This is interesting. Only a very small segment of the U.S. electorate seemingly understands the ramification of a dollar-based central bank digital currency (CBDC) for the USA. There is also evidence the Russian sanctions were created as the starter fuse for the CBDC process.
WASHINGTON DC – […] Crypto-friendly legislation moving through Congress in the last two weeks drew a surprising level of bipartisan support, surfacing household names such as Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi as unexpected allies, while suggesting that crypto skeptics like Sen. Elizabeth Warren may soon be isolated on the issue.
[…] Republicans who were already aligning themselves with the crypto world are leaning into the embrace even further. Former President Donald Trump is increasingly pledging to support the interests of digital asset traders, and he’s starting to accept campaign contributions in crypto. (MORE)
Please Keep this in Mind from MARCH 2022:
“The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values.” (WHITE HOUSE)
That announcement was less than 2 weeks after Russia moved into Ukraine.
I must confess: I do not understand crypotcurrency. Can someone recommend a crypo for dummies source? Thank you.
Me neither…my crazy old lady mind thinks they want to keep my money from me and direct how I spend it. I don’t wonder how they will crash the dollar before hand….
Same here, Aggiegirl. I was under the impression that the Feds would be in control of our ” crypto pocketbooks” and that if they determine I spend too much on Beef and/or pork, they can refuse to approve my “crypro check” at the checkout counter.
Perhaps they will be able to refuse the gas (petrol) pump to give me gas, if I drove too many miles for their liking over the past several weeks.
We, at least I do, need a better understanding of how it will work.
It’s not a crypto pocketbook. It is called a “wallet.”
Gimmee a break. Same thing.
Amazing. You want to understand crypto and when someone gives you information that is fundamental to understanding, you give a snarky ignorant response. You’re a fool.
That’s one difference between crypto and CBCD’s the feds can’t control crypto they can with CBCD’s
Not entirely true, the Feds can show up at the exchanges and get information from the exchanges and ask the exchanges to do other things to make your life miserable. However, they would encounter legal issues in doing so. They just have to work through the courts and other parties. With CBDCs the information is at their fingertips anytime they want it and it can be automated to enforce policies across the country.
They’ll just use some legal maneuver like FISA to get a secret order that allows them to track the exchange and requires the companies to remain silent as to what they’re being ordered to do. No different than social media and others.
Crypto currency and CBDC are two different things.
They are like apples and oranges.
CBDC is run by the Central Bank. (Federal Reserve -think Roths)
Crypto is anonymous and private. Think freedom.
Thank you, Jazzbogie. I’m all for freedom! No CBDC for me.
Jazzbogie: could point me in a direction to a link for dummies? I am serious about educating myself…with the help of friends. For those of you who understand the process my ignorance may seem comical. But seriously, I don’t even know how to ask a question.
You’re not alone. I have no clue.
Imho,maybe look @ thecorbettreport.com archive? seem to remember an episode called crypto x dummies?use the search bar
How many were asked on their taxes about Crypto? I know the questions were small but it signals that you own some. Pretty easy for the IRS to pay visits. So it’s not exactly Anon or Private.
Also if they were to freeze all Commerce off ramps to use or sell Crypto then it becomes worthless.
I wouldn’t say it’s anonymous and private. You have a full ledger of every transaction in the blockchain, so arguably, unlike actual physical cash, you have less privacy. Wallets can be traced back to their owners, and a full record of transactions can be obtained. One needs to wonder what the catch is when banks, politicians, etc. are in favor of it. I fully expect the feds to slam the door on Bitcoin and other coins (after the large banks have positioned themselves away from them), and centralize around Fedcoin using blockchain. Add in the other nasty aspects of CBDC such as time-limited usage (spend it or lose it) and tagging (spend this money on this item exclusively), and you’re still in a bad place from a privacy and liberty perspective. Crypto is no panacea.
In a CBDC system the feds would know everything you spend your money on. Not with Bitcoin. The transactions are anonymous. Your wallet is secured by your broker if you use something like Coinbase. An even more secure way to protect your crypto is with what’s called a “cold storage” or hardware wallet. This keeps the “keys” to your account offline where hackers couldn’t get to them if they tried.
