We get to see now just how much control the Cabal has on the crypto currencies!
(www.thegatewaypundit.com)
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You gotta understand that the keyword here is control, not the fact that something is digital or physical. Here's how that works:
Assume I'm your bank, now you take your most secret files, your most private photos and you send it all to me plaintext. Only to let me store it for you, in plaintext. Now just imagine how much trust you must have in me to not fuck you over with this information. You're basically giving me full control over your most valuable possessions.
Now instead assume that you knew anything about crypto, what happens now is that you download and compile a open source software, which takes your most private files, encrypt them on your device, then split them up in chunks up to 50 pieces then send these pieces to the blockchain network. I run a storage node for profit (also open source software), and one of your chunks end up on my server.
See the difference here? I don't have your full file, and the fragment I have is encrypted by you anyway, which means there's no way for me to know what's in it, or recover it. Hence you don't need to trust me at all.
Metals are great too, but let's be real, without crypto as the main digital currency, there's no way you'll ever be able to pay directly in metals, it's too inconvenient, too risky because the average Joe doesn't understand the basic concepts of market value, which was completely normal back in the days when metals where the primary medium of exchange.
Thanks for the explanation…I like how you have “dummied it down” for those of us that have a hard time wrapping our heads around the whole crypto and blockchain world. NCSWIC
What happens if they take down the electrical grid or china hits us with a EMP? What if a CME takes out our satelites? How do you access your money?
No electronic device will work obviously. Big box stores, with their monopoly and their inventory systems goes down. Heck previous outages has already proven they can't even open their cash registers if power or internet connectivity goes out. Hence no medium of exchange matters. Tho idiots still think cash or gold will save them in such event.
First night, the light won't come on, the malls will get burned, looted and some people murdered, already happened in some places. After that the collapse will slowly starve people to death, some will evolve into cannibalism after a few weeks. Something like that is gonna happen.
Then you'd better hope there's another way to access other network devices. Assuming there's still a place to spend your money, that hasn't been looted yet.
Why would I need to? You're talking about a collapse so severe that there won't be any place to spend money. If it ever comes down to that I don't give a fuck about what happens to anything electronic. I'd be busy breeding chickens, chopping wood, hunting boar, salvage the ruins of what's left of society after the vast majority of people have died.
This is a ridiculous argument against crypto, as it assumes anything else will still be operational. Which it wont.
Using silver pieces for trade worked fine up to 1964. Do you really need a cash register to barter? Pen and paper is a great substitute. Gold and silver has been the medium for trade for thousands of years. If something like a EMP was to occur, ya it would be chaos for a few weeks but I think the people would ban together to maintain order. Just like they are doing to end mandates today. Klause Schwab just called, he said make sure you get your crypto.
This question is flawed. You don't need anything to barter. But tell me which big box store you think would accept bartering. There's the real issue I'm referring to. Some local farms with a little shop may accept bartering, silver or similar but they aren't many, and can't just scale up their capacity by 1000x overnight.
Because 200 years ago and further back, nothing better existed. Gold and silver are also pretty useless for online trading. We live in a digital world where almost everything depends on computers. Have you ever actually experienced a longer power or internet outage? would you survive such event?
Klaus Swab want you to keep your money in your bank account.
In most blockchains there is no concept of storing fragments in different locations. Everyone can download the entire blockchain (and infact they should). So the only protection remaining is the cryptographic algorithms.
Everyone here believes with all their heart that C_A does not have the ability to break these algorithms.
If you have ever developed an application that uses encryption, you have to fill out an encryption release form from US. One of the restrictions you have is not to export any app that uses an algorithm with more than 1024 bit key. It is widely believed in the dev community that CIA can decrypt algorithms <1024 bit keys without access to the keys.
Bitcoin, for instances, uses SHA256 - 256 bits. I would be willing to make a cautious bet that C_A, or some other entity has been able to break this algorithm for a long time.
You mean 1024 bit RSA keys? Well that's been broken for a very long time. Anyone with enough computation resources could easily crack that. What kind of retarded restriction is that anyway? I've never used anything smaller than 2048 bit keys for RSA, and in the later years, 4096bit keys.
So that's it? all the fuss is about some retarded US law that essentially bans encryption? You do realize Bitcoin is worldwide and has nothnig to do with the US. It doesn't obey that law.
SHA256 is used for mining, if you knew how to crack it you could earn $2 000 000 hour in untraceable wealth, or you could fuck up the network completely. Forcing a fork somewhere down the chain with the change of the algorithm to say scrypt, which requires more memory than computation.
No wonder all the innovation has stopped in America, what kind of communist shithole have you become?
Let's break it down a little to see if your thinking is correct. If SHA256 could be cracked (and I am not arguing it can be, I am just making an educated guess that it most probably is) then as far as the people who are able to crack it, the system is broken. Think about this carefully. A broken system has no value. If you mined a million bitcoins, you wont be able to sell them at even a fraction of the current price of Bitcoin. So the only value you have from a broken system is to keep it running with the intention of taking it down at the right moment and depending on who has this ability, the right moment might have nothing to do with monetary gains.
Firstly, you have no idea where I am from, but you just assume I am from America. Secondly, if I question Bitcoin I am a communist? Whatever is the logic behind this? Don't you realise that communism rolls in when people stop questioning?
Well, I sincerely hope you have invested a substantial amount of your wealth in Bitcoins so if your faith is well placed you will be mega rich!
That's not how it works, you don't just print new coins out of thin air, even if you do manage to crack SHA256, all you can do is to beat every other miners on the network and take home the reward of currently 6.25 BTC every 10 minute for yourself.
That said, if you did, the network would be compromised, and everyone would agree to do a fork where SHA256 is replaced with another mining algorithm, such as scrypt for instance, which relies on more RAM, hence much harder to crack centralize.
In the meantime, most people would exchange their Bitcoin for Monero, Ethereum and other coins.
You brought up a law regulating encryption, which you claimed Existed in America. Go figure, where else would you be that would make that law relevant to you. And what's not communist about enforcing such retarded law?