I'm ready to get downvoted to oblivion but... The beauty of cryptocurrency is that no central authority can dictate what you can and cannot do with those funds. They cannot freeze those funds in your account, provided you have those funds in your own wallet under your control. This would be like holding cash, unless they literally raid your house, they can't touch that crypto.
If you had a family member in Russia who was struggling to get by, you could send them crypto right now, but you could not wire the money internationally. That's only an example, but imagine if you were in that situation right now and your family was destitute with no way to get out. Crypto is basically the only tool that would allow you to instantly send them funds from anywhere in the world. The same is true for transactions, we see PayPal freeze accounts for businesses and people out of nowhere, but that simply cannot be done with a crypto wallet that you control.
Why do people think it's a scam? Because a bunch of people decided to start treating it like a speculative investment, and then lost a bunch of money. No surprise, it was never intended to be a speculative asset, rather a currency. Of course, people figured out that they could make money by pumping and dumping, furthering people's view that it's a scam. I send crypto to a bunch of the podcasts that I listen to, nobody can ever shut that down just because they don't like what the podcasters talk about on the show. It is a direct way for the listeners to support the podcasters with minimal fees and no government intervention. Just because people have abused it, does not mean the technology is bad. It means the way people are using it is bad, and that is thankfully changing over time as more utility companies accept crypto (for example).
You should specify that not all crypto is created equal. Not all crypto is decentralized. You need to research to determine which crypto is actually worth something and what is just fiat like the current system.
All crypto is fiat. Which crypto has hard assets on deposit to back up its value. All the obscure value formulas used to support real value are ridiculous. It makes sense that the idea of cryptocurrency was ushered in by central bankers to familiarize the masses with the concept then introduce their own centralized digital currency.
Each KAU is backed by one gram of fine gold, and Each KAG is backed by one ounce of fine silver. Both are stored in fully insured and audited vaults, in your name.
Fiat equals able to produce more via printing..... this is not possible with certain crypto currencies....
If central bankers ushered it in, why did it start with a decentralized system....? You'd think they wouldn't introduce a piece of tech that is non centralized and out of their direct control...
No. Fiat currency means it is not backed by anything tangible. It's has value because various institutions SAY it has value (that is the "fiat" part). How more fiat currency is created has nothing to do with it.
The only currencies that have worked well historically for the long term have been backed by precious metals. Our current USD is called a "petro dollar" because it is backed by the value of oil... mainly due to Saudi Arabia agreeing to price their oil only in USD. That is how the USD became the world's reserve currency.
Catsfive clearly has his head up his ass regarding crypto... but he is not alone.
The simple fact that bitcoin can not be artificially inflated and is forever limited to the maximum 21 million coins is enough reason alone to make your statement that “all crypto is fiat” absolutely retarded :D
What makes gold valuable? It’s not that it’s pretty… it’s that it is not infinite… is expensive to obtain / extract it.
Bitcoin is no different….
Computers running 24/7 are hashing math calculations via sha256 algorithm… they have to get lucky to find the correct calculation and extract new some of the remaining unminted bitcoins from the max 21m.
This costs electricity.
This same process is what makes the network secure, decentralized, and accessible from anywhere in the world.
Bitcoin mining is effectively no different than mining for gold…. The key difference is bitcoin is actually usable and easy to transact globally than some gold nuggets are.
Sounds about right for Reddit - don’t argue in good faith, just downvote what you don’t like.
It’s instances like this that makes me think Reddit is 70-80% globalist shills and their bots, and that Reddit itself exists as their own propaganda play thing.
Some crypto are centralized, some are decentralized. Some are inflationary, some are deflationary. There is also a big difference between holding your crypto in an exchange (where they control the keys), and holding them in your own wallet with control over your own public/private keys (not your keys, not your crypto).
Crypto can be good, but like any "money", they can also be bad depending on how they are structured. Research before you buy into any crypto.