For the uninitiated, there are, below, many fine explanations and points of view which I highly recommend. However, I merely want to make an important clarification, i.e., crypto currencies, also known as digital currencies, are INVESTMENT VEHICLES, LIKE THE PURCHASE OF GOLD OR SILVER AS INSURANCE AGAINST A CATASTROPHIC COLLAPSE OF THE FINANCIAL SYSTEM.
They are not mandatory and are used primarily as investments, and, ULTIMATELY, THEY COULD BE USED IN THE EVENT OF COLLAPSE AS A MEANS OF PURCHASE OR PAYMENT TO BUYERS AND SELLERS WHO ARE ALSO IN THAT SYSTEM– at a time when normal money would be WORTHLESS.!!
On the other hand, a Central Bank digital currency would, depending on how it was phased in, be created for the purpose of replacing the use of cash or checks. And this development would be a mandatory condition for those who wish to operate within the US financial system.
And it is this kind of digital currency which Ramaswami warned Donald Trump about months ago, AND FOR VERY GOOD REASON.
The most important being that it would invert the meaning of ownership of money, thus taking it from citizens and diverting it to the government, and, importantly, WOULD EXIST FOR PURPOSE OF ONE’S USE, IF AND WHEN THE DIGITAL FUNDS WERE USED IN A MANNER CONSISTENT WITH THE VIEWS OF THE GOVERNMENT.
Much, much more needs to be said, but this clarification will at least give you an entree into the whole debate.
It is a line of computer code. No one understands Crypto. That is the plan. You invest in something that you do not understand , created by a mystery man, and in any article or video it is represented by a gold coin.
Crypto for dummies?
How about…
Don’t.
Trust God. Fear not.
Of course.
Search YouTube for “Michael Saylor”. His explanations are good. Bitcoin is basically digital property with a finite limit of 21 million coins. Unlike dollars which can be printed infinitely.
OK. I will do that! Thank you.
Saylor is akin to PT Barnum. “There is no second best.” It is a store of value.
So were the tulips back in the day. So was Madoff. It is a line of code. Buy an NFT at least you get a digital picture you can see.
The finite limit is a scam also. Lets say Bitcoin now is worth $1. That is 21 million Bitcoin and 21 million dollars. Bitcoin goes to $10 and now we have 210 Million .1 Bitcoins worth 210 million dollars. Not too finite to me.
Not all crypto is Bitcoin. And for how long do you really think the privacy will remain intact- if it still is.
https://www.investopedia.com/terms/c/cryptocurrency.asp
Have it booked marked. Will check out tomorrow! Late here.
A good, level-headed source to explain the whole premise of bitcoin and the blockchain, and why it can be a major inflection point for human progress, is Andreas Antonopoulos. You can Duckduck him…lots of youtube stuff and he has written really good and basic educational books about bitcoin. There is an “other side” to bitcoin, as with everything, but one should be careful about which critics one listens to. Many are incorrect in their understanding and some are even delusional for faulty reasons. Jus’ sayin’.
GNanny, everyone ‘investing in’ or dealing with a crypto-currency, has to understand information set out by TheConservativeTreehouse: =
“Let me make one big point resoundingly clear. When the WESTERN Central Bank Digital Currency system begins, all forms of cryptocurrency will be blocked and made unlawful inside the Western zone – either by regulation or by legislation.
Let me repeat this. Cryptocurrency in all forms will be banned.
Crypto is not technically a currency; it is a barter based on trust. However, at a certain point (origination or end) crypto must have the ability to transfer into currency value. Dollars (or another currency) are needed to purchase BitCoin,…. or BitCoin eventually sold or exchanged for Dollars (or another currency). [BitCoin only used as a familiar type of crypto.] This process is where crypto gets blocked.
Ownership of Crypto may not be unlawful, but any effort to use Crypto as an alternate digital currency to exchange value will be unlawful once the dollar based CBDC is launched.
A fully implemented govt controlled central bank digital currency will not allow competition. Alternate digital currency will be banned.
Ultimately, a dollar-based US-Central Bank Digital Currency, ie a “digital dollar,” is about control.
Every transaction has a unique digital fingerprint, and every digital dollar can be traced by the IRS to the digital id associated with it.
There is a BIG difference between electronic funds (current), and a digital dollar (future).
