The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World
(www.expensivity.com)
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Keep dreaming
I think Bitcoin might be a white hat project. I think Satoshi Nakamoto was possibly a team of people from within the NSA.
Gavin Andresen was invited by the CIA to talk about Bitcoin and that's when Satoshi Nakamoto disappeared forever. And as we know, a war has been going on between the CIA and parts of the NSA for some time now.
Bitcoin has been hated by TPTB from the beginning and that's because they are scared of Bitcoin. Just the amount of FUD generated by the mainstream concerning Bitcoin shows that Bitcoin is a good thing for the people.
Just remember, Bitcoin is to central banking (cabal power) what torrenting is to Hollywood and the music industry.
If you've followed the scene for a long time, then you would know that bitcoin has been under many types of attacks. Many underhanded ones, many infiltrating ones (core team infiltration e.g. mike hearn etc), attacks from state actors. Undeniable. They succeeded with some and failed with other (block size failed, segwit shit, segwit2). And that's just the protocol layer. Then on and off ramps have been regulated into hell and back. Regulators acting like each agency can regulate it their own way. It was painted - and still is by IMF crew etc. as only criminals and drug users use it online.
When they're out of fiat USD printing power - they are OUT OF POWER. This is the big one.
Your emphasis on printing power is apt. They could convert all their USD to cryptos now. They would be the richest crypto holders. Maybe they are already. In fact, I have no doubt many of the world's most evil people have huge stakes in crypto.
But it doesn't matter. They can only spend their crypto. They're no longer able to directly and indirectly cheat the system. They can spend their money. That's it. They become a mere market participant and must make sound economic decisions or like anyone else - they will lose it all. They can't create tails I win heads I win becuase ain't gonna be a lot of takers for their script.
They will all fall apart under the slightest breeze. They've been protected and coddled by their own massive bloated structures of dishonestly - all built on the fed lie.
If you have something to offer this world, you should welcome the collapse of the fed's dollar. It's gonna be great!!!!
Others may be a bit saltier about it.
If Satoshi had a middle name I bet it would start with an A.
As in Nakamoto Satoshi A.
Japanese surnames are first then given names.
Remember August 1st 2017.
That was the day the cabal officially captured Bitcoin and the crypto resistance began.
The market decided that they wanted to continue with bitcoin core and not with bitcoin cash. I don't see how the cabal "captured" bitcoin.
And if Bitcoin Core has been captured, why did they introduce Taproot which makes Bitcoin harder to track?
Actually the market was captured via the same psychological tactics that the DS uses now and the promise of regulation and stability. I remember the glory days of bitcoin when it was all cryptoanarchist cypherpunks and the government had no clue what to do about it. It wasn't until Wikileaks announced they were accepting Bitcoin that the CIA caught wind of it and Satoshi disappeared.
Then, somewhere along the line, the narrative changed from "peer-to-peer digital cash to free the world" to "HODL HODL HODL LAMBOS TO THE MOON" and everyone seemed to forget that Bitcoin was always capable of scaling for global adoption. They convinced everyone that Bitcoin had an inherent flaw that was like a technological brick wall that they could not overcome. That "flaw" was actually put in by design by Satoshi and he always intended to remove it eventually.
The reason for the big crash at the end of 2017 was that BTC blocks were full due to the artificial 1MB block limit which caused transaction fees to hit over $100. The network was backlogged for weeks and for the first time in history some bitcoin transactions failed. Raising and/or removing that limit is all that needed to be done, but the Core team absolutely refused to do this citing that it would lead to centralization because average people would not be capable of running a full node (a completely illogical red herring argument).
Nevermind that non-technical people have no idea what a full node is or what it does, but that ideology meant that bitcoin would only ever be useful to tech-savvy people. Even though there are hundreds, if not thousands, of examples of people using bitcoin to survive in communist countries. This shows it is not necessary to understand it all on a technical level, as long as you understand the principles of how it works and how to use it properly, you're good to go.
Bitcoin Core developers, who are employed by Bilderberg, work on attracting the legacy financial system to adopt Bitcoin as a parallel currency, and also leading the masses to believe it's a financial lifeboat. I believe they are manipulating the price through stablecoins and planning on another big crash after a big pump where BTC will hit over $100k and then quickly crash to below $10k, and it will be engineered using the same "flaw" that caused the 2017 crash that no one ever did anything to fix (except Bitcoin Cash did, and still works perfectly to this day).