Ideally, the best ones, are ones where you have control over your keys, are not held on an exchange, and are mostly deflationary (or only slightly inflationary in a controlled known manner).
One problem. If crypto is not accepted to make purchases, it is worthless. And it is not easily converted to local currencies without the use of a centralized exchange. Also poor populations without electronic devices are completely excluded from utilizing crypto. All countries participating in centralized banking will criminalize the use of non-centralized digital currency.
Crypto buys transactions so small, they are not monetizable any other way. Each clock-tick from an AI, each DB lookup, all can be digitally invoiced and settled. Crypto can make your data earn money TO YOU anywhere in the world.
Crypto has no intrinsic value, much like the worthless fiat being used to purchase it. Centralized. Decentralized. It doesn't matter. Both are worthless and time will prove that to be true.
The problem with Bitcoin is that it has potential of a 51% attack which could be done by Bitmain very easily. Also, Satoshi could unload his wallets and topple BTC at any moment. The ledger behind crypto is revolutionary though. Future currency will be a much more secure crypto that is truly backed by multiple different physical assets/services that are live audited 24/7 and are always available for exchange 💕
Could, but it's never happened with Bitcoin. The computational power required to make the competing chain longer would be large enough to deter any attempts. These miners would prefer to direct resources toward mining legitimate blocks. A 51% attack on Bitcoin would require almost $900,000 per hour. It did happen with Litecoin, tho. BSV suffered a 51% attack in October 2022.... an unknown miner commanded more than 80% of the network’s hash power and was able to earn undeserved rewards by mining empty blocks.
Then this comment is -5 in the chat:
I'm ready to get downvoted to oblivion but... The beauty of cryptocurrency is that no central authority can dictate what you can and cannot do with those funds. They cannot freeze those funds in your account, provided you have those funds in your own wallet under your control. This would be like holding cash, unless they literally raid your house, they can't touch that crypto.
If you had a family member in Russia who was struggling to get by, you could send them crypto right now, but you could not wire the money internationally. That's only an example, but imagine if you were in that situation right now and your family was destitute with no way to get out. Crypto is basically the only tool that would allow you to instantly send them funds from anywhere in the world. The same is true for transactions, we see PayPal freeze accounts for businesses and people out of nowhere, but that simply cannot be done with a crypto wallet that you control.
Why do people think it's a scam? Because a bunch of people decided to start treating it like a speculative investment, and then lost a bunch of money. No surprise, it was never intended to be a speculative asset, rather a currency. Of course, people figured out that they could make money by pumping and dumping, furthering people's view that it's a scam. I send crypto to a bunch of the podcasts that I listen to, nobody can ever shut that down just because they don't like what the podcasters talk about on the show. It is a direct way for the listeners to support the podcasters with minimal fees and no government intervention. Just because people have abused it, does not mean the technology is bad. It means the way people are using it is bad, and that is thankfully changing over time as more utility companies accept crypto (for example).
You should specify that not all crypto is created equal. Not all crypto is decentralized. You need to research to determine which crypto is actually worth something and what is just fiat like the current system.
All crypto is fiat. Which crypto has hard assets on deposit to back up its value. All the obscure value formulas used to support real value are ridiculous. It makes sense that the idea of cryptocurrency was ushered in by central bankers to familiarize the masses with the concept then introduce their own centralized digital currency.
KAU and KAG are two, backed by gold and silver.
Each KAU is backed by one gram of fine gold, and Each KAG is backed by one ounce of fine silver. Both are stored in fully insured and audited vaults, in your name.
Fiat equals able to produce more via printing..... this is not possible with certain crypto currencies....
If central bankers ushered it in, why did it start with a decentralized system....? You'd think they wouldn't introduce a piece of tech that is non centralized and out of their direct control...
No. Fiat currency means it is not backed by anything tangible. It's has value because various institutions SAY it has value (that is the "fiat" part). How more fiat currency is created has nothing to do with it.
