The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World
(www.expensivity.com)
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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🥶🥶