Everything Core has done since they were taken over by Blockstream, including Taproot, SegWit, Lightning Network, etc has been an elaborate system meant to distract from that fundamental argument while clearing the way for institutional investors, third-party surveillance, making transactions less private, reversible, and slow while steering newbies onto their custodial services they have set up.
Donald Trump on crypto:
https://news.bitcoin.com/donald-trump-crypto-very-dangerous-warns-of-explosion/
Trump says it's dangers... however... doesn't specify who it is dangerous for.... he says things for a reason....
Silver and gold don't grow
That is the whole point, there is a limited supply. Buy Physical Silver/Gold. Not the fake paper notes which is just a spin off of fiat. The note market is even at a breaking point though and soon the real value will take hold. As new tech is released, 100% conductive metal(silver) is going to be in high demand!
This 👆
Too much people buys fake paper gold and fake paper silver instead of the actual physical metal. This allows inflation, where inflation shouldn't even exist. Just like the original gold backed dollar, which used the same scheme to rip people off.
Youll see a USDC before that ever happens
USDC exists and is pegged to the dollar.
I meant CBDC created by govt my bad it was late at night
You can't switch to a currency 90% already distributed amongst 1 percent of the population. That's how slave planets are made....
Let the market decide
So basically let WHO controls the markets decide...
They already manipulate the gold price this way, why don't we just tell them to fuck off? why do we value money in worthless dollars?
When I say market - I don't mean this hodgeypodgey fiat financial system. It's being regulated into smithereens. Who benefits from that? Stop the nonsense.
And what if we find a tremendous amount of gold or silver in a meteorite that we will space mine in the not too distant future. What will that do to the price of precious metals?
This is not some normie forum. Can you please react in a more mature manner?
Just because you don't understand someting doesn't make it nonsense.
1% owns 90% of Bitcoin is an exaggeration.
Sauce:
No, Bitcoin Ownership is not Highly Concentrated – But Whales are Accumulating
https://insights.glassnode.com/bitcoin-supply-distribution/
Bitcoin is better distributed than fiat
That's a complete lie. I am a huge crypto advocate but BTC is more centralized than USD by a significant margin.
Sauce?
https://www.cbsnews.com/news/bitcoin-cryptocurrency-wealth-one-percent/
"Those top players represent a mere 0.01% of all bitcoin holders and yet they control 27% of the digital currency, the Wall Street Journal reported. That compares to the old-fashion dollar, where the top 1% controlled 30% of total U.S. household wealth, according to Federal Reserve data."
I know it's CBS, but you can confirm this for youself. Extremely centralized currency. Here is another one.
https://www.digitaltrends.com/computing/who-owns-all-the-bitcoin/
This article gives a somewhat different perspective:
No, Bitcoin Ownership is not Highly Concentrated – But Whales are Accumulating
https://insights.glassnode.com/bitcoin-supply-distribution/
slightly better but still terrible.
A true equitable currency should have the significant majority of the value held in the hands of the "shrimps".
I'm thankful for what bitcoin did for decentralization but it got quickly taken over and co-opted in the block wars and is mainly a way for whales to pump/dump and concentrate even more wealth. It has no mechanism to ever make it value-stable. It might not be wrong to hold some as the USD is true garbage and BTC is the most well-known crypto, but it really isn't doing what it was originally intended to do at all.
That's a complete lie, tell me any way I can use dollars without middleman, because with crypto I sure can tell the middleman to fuck off and still have full access to all the features you'd expect from digital money.
I am talking about in terms of how many people hold what percent of bitcoin. Fewer people hold a larger amount of BTC than USD. That is what I meant by centralization. BTC is a whale's game.
We're talking about two different things.
Still a lie, there's over 5 billion people in this world that makes less than $2/day, that's over 65% of the worlds population who practically have nothing.
The vast majority in the developed world lives paycheck to pay check and therefore also have barely any money saved.
Then there's middle class, all they have is debt.
While Bitcoin has a few whales, there's a widespread distribution all the way down, with plenty of wallets holding a reasonable amount. The rich spend generously and their spending's end up with the poor.
