world, I suspect that the mode for escape must involve some sort of new and hitherto untried process that leads us to some undiscovered country; and for this reason I have focused my efforts on new technologies that may create a new space for freedom. " ---Nazi Fucktard, Peter Thiel, on why rich people like himself should rule over you peons with an iron fist.

        Now I know that will make some of you love him even more, but most of us realize exactly what he is and what he wants to do to us.

        • Nazi Fucktard, Peter Thiel, on why rich people like himself should rule over you peons with an iron fist.

          It seems to me that what he is saying is that he and the other Nazi Fucktards should leave and go live somewhere else.

          I don't see any problem with that. Everyone should have the freedom to leave. Perhaps they can go to Galt's Gulch.

          • Re:In other news (Score:5, Insightful)

            by spun ( 1352 ) <loverevolutionary@@@yahoo...com> on Thursday April 08, 2021 @01:53PM (#61251898) Journal

            Yeah, except he is actually working to fuck over democracy, world wide. He's one of the most evil men currently alive.

            He doesn't just want the freedom to leave, he wants the freedom to oppress. Do you think a billionaire like Thiel would be comfortable without servants? It's pretty obvious that he just wants the right to whip them when they get uppity. Like Peter Thiel would ever farm, or work manual labor. No, he wants a sea-steading kingdom where he can make all the rules and take advantage of the poor and desperate. Like he'd ever give them a chance to leave once he had them in his clutches, lol.

            • Re: (Score:3, Insightful)

              Thiel just pushes libertarianism because then he ends up the effective ruler of such a society as he has all the wealth. Everyone will be 'free' to do what they want, but if they want any food, they will have to service the whims of the guy with all the wealth - and he will be able to ask them to do whatever he wants because *libertarianism*.

              It's the sort of thing a spoilt teenager would dream up.

              • by spun ( 1352 )

                "It's the sort of thing a spoilt teenager would dream up." Yep, that's libertarianism for ya.

        • Where is the Nazi part of what you just posted?
          • by spun ( 1352 )

            Why, you're right. Thanks for pointing it out, Nazi's were far too liberal for Thiel. He wants absolute autocracy, with himself as supreme leader.

        • ---Nazi Fucktard, Peter Thiel, on why rich people like himself should rule over you peons with an iron fist.

          Now I know that will make some of you love him even more, but most of us realize exactly what he is and what he wants to do to us.

          Why do Lefties continually have to demonstrate their inability to use their brains?
          None of what you concluded logically follows from the quote. But I'm sure you don't care. Strawmen R US!

          • by spun ( 1352 )

            What I conclude is that anyone who hates democracy is a traitor to our country and all it stands for. Do you hate democracy? Yeah, I think you do.

            You are not better than the rest of humanity, and you do not deserve a position above the rest of us.

            • What I conclude is that anyone who hates democracy is a traitor to our country and all it stands for. Do you hate democracy? Yeah, I think you do.

              As I said, lefties have no brains. You don't have to keep proving the point.

  • Ruining America? So who has the biggest collection of miners?

    • Ruining America? So who has the biggest collection of miners?

      The beneficiaries of mining are not often co-located with the mining operation.

      There are huge Bitcoin mining operations in Iceland because of the low electricity prices. But nearly all of the profits go to nonresident foreigners.

  • by WorBlux ( 1751716 ) on Thursday April 08, 2021 @11:44AM (#61251308)

    Theil's likely taken a short position on it now.

    But bitcoin is a danger to all current fiat and banking stystems based thereon. But the cat is out of the bag, and it's a nationality-nuetral cat. The biggest danger to the dollar comes from the U.S. government itself with endless stimulus and vast amounts of unfunded liabilities.