[They Are Coming for Alito and It Has Nothing to Do With Upside Down FlagsMay 19, 2024 | Sundance
***************************
Crypto is ‘Barter based on Trust.’ … In the USA, our some of our politicians seem to express support for crypto currency. … However, we all know some of our >career politicians would sell all of us Americans out for 25 cents. … [Elizabeth Warren seems to favor a central bank digital currency.]
Dealing in Crypto-Currency should be fine for the near future, with people keeping eye on any pending or proposed legislation. … +The ‘big guy pro investors’ seem to have inside information, and typically place any losses on the ‘smaller’ uniformed investors.
Thank you.
I trust SD, but it’s becoming institutionalized. And the more entrenched the heavy hitters get, the more difficult the path of banning it.
https://blog.river.com/52-of-top-us-hedge-funds-own-bitcoin-etfs/
Matt,
or it can be easier. With so much control in a few big hands, they could make a deal with the government, that of course would benefit and enrich those big guys.
Seems to me CBDC is more a threat to other payment systems like traditional bank wires or debit cards or ACH and alternative systems like paypal and venmo. Might actually have advantage in some cases, like buying gold now you have to wait for transaction to clear. Crypto “block chains” based on proof of work integrity like Bitcoin are going to come under increasing attack due to power consumption for computer farms.
I highly recommend listening to this interview to understand Bitcoin and other “cryptocurrencies” — Saylor explains what makes Bitcoin property (not a cryptocurrency) and how cryptocurrencies can enhance Bitcoin.
Thank you.
The paper dollars in your wallet are issued by the Federal Reserve but are guaranteed by the US Government. The US Government promises that those notes are equivalent to actual US Dollars and punishes counterfeiting and bank robbery.
Central Bank Digital currency replaces the paper notes with electronic credits. Those credits would still be issued by the central bank, the Federal Reserve. They would still be guaranteed by the US Government and the US Government will punish attempts to counterfeit digital dollars and thefts of digital dollars.
But instead of finding fake printed paper bills or chasing robbers in ski masks, with digital dollars the Government will need to monitor every transaction, everywhere, every time. They can do that with computers. But they will also be watching what everyone does with every dollar. It is a massive surveillance regime.
Cryptocurrency is not issued by a government. It has no government guarantee. There are many different implementations of cryptocurrency, the most well-known of these is called Bitcoin.
Bitcoin functions according to a set of rules and complicated computer algorithms running on many thousands of computers worldwide. It is designed so no one person or government, corporation or institution can unilaterally control it. The operators of all those dispersed computers are incentivized to do all the work necessary to keep the system running and catch fraud by being rewarded with new Bitcoin. This is an activity called “Bitcoin mining.”
So far Bitcoin has been secure against counterfeiting and secure against being dominated by any government or institution. But the exchange value of Bitcoin relative to Dollars or Euros or other government-backed currencies has fluctuated dramatically. It is also somewhat cumbersome to use and is only accepted by a limited number of people and businesses.
Thank you. This is the clearest and easiest explanation I have ever read.
Both currency and crypto are medium of exchange based upon trust. Similar to gold, silver, beads, salt, tabacco…. And hundreds of other things that have been used as money
“The paper dollars in your wallet are issued by the Federal Reserve but are guaranteed by the US Government. The US Government promises that those notes are equivalent to actual US Dollars and punishes counterfeiting and bank robbery. ”
Not really. The only guarantee is that you can pay your taxes with FRNs.
CBDC Basics – https://www.coindesk.com/learn/what-is-a-central-bank-digital-currency-a-brief-guide-to-cbdcs/
https://www.coinbase.com/learn/crypto-basics
Cryptocurrency is created by banks, so is not government controlled. Central Bank Digital Currency is created by the Federal Reserve. That’s the same group of folks who don’t know what inflation is and can’t do anything about it. You will have a digital ID if we have CBDC, so the Feds will be able to control your bank account, wallet, ATM and any other use you use have for money. Ask yourself, considering what has been done to us in the name of covid lockdowns and the environment, why that control won’t be exercised? Cryptocurrency and CBDC necessarily conflict with each other, so the Feds oppose crypto.
“Cryptocurrency is created by banks”
No. Cryptocurrency is created by creating a block chain, and convincing others to use it.
There’s a book called The Bullish Case for Bitcoin. Start there. Ignore the thousands of alt coins on the market. The only coins that matter are Bitcoin, Ethereum, XRP, and Litecoin. In that order. Good luck.
