In some ways crypto is a scam. It's all virtual and good enough hackers could wreak havoc on it. The only truly reliable alternative to the dollar is gold and silver. The dollar can be great again if backed by gold without the ability to print paper money endlessly.
Most people have not yet figured out that for the things that are really important, you MUST go low-tech. Anything having to do with software can be hacked. Period. I am a software system architect, saying this.
Currency must be based on tangible assets, like precious metals.
Block chains don't scale well, don't perform well at scale, and are subject to various types of manipulation. Fiat currencies are not much better, but block chain is not the solution either.
So, a US dollar backed by precious metals would be the ideal.
I've thought the same. I'm not some kind of bitcoin expert, but my understanding is that new coins have to be mined to validatethe blockchain and as it gets more difficult to mine blockchain manipulation becomes possible by whoever has the biggest baddest mining operation. It only worked as intended when distributed mining was possible.
If I'm even close here, the same limited creation of new coins that makes it potentially valuable is also what makes it vulnerable...
Could someone who knows what's up help me out here? Wasn't bitcoin supposed to be a proof of concept, not the final crypto solution in the first place?
I find the timing of this statement interesting considering how speculative everything is right now. He could have denounced Bitcoin at any point but chose to now during the revival of GME/AMC. Does Trump expect us to be making a lot of money in the near future and need some guidance on what to do with it? Some will heed Trump's advice and others will not, but personally I will now be putting more of my money into precious metals instead of crypto once I take it out of GME.
Also consider how Trump chose to make this statement now when Bitcoin has been trading sideways and less spotlight is on it. If he had said this when it was at 60k and it suddenly tanked, the media would plaster his face everywhere. Really smart timing by Trump unless I'm just reaching here
In some ways crypto is a scam. It's all virtual and good enough hackers could wreak havoc on it. The only truly reliable alternative to the dollar is gold and silver. The dollar can be great again if backed by gold without the ability to print paper money endlessly.
Most people have not yet figured out that for the things that are really important, you MUST go low-tech. Anything having to do with software can be hacked. Period. I am a software system architect, saying this.
Currency must be based on tangible assets, like precious metals.
Block chains don't scale well, don't perform well at scale, and are subject to various types of manipulation. Fiat currencies are not much better, but block chain is not the solution either.
So, a US dollar backed by precious metals would be the ideal.
But so is the dollar, if it is only backed by people and foreign governments' faith in it.
I've thought the same. I'm not some kind of bitcoin expert, but my understanding is that new coins have to be mined to validatethe blockchain and as it gets more difficult to mine blockchain manipulation becomes possible by whoever has the biggest baddest mining operation. It only worked as intended when distributed mining was possible.
If I'm even close here, the same limited creation of new coins that makes it potentially valuable is also what makes it vulnerable...
Could someone who knows what's up help me out here? Wasn't bitcoin supposed to be a proof of concept, not the final crypto solution in the first place?
I find the timing of this statement interesting considering how speculative everything is right now. He could have denounced Bitcoin at any point but chose to now during the revival of GME/AMC. Does Trump expect us to be making a lot of money in the near future and need some guidance on what to do with it? Some will heed Trump's advice and others will not, but personally I will now be putting more of my money into precious metals instead of crypto once I take it out of GME.
Also consider how Trump chose to make this statement now when Bitcoin has been trading sideways and less spotlight is on it. If he had said this when it was at 60k and it suddenly tanked, the media would plaster his face everywhere. Really smart timing by Trump unless I'm just reaching here
Make sure you buy physical metal and not stocks for metal.
Gold and Silver = God's money.