    • Re: (Score:2, Insightful)

      by JeffSh ( 71237 )

      if you read the article, what he's doing is he's spreading FUD into leadership basically saying "china is into bitcoin, and if they are alone, then it's a financial attack on the USD. What are you going to do, united states? are you on the sidelines? cause the solution here is to get into bitcoin pronto as a future store of value"

  • Also just a tool for criminals. Always has been, always will be. Right up there with 'UBI' bullshit.
    Seriously when are people going to learn?
  • by istartedi ( 132515 ) on Thursday April 08, 2021 @12:02PM (#61251366) Journal

    In macroeconomic theory, what it the likely impact on a global economy of N fiat currencies when you go to N+1 fiat currencies? Bitcoin guys can quibble, but that's essentially what it is. This is not a rhetorical question. I'm not certain of the answer but it seems like the rise of BTC is absorbing some of the money we've pumped in to the economy which is good from an inflation-control perspective.

    I'm inclined to think that the addition of these things is mostly neutral in the long run, although a crash in crypto could have the same kind of impact that a crash in real estate does (or anything) if it becomes a widely held asset.

    Chinese financial terror weapon though? Not likely.

    A long time ago I speculated about something I called "the theoretical non-product". It was an idealized version of something useless the economy created in order to get around the fact that all of our essential and desirable needs have been met, but the economy has not re-organized in to a post-scarcity system that effectively satisfies all our needs.

    Bitcoin is about as close to the theoretical non-product as I've ever seen anything come. NFTs too, perhaps even moreso.

    • Fiat currencies (Score:5, Insightful)

      by Immerman ( 2627577 ) on Thursday April 08, 2021 @01:12PM (#61251722)

      I suspect you misunderstand what a fiat currency is. Many people think it means "currency that only has value because we agree that it does" - but that's true of *every* currency, not just fiat ones. Even if we used gold coins or diamonds based on their actual value - there's so much of the stuff in storage and circulation that if we instead only used them for the industrial and decorative applications where they have "real" value, they would be worth only a tiny fraction of their current value. Their market value is determined entirely by perceived value, not practical value.

      Fiat currencies have two big defining traits:
      - They're officially recognized by the government as legal tender (e.g. if someone owes you money, they can insist on paying you in dollars, even if you would rather have gold)
      - They are not backed by any commodity, so more can be produced at will to suit fiscal policy (though there will probably be unavoidable inflation as a result)

      Neither of which is true of Bitcoin. Bitcoin is more akin to a useless commodity. It has zero value except as a currency, but new Bitcoin is produced at a predictable rate that will not change without widespread agreement among a lot of different stakeholders with conflicting interests. No one in the world can decide "okay, I'm going to start printing 1,000,000BC per day to pay my debts - none of the other stakeholders would agree to allow that as it would devalue their holdings. Whereas any government in the world could do so with their own fiat currency, and most do to some degree.

      • I think you also fail to understand the most important element of fiat currencies, that they're backed by debt. It is not true -- in healthy currencies, at least -- that the government can simply "print" more currency, and it's certainly not what happens with dollars.

        The first thing you need to recognize is that the government does not create money, the banking system does. The Federal Reserve Bank is an obvious candidate for the source of money, and it does create some, but not very much. The vast majori

  • by SuperKendall ( 25149 ) on Thursday April 08, 2021 @12:05PM (#61251380)

    He says of Bitcoin: "It threatens fiat money, but it especially threatens the U.S. dollar"

    Bitcoin is not strangling USD, the US government is wholly responsible - and we are talking actions for decades now, across both Republican and Democratic control.

    Bitcoin is a response to actions of governments around the world, that have weakened fiat currency everywhere. Governments are busy printing unlimited cash, Bitcoin has a fixed amount possible to exist. Governments everywhere constantly are ratcheting up the tracking of money, limitations on what you can use cash for and how much... BitCoin has no restrictions at all, and needs no intermediaries to send to someone else. Here in 202 it might be 2-3 days before a wireless transfer goes through, it will be minutes with BTC or BCH.

    • Not a fan of MMT, are you? Not that I disagree.

      But Bitcoin, ultimately being finite, is more like a metal than a currency. It will be fun when mining is 'completed'.

      • Not a fan of MMT, are you? Not that I disagree.

        It seems like even if someone were a fan of MMT (which you guessed right, I am not), how could they argue the money printing does not weaken USD? They just don't care if it gets weaker, since they can print more.