You'll likely never be the richest man if you get in today, but neither will you ever get the richest man holding most usd either. The world ain't fair kid, deal with it.
That article talks about accounts. Not populations. Huiuge distinction.
Tell that to the British empire before and after WWII
Yeah, but think of the upvotes!!!
Right. We need priorities.
Crypto coins are technically fiat currency, unless they are 1:1 backed by PM assets.
Every man woman and child could potentially create their own crypto currency based on their time. And those accepting it will have to deal with the risk involved, but on averaging out these risk, they are not higher but lower than Central Bank shit. Why? Because it is tied to production time. The other dimension is market value which rises and fall with what is produced and the value it has to society at large.
However, that would presuppose absolute transparency, and having all your personal data tied to your currency.
Since I am far removed from seeing this as a very desirable outcome of the migration process the elite wants us to be part of, I am not even going to support one move in that direction.
Quite the contrary. I would advice: analogize your life is the ticket.
Every man woman and child could write numbers on slips of paper. That doesn't mean these slips of paper will instantly have the same value as dollars in cash, or any value at all, unless of course people are willing to use those instead of dollars.
But why should they? If I write numbers on slips of paper would you give me dollars (cash) and gold in exchange for those papers? if not why?
The solution is a basic value with added value due to certain factors of differentiation and specialization relating to field of profession, value assigned by customers, reputation, etc.
See for a partial example: https://citizensisland.com/
However, the problem is always: any coin used to purchase goods and services, also means those coins will come back to roost and requires units of production from the one having issued these.
And since all coins are pubic ledger, it is easy to track value of exchange.
With this in mind: every coin and every transaction in your own coin, requires the awareness of the production value you need to be ready to provide.
By making better purchase decisions, you can safe on your coins, and thus on the time you need to spent on providing the exchange value.
Someone who would safe your coins takes a gamble in both directions. You may either die young, and thus, leave those with the coin with zero value coin, or a lower or higher value depending on your circumstances. It also means that older people still have potential to make visible their value.
It would be nice to see a move from economical value of time to economical value of assets based coins. This way those holding coins of a deceased mat recuperate some of the value based on the value of the assets left behind by the deceased.
It makes solving bankruptcies a totally different ballgame.
Since everybody has skin in the game prudence is a value taught earlier than after 20 collapses. It also prevents centralization of economical power.
It could be argued that prospective parent should have at least a modicum of assets to support the value of the coin of their child.
It would also end the interest scam-system, as on your own time, there is no interest. You cannot inflate it just by multiplication on a whim. And value differences are always guided by a bell-curve over time, differentiation and specialization.
As you can see, I am not in favor of a all out fiat system, either centralized or decentralized. I' d rather see a very limited elasticity production/ assets based system.
Sounds like the German Reichmark, which did work just as intended until the Churchill and his (((advisors))) got butt hurt and provoked one of the most pointless wars in history.
You're right, that would be a great monetary system. But unfortunately we live in a clown world, where we can't have such nice things.
There are ways to not only escape clown-world, but to end it.
I'm all ears, let's HONK the honkers.
Escape their UPU jurisdiction; Use Global Postal Union jurisdiction. Pay 8% on your consumption to the Quantum-banking-system, instead of God knows how much on anything you earn within clown-world.
Requires claim of the life here: www.fortheclaimofthelife.com
What? doesn't make any sense. Backed by PM? How does that even work? Hint: it doesn't.
You're conflating crypto with bitcoin that's one thing. The other thing is it's fine that people can create their own.
You know why? Free market. Accept what you will. Why should it be in the hands of banksters/money changers?
Have not met one that understands bitcoin deeply yet that's not a fan.
Says who? You? Who are you? Why would your neo-pickety ideas be of any value? I used pickety because attaching keynes's name to what currently is promoted as the ultimate in economic theory is of such nature, in my view, is just an inappropriate superficial first glance appearance.
VOC-shares since 1608 appreciated in 130 years 8 fold, bringing prosperity to thousands and thousands of participants called shareholders. That particular freedom ended in 1770. First of, the costs of competition against the English involved in Opium-silver trade was impossible to beat. Second, the JEW practice of fractional Reserve banking.