Don’t mess with any kind of crypto. Especially anything controlled by the feds. There is a much better alternative but it relies on your state legislators. Texas is about two thirds of the way to getting it done. See https://transactionalgold.com/ for a good explanation.
I would say crypto and CBDC are both intended as payment exchange systems. The difference is “ownership” of crypto is managed through something called a “block-chain”, something that is designed to record transactions in a robust manner with no single party controlling the data or access to the data. It is touted as “anonymous”, though of course any record ultimately is traceable. In CBDC a single entity (central bank) manages the record of ownership. Thus controlling that entity also controls the digital currency. A problem for both systems is managing the value of the currency. The nature of the block chain makes it difficult to manage value, though there have been (not so successful IMO) attempts at “stable-coin”. Whereas value of CBDC is pretty much directly under control of the banking entity, as with any fiat system.
Crypto is just the exchange of one fiat money to another. None of it is based on creating anything.
WEF Report Supports CBDC and Digital ID, Urges Public-Private Collaboration in Finance
https://reclaimthenet.org/wef-report-supports-cbdc-and-digital-id-urges-public-private-collaboration-in-finance
SWIFT Completes the Second Phase of Sandbox Testing for Its (CBDC) Interlinking
https://reclaimthenet.org/swift-completes-the-second-phase-of-sandbox-testing-for-its-cbdc-interlinking
Federal Reserve Declares CBDC a “Key Duty” to Congress, Despite Public Statements Attempting To Downplay Its Focus
https://reclaimthenet.org/federal-reserve-declares-cbdc-a-key-duty-to-congress
New Bill Aims To Protect Citizens From Biden’s CBDC Plans
https://reclaimthenet.org/new-bill-aims-to-protect-citizens-from-bidens-cbdc-plans
EU Parliament Agrees on Digital ID Introduction and Pro-Censorship Chief Suggests CBDC Integration
https://reclaimthenet.org/eu-parliament-agrees-on-digital-id-introduction-and-pro-censorship-chief-suggests-cbdc-integration
BIS Chief Backs Programmable CBDCs, Defends “Limits of Privacy”
https://reclaimthenet.org/bis-chief-backs-programmable-cbdcs-defends-limits-of-privacy
Republicans and Democrats Clash on CBDC Plans
https://reclaimthenet.org/republicans-and-democrats-clash-on-cbdc-plans
Russia’s CBDC, The Digital Ruble, To Begin in August 2023
https://reclaimthenet.org/russias-cbdc-the-digital-ruble-to-begin-in-august
Globalism Thrives On Manufactured Crisis
Connect the dots. Central Bank Digital Currency and Cryptocurrency are two distinct things. The first is run and controlled by the government and the second is run and controlled (ostensibly) by markets. If cryptocurrency is truly free market it seems it would help insulate against what seems inevitable, CBDC, because the more people in and the more wealth in, the harder it will be for countries to control. Am I thinking right? Or missing something?
Oh, for us, they will find a way for control the average person’s money….new govt programs come out sounding good until they don’t…
I have this argument with my buddy that is a crypt nut. Don’t get me wrong, I invested and have made a 40% return so far. But I told him, they can control it if they so choose. And he fights me vehimantly that it can’t be controlled. And I simply say, “it’s DIGITAL, anything that flows with electricity can be controlled.” One way or another. Maybe not the chain itself, but they can most definitely shut it down one way or another.
Sounds correct to me
That’s the way I see. They are two distinct things; however, there is a (not unreasonable) belief that the government won’t allow competing crypto to their CDBC and will shut down all other crypto once CDBC is implemented. Crypto is a danger to CDBC.
President Trump’s comment is referring to crypto and not CDBC. I actually believe he is on record being against CDBC replacing printed money.
Also the House passed a bill against the Fed issuing CDBC:
https://bankingjournal.aba.com/2024/05/house-passes-bill-to-prevent-fed-from-issuing-a-cbdc/
This bill might all be kabuki theatre for the unwashed masses but I do believe President Trump is aware of the dangers of CDBC, hence his stance on crypto.
The cryptos have a weakness at the exchanges. They are like our ISP providers, not government agencies and generally not subject to regulation, except when the legal system needs some information for child pornographers, etc. Then, the government can force them to divulge their records and block specific users.
IIRC Sundance has mentioned people’s data being captured at the ISP level. Cryptos have the same potential at exchanges.
