Here's why I'm not jumping on the Crypto Market.
🤔💭 Theory 😲💡
I see a scheme, and I don't like it.
It goes like this:
- Be Central Banks
- Create a non-physical, intellectual currency with good prospects of banks being unable to "print more money"
- Pump it up with a lot of fiat money to make it appetizing
- Use controlled opposition to prop it up further and encourage organic support
- Get all the political right, moderates, liberals and conservatives alike to invest in crypto
- Quickly implement legislation that bans cryptocurrencies and seizes the ethernet blockchain using the FBI and the Central Bank's leverage over the legacy markets.
- The US Government would then own all the crypto certificates, and now the only way to cash them in is to turn it back into fiat dollars.
I'm not saying that's what is happening, but it doesn't seem outside the realm of possibility.
I don't like the odds on it, and I'd even say out-of-hand gold and silver schemes like Charlie Ward is pushing is also running the same scheme.
What are your thoughts? Am I being overly paranoid? Did I miss a step with crypto?
It's my understanding you might own the coin, but only the certificate issuer can "cash you out". If that were the Federal Reserve or the FBI, then what happens when they say you must cash out with fiat notes? Am I wrong on that?
The government, which we can’t trust, shut down American Liberty Dollars. This was real money, backed by commodities.
https://en.wikipedia.org/wiki/Liberty_dollar_(private_currency)
Satoshi Nakamoto (pseudonym) created Bitcoin. We really don’t know where it comes from. Bitcoin has been allowed by the government to flourish. That tells me everything I need to know.
When I think darkly, I think it is used as compensation for human trafficking and other nefarious enterprises.
You don't need to know where it comes from, you got the full source code and the white paper. That itself acts as foundation for all the alt coins. It's just a low level protocol.
For comparison, do you know who invented http? how can you trust http? do you realize that this site, just like every other site in the world is served over http?
https://datatracker.ietf.org/doc/html/rfc2616
Yes, we do know who created it.
And you trust them blindly to 100%. Never even bothered to actually look into the protocol itself, understand how it works?
See how this works, http is also a protocol that can be used both for good and evil. But you don't seem to have any objections against that.
HTTP isn't used for encrypted traffic. HTTPS is.
Still, HTTPS is used to perform transactions when dealing with traditional banks. I do think about these transactions being intercepted, decrypted, and spied on; although newer cypher suites supposedly prevent this using "forward secrecy". Still, the benefits outweigh the risks.
Now, Bitcoin is cryptocurrency that uses blockchain as the cryptographic mechanism in order to create a supposedly mathematically tamper-proof public ledger whereby the actual currency itself is derived from blockchain.
It is one thing to perform TRANSACTIONS using HTTPS. It is another for the currency to actually be derived from a cryptographic mechanism where we don't even know the creator. And, for all we know there may be a back door.
HTTPS will only encrypt the traffic between you and the server hosting the website. You know nothnig about the server itself, what code it runs, how your data is stored, what the bank can do to your money... Simply put, they have full control over your money.
But that's not a problem in your world? Instead you fear back doors in a open source software where you can actually view the code yourself and make sure there is no back doors.
The reason every single attempt to make alternative money to replace the globalist banking system failed, is because the creator was known. Even Bitcoin would have been vulnerable in the beginning with only a few existing nodes, if "Satoshi" was known.
That's the thing, Satoshi didn't give us a finished proprietary product that relies on blind trust. He gave us instructions only, and a piece of code to demonstrate the concept.
Well I can say this, Americans and ANYONE who invests into crypto is gonna be mad as hornets if the government seizes their hard earned crypto. That shit doesn’t happen overnight. People work hard to make money to invest with. Build up stocks. All the effort it takes to get that many shares. All that wasted effort for it to be stripped away by yours truly will piss people off entirely. The government is failing by the day and I think if they strip away people’s bitcoin and crypto they will face the wrath of hard working Americans. Bitcoin was made to be untouched by the filthy government yet they have found a way around it using their precious pet dog, FBI.
Not "if," but when. It's only a matter of time.
Never invest in something you don't understand. I'm an old, well educated, 30 years of experience, computer scientist. I've researched crypto. I don't understand it. I dare say very, very few people understand it. I've wondered for years why governments have allowed crypto to get this far. Crypto is an existential threat to governments. Business conducted in crypto can't be tracked, regulated, or taxed. You really think governments are going to allow a "black market" economy to coexist with our current economy? A "black market" economy that they can't control, track, regulate, or tax. Not a chance.
Beware of people yelling "the sky is falling and the only way to survive is to buy what I'm selling". If the sky really is falling and the only way to survive is to have what this person is selling, Why are they selling it?
Thanks Simp, makes me feel better! I'm a computer guy but no scientist by any means and I really don't understand it...
Despite that though, being a man of little means, I did invest a little.
As long as your strategy involves "cashing out" at frequent, regular intervals. Otherwise, you're risking a lot.
And by regular frequency, I mean weekly at a minimum. Similar to day trading.
The problem is, finding an institution that allows this.
I'm with you, Sleepy, I'm just not into it. Hubby likes it, and he understands it. So we have a little of this, a little of that, buncha that. 🚀🚀🚀🚀🚀
you mean the currency whose security is based on verification of transactions by multiple individuals is somehow trackable? gosh....
Well my crypto is worth way more than my Fiat. And my Crypto is not controlled by the Central Banks, since they’re pushing legislation, but much of it hasn’t gone through yet. I think this is the court case XRP/Ripple effect. No pun intended haha. We shall see frens, we shall see.
It's all 1s and 0s homie. And that valu is based on "consumer confidence" not scarcity like precious metals.
My suggestion is that you regularly cash out and convert your crypto holdings into something more tangible.
Watching what Canada is doing to [their] citizens re first funny money and crypto currency, this makes it all the more important to convert your holdings regularly. Convert them into fiat and then convert that into precious metals.
Eventually, the crypto bubble will pop, like all bubbles do.
Precious metals are I herently immune to market manipulations b cause it's based on physical holdings vs what's left unmined, i.e. scarcity.
This is THE REASON why POTUS45 is vehemently against crypto.
Besides, it's all held in "the Cloud." And who owns "the Cloud?"
Agreed. Gold/Silver will destroy the Fed. Not crypto.
Not saying it has zero potential. Just not a good replacement for fiat, and IDK what truly is.
When you look at the companies adopting it. robinhood, cashapp, paypal, venmo, etc. It reminds me of the messaging app Signal. Create a product that is "free", but really control it behind the curtain. Soo many millennial types got into these things so quickly that it makes me skeptical.
You'll own nothing.... and be happy.
Uhhh...because it's fake?
That's why I'm not involved with any of that.
What is "freely" given, can also be "freely" taken.
Crypto folks are gonna get a rude awakening.
Yeah, I don't know myself. With anything in this crafted DS/Cabal reality, it's a crapshoot.
I do have a little BTC & XRP only because I believe in diversity. I also have some GME, silver bullion, and a wee bit o gold.
Luckily I don't have a lot of money, so there's that limiting factor in getting overly vested in crypto lol
NGMI
One word --> Tether.... backed by the exact same thing that fiat FedBux use for backing...