That is why the Empire was broke in 1814. All the assets were taken in. The Silver standard absconded. The same thing happened in the US in 1871.
When you listen carefully you hear the playbook. Trinckets for real assets. I mentioned the opium silver trade. The reason for it' s lucrative nature was because in China taxes could only be paid in silver. Silver to gold ratio there was 1:5 instead of 1:15 in the West. So we have a State monopoly in China plus a state monopoly on trade by the English. First, goods went out from China, and Brit Silver came in, second phase: Opium came in, Silver went out.
Trinckets for hard assets.
Do I have to argue the case of the erosion of value? It is so easy to see. Large conflicts could only have been fought if not for the erosion of value: truth for false, right for privilege, real for fiction. And here is the kicker. This fiction, this " virtual reality" this augmentation is actually trying to sell you bull shit.
Here is virtual:
Positions are inflated, money is inflated, Language is inflated, populations are inflated, self esteem is inflated. It is all artificial and without any virtue.
That is what crypto currency in essence is, unless it is pegged 1:1 to PM. This would work just like depositing PM in a bank, and taking out letters of credit, as a derivative, in several denominations.
I do agree it is quite a wonder that system lasted maybe at least 600 years or so. Why? Because the only full reserve bank during that time was the Amsterdam Exchange bank in Amsterdam.
The problem with creating your own crypto currency based on time is that eventually, most people react to pain, not smart ideas. People open themselves up to manipulation and enslavement that way. Consider the covid hoax. Your crypto currency only exchanges when you are vaxxed. (No thanks).
In Germany, from 1933 onward, such a time for money scheme was the basis on which full - employment was secured in 1937. The question is whether the people living there were actually free, or were bonded or maybe it was a mixed bag?
So, yes, I value what is real. Convenience is only a luxury, depending on circumstance.
It should then be treated as such.
Excuse me, I did what? Where did I do that? You are bringing this up. I did not. As you will probably be astutely aware, the cryptoverse is rather diverse and I am talking two kinds. Those that are, and those that lack backing with PM.
I did not argue that point. Far from it. I think everyone should have by birth right seniority. It does not mean that everyone would mint it's own coin. Some coins are simply more appealing than others. So, over time, a certain amount of producers of coin will emerge by specialization. It also could be part of a regional pact between people to coin together under one banner. This happened quite a lot in the Republic of the 7 Provinces. Each city, each state had minting rights.
Nice claim, but this is a typical call to authority, and is rather destructive to your whole post.
What arguments did you actually give, as a sort of attempt at rebuttal? Call to authority x2; arguing points I did not make (red herring) x2.
Try and read the Bitcoin Standard by Saifedean Ammous. It will change your mind.
I read the Bitcoin Standard when it first came out when it was heavily pushed and recommended by Bitcoin advocates. I was unconvinced then, and still am. There are far too many logical fallacies and false assumptions throughout it to make a compelling argument for me. I recommend anyone to read it, but to analyze it with a discerning mind.
...compelling observations, nicely framed and stated....
Good article for those wanting to get out of the current governance system
Retards talking about GoLD aNd SiLvEr being the cure have failed to study history. Gold and silver were just as manipulated for centuries... governments issuing coins, only to reclaim them and shave flakes off so they can produce more coins, while telling the people it's still worth the same. The metals held value because of their rarity, until they were found in new places. The supply in theory, and as evidenced by history, has continued to increase. Bitcoin's algorithm has planned out a more reliable calculation to achieve a finite supply in which not more tokens will ever,be produced. And unlike gold and silver, let alone paper bills, it cannot be faked. Blockchain technology is the most secured, verifiable system ever created. Can people lose their keys? Sure. But they can equally lose their cash, cards, GoLd. Stupid people gonna stupid. Can crypto be hacked? Possibly. Such is the risk of digital currency, which, news flash boomers, you've been using for at least the past 20 years. But the movement of the funds can always be tracked. It can br recovered. The reality is that nearly everyone in the modern, developed world, is and has been using digital currency for decades. When's the last time you touched a physical paycheck, let alone cash, let alone fiat? The vast majority of people have their pay direct deposit. It's simply electronic communication changing digital accounting notes. How often do you pay for goods/services with cash? Debit card = electronic check = digital accounting notes. Credit card = electronic micro loans = digital accounting notes. Checks = digital accounting notes. "Cash" (bank notes) = digital accounting notes. The medium essentially matters not. What matters is trust. Without faith that the representation of value is truly good for that value, the system collapses. The reason why many people currently don't trust the "cash" system that we've been on is because the FED keeps printing it and the gold and silver that's supposed to back the value of those bills, may not actually be possessed by the banks... they are issuing notes based on nothing.