Simplest way to defeat hi-tech is to go low-tech.
Alternatives will be created. Ammunition of various calibers will likely become adhoc currency in the near future among other things.
So…….cryptocurrency is to Linux as Central Bank Digital Currency is to Windows?
President Trump does not shoot from the hip, especially on issues as large as crypto-currency.
President Trump stated at a NH Primary rally that he will never allow a Central Bank Digital Currency (CBDC). The crowd cheered instantly and loudly. He was surprised we were dialed in to the issue. Then he said “This is NH so I guess I shouldn’t be surprised. You’re a smart group.”
Draining the swamp and removing power from the Central Banks/Federal Reserve go hand in hand.
My guess is this whole thing has been all gamed out. We are just seeing the game revealed to us slowly and steadily.
Just a hunch on my part.
Would not crypto kill the effectiveness of CBDC and thwart the surveillance and control of the Fed and government on private citizens?
Asking because I’m really not sure. SD??
Sundance has indeed said that Crypto would circumvent CBDC and would hence be banned.
Except for the corruptocrats who need a reliable non-trackable bribe transferring mechanism.
If crypto will circumvent CBDC, and nullify government surveillance of our pocketbooks, I am for it.
If we turn to crypto, can we wipe out the IRS?
I don’t understand why anyone would just want to transfer their funds from one unknown master to another unknown master. Crypto is made up out of thin air.
TPTB wish for the people nothing tangible.
It sounds like some sort of pyramid scheme to me.
“Made up out of thin air”. Kind of like the dollar now.
Exactly
IRS requires you to pay with FRNs, so no.
The mechanism of which you speak: UKRAINE!
Yes
No. How are you going to sell your crypto? You will have to use your phone or computer and as long as They are listening in you have accomplished nothing. Our banking system is good. The Government spending more money than it takes in is NOT GOOD.
Of course.
Strange the dems support cripto…..Thought it was said cripto would be regulated out because CBDC couldn’t exist…. for it’s intended purpose….. simultaneously with this underground faux money?
Crypto would be regulated/banned for you and me, but not for the usual suspects in DC and the citizens of the Deep State.
If Chuckie Cheese Schumer and Elizabeth Pocahontas Warren are against it, there is a great chance that it is a good thing for us.
You never know. Lol
Sound like a rule to live by.
There are Crypto currency ATMs all over my state, and probably every state.
I’ve never invested in any of it, but I will if our communist government takes away our cash and coins.
I expect soon the machine sitting next to those two will be the “Sell Your Soul For Cash.”
Didn’t President Trump say no way to a government/Fed/Central Bank controlled crypto? Thought I heard him say that a a rally. Yet he’s supporting private crypto companies? Seems like the right position to me.
Government wants control of our money, that’s why the IRS was weaponized, to control behaviors government likes or dislikes. I hate ‘em. Central currency is their nuclear bomb against we the people, and it’s more evil, and more powerful, than everything else they’ve done.
It’s ALWAYS about the money.
A cbdc is inevitable whether Trump allows it or not , I think Trump will support it in the end
Crypto is literally unstoppable. It can’t be un-invented. You can thank Vivek for educating Trump. I hope he’s a big part of the administration, if we can get past the inevitable fraud!
I highly doubt Vivek has “educated” Trump on anything.
Good call.
You mean, THIS Vivek?
Paul & Daisy Soros Foundation – George’s brother. When Vivek took this money, the same year he filed his taxes with the IRS stating millions of dollars in income. He didn’t need the money…
His Riovant Sciences is in bed with Pfizer. Enough said.
Vivek needs to be NOWHERE NEAR our government.
https://www.pdsoros.org/meet-the-fellows/vivek-ramaswamy
THANK YOU FOR POSTING THIS!!! It maddens me how many people here fall so quickly for these snakes. One minute they are dead to them, then they hear something that sounds somewhat positive and they just throw out that super important piece of evidence that shows us no matter WHAT, these people are not to be trusted.
People on here pumping up Tulsi Gabbard for VP just because she said or did something recently. Vivek as listed above. Meatball Ron STILL TO THIS DAY!!! Come on folks, we are NEVER getting out of this until everyone realizes these snakes running. (Ran) against PDJT are awful awful humans that we don’t want anywhere near him or his administration.
SHEES!!
