Yellen just announced they're going to regulate blockchain and roll out approved CBDC
(media.conspiracies.win)
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I don't think she said anything people didn't already know was coming. Governments weren't just going to let people continue to circumvent their monetary systems of control.
In my mind, the problem with crypto is this:
If crypto is centralized via a public ledger, exchanges, etc, then it is controllable. What's to stop the government from controlling the centralized servers?
If crypto is not centralized via private wallets, etc, then it is not trustworthy. What's to stop someone from counterfeiting coins?
I'm sure the crypto kiddies will call me a dinosaur, and tell me I'm missing out on huge profits, But I'll stick with my PMs, thank you very much. As I always try to explain, crypto can't be both a get rich quick scheme and a currency. It can only be one or the other.
You can’t counterfeit bitcoins that’s not how it works.
So if I have an offline wallet on a USB thumb drive, and I make bit for bit copies of that thumb drive, what's stopping me from spending the same bitcoin multiple times?
Either a transaction is offline or it's online. If it's a totally offline transaction, there's no way for the receiver to guarantee authenticity. If it's online, it can be tracked and/or denied by a server under government control.
The blockchain. Imagine a dollar bill that’s signed by every single person that holds it, while everyone else watches. The moment you hand it to someone else, it’s signed by the new person while everyone watches.
So if you try to hand in a photocopy/duplicate to someone else, everyone will know. They saw you spend the real dollar already the real dollar contains a record that you handed it off. Everyone else has that record too.
The only way everyone watches that transaction is if the transaction is done on a public ledger. So again, what's stopping the government from taking over those centralized servers?
Not trying to be a dick here, but your statements show that you don't actually have a deep understanding of how Bitcoin/ Blockchain works. I only point this out because I think if you look into it and understand at a reasonable level how it works you will realize how profound the technology is, and how much of a problem it is for a government that wants to finance everything via debt monetization.
As the IT Director of a health care company, and with a background in software, I'm quite familiar at some level with all aspects of technology. And frankly, nobody has ever been able to answer my questions about blockchain with anything other than some form of "You just don't understand it, boomer."
Again, If the blockchain ledger is public, then government can gain control over it. How do you know whether or not the US government already controls 50%+1 of the Bitcoin ledger servers in existence? How could you tell?
Edit: For a sufficiently motivated government (the US government seems to be pretty motivated these days) what prevents this: https://braiins.com/blog/how-much-would-it-cost-to-51-attack-bitcoin
I didn't question your professional competence, only your understanding of how Blockchain works.
Didn't call you a boomer
I don't have the time or desire to re-type what you can easily find via search engine
Bitcoin works by making a 51 pct attack too expensive to be a good investment.
The concept of a "public ledger" is unrelated to the conclusion "it can be controlled by the government"