Bitcoin will become the new gold, digital gold, a trustworthy store of value, a standard by which other coins can be based. "Experts" have been dooming on Bitcoin and crypto in general for over a decade. They continue to be proven wrong. Decentralized currency, Blockchain technology, transparency... these revolutionary concepts and growing realities scare the shit out of the money changers who've controlled international banking and finance for centuries... Why? Because they're losing control...
See you on the moon frens.
Huh? you think only the government would do something as evil as cutting of scraps from gold coins in order to make new gold coins? Then I got a bridge to sell you.
I have the same general notion about crypto as laid out in this article. But, something still makes me weary about it. While everything in here is true, it leaves out (and for obvious reasons) what “going crypto” does to the The very tippy top, the Rothschilds and their like. You have the World Banks and then those that own and control them. Crypto will hopefully take them down. But what really gets mean worrying is the thought that these people can hop in and virtually control crypto utilizing their seemingly endless amounts of wealth. Or even worse, they created it just to take a little bit more of the power for themselves. Not saying this is true, but I have to think it’s a possibility.
...prepare to hear how that is an "impossibility"....
My true concerns about crypto:
Dependency on smartphones or other addictive and harmful devices for trade. So what if the control is not a central bank? Control by a central technocrat is even worse?
5 G;+ cell towers required. Technocrat monitors all crypto.
Who owns the blockchain software? Who created it? Who maintains it? It is rigorously good?
How does one create crypto?
What does crypto depend upon?
Who sets the value of crypto?
When will goods and services be priced in crypto?
Who sets the exchange value of dollars to crypto or crypto to US dollars? Is it fair or arbitrary?
Who benefits the most from crypto, the minier, the holder, or the exchange of crypto for goods and services? Explain.
Why are people having to hype crypto so much? If it is so good, why is its goodness not evident to all?
FWIW, I don't like the central bank debt currency. I don't like anything built on deception.
I'll try my best to answer these and I'm interested in seeing how others reply to your fair questions.
You don't need a smartphone, but you do need a computer with an internet connection. You can get a crypto ATM card and it functions like any other debit card/gift card if you want to use it in person.
Why do you think 5G towers are required? Most of the world (and a lot of this country) does not use 5G tech and they are still able to use crypto. Any type of internet connection will do, including crappy satellite. You can always use a VPN if you want better online privacy.
No one owns the blockchain. There are theories, but no one really knows who created it.
You got to ask someone a lot smarter than me...lol
The blockchain depends on an internet connection existing somewhere in the world and computers to validate transactions.
Developers upon ICO, after that it's usually up to free market supply-demand, but each project is different. Developers can mint more coins or take coins out of circulation for various reasons, but this effects price. Also, if a coin is mineable this can effect price as new coins are created by miners. Every coin is unique in this regard.
They already can be. You can buy a house with BTC. They are making these ATM cards that can connect to your wallet which I'm eager to try out in a few weeks: https://outlet.finance/
Who sets the value of crypto? The coinholders do as they buy/sell. Say you have BTC and want to convert it to USD, you transfer your BTC into a stablecoin like USDT which is pegged to the US dollar and doesn't fluctuate much past that $1.00 value. Tether and other stablecoins were solely created for this function.
Who benefits the most from crypto? Everyone but the banks and the government. The miner gets paid to validate transactions. The holder benefits because they don't have to rely on a bank to send funds to anyone else around the world or keep their funds safe, they can earn far more than .5% APY--which is what putting your money in a savings account will get you, and if you use Monero you can make totally anonyms internet transactions. There are far more uses depending on the individual coin, but these are just a few I can think of off the top of my head. And more coins with their unique functions are always being created. The exchange benefits because they take a small fee for every transaction made.
