Yellen just announced they're going to regulate blockchain and roll out approved CBDC
(media.conspiracies.win)
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i took all my money out of crypto. it's my money now. no longer "In the system". fuck em
I hope "your money" is still not actually the "feds money" because that's not yours. Only if you hold a valuable and tradeable resource like gold or silver is when you have your own money.
ive taken nearly all my money out of the savings account i had. it's in my big water/fireproof safe at home
Crypto is like a drug test. To see how the sheeple would react before releasing it to the entire livestock
Crypto was great until 2017...
Once it was popular as a get rich quick scheme it was the deathknell.
Speculation ruins all things.
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Hell some of the following projects were going in the right direction....but profit was always the driver - not Innovation.
Innovation needs to be beyond profit to succeed. Otherwise it gets corrupted into the old ...
It's been moving through Congress for a couple of years already.
The Banking for All Act
https://www.congress.gov/bill/116th-congress/senate-bill/3571/text
that could be a good cover letter for a job application for their new committee.
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?
Re the public ledger: There's a project called Monero that is an encrypted and obfuscated public ledger, hiding addresses, amounts, IP addresses, everything.
Re the gov't "taking over those centralized servers": They can stop exchanges but they can't stop peer to peer. And crypto was made to operate with peer-to-peer software. AKA decentralized.
From my limited reading, it does sound like Monero has addressed some of the problems with Bitcoin. I definitely need to continue to learn.
A ton of the problems, yeah. It has the third biggest software team after BTC and ETH, and it seems that they're actually focused on fulfilling Satoshi's vision.
Another thing is they switched to a different algorithm in 2019 so that FPGAs & ASICs can't be built to take up all the mining supply. The new algorithm works best on CPUs, and regular consumer-grade CPUs are competitive. Because of this it's not sensible to build rigs just to use for Monero mining like it has been for ETH and such which can be competitively mined with GPUs (multiple per motherboard) or ASICs (purpose-built hashing computers)
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"
crypto is GREAT for one thing. money laundering
Just because some ancient dinosaurs want to regulate crypto does not necessarily mean that it is possible to do so. These same people also wanted crypto wallet providers to "freeze" the assets of people taking part in the trucker protest in Canada. Since that isn't possible to do it didn't happen. I would caution anyone who is so quick to ascribe limitless power and forethought to the actions of the elites.
Right they're as power hungry as they are clueless
https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643