"no centralized authority" -- but there are authorities who could control the network, or the power that runs it, or the technology that empowers it, or the cables that connect it, or all of them... and yes its just Fiat with a fancy name and a bunch of claimed benefits that aren't actually true at all, just look at home prices to see the ponzi scheme plain as day.
I'm not really sure what you mean by that. Are you saying that it's possible for the government to stop crypto currencies by physically depriving miners of electricity, internet, etc?
As for the "claimed benefits"-- they're obvious and simple to understand. Could there be a problem with Bitcoin that eventually causes the value to plummet? Absolutely. However, we already know with certainty that there's a problem with the US dollar, and I'm willing to bet a fair amount that it's going to zero before Bitcoin.
"the US dollar" - expand your thinking, all dollars are fiat, and fiat always goes to zero, all dollars are connected ... bitcoin is just a paperless fiat and all of the so called rules and so called security is an illusion. Imma start calling it buttcoin.
"there are authorities who could control the network"
that is not true, and unfortunately shows a complete misunderstanding of the technology. The whole idea of blockchains processed by many nodes in a network is that no one or even several nodes can control things. If a node disagrees with the others, the odd man out cannot alter the records. Decentralizing, by its very nature, prevents a central authority from dominating the transactions.
All you need is 51% of the nodes and a small step for man but a giant leap for mankind type of technological leap or disaster. I think its not hard to imagine an entire country or countries without any power grid or communications in the very near future. EDIT TO ADD: Everything is impossible until it isn't, I bet on crypto going bust like a fart in the wind before some piece of land sinks into the sea, or some tangible gold coin evaporates.
"no centralized authority" -- but there are authorities who could control the network, or the power that runs it, or the technology that empowers it, or the cables that connect it, or all of them... and yes its just Fiat with a fancy name and a bunch of claimed benefits that aren't actually true at all, just look at home prices to see the ponzi scheme plain as day.
I'm not really sure what you mean by that. Are you saying that it's possible for the government to stop crypto currencies by physically depriving miners of electricity, internet, etc?
As for the "claimed benefits"-- they're obvious and simple to understand. Could there be a problem with Bitcoin that eventually causes the value to plummet? Absolutely. However, we already know with certainty that there's a problem with the US dollar, and I'm willing to bet a fair amount that it's going to zero before Bitcoin.
"the US dollar" - expand your thinking, all dollars are fiat, and fiat always goes to zero, all dollars are connected ... bitcoin is just a paperless fiat and all of the so called rules and so called security is an illusion. Imma start calling it buttcoin.
"there are authorities who could control the network"
that is not true, and unfortunately shows a complete misunderstanding of the technology. The whole idea of blockchains processed by many nodes in a network is that no one or even several nodes can control things. If a node disagrees with the others, the odd man out cannot alter the records. Decentralizing, by its very nature, prevents a central authority from dominating the transactions.
All you need is 51% of the nodes and a small step for man but a giant leap for mankind type of technological leap or disaster. I think its not hard to imagine an entire country or countries without any power grid or communications in the very near future. EDIT TO ADD: Everything is impossible until it isn't, I bet on crypto going bust like a fart in the wind before some piece of land sinks into the sea, or some tangible gold coin evaporates.
I see your bet and raise you two Ethereums and a Tommy's Tamale.