Why do people hype crypto? It's a natural response to the people who blindly hate on crypto. There are many who have no knowledge of what a decentralized cryptocurrency even is and like to voice their "expert" opinion on how evil it is and how anyone who uses it is an idiot. "If it is so good, why is its goodness not evident to all?" Because it is a complex topic and requires a modicum of research to understand and people are often lazy and hesitant of things they don't understand.
Hope this clears some things up for you!
Thank you for your responses.
Follow up questions+answers to yours...
Is crypto just exchanging the central-bank-lordship for the technocracy-lordship (which imho is FAR more dangerous, though both are dangerous)?
I think 5G+ is required by the technocracy-lordship because they recognize the amount of traffic they intend to impose on their infrastructure, and the functions they intend to incorporate.
The mystery of blockchain is troublesome to me. How can trustworthiness be built into a currency dependent upon a mysterious unowned, un-maintained component? What if the chain becomes too long to drag along with the multitude of transactions anticipated? How does one authenticate the blockchain?
I am looking for more transparency in our future currencies than we have in the Central Banking debt deception system. "They" pulled the wool over the eyes of the world. I am reluctant to go down a parallel path of ignorance with crypto. The smart are gonna have to reveal the secrets for trustworthiness.
How do computers/machines validate anything?
The internet is just a pathway for bits and bytes. When will it be replaced by neural networks? Then what with cryptocurrencies?
You can buy a house with cryptocurrency. I cannot. I wonder about deeds and titles and taxes and such legalities.
So, why aren't goods and services priced in crypto? Seems like no one can tell you the value of a crypto. Seems deceitful to me. Seems too much like "trust me, I'm giving you a fair crypto price.". I have difficulty with that.
I dispute that everyone is benefiting from crypto. I am not. Instead, I'm finding more potential for harm with every deep dive I do into how it can be abusive to the poor and ignorant. So, it looks more and more to me just like a parallel road of the Central Bank system, but with different controllers. I call those controllers the "technocracy-lordship" .
You attempt to call me lazy, and I am not. I research and read and have a background that you are unaware of. Still, my honest questions remain unsatisfactorily answered. When my questions are answered honestly, perhaps I can understand the true benefits.
No, if we use decentralized coins there is no way for any entity to control it. That's why China stole the technology, made their own centralized government-controlled coins, and banned all other coins from their country. There are ways around the ban if you use a VPN. Because decentralized crypto is uncontrollable by any one entity, the only thing China can do about it is ban it.
5G technology is not required to use cryptocurrency. Visa handles 1,700 transactions per second and 150 million per day and they never needed 5G to function. Would the technocrats love to force everyone to live in some Judge Dredd city-block and force us to use 5G? Sure, but that's irrelevant to cryptocurrency. The range of each 5G tower is only 500meters so it is not feasible unless you live in the city.
From Investopedia
The blockchain getting longer, makes it more secure and harder to hack.
This solves the issue of transparency.
This is beyond my knowledge. I'm sure there are resources out there that get into the exact mathematical process.
When will the internet be replaced by neural networks? I have no idea haha, does anyone? Maybe Elon. Whenever quantum computing becomes feasible, then crypto would become irrelevant and something better and more secure will come along to replace it, as is the way of technology.
It is legal to buy property with BTC in the USA. Don't know about elsewhere. You save a lot on fees since you don't have to go through the bank. Deeds and titles function the same way.
No one can tell you the price of crypto because it is always changing (unless it's meant to stay the same like Tether) and prices are different for each coin. Like with anything, supply and demand dictates price.
I'm not sure how a decentralized crypto can be bad for any individual, including the poor. If you put your money in crypto, then the banks and the government don't have access to it. The banks make money by keeping your funds and they give you, the account holder, a paltry half percent that doesn't even attempt to keep up with inflation. The banks can decide to stop doing business with you at any time like they have in the past with conservatives, including Mike Lindell. The fees and sluggishness for a wire transfer is also another advantage crypto has over banks.
Never said you were lazy. You show genuine curiosity and ask fair questions. I'm talking about those who put out blatantly false statements and get upvoted by the hoard of ignoramuses, which perpetuates the stigma and misinformation regarding cryptocurrencies.