        But Bitcoin, ultimately being finite, is more like a metal than a currency.

        I see what you are saying there and currently it's treated more as a metal than currency I suppose, but if enough people use it as currency, it is also currency... the way silve

        • by ceoyoyo ( 59147 )

          Modern monetary theory posits that adding money to the supply does not cause inflation (thus "weaken" the currency) provided there is still significant unemployment. It has nothing to do with not caring because you can print more. Perhaps you're confusing MMT with Desperate Dictator Monetary Theory (DDMT)?

    • by mjtaylor24601 ( 820998 ) on Thursday April 08, 2021 @12:40PM (#61251554)

      Bitcoin has a fixed amount possible to exist.

      Many economists will argue that's actually a detriment for a currency not a benefit. Others may disagree.

      Governments everywhere constantly are ratcheting up the tracking of money, limitations on what you can use cash for and how much... BitCoin has no restrictions at all

      The BitCoin ledger provides more comprehensive tracking of who's spending what than any Government program I'm aware of. And Government restrictions on what you're allowed to spend money on will still (likely) apply to BitCoin transactions. Using BitCoin rather than a bank transfer might make it harder for the government to catch you breaking those rules (although using BitCoin rather than cash might actually make it easier for them) but it doesn't mean the rules cease to exist.

      and needs no intermediaries to send to someone else.

      BitCoin requires lots of intermediaries to send to someone else, namely all the people running nodes in the network. Just because there's no single, centralized authority doesn't mean no one else is involved.

      Here in 202[1] it might be 2-3 days before a wireless transfer goes through, it will be minutes with BTC or BCH.

      Yes but if I walk up to the cash register with a ten dollar bill the transaction can be completed in seconds.

      • by trawg ( 308495 )

        Yes but if I walk up to the cash register with a ten dollar bill the transaction can be completed in seconds.

        I am not sure what the GP post meant by "2-3 days before a wireless transfer" goes through - what's a "wireless transfer"?

        But I would note in Australia we have tap payments that take a matter of seconds to process. I can also send money from bank to bank and it will clear in a matter of seconds. I would say that's faster for me now to use "wireless" card payment than cash, and cash is a billion times faster than Bitcoin!

    • >Governments everywhere constantly are ratcheting up the tracking of money,

      And yet they can only *dream* of the level of tracking inherent in Bitcoin, where every transaction ever made is a matter of public record, with only the nominal pseudonymity of wallet IDs to protect people's privacy - pseudonymity that's usually easy to strip from an active account by anyone with government-class resources.

    • by hey! ( 33014 )

      For a given value of "strangling". The exchange rates against other currencies has a lot of week to week noise, but over time the dollar is very stable against the yen, euro, canadian dollar etc. That's likely due to the central banks for all of those currencies taking action to avoid dramatic long term swings against the dollar.

      If you look for *evidence* of the US government "strangling" the US dollar, it's hard to find. Inflation has remained moderate for the last forty years, with a brief bout of def

      • over time the dollar is very stable against the yen, euro, canadian dollar etc.

        As I said, all fiat currencies have decided printing endless money is fine. So yes the USD remain stable against other currencies... just not against anything real (like food or lumber).

        t's hard to find. Inflation has remained moderate for the last forty years

        Haven't priced out [fao.org] much of anything recently have ya.

        26% rise in a year for cost of basic food is not "moderate".

        You are probably thinking of the CPI, a wholly artificial

    • BitCoin has no restrictions at all, and needs no intermediaries to send to someone else.

      Of course it does, it requires an unregulated mining network, 80% of which is run out of China. Good luck with that long term, especially as the processing power requires the electricity of a medium sized country to operate.

      Here in 202 it might be 2-3 days before a wireless transfer goes through, it will be minutes with BTC or BCH.

      Only because the US banking system is stuck in the 1980's. Here in Australia we are already 90%+ cashless, with NFC accepted payments through your phone (Apple pay/Gpay etc) which happens in real time and updates your account in real-time. Inter-bank transfers are done in seconds, and it

  • Those major companies that support or buy into it are mostly environmental hypocrites. Paypal, Tesla, etc.
  • by geekmux ( 1040042 ) on Thursday April 08, 2021 @12:17PM (#61251430)

    "...weapon against the U.S.," Thiel said during an appearance at a virtual event held for members of the Richard Nixon Foundation."