If they sound too good to be true, well you know the rest!
Anyone else recall the ‘70’s Illuminati, devil worshipping, mark of the beast, one world government, monetary schemes to do away with actual currency for a government based “credit” system only they would control? That’s what CBDC is.
And they called us conspiracy theorists. I deserve an apology.
I’ll pass. Hardly.
When the web goes down….guess what.
And, it will go down when the SHTF.
Physical, physical, physical. Barter, barter, barter.
(not Canadian dollars like that stupid inane CW movie, but some Canadian and Aussie stuff in the mix)
I’m sticking with gold, silver, and a smattering of lead.
Lead may be the most useful investment in the near future. I hope not, but it just may be.
There was a bunch of different currencies in America at one time…Then like magic the banks burnt down and then there was only one.
Can’t happen again though!
“There was a bunch of different currencies in America at one time”
States chartered banks and could allow them to issue banknotes, essentially non-interest bearing debt. The fed government decided to monopolize the business by charging an excise tax on state bank notes, making them unprofitable. When national banks were created during the civil war, they were authorized to issue national bank notes, but were required to purchase and keep with the Comptroller of the Currency certain Treasury debt. National banks generally found this unprofitable. The bank notes also competed with United States Notes which had been issued by the treasury. After specie resumption in 1873 and the gradual retirement of US Notes, bank notes had to compete with gold and later silver certificates.
Sorry. But I refuse to use a form of payment that I cannot hold in my hand. And certainly not one that drops in value.
Wow how the heck do get by day to day ?????????
Crypto is not a pyramid scheme it is nit controlled by the government. They can not shut it down. It is the Web 3.0 and utilizes the blockchain. It is quite amazing what some of these projects are doing. Some can process transactions 100x’s faster than visa or MasterCard and has only pennies in fees. Funds can be transferred anywhere in the world for no cost in merely seconds Sure there is a lot of uncertainty as this is a newer technology but do your research and you’ll find that well over 1,000 of these projects are legit and can change the world
Also keep this in mind:
Powell has repeatedly said that the Fed wants no part in a CBDC tied to the federal government and has been doing his best to drag it out so it’s never implemented in any form.
https://www.coindesk.com/policy/2024/03/07/us-fed-chair-powell-says-nowhere-near-pursuing-cbdc-wont-spy-on-americans/
“If that were a government account, that the government would see all your transactions, that’s just something we would not stand for or do or propose here in the United States,” Powell said.
“If we were to ever to do something like this – and we’re very long way from even thinking about it – we would do this through the banking system,” Powell said. “The last thing we would want with the Federal Reserve would be to have individual accounts for all Americans, or any Americans for that matter.”
We’ll see what happens in the Senate (of course Brandon will likely veto it), the House passed a bill forbidding a CBDC from the FED.
https://www.coindesk.com/policy/2024/05/23/us-house-passes-bill-banning-federal-reserve-from-issuing-a-cbdc/
BTW, it was recently said the average citizen can’t stop one from coming. That is a FALSE statement and in fact it is ultimately the “average citizen” who can stop any and all of what the elites want to do and can do so without a single drop shed. In fact, it is ONLY the average citizen who can do so – by standing together and being willing to stand up and say with a united, resounding voice “NO!“
President Trump understands the FILTHY Lying Liars language.
The ONLY Digital currency the Biden Commies will approve is theirs. The “Governments” or the “Federal Reserve” Fake dollar.
All others will be illegal.
I don’t like any of them.
Sundance
Being open minded to and supporting of are two totally different things.
Only because I know that you know that am I typing this.
For some reason I felt compelled to say that.
If I actually have to remind you Obi Wan of said reply. Well you already know that as well.
LV n Prayers Brother Sundance.
.
Which cryptocurrency? Unless and until one or a few of them become a worldwide recognized medium of exchange that hold and retain scarcity value because limited resource, these are nothing but the equivalent of monopoly money, no matter where “investors” from time to time set the speculative market price.
The problem as I see it is that since bitcoin was invented, more and more different kinds of cryptocurrencies have been invented. People “invest”, and while it’s true that much “real” (or “on paper”) money/profits have been made by some (as well as losses), this speculative investing has greatly overshadowed the actual basis of value of any cryptocurrency: as a measure of value for the purpose of being a medium of exchange.
