the crypto ledger is a perfect tool to keep an eye on everyone and restrict freedom of transaction, i never understood how its supposed to protect your anonymity, when every copy of the bitcoin has a history of everyone transaction activity
now imagine a society with a social credit score linked to your cryptocurrency account so that all economic activity can be traced, logged and filed. its the perfect infrastructure for a dystopian totalitarian economy
As for digital fiat currencies. That's coming to, btw. They will never let you have your own money. Gold and silver are fine stores of value, but are a pain in the ass to exchange. That's their weakness.
The whole purpose of a distributed ledger crypto currency is for a hedge against inflation. Milton Friedman advocated the dollar to do this way back in the 1980s, that is just increase at a steady rate of 2% a year the monetary supply.
i understand the theory, but the basis its built on leads to other consequences in practice
everytime someone talks to me about the "intended purpose" of crypto i look under the hood and i fail to see how the fundamentals its built on actually provide those things
hedge against inflation - so you're insuring a social contract fiat currency with a digital limited currency, both are not physically real and require speculation participation for value but ok.
distributed and untraceable - ledger keeping track of all transactions by design and china owning more than 50% of the mining hardware.
future of economy - only if its govt controlled, and at that point it will be a terrible scarcity nightmare
By analogy, your saying that because England had the biggest navy in the 19th Century that building ships was a waste of time.
A shared distributed ledger prevents one entity, like the Fed, from making whatever manipulations they want. With fiat currency that the government, that ALSO has a social contract with citizens, you assume, won't engage in manipulations. How's that working out in the past, historically speaking? Banks pumped and dumped subprime loans, lead to the housing bubble, and then made tons on the bailouts. The Fed, via the government never made a single person pay any consequence.
You're also mixing things up. China has 50% of the bitcoin miners, which happened by accident due to cheap electricity and Chinese people bypassing their country's currency controls with it in the early days. It wasn't by design. But not only is that share diminishing, but that's only for Bitcoin, not the rest of the currencies. Further, the "hardware" is available everywhere, China doesn't own 50% of the mining hardware.
you bring forward an excellent point of the fact that FED backed fiat currency is bullshit, which i agree with wholeheartedly believe me.
im just failing to see how its different. The only reason the USD works as an imaginary currency is cuz the US has a the biggest military in the world.
with crypto, you have a small minority of people that understand how it works and then a ton of speculators how are just trying to cash in on the money train. its value is 100% tied to how much the next guy thinks its worth, which means its going to rollercoaster for ever. (similar to current stock market yes, but comparing it to the insanity that is modern wall street inspires the opposite of confidence)
but maybe im just being thick. but the more i read about, the less comfortable i get with the idea.
You don’t get it monero enables you to have an economy separate from anything they can touch. If people are making exchanges in XMR there is nothing they can do
no matter the foundation of your currency, crypto or physical, gold or monero, fiat or bitcoin, the key to it being used as an effective medium of exchange is the ability of the person to accept that medium in exchange for whatever goods he wants. this means that in a restricted society at some point you will need to exchange whatever tokens you have for whatever else you need.
maybe im too thick or too much of a luddite, but i just dont see how a digital currency will ever be useful in a future underground society. Sure right now govt agencies and big banks are on the back foot of the emerging tech, but having digital fingerprints be left in exhanges, ledgers and miners does not sound like something thats safe long term.
the only way it will remain that way is a constant digital arms race of digital coins and govt tracking, in which case the currency that will protect us from CCP probably does not even exist yet.
Welp... Looks like China is heavily manipulated by (((Israel))) and the (((IMF))) and the (((World Bank))) because they are in debt to the (((House of Rothschild))) for $44 trillion.
Looks like the CCP can't take a shit without Israel's permission.
So the Chinese learned that Bitcoin can be used to disrupt or weaken the dollar, publically say they will tolerate it and it soars to $60k, then jawbone against it to see it dip.
This is my shocked face, can you see it?
Fiat is imaginary currency, btw. The Chinese do the same shit to the Yuan and the Fed does it to the dollar. What's your point?
You sound like a neo-con. The strongest military that hasn't won a war in how long? 1992 at least.
Define "everyone". The big banks are in on it as well. Some of the anti crypto folks here claim it is is a sham created by the deep state, others that the deep state won't allow the plebes their own forms of money. It's some of both.
Love it or hate it, crypto, regulated or not, is here to stay. You can't pass a law to un-invent shit, especially after it's semi-widely adopted.
Nobody is scared of the big bad U.S. military when a morale psyop with the media as allies, combined with an upcoming election and the opposition party saying "all is doomed", means that determined goat herders with AKs can win any war lasting longer than 6 months.
Moreover, we don't even use the military to defend our own border.
Look, I am not a pacifist. The US military is good for sharp and quick fights, like Grenada or something. It's useless after that.
the crypto ledger is a perfect tool to keep an eye on everyone and restrict freedom of transaction, i never understood how its supposed to protect your anonymity, when every copy of the bitcoin has a history of everyone transaction activity
That's why there is Monero.
for now. it all works with modern infrastructure.
now imagine a society with a social credit score linked to your cryptocurrency account so that all economic activity can be traced, logged and filed. its the perfect infrastructure for a dystopian totalitarian economy
As for digital fiat currencies. That's coming to, btw. They will never let you have your own money. Gold and silver are fine stores of value, but are a pain in the ass to exchange. That's their weakness.
