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
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.
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.
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
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.
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