Fair point. I suppose a way to circumvent this is to use the dark web, but I would be hesitant to do so because of my own ignorance in the matter. If a country outlaws decentralized crypto and only allows certain government-compliant VPN companies, then you may be in a communist state and should relocate immediately if you can. Luckily this is not yet the case here and hopefully never will be which is why it's so important to educate people on the benefits and uses of decentralized cryptocurrency.
I was giving you an example of how VISA is able to handle more transactions than BTC and does so without 5G. You're concern was with traffic.
Nodes are deemed trustworthy by the peer-to-peer network (the validating computers).
Wikipedia:
So if a majority of the network has been taken over, then there can be problems. They estimate 1 million unique individuals mining BTC, so who can possibly take over that many computers at once? I mean I suppose anything is possible, it's just highly unlikely unless we're dealing with quantum computing. That kind of tech is still far off and when they do start using it and if we have not adopted any measures to protect ourselves from it, the entire system would go down, not just cryptocurrencies.
Nothing wrong with being skeptical. It's the centralized crypto that you should watch out for and are being pushed by the NWO. They are not as secure and can be edited/controlled by the centralized authority.
...but the Rothschild's are to stupid to manipulate crypto.....
Good article but be ready because its only a matter of time before the boomers come in saying crypto is a worthless scam perpetrated by the freemasons.
Sound money built on a blockchain is the next step towards freedom from the banks
No doubt about it
Ether Niggas Be Like
Yes, but this is true of all technology. They say quantum computing won't be a things for at least another 50 years. BTC is already outdated compared to many newer coins. In time, something better than the blockchain will come along and replace it. Why not utilize it until then?
Yeah, and the CB isn't gonna implode for another 8-10 years...
Right, right?
Leo said the world is going to end in 9 years so what's the point of any of this haha
I guess the point is we are still thinking.
And communicating.
And imho that is good.
...but muh bitcoin is going to fell tall trees....
Quantum computers are not magical or generic in any way. They're millions of times faster for certain problems, but everything else they'll do slower than a generic computer. We already have encryption algorithms that's unaffected by quantum computers.
As for mining, there's no need to worry there either. You know the ASIC miners designed for Bitcoin mining only and nothing else, they too are already millions of times faster than a generic computer. They're even faster than the theoretical quantum computer on solving SHA256 hashes.
It would be overkill and unnecessary expensive to use quantum computers for any type of hash rate attack.
How much faster exactly? We're talking keys the size of 2²⁵⁶ with brute force as the only method. Also, how is this an argument against crypto? with ability to crack this type of keys, all encrypted data would be at risk, this includes banks, secret files and much more.
Thanks to blockchain, crypto could fork at any point in time, and change it's encryption algorithm. If funds suddenly start to get stolen from wallets here and there everyone will agree to a fork that reverse to a time before the vulnerability.
How would you protect or reverse secret documents leaking out to the public. How will a bank recover, or a credit card company with physical devices and all needing to be replaced. It's gonna take forever, and some damage will never be fixed.
Worst case for crypto, network being taken offline until a new quantum proof algorithm is discovered. Soon as it's implemented the network comes back online again, in a earlier state.
Exactly my point, which is why I asked because you seemed like you knew for sure.
The biggest blockchain (Bitcoin) takes up no more than 200GB currently after 12 years of operation. each block is limited to 1mb in size, that's 6mb per hour, 144mb per day and 52GB per year, max assuming all blocks are filled.
How much more space exactly does it take? Why won't sharding and other solutions already being implemented and used on other chains work? What makes you think an update would be impossible, Bitcoin has already been forked many times. Sure all nodes must be upgraded before they can join the network, but seeing that's required to prevent theft of coins that won't be a big issue.
And that's not "fleeing to crypto" how exactly? Yes there's already cryptocurrencies using quantum resistant algorithms. Many POS coins where designed with a whole different type of algorithm, in many cases something that relies on memory. I have not yet heard of a quantum computer capable of storing more data and moving it faster than SSD disk.
Please just tell me what will happen with the market and why 😅
Crypto is basically a pyramid-scheme/MLM.
Those that get in on it early make a lot of money but the later in the game you enter into it the less money you make and the more likely you are to loose money....
...hey it worked for Amway....
