Looking at the grand scheme of things:
If Trump is starting a new precious metal backed currency, I think he would not want a competing alternative currency. We are giving the American people a new start and the thought of a competing currency would be counterproductive. Also, a new currency that is tied to the price of precious metals makes cryptos redundant if not obsolete.
The inflationary process from fiat money printing is no longer a threat. The new currency solves that problem that crypto was trying to evade.
I hear the tax code will be revamped; federal income taxes eliminated; all revenues will be gathered from a sales tax. A crypto currency would also be counterproductive to the new tax system Trump has in mind. I myself have never purchased anything using crypto: I don't know if a tax is included with crypto purchases: I know much of the internet-based purchases were tax free for many years. If people are using crypto to make purchases and a sales tax is not being incorporated, this would eat into tax revenues, the government would probably frown on this.
People go on and on about the inherent protections that the blockchain system provides however, the powers that be can tank shit in a moment's notice. Pulling out profits and running away before anyone knew what happened. If you don't see it as a ponzi scheme, you are not looking close enough. If all the big investors collude against you behind closed doors, the little man gets caught holding a empty bag. The big investors might go to jail but I doubt you would get your money back.
Here are the graphs for 2 of the big cryptos: its not looking good and it might be a good time to get out and leave the big investors holding a empty bag. I think if you try to stay in and recoup losses, its just going to get uglier for you.
https://coinmarketcap.com/currencies/ethereum/
I see the downturn in the markets as just a correction. They were artificially inflated with all the stimulus spending. The lost stock value won't be felt so hard when the new currency gets up and running. The inflation will be brought under control, prices for everything will fall to unseen lows because the value of our new currency will be sound. That means your remaining wealth in your retirement accounts will go much further thus negating the loss you are currently taking. Remember the prices of the 1960's? I think that is where we are going. When a dollar was worth a dollar.
Obviously there are still many unknowns but the new monetary system I described above has been floating around for a few years. I think its coming to fruition. Dave from X22 see the Federal Reserve going away and taking their debt with them. We will trade our fiat dollars in at a specific exchange rate, get new Trump bucks and the Fed can take all their fiat dollars and GTFO. We will be free of their debt enslavement.
Stay safe my frens!!!
WWG1WGA!!!
You got this wrong. Crypto can first be divided into POS and POW.
POW -> Proof of Work means that a cpu/gpu intensive algorithm is used for mining. (More energy)
POS -> Proof of stake means that a memory intensive algorithm, and staking is used for mining. (Less energy)
All the work is done by nodes, nodes is just the wallet software which runs on client computers or other devices that most likely would have been turned on anyway, and this consumes very low amounts of energy.
Mining is the most energy intensive part of the network. It doesn't have to be, in fact one single computer using only a few watts of power could do all the mining, even if all humans on earth used Bitcoin. Problem is, how can you trust that one computer, or whoever controls that computer to not censor or redirect your transactions?
Simple answer, you can't. Then there's the mining reward, for each block, new Bitcoins is created according to a predictable scheme of inflation that's currently 2% per year, in two years it'll go down to 1% inflation per year. This means, for every hour as of now, $1M worth of Bitcoin is created, and shared among miners. If I where the only one mining using only one crappy desktop PC, wouldn't you be willing to setup your own crappy desktop PC for mining? Your reward would be half of the mining profit, that's $500 000 per hour currently.
See that's how it works, and how it scales. Greed, the ability to earn crypto by contributing to the security of the network. It doesn't scale linear like a bank, i.e if a bank has 1000 customers and one server, the bank needs to setup one more server of they get 1000 more customers. Crypto doesn't need that.
How much energy does the world's infrastructure for traditional banking use? Every ATM, server farms, etc.