Compare the currencies issued by different countries — some with relatively stable value, backed either by another recognized medium of exchange (e.g. gold, silver), or if not then by the ostensible guarantee of economic strength of the country issuing (dollar), and some that are worthless toilet paper. But at least these are tied to, and thus limited by actual nations.
The problem I’m having, especially with the emergence of AI, which could itself start creating more and newer forms of cryptocurrency, is which cryptocurrency and how limited?
(A side issue is the risk of loss of the hardware that is the “crypto wallet”. Another is the problem of bogus or hacked “investment” exchanges.)
Is the world seriously moving into this lalaland of make-believe?
Please educate me and tell me where I’m wrong.
.
Good luck using your crypto when the power goes down. It really wouldn’t take much to disable enough servers to make access not salvageable.
I often wonder why people believe crypto is secure. The governments, etc., have had years for their smarty people to find ways into it and to control it. Its foolish to believe otherwise.
The hype for believing and trusting crypto has a “Q” feel to it. “You are so super smart and capable and in the elite club!”
Keep believing the fluff and hopium.
.
Good luck using your crypto when the device/hard drive that contains your “wallet” is lost, stolen, or destroyed.
https://cointelegraph.com/news/crypto-horrors-tales-of-lost-bitcoin-wallets
.
Bitcoin is open source. The primary point about open-source software is that the identity or qualities of the original inventor don’t need to be known. Every line of code is public and auditable. And virtually every line of code in the Bitcoin program has been changed since its inception by software contributors. The qualities of the network need to be examined for what they are.
If anything, the adoption of bitcoin has promoted distrust in CDBCs because it presents the complete opposite concept. Decentralized rather than centralized. Open-source rather than closed-source. Permissionless and censorship-resistant rather than permissioned and censorable. Unable to be debased vs designed to be debased. Bitcoin therefore may be trusted; CBDCs cannot be trusted. CBDCs are what China wants. Trump will find a way to use Bitcoin.
.
So, is bitcoin, which “on paper” has made gazillionaires of a relative handful of geeks and later, investor mining companies, going to be the new world’s recognized cryptocurrency? We’re on-board with making these guys the new rulers of the world?
In 2009, a friend of mine set up a computer to “mine” bitcoin. It was a GAME. Some months later, he lost his three bitcoins to another geek in some other game.
These would be worth… what? now? This is nuts…
Gold has been a medium of exchange for so many thousands of years that people forget its otherwise fairly low intrinsic worth for other, real uses, as a real commodity, and that medium of exchange is mostly what it is. How about baseball cards, or pokemon cards, or rubies, or Hunter Biden art?
Really?
If economic systems crash worldwide, I kinda think useful commodities will be the new medium: an interest defined by something measured by real estate, or oil, or bullets, or something else that is real (unfortunately currently regulated as securities). But I am getting old and what do I know… Will these be the underlying measure of value of crypto? Which crypto?
And can interests in commodities with real and enduring value also be documented in any other way?
I’m having a very difficult time with the idea of electronic monopoly money representing nothing with intrinsic value except what crazy fluctuating computer device-embracing investment speculation artificially gives to it. (And we’ve never heard of “investments” like this completely losing all value?)
The world has gone insane.
.
The problem with crypto will be the same as with stocks. You can have those black Tuesdays when everything comes crashing down unlike having a wad of cash which is still a wad of cash on those days.
And yes, they will regulate the hell out of it just like they do the stock market setting days to settle and withdraw and transfer and report, etc. Count on it.
I worked on Wall Street for my career, and I converted to an anti-fiat currency, pro bitcoiner in around 2018. I’ve been accumulating Bitcoin since, and it’s performed ridiculously well. There is a reason people refer to it as bitcoins and shitcoins. There is only one Bitcoin…. I HODL (hold on for dear life) and never plan on selling. You can see institutions joining the party with the new ETFs – State of Wisconsin Investment Board now has a 0.1% allocation. The real tippng point IMO is when a respected sovereign entity admits they are using BTC as a reserve asset. El Salvador is already there, but someone like Switzerland will do it and admit it. The whole subject is tough to understand, but it literally can’t be stopped by governments. I encourage others here to educate themselves and realize Bitcoin is a legitimate store of value…. It has a place in your portfolio.
I tried it.
I won some.
I lost some more.
I got out.
I see where it’s going.
I embrace metals and cash now.