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?