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.
Wowee. Really great comment here. Jammed full to the brim with information, some of which I actually understand!
I disagree with your response to #5, respectfully, as presently there are S'posed to be laws in US that protect the poor old uninformed from the wily ones in-the-know with regard to money stuff. Not sure how those laws apply to "digital currency" .
If you are willing for follow up questions, I do have a couple... 11. It appears that there is heavy reliance on the digital currency creator for both policing against fraudulent or illegal use and auditing balances. How are the digital currency creators proven to be TRUSTWORTHY?
I've read somewhere that the "Great Reset" was planning to shift to simply using accounts and accounting ledgers (books) with no currency, just numbers. Do you have any comments on this?
Would you explain what you meant by digital currency "controllers"? I used the term while thinking more about the creator and holder of the knowledge of "balances".
What about those who do not have internet access? Are they left out of the marketplace? What if they have a whole bunch of those Federal Reserve notes stashed underneath their mattress instead?
You are a very smart dude. Excellent posts and Thank you!