Right now, we exchange USD for crypto. What if the currency collapses? How would you buy? Can’t spend USDs… so what do you do? Gotta eat!
The only way it could work (a transition) is to allocate bitcoin to everyone… if you have it and we don’t! We need something to trade with … to exchange. Hey I’m not giving up my land or house for it! So what funds this transit? A fair estimate of global assets held by and controlled by… all the folks that met in Davos last week! Safe estimate that’s about 3-4 hundred trillion!!
They think they alone run the world (their own proclamation). No problem, Yea, we get that. But sorry, we’re taking it back to fund a much better model. We’ve now seen yours and it sucks. Seriously sucks!
Trump put the legal framework in place to seize it all before he left. So no worries about survival… there really is plenty for all to build a much better place than what these deranged folks ARE doing.
Precipice? Views aren’t bad at all. The criminal mind isn’t the architect nor the artist of the view on the other side. Excited yet?
Billions have been stolen from hacked wallets. There is no inherent safety. And every transaction is tracked. If the traffic from a particular IP address is monitored, then every outgoing transaction from a wallet can be intercepted. The addresses associated with such transaction(s) can therefore be recorded and a link between a wallet and IP address can be established.
There is no safety or anonymity.
You worry me. You know enough to speak intelligently on this and yet you are speaking half truths. On who's behalf?
"Billions have been stolen from hacked wallets." Ignoring the hyperbolic figure for a moment, it is true people's wallets have been 'hacked'. But more often that hacking isn't a vulnerability of the wallet itself, it's something like the person had a keylogger installed on their machine and didn't realize it, someone intercepted their keys/credentials, they got simjacked and had some digital wallet on their phone that they didn't own the private keys to and someone ran off with their money. I am not aware of any BTC owner with an offline wallet they created themselves and had sole ownership of the keys losing a single Satoshi.
"There is no inherent safety. And every transaction is tracked." This has been well understood since the beginning. The Blockchain is a ledger that holds every transaction. Saying there is no inherent safety is an obvious statement. If a guy uses is credit card for a lapdance at Sleazy Susan's Lapdance Emporium and his wife sees it on the CC statement, or if he pays cash but for some ungodly reason has a receipt she finds in his pants pocket that isn't a failure of the credit card or the cash he used.
"If the traffic from a particular IP address is monitored, then every outgoing transaction from a wallet can be intercepted." Yeah if the crypto user decides to give away that information by using their home internet connection to do illicit deals with crypto they can be traced. That's not really a revelation of anything.
"The addresses associated with such transaction(s) can therefore be recorded and a link between a wallet and IP address can be established." This is why multiple other so called privacy coins and tumbler services that act as a middlemen for transactions exist.
"There is no safety or anonymity." In general I agree. You should assume everything you do online is being stored indefinitely. This includes the phone in your pocket collecting location data 24/7. That being said this is just the latest stage in the cat/mouse game. Cryptocurrency when used correctly can make transactions anonymous and private. If the user doesn't bother to research it enough to understand how that isn't really a failure of the technology, its a failure of the user. Now that so many exchanges make it easy to buy BTC by clicking a few links and having them spin up a wallet many people will no doubt take the easy road and likely lose it all.
The underlying sentiment of your post I believe I agree with. Crypto can usher in an age of enhanced tracking, and definitely some powerful people and nation states would like to see that happen. Someone once said 'technology is an amazing enabler, but it's a much more effective oppressor', IMO that's all relative to the amount of attention and effort the end user brings to the table when it comes to crypto.
The biggest selling points of crypto was anonymity and decentralized. It is neither of those things.
Exchanges loose billions, who pays that price. When the elites that own the vast majority of crypto sell off billions worth devaluing your money, who pays that price?
Crypto has all of the same problems as cash with boat loads of added complexity and the tiny problem that it doesnt exist when theres no power. There are no benefits.
We should all fear a digital currency. Imagine for a minute a social credit score and digital currency where they 100% own you. They can shut it off or limit your ability to survive with a key stroke.
I do like that quote, im going to have to remember that one. Do you know the author?
The only thing we need to fix with our currency is changing out the petrodollar for a gold back cash system. Physical assets that we can all own and hold on to that has real inherent value.
Exchanges get hacked all the time. That doesnt help your case. But wallets are hacked just as easily as a credit is. Email phishing scams or phone calls, the most basic of scams.
But outside of that bs, physical wallets can be "hacked": https://www.reddit.com/r/hacking/comments/sd3k01/how_i_hacked_a_hardware_crypto_wallet_and/
https://www.theverge.com/2022/1/24/22898712/crypto-hardware-wallet-hacking-lost-bitcoin-ethereum-nft
Also random coins and nft's are covering smart contracts that can clean you out. Look into "smart contracts".
Lots of ways to do it. You must not understand it very well if youre never heard of any of these. There are countless others.
But phishing for seed phrase or private key
Physical wallets can be broken into
Smart contracts.
Just to name a few.
EVERYTHING is hackable. Every physical wallet has a flaw that can be exploited. We'll see more and more of these stories.
But nice diversion attempt. I gave you numerous examples and you dwell on a reddit link. A forum that probably knows more about crypto than any other group on the planet. But ok, keep diverting. You know im right.