The value of everything is literally determined by supply (scarcity) and demand.
You could apply the same logic to gold. But you’ll then argue that gold has industrial applications, which is also true for btc. Bitcoin, a decentralized, peer to peer ledger, is quite literally the best solution for ending the DS central banking system. They’ll try a rugpull by trying to displace btc with CBDCs, but ultimately NCSWIC.
Apart from it being unnecessary, you can't back BTC with gold because who would be the curator of the gold? You can't integrate physical metal with the blockchain, trustlessly. Forget it!
I had a look through those. I'm happy with the term you used "backed by" and it's often suggested. However, there's an overriding problem in that discussion. Central banks or even private companies would want to implement their own centralised blockchain which would be open to the kinds of manipulation that (decentralised) Bitcoin is protected from.
I hope you can see that, if you own 20 crypto-rubles, the bank could rewrite their private blockchain (no expensive mining involved) and say all your BTC belong to someone else. You have to trust them not to do that. BTC is "trustless". You don't need to trust anyone. Now, once you've had your Bitcoin confiscated, how would it help you that it's backed by gold or not?
The Seeking Alpha article is mainly concerned with pegging the value of fiat to gold, which is fine. It stops the central banks from "printing money" unless they have the metal to back it up. The mention of Bitcoin is incidental and could be used to lend more legitimacy to the plan.
By the way, look out for articles about precious metals and see how infrequently (never) anyone suggests that they would have more confidence in gold if it was backed by Bitcoin ;)) I mean what happens when vast gold deposits are acquired through asteroid mining ? Its value nose-dives :))
I think this is why btc is a must. The asteroid mining is going to happen pretty quickly. The Callie of these so called precious metals will tank. Also the fight for raw minerals aka colonialism will end forever.
Btc backed by gold.
Btc doesn’t need to be backed by gold. Scarcity is built into the protocol.
And it gets even scarcer when the power is out or we get an EMP. Gold and silver don't have those problems.
We are rapidly approaching a magnetic flip which will have our solar shields down as we go through 23'-25' solar cycle maximum.
But it has never affected life in the past.
Oh not this shit again
It‘s called math. And yeah, again.
Beginning In 2025 Central banks will be allowed to have up to 2% of their reserves in Crypto. Discussed here https://youtu.be/zLCv5fT7QlA
Oh good, another reason for central banks to fail.
The no-coiners word for Bitcoin facts?
At least you're backing the MSM / central banker's POV. I wonder if maybe your alarm bells are defective, as well as your etiquette.
All crypto are ultimately backed by fiat, greed, and delusions of grandeur. Go buy some precious metals, dweeb.
Scarcity isn't worth shit if nobody wants them
The value of everything is literally determined by supply (scarcity) and demand.
You could apply the same logic to gold. But you’ll then argue that gold has industrial applications, which is also true for btc. Bitcoin, a decentralized, peer to peer ledger, is quite literally the best solution for ending the DS central banking system. They’ll try a rugpull by trying to displace btc with CBDCs, but ultimately NCSWIC.
I say silver is what destroys the central banks
It doesn’t. But it’s always good to have a sovereign nation making a currency redemption in solid asset.
It gives an air of legitimacy to the holdouts.
Buffet and munger can’t say btc isn’t backed by anything as a sleight.
Bitcoin can't be backed by gold, because Bitcoin is backed by Bitcoin.
I’ve filled btc for years but I may have used incorrect terms. Some sauce for discussion.
https://news.bitcoin.com/gold-based-digital-assets-issued-in-russia/
https://www.coindesk.com/policy/2022/06/23/gold-backed-stablecoin-can-help-russia-circumvent-sanctions-government-owned-bank-suggests/
https://seekingalpha.com/article/4501191-russia-gold-standard-what-means-gold-bitcoin
https://bitcoinist.com/russia-consider-gold-backed-cryptocurrency/amp/
Apart from it being unnecessary, you can't back BTC with gold because who would be the curator of the gold? You can't integrate physical metal with the blockchain, trustlessly. Forget it!
I’ve filled btc for years but I may have used incorrect terms. Some sauce for discussion.
https://news.bitcoin.com/gold-based-digital-assets-issued-in-russia/
https://www.coindesk.com/policy/2022/06/23/gold-backed-stablecoin-can-help-russia-circumvent-sanctions-government-owned-bank-suggests/
https://seekingalpha.com/article/4501191-russia-gold-standard-what-means-gold-bitcoin
https://bitcoinist.com/russia-consider-gold-backed-cryptocurrency/amp/
I had a look through those. I'm happy with the term you used "backed by" and it's often suggested. However, there's an overriding problem in that discussion. Central banks or even private companies would want to implement their own centralised blockchain which would be open to the kinds of manipulation that (decentralised) Bitcoin is protected from.
I hope you can see that, if you own 20 crypto-rubles, the bank could rewrite their private blockchain (no expensive mining involved) and say all your BTC belong to someone else. You have to trust them not to do that. BTC is "trustless". You don't need to trust anyone. Now, once you've had your Bitcoin confiscated, how would it help you that it's backed by gold or not?
The Seeking Alpha article is mainly concerned with pegging the value of fiat to gold, which is fine. It stops the central banks from "printing money" unless they have the metal to back it up. The mention of Bitcoin is incidental and could be used to lend more legitimacy to the plan.
By the way, look out for articles about precious metals and see how infrequently (never) anyone suggests that they would have more confidence in gold if it was backed by Bitcoin ;)) I mean what happens when vast gold deposits are acquired through asteroid mining ? Its value nose-dives :))
I think this is why btc is a must. The asteroid mining is going to happen pretty quickly. The Callie of these so called precious metals will tank. Also the fight for raw minerals aka colonialism will end forever.