The whole purpose of a distributed ledger crypto currency is for a hedge against inflation. Milton Friedman advocated the dollar to do this way back in the 1980s, that is just increase at a steady rate of 2% a year the monetary supply.
Cash will exist for them.
i understand the theory, but the basis its built on leads to other consequences in practice
everytime someone talks to me about the "intended purpose" of crypto i look under the hood and i fail to see how the fundamentals its built on actually provide those things
hedge against inflation - so you're insuring a social contract fiat currency with a digital limited currency, both are not physically real and require speculation participation for value but ok.
distributed and untraceable - ledger keeping track of all transactions by design and china owning more than 50% of the mining hardware.
future of economy - only if its govt controlled, and at that point it will be a terrible scarcity nightmare
By analogy, your saying that because England had the biggest navy in the 19th Century that building ships was a waste of time.
A shared distributed ledger prevents one entity, like the Fed, from making whatever manipulations they want. With fiat currency that the government, that ALSO has a social contract with citizens, you assume, won't engage in manipulations. How's that working out in the past, historically speaking? Banks pumped and dumped subprime loans, lead to the housing bubble, and then made tons on the bailouts. The Fed, via the government never made a single person pay any consequence.
You're also mixing things up. China has 50% of the bitcoin miners, which happened by accident due to cheap electricity and Chinese people bypassing their country's currency controls with it in the early days. It wasn't by design. But not only is that share diminishing, but that's only for Bitcoin, not the rest of the currencies. Further, the "hardware" is available everywhere, China doesn't own 50% of the mining hardware.
you bring forward an excellent point of the fact that FED backed fiat currency is bullshit, which i agree with wholeheartedly believe me.
im just failing to see how its different. The only reason the USD works as an imaginary currency is cuz the US has a the biggest military in the world.
with crypto, you have a small minority of people that understand how it works and then a ton of speculators how are just trying to cash in on the money train. its value is 100% tied to how much the next guy thinks its worth, which means its going to rollercoaster for ever. (similar to current stock market yes, but comparing it to the insanity that is modern wall street inspires the opposite of confidence)
but maybe im just being thick. but the more i read about, the less comfortable i get with the idea.
You don’t get it monero enables you to have an economy separate from anything they can touch. If people are making exchanges in XMR there is nothing they can do
It's still failure.
It’s a success. Just dumb kiddies who don’t know shit say it isn’t cause it’s not some meme moon coin
no matter the foundation of your currency, crypto or physical, gold or monero, fiat or bitcoin, the key to it being used as an effective medium of exchange is the ability of the person to accept that medium in exchange for whatever goods he wants. this means that in a restricted society at some point you will need to exchange whatever tokens you have for whatever else you need.
maybe im too thick or too much of a luddite, but i just dont see how a digital currency will ever be useful in a future underground society. Sure right now govt agencies and big banks are on the back foot of the emerging tech, but having digital fingerprints be left in exhanges, ledgers and miners does not sound like something thats safe long term.
the only way it will remain that way is a constant digital arms race of digital coins and govt tracking, in which case the currency that will protect us from CCP probably does not even exist yet.
This guy has the big brains
It's a way to make quick and easy money. Or lose it all!
Welp... Looks like China is heavily manipulated by (((Israel))) and the (((IMF))) and the (((World Bank))) because they are in debt to the (((House of Rothschild))) for $44 trillion.
Looks like the CCP can't take a shit without Israel's permission.
So the Chinese learned that Bitcoin can be used to disrupt or weaken the dollar, publically say they will tolerate it and it soars to $60k, then jawbone against it to see it dip.
This is my shocked face, can you see it?
Fiat is imaginary currency, btw. The Chinese do the same shit to the Yuan and the Fed does it to the dollar. What's your point?
You sound like a neo-con. The strongest military that hasn't won a war in how long? 1992 at least.
Define "everyone". The big banks are in on it as well. Some of the anti crypto folks here claim it is is a sham created by the deep state, others that the deep state won't allow the plebes their own forms of money. It's some of both.
Love it or hate it, crypto, regulated or not, is here to stay. You can't pass a law to un-invent shit, especially after it's semi-widely adopted.
Nobody is scared of the big bad U.S. military when a morale psyop with the media as allies, combined with an upcoming election and the opposition party saying "all is doomed", means that determined goat herders with AKs can win any war lasting longer than 6 months.
Moreover, we don't even use the military to defend our own border.
Look, I am not a pacifist. The US military is good for sharp and quick fights, like Grenada or something. It's useless after that.
Buy the dddiiiiiiiiiiippp!
I always thought it was manipulated by the jews, you know the real money people? Oh, well I guess, we never can name them, better blame the "Chinese".
It was supposed to be the solution to random fluctuation bubbles.
What happened?
Pump and dump schemes happened.
And it wasn't the solution to bubbles, but rather the printing press going "brrr" on high.
I made a fucking kiiiiiiillllinggg with ADA and DOGE with this sale!
Duh. Everyone in the game knows how deep the chinks have their tiny dicks in it.