The only currencies that have worked well historically for the long term have been backed by precious metals. Our current USD is called a "petro dollar" because it is backed by the value of oil... mainly due to Saudi Arabia agreeing to price their oil only in USD. That is how the USD became the world's reserve currency.
Catsfive clearly has his head up his ass regarding crypto... but he is not alone.
The simple fact that bitcoin can not be artificially inflated and is forever limited to the maximum 21 million coins is enough reason alone to make your statement that “all crypto is fiat” absolutely retarded :D
What makes gold valuable? It’s not that it’s pretty… it’s that it is not infinite… is expensive to obtain / extract it.
Bitcoin is no different….
Computers running 24/7 are hashing math calculations via sha256 algorithm… they have to get lucky to find the correct calculation and extract new some of the remaining unminted bitcoins from the max 21m.
This costs electricity.
This same process is what makes the network secure, decentralized, and accessible from anywhere in the world.
Bitcoin mining is effectively no different than mining for gold…. The key difference is bitcoin is actually usable and easy to transact globally than some gold nuggets are.
I thought gold was valuable because it doesn't oxidize, it has staying power.
That definitely is one of the traits that make it valuable
But I think the most impactful one is the fact that it fairly rare and expensive to create it
Utterly shit, retarded take.
Yes, and not all crypto is money, either, but 100% of all crypto is governance.
Exactly why i tell people to be leery of XRP. It’s not a blockchain… it’s just a ledger, a very centralized ledger.
Sounds about right for Reddit - don’t argue in good faith, just downvote what you don’t like.
It’s instances like this that makes me think Reddit is 70-80% globalist shills and their bots, and that Reddit itself exists as their own propaganda play thing.
Some crypto are centralized, some are decentralized. Some are inflationary, some are deflationary. There is also a big difference between holding your crypto in an exchange (where they control the keys), and holding them in your own wallet with control over your own public/private keys (not your keys, not your crypto).
Crypto can be good, but like any "money", they can also be bad depending on how they are structured. Research before you buy into any crypto.
Ideally, the best ones, are ones where you have control over your keys, are not held on an exchange, and are mostly deflationary (or only slightly inflationary in a controlled known manner).
One problem. If crypto is not accepted to make purchases, it is worthless. And it is not easily converted to local currencies without the use of a centralized exchange. Also poor populations without electronic devices are completely excluded from utilizing crypto. All countries participating in centralized banking will criminalize the use of non-centralized digital currency.
*transactions, not purchases.
Crypto buys transactions so small, they are not monetizable any other way. Each clock-tick from an AI, each DB lookup, all can be digitally invoiced and settled. Crypto can make your data earn money TO YOU anywhere in the world.
Crypto has no intrinsic value, much like the worthless fiat being used to purchase it. Centralized. Decentralized. It doesn't matter. Both are worthless and time will prove that to be true.
Are you sure you belong in this WIN
Are you sure this post belongs in this WIN?
I don't remember any Q posts promoting stacking crypto but maybe you can link me?
Yep!
Ahhhhh, yes………you are entitled to your opinion.
Keep in mind you must be attached to the internet in order to use BC. ….not a believer. US Dollar backed by GOLD is the way.
The problem with Bitcoin is that it has potential of a 51% attack which could be done by Bitmain very easily. Also, Satoshi could unload his wallets and topple BTC at any moment. The ledger behind crypto is revolutionary though. Future currency will be a much more secure crypto that is truly backed by multiple different physical assets/services that are live audited 24/7 and are always available for exchange 💕
Could, but it's never happened with Bitcoin. The computational power required to make the competing chain longer would be large enough to deter any attempts. These miners would prefer to direct resources toward mining legitimate blocks. A 51% attack on Bitcoin would require almost $900,000 per hour. It did happen with Litecoin, tho. BSV suffered a 51% attack in October 2022.... an unknown miner commanded more than 80% of the network’s hash power and was able to earn undeserved rewards by mining empty blocks.