Dave at X22 Report has been speaking about how cryptocurrency will also be used to "being down the Fed.". He says " everyone understands digital currency. "
Let me be the first to dispute with my bold statement that I do not understand digital currency.
I understand barter, where one guy needs some bread, and a baker says I'll give you bread if you'll wash dishes for me for an hour per loaf. Labor exchanged for bread.
I understand how the "coincidence of need and provision," makes barter difficult such that a common currency of exchange is needed.
I understand that historically, we had a currency in the US that was at first backed by the gold standard, then changed to be a fiat backed by a promise or trustworthy government. Paper was issued so that people would know how much each person had and could reasonably make agreements of exchange of goods and services.
I understand that there is a limited supply of gold and paper money, and that this amount is measured and tracked...though not audited.
Here's what I don't understand about digital currency:
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How much of it is there in the universe right now?
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Who is responsible for creating and destroying it?
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Who sets its value?
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How is this value protected against fraudulent use?
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How are the uneducated and uninformed protected from those who would prey on their ignorance with regard to digital currency?
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Will the digital currency accounts all be audited and reconciled?
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Is it sufficient to have digital currency, or as with digital ballots, are paper back ups required?
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Who resolves disputes regarding errors in understanding of digital currency "balances"?
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What happens if one's access to his digital currency is prevented by the digital currency controller, as like what has happened on digital social media?
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What happens if weather causes power outages like what is happening now in some sections of the US? Will digital currency adapt? How?
I've got more questions that quite clearly illustrate that I don't understand digital currency.
Therefore, respectfully, Dave X22Report guy, because I really enjoy listening to your viewpoints, I think your statement that "everyone understands digital currency" is wrong.
Ps. I don't recall Q mentioning cryptocurrency bringing down the Fed.
Digital currency and crypto currency are different concepts that overlap, except that for practical purposes all crypto is digital. Those are all good questions. They all have solid answers. The answers are complex (just like understanding how a central bank-managed fiat currency works, it takes a deep dive for the details), but all available in the public domain if you research them. Most people don't fully understand fiat currencies, or even know that the Fed is not owned by the government. Dave probably meant a simple understanding, like "I pay with a card instead of cash," which by now everybody understands, even if all the electronic connections and server banks are not transparent to everyone.
Thanks for your response, but it seems to me, that in order for the digital currency to be trusted, it has to be TRUSTWORTHY. And to be TRUSTWORTHY, answers to these questions need to be clearly understood by all...particularly to avoid the wool being pulled over our eyes like the "Western Central Bank Federal Reserve" did to us. Seems digital currency has an even steeper hill to climb to trustworthiness because of the deceptions of the Fed that are coming into the sunlight to many who are waking up.