    Uh, speaking of weapons against the U.S....the Richard Nixon Foundation?

    He actually made this complaint with a straight face while speaking to the members of the Tricky Dick fan club?

    That's rich.

  • Thiel, yawn (Score:5, Insightful)

    by kschendel ( 644489 ) on Thursday April 08, 2021 @12:17PM (#61251434) Homepage

    I guess I'm not sure why anyone gives a rat's ass what Peter Thiel thinks. Just because he threw some money around doesn't mean that he's capable of logical and rational thought. And given the insane amount of electricity that bitcoin mining requires, it's hard to see much of a real threat.

    • by PPH ( 736903 )

      He's a billionaire. But that's in US dollars, which are dropping like a rock on a Bitcoin basis.

  • Bitcoin, and all crypto for that matter, seem to be doing rather well for the moment.

    Enjoy it while it lasts though because once your government ( your because not everyone lives in the US ) decides to apply full financial regulations to it, ( assuming they don't outright ban it ) that lofty price it's commanding at the moment will drop like a rock tossed off a cliff.

    The only way it won't happen is if your elected leaders are deeply invested within it themselves.

  • If any cryptocurrency is a threat to the global dominance of the USD, it might be China's Central Bank Digital Currency (CBDC). There are many ways it differs from Bitcoin, which are listed in this article: https://www.cnbc.com/2021/04/0... [cnbc.com] Since it functions as a currency controlled by their central bank and offers advantages like almost-instant funds transfer, including cross-border, it could be seen by some as a more attractive and convenient option than trading in USD.
    • That's not a cryptocurrency, there is nothing crypto about it, it's just one of the central banks finally deigning to get on with 21st century. The rest will follow sooner or later. It'll be an major technical improvement, but it doesn't change anything fundamental really, it's not meant to be anything more than an upgrade in how to do accounting on a large scale.
  • ... is a financial weapon in his eyes. China just happens to be the current perceived enemy. imho, of course.
    • Why is this considered over-rated? Mr Thiel is awash in dollars. Anything that threatens that "awash-ness" might be considered to be an enemy by him.
  • Well of course bitcoin was built to undermine and ultimately destroy the global financial system, that has been obvious design feature from the start. And no, China or any other state player obviously had absolutely nothing to do with it, if it works as intended it'll kill yuan just the same as any other currency. Bitcoin is a work of an anarchist genius, it's absolutely insidious in design, knowing it's a danger doesn't really help you prevent it in any way, the entire premise of cryptocurrency is that it'
  • by terrorubic ( 7709666 ) on Thursday April 08, 2021 @02:20PM (#61252014)
    Peter Thiel, this is the feller who keeps a New Zealand passport handy for when the US collapses.
  • Huh? Do people not remember how China already banned banks dealing in Bitcoin [wikipedia.org], ICOS, etc, and plans to not allow new mining projects going forward ?

    China's fallen short of a complete and total ban, but they seem pretty anti-Crypto.

    • by PPH ( 736903 )

      they seem pretty anti-Crypto

      Right up to the point where they created their own [yahoo.com].

      • by mysidia ( 191772 )

        The digital Yuan is more like an appropriation of the technology - they use some of the features of Blockchain but remove the decentralized aspect which is so critical to Bitcoin, etc. So it's basically a Chinese government IT system with some artificial blockchain sprinkled on - making it fragile and subject to easy tampering by the central authority or whoever has access to the central authority's systems.

        The digital Yuan/e-RMB is not related to Bitcoin or other decentralized cryptocurrencies.

        Sure th

  • Interesting bit of history, Musk wanted to replace Linux with Windows: https://www.businessinsider.co... [businessinsider.com] https://www.businessinsider.co... [businessinsider.com]

Arithmetic is being able to count up to twenty without taking off your shoes. -- Mickey Mouse

Working...