If they had control over Bitcoin they would not be taking measures like this.
(twitter.com)
😷 DEM PANIC 💉
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You can't "Control" the blockchain(Bitcoin or Crypto Currencies)...The main purpose of the blockchain is to allow fast, secure and transparent peer-to-peer transactions. It is a trusted, decentralized network that allows for the transfer of digital values such as currency and data...Blockchain technology is secured with cryptographic techniques, making it near impossible for hackers to make changes to it...You Cant just turn the Blockchain off or stop anyone from accessing their account/wallet...That's why "they" need to interfere...
I don't automatically think bitcoin is good because theyboppose it. Espescially when so many are herded to it just because the government act like they dont want it.
If someone created it, it can be gamed whether people want to admit it or not.
Normally I would agree, but I don't see how that's currently possible with bitcoin. It would be easier to hack into the Pentagon.
Maybe you can't game the chain itself but without trillions of retail dollars you can manipulate prices by owning a large chunk of the total cupply of a coin such as BTC, and since most other coins follow BTC, if you control the price of that, you control the price of the entire space
When you actually find out what Bitcoin is and how it operates youll realize why thats not true
Algorand?
Who owns the exchanges? Good luck getting your money off or moving it into and out of exchanges. Most holders don’t even use cold storage. When all the usual Hollywood fuck tard shills are telling us to buy BTC and cryptos I knew it was the sign to be very careful. Physical gold and silver is the safe investment. One of the purposes of crypto could be to keep fleeing fiat money from running to gold and silver. Plus they can issue in the CBDC’s easier with crypto sheep on board
If you don't use cold storage then basically you're an idiot...And Not everyone is that stupid to keep their assets on an exchange unless they want to sell/trade...
The transfer is available publicly. I've never understood how you're able to "store" crypto on a cold wallet. Is it similar to storing documents on a flash drive?
Yes exactly. Look up the Nano ledger X for example. I look at it like money in the bank. Does the bank really have all our funds if we went to withdrawal? No they don't and God knows what they do with it all. There was a thread last year on the increasing number of large BTC wallets that were pulling their bags off the exchanges to cold storage which tells us all we need to know.
Unfortunately the whole crypto space is confusing and even more confusing/time consuming when you use cold storage. Most will just leave their funds on Coinbase etc... and think their money is safe.
Okay so if you need to sell, trade or buy then you have to use exchanges. I know there will always be ways around it for people like us who spend the time to research but 99% of crypto holders have no clue how dirty Coinbase and the other exchanges are and will become. They could make it very hard to use if they choose.
Physical gold and silver is not an investment. IF you do look at it that way, then you've owned a terrible investment per the chart of where Gold has been the past decade. You've lost a whole lot of money fren.
But hey, apples to apples fren...
Physical metals = cold storage
Paper metals = exchanges / 3rd party custodian (ala IOU)
C/mon man!
And lastly, one has to separate BTC from all other crypto.
Are you serious? We are living in a time where our governments can close down our small businesses yet let Amazon and Walmart flourish, raise taxes, print countless USD, freeze GoFundMe donations if they don't agree with the views and now Canada straight up freezing bank accounts and trying to freeze BTC/crypto wallets. But hey a digital currency is safe and reliable!! Physical Gold and Silver have been used as a storage of wealth for centuries.
Btw all the usual scumbags are pumping crypto in posts and commercials to the public and telling us to get in. Am I really suppose to believe they give a fuck about me? Their puppet masters want a cashless society for obvious reasons and if you can't see that you are blind. BTC is great if used for it's intended purpose but unfortunately we will in a world of greed and lust for control and power.
They are all just making money. That doesn't invalidate BTC as a currency.
Not sure what you're getting at but my point still stands...
Gold as an investment -- you have lost a lot of purchasing power investing in Gold... don't take my word for it, look at the data and performance returns, that's my point. So your stored wealth has lost it's 'wealth' over time, it's an objective view. As the USD debases over time due to inflation (the Fed numbers are bs btw) your wealth has decline in purchasing power. You would've made more with real estate, stocks. Remember that you're denominating Gold's value in USD.
Apples to apples -- Gov can freeze your gold account at a 3rd party custodian - if you won paper gold, or store physical metal in someone else's vault. Same with any custodial crypto wallet, or your Bank account.
The point is to self-custody, meaning you hold your own gold, physically... likewise with Bitcoin, you move it to Cold Storage, where you and only you own the private key.
You need to do your own research on cryptos, and not follow the herd/hype. I could say the same about the usual scumbags pumping Gold and precious metals.