Thing is, there would have been no other way to keep it decentralized with a more equal initial distribution. Because you'd immediately introduce a central point of failure, that would have drawn too much attention.
The bankers could have shut it all down in the early days when there where only a few nodes connected.
Partially to the guy you answered, but it applies to you as well.
Crypto prices correlate so much with the NASDAQ, I am convinced that it is Institutionally Owned at this point by Big Finance as an asset.
Moreover, trading it is at such a glacial pace, or run through an exchange that is basically a de facto bank. Not sure I'm fully sold on the disruptive capabilities on a non-physical good yet. Moreover, fungibility is still horrible, and I need to trade back and forth to regular currency anyhow, making the currency an asset.
That's because exchanges somewhat recently introduced futures trading. The prices of big coins like BTC and ETH are heavily manipulated now.
Truth....
...be prepared to hear how computers are flawless and not manipulated by human emotions....
We know everything about it? Just because you don't "understand" doesn't mean other people don't. It's not computers, you can do transactions on paper. You can verify it with math.
I have purchased some crypto as well as some silver; but I'm curious, how can something that is understood and controlled by a few and not by most, be any different than what is currently used. Also, how can that be better than something that is physical and has been used for thousands of years, only to be ended a few decades ago by the same people who own the current system? Also, didn't Q say gold ends the fed?
Because it's not controlled "by a few", the only way you have any control is through mining, which is the process of verifying blocks of transactions. This is done by thousands of people around the world. The method of mining is called hashing which means you calculate a problem which you have to calculate many many times before you find the right answer.
This is controlled by the global hash rate, which is the sum of the computation power from all miners. In order to keep the time it takes to solve a block to 10 minutes for Bitcoin there's a difficulty involved which adjust after each block is solved.
Because of this, it doesn't matter what type of hardware you use or who has back doors to it, only raw computation power matters in the end, and someone with a backdoor can't just make a processor faster just like that.
Because the reason, "what's physical" has been used for thousands of years, is because about 100 years ago computers didn't even exist, 200 years ago cash and banks didn't exist either. Hence it was the only option, the only medium of exchange that made sense because it had all the properties money should have.
Bitcoin and many other cryptocurrencies was designed with similar properties, but digital instead of physical.
Now, ask yourself what legitimacy cash has. Initially you would give your gold to a bank, in exchange for paper, with a promise that you could exchange back the same amount in the future. See how that works? what kind of business is the bank then who needs an office, secure vaults and guards... they gonna provide all that for free?
No of course not, the day you come back with your paper to get your gold back, your gold is no longer there. The bank took your gold, your real money, and did God knows what with it... maybe they went to the casino, or maybe the brothel. Who knows.
And then there's internet banking, built on old insecure technology never designed to process transactions or hold accounts. Just one server and you're lucky if there's backup. Lot's of "money" has been lost that way, though incompetence, software bugs, hacking and other issues.
The real question is, why did everyone abandon their gold (real money) in the first place in favor for the shittiest system anyone could imagine.
How is thousands of people not a few, when there are billions of people in the world?
Thousands is more than one alright? Mining is similar to owning a bank and all of it's infrastructure. As for control, all you really need is a wallet, and anyone can have a wallet. There's millions of active wallets, every user has their own wallet.
A wallet means:
What makes a bank account better in your world? a leftist holding your hand while you pay? who then can stop your payment, confiscate your funds and fuck around in other ways?
I never said a bank was better, why do you keep pushing that? I said physical. The difference is I own it, it's in my hands. That's the difference between owning a deed to land (in my hands) and the bank owning a deed to land that I'm paying them 30 years for. Man, it's getting shilly in here🥶🥶
Because it's the only alternative for digital payments :-)
You can't really compare digital and physical payments, they both have their specific usage areas. Don't tell me that you're paying your electric bills, your internet/tv/phone subscription with cash or by a mailed invoice (which is still digital via your bank).
I can see you go down to your local big box store and pay them with cash, maybe you have some local farmers market nearby that let's you pay with gold/silver coins. But utilities, no way that you're paying them in cash or gold.
I often see the busy light on my tower and wonder just WTF is it doing?? Then when I turn it off I see my router with busy lights and wonder just WITAF is going on... I have a feeling I don't wanna know..