The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World
(www.expensivity.com)
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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.
...but the Rothschild's are to stupid to manipulate crypto.....