Seems like your outlook of the future is total anarchy, where we will fall back into some barter society where golds is the only thing people want to use as a medium of exchange :)
Q did state not to worry no?
C'mon man!
I've never understood how something that is not currently accepted for transactions could be a good investment, quite frankly. We're not exactly sure what's coming, but 10-12 years ago, what intrinsic value would gold and silver really have had?
There is some form a mental short circuitry I see on the boards especially with the gold bugs. There is this odd running narrative -- I would go so far to say it's a lie -- that gold is THE store of wealth, which is clearly not true.
In fact, the wealth has been eroding for decades now due to the power of the Fed money printer and inflation. The unit of measure, USD, is where all the manipulation happens... so in the darkness of night, without a sound, the gov slices your 'value' away :)
re: Transactions -- this is more so an agreement between parties. Today you and I could agree to trade using Gold. The problem arises when the thing I want requires a huge rock of it, or some fractional amount.
We've already been through this play during the Roman empire. e.g. the silver in the coins were slowly 'debased' so at some point there was hardly any silver left in it.
While I agree in general, the blockchain could be stopped at the network backbone level, blocking its data connecting miners/etc that host the info. Splits could potentially be created in transactions by, say, continental region and then need to be rectified against the others. New blocks mined, transactions made, etc could throw the whole thing in disarray. I imagine this would have to be at the federal agency level (nsa, etc), combined with other countries and it would be very obvious after a certain point in time. Trust would plummet, splits could divide the value significantly and chaos would ensue. Attack BTC and the whole crypto community would go into chaos, plummeting as people pull out.
Just an armchair theory, but crypto is very reliant on the network for maintaining and creating its value and that isn't uninterruptable, just very robust.
Interesting theory, one only has to look to China to see it play / playing out.
China has the internet backboned entirely covered, yet even they can't stop it .. specifically BTC.
Everything else is centralized. For example, all one needs to do to bring the entire ETH network down would be to just disrupt AWS.. poof! ETH is down.
Eth is built on AWS? lol I didn't know that, that's foolish.
I'm not sure how china gets their BTC connections, I assume VPN out of the firewall, or maybe satellite internet? Or more likely corruption and a porous "great firewall".
I would also note that trying to kill the btc blockchain network would be a huge undertaking when people knew that it was being attempted I suspect a ton of people would host full nodes and vpn them together, use satellite phones, or whatever to connect things as much as possible. But a one-world government effort the likes of introducing Covid/lockdowns/mandates could hit it pretty hard until global grass roots effort would be made to restore it.
But, this is all fantasy which I don't ever expect to happen at this point. We are winning.
Sorry it's more nuanced -- the majority of the ETH network runs on AWS, the reason being it's very costly to run an ETH full node so most just use centralized services like Infura which runs on AWS.
Essentially the cost to entry is so high that it ultimately centralizes the network which is antithesis to how a decentralized blockchain should work. So in the end, when AWS or Infura experiences an outrage the entire ETH network goes dark. It's happened quite a few times recently. So all the DS/Gov needs to do is send a letter to Amazon or Infura.
re: China ... people can still buy bitcoin, the gov banned mining and bitcoin / crypto transactions. so peer to peer transactions is illegal.
Remember the US Government is a multi-trillion entity, so it can brute force things it can't hack and flat out break things in quantity if it chooses. Bitcoin uses a proof of work method and can thus be attacked if the majority of the hashing power is controlled by an entity with malicious intent.
The entire Bitcoin network right now has a hashrate of just about 232 ExaHash per second. I can replicate that with roughly 2.32 million WhatsMiner M30S+ which would cost just a hair under $20 billion to buy. But given roughly 50 miners account for nearly 50% of the hashing power of the network, I'd take out some of the biggest to make it easier.
Interesting theory, a few things to consider...
You can't just buy 2.32M miners right now, so there is a long lead time, there would be a miner arms race which will incentivize other miners (gov/independent) to purchase miners the resultant is an exponential increase in Hash rate. Basically you're adding an additional 2.32M miners to the pool. It would be MUCH easier to just BUY BTC.
When hash increases the difficulty curve increases.
And don't' forget the Nodes <- this is where the true power is.
The majority of the hash rate last year was within China's borders... but DS being DS, they want a fully controlled centralized CBDC, so not within their best interest.
The government created supercomputers with Playstation parts when they couldn't get the parts needed otherwise.
Hopefully the Gov can salvage specialized microchips to make mining rigs :)
...like munger coming out a few days ago saying BTC is going to zero, then like clockwork, it gets slammed. buffett and munger's playbook, trash BTC, wait for the slam, buy the dip. not the first time these gopniks did this !