So what happens if these banks go under? For credit cards, does any amount you owe just disappear or do they still expect payment (like in full). And bank accounts that people have money in to live off of and pay their bills, does that money disappear and leave people broke?
They will digitize the funds, as the Fed and even banks can actually create money by power of the Fed through digitization.
This just means that your mortgage is set at $2k / mo, sure. But the electric bill will rise to $40,000 / mo. Groceries will be $100k / mo. Gas will be $500 / gal.
Your pay will increase slower than this.
In the end, it's the taxes that get you. Property tax is hard enough now for people, but when their income doesn't meet the $5mil pricetag on their house and property/income/etc taxes are raised every year the house goes bye bye.
There are a lot of restraints on how much property tax can be raised, but that's called austerity when those restrictions are lifted.
So, the US pays all it's debt with inflated currency and the people lose everything and end up in a stagflated economy with starvation and no electricity.
Real dollars will be worth more than the digital dollars, and those will likely be confiscated like gold was. They will be discontinued and the digital currency will become more restrictive, tracked and traced. Again, due to austerity.
World Bank / IMF win. Government gets out of debt. People suffer yet again.
If you're going to argue for more digital currency usage, Bitcoin is probably the shittiest pick nowadays.
• The base layer can barely keep up with Bitcoin's hot days now, how can it possibly be used for hundreds of millions or billions of people daily?
• Layer 2 protocols like Lightning "solve" this with patented and royaltied techs, antithetical to Bitcoin's original vision, while the companies responsible squash scaling of L1 tech.
• The centralisation of miners and the increasing adherance to US sanctions means that the permissionless nature of Bitcoin diminishes everyday.
• The open nature of the blockchain means that govt surveillance of your daily transactions is as easy as ever, with no more hidden or cash transactions.
I'm not entirely opposed to the use of crypto as the everyday currency, but Bitcoin is trash for that use.
So what happens if these banks go under? For credit cards, does any amount you owe just disappear or do they still expect payment (like in full). And bank accounts that people have money in to live off of and pay their bills, does that money disappear and leave people broke?
I've never heard about "derivatives" before.
Credit crisis. But they won´t let you off the hook so easily. Digital currencies into the new slavery system. Even worse then having a debt.
This is what I’m curious about.
They will digitize the funds, as the Fed and even banks can actually create money by power of the Fed through digitization.
This just means that your mortgage is set at $2k / mo, sure. But the electric bill will rise to $40,000 / mo. Groceries will be $100k / mo. Gas will be $500 / gal.
Your pay will increase slower than this.
In the end, it's the taxes that get you. Property tax is hard enough now for people, but when their income doesn't meet the $5mil pricetag on their house and property/income/etc taxes are raised every year the house goes bye bye.
There are a lot of restraints on how much property tax can be raised, but that's called austerity when those restrictions are lifted.
So, the US pays all it's debt with inflated currency and the people lose everything and end up in a stagflated economy with starvation and no electricity.
Real dollars will be worth more than the digital dollars, and those will likely be confiscated like gold was. They will be discontinued and the digital currency will become more restrictive, tracked and traced. Again, due to austerity.
World Bank / IMF win. Government gets out of debt. People suffer yet again.
All savings wiped out, all equity wiped out.
Bitcoin people.
Bitcoin.
And gold, sure.
But how am I going to send gold to a meme smith on the other side of the world?
Based on history, silver is less likely to be subject to confiscation, and is easier to barter with in small amounts. Having both couldn't hurt.
If you're going to argue for more digital currency usage, Bitcoin is probably the shittiest pick nowadays.
• The base layer can barely keep up with Bitcoin's hot days now, how can it possibly be used for hundreds of millions or billions of people daily?
• Layer 2 protocols like Lightning "solve" this with patented and royaltied techs, antithetical to Bitcoin's original vision, while the companies responsible squash scaling of L1 tech.
• The centralisation of miners and the increasing adherance to US sanctions means that the permissionless nature of Bitcoin diminishes everyday.
• The open nature of the blockchain means that govt surveillance of your daily transactions is as easy as ever, with no more hidden or cash transactions.
I'm not entirely opposed to the use of crypto as the everyday currency, but Bitcoin is trash for that use.