I think this would just be another crypto like Bitcoin, Ethereum, or many others but backed with TX gold. I don't see anything bad about it just now. I like it if we can have choices. Businesses should be able to take cash, bitcoin, g-b TX, Ethereum...etc.
True, I do for about 80% of my routine purchases... but I also always carry a substantial amount of cash on me for more sensitive, private none-of-government's-business purchases.
That's great but what happens when hyperinflation hits? There's a functional limit to how much cash you can carry around with you. That goes for gold and silver as well.
Bitcoin changed the game because there is no central issuer, a hard supply limit, and is based on Proof of Work, not debt.
What gave Bitcoin its value? People exchanging debt for it. Fiat. The more federal reserve notes that got thrown at it, the more valuable it became. Debt literally backs it. Otherwise, Bitcoin itself is just a bunch of 1s and 0s 'printed' out of thing air. If anything, Bitcoin, and the concept of cryptocurrency as our standard currency, is globohomo. It allows the powers that be see and audit every last transaction. I personally see this as an infringement upon personal liberty. 'They' cannot do so totalitarianly currently with the current fiat system, but they're trying hard to get there.
Also, as wonderful as CBDC sounds to you, it is literally unconstitutional. If you want more on that, go read Article I, Section 8, Clause 5 then understand exactly what it means with the words they used and what those words meant then.
What gave Bitcoin its value? People exchanging debt for it.
Wrong. What gives it its value is the energy used to mine it, which is what keeps the rules in place which prevents anyone from altering the ledger - meaning no fractional reserve / banker tricks. Everyone who runs a node has a complete copy and checks everyone else. Bitcoin exists completely independent of any fiat currency. In fact it did not even have a value represented in dollar terms until someone paid someone else 10,000 BTC for two pizzas.
It allows the powers that be see and audit every last transaction.
True, but the native protocol does not contain any personal information, only random strings to represent a wallet address. The only way to link an identity to a wallet address is to do so through a regulated exchange which collects ID info.
Also, as wonderful as CBDC sounds to you
Where did I say I support CBDC? You should reread my comment because you clearly didn't understand it the first time.
That's up to each individual miner. People have come up with some pretty creative solutions. But even if they pay with fiat, the energy is the asset, not the fiat. Fiat cannot back anything. Bitcoin backs itself through the immutable decentralized ledger.
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility. (more follows)
Trump didn't set things up with the FED or with any of the other corruption now built-in to America, American government, and running throughout our society. My guess (belief, hope) is that Trump is helping to move things in a way that will end with the FED bankrupt and gone for good, and with gold once again backing a US dollar.
On the other hand, Trump has a habit of surprising everyone with solutions that no one thought of, or that almost no one believed possible (North Korea, NATO, Middle East peace, etc). It would be perfectly in character for him to have a solution that no one is talking about and that few would believe possible.
Every section of the Constitution applies until it's cancelled or modified by a properly ratified Constitutional Amendment.
Many parts of the Constitution are being ignored and violated -- but that's crime, not new law. The Constitution is the supreme law of the land; "stroke of the pen, law of the land" and other such BS are just excuses used by criminals in power.
Make sure you read this one also.
https://schiffgold.com/key-gold-news/central-bank-gold-buying-shows-no-sign-of-slowing-down/
https://www.shtfplan.com/headline-news/big-bank-ceo-says-the-banking-crisis-is-not-over-yet
I think this would just be another crypto like Bitcoin, Ethereum, or many others but backed with TX gold. I don't see anything bad about it just now. I like it if we can have choices. Businesses should be able to take cash, bitcoin, g-b TX, Ethereum...etc.
No one should be forced to use crypto or anything.
So far, I can tell you in the dark web, only Bitcoin and Moreno. Why, no trace and not going thru banks.
I like the gold back digital but I have enough of banks.
I like this. A lot
I do too.
But.... DIGITAL currency? Um, no thanks.
We should all have choices. Trade in Ivermectin for me would be fine too. LOL
You already use digital currency if you use credit/debit cards.
True, I do for about 80% of my routine purchases... but I also always carry a substantial amount of cash on me for more sensitive, private none-of-government's-business purchases.
That's great but what happens when hyperinflation hits? There's a functional limit to how much cash you can carry around with you. That goes for gold and silver as well.
Credit cards are debt and debit cards use existing cash that stop working when there's no more cash to be spent.
The fact technology is used for transactions does not mean they're digital currency. The currency used is fiat; federal reserve notes.
All cash is debt. All fiat is debt, whether digital or physical.
Bitcoin changed the game because there is no central issuer, a hard supply limit, and is based on Proof of Work, not debt.
CBDC is the polar opposite of Bitcoin - no supply limit, one central issuer, no Proof of Work, and complete control over the entire system.
What gave Bitcoin its value? People exchanging debt for it. Fiat. The more federal reserve notes that got thrown at it, the more valuable it became. Debt literally backs it. Otherwise, Bitcoin itself is just a bunch of 1s and 0s 'printed' out of thing air. If anything, Bitcoin, and the concept of cryptocurrency as our standard currency, is globohomo. It allows the powers that be see and audit every last transaction. I personally see this as an infringement upon personal liberty. 'They' cannot do so totalitarianly currently with the current fiat system, but they're trying hard to get there.
Also, as wonderful as CBDC sounds to you, it is literally unconstitutional. If you want more on that, go read Article I, Section 8, Clause 5 then understand exactly what it means with the words they used and what those words meant then.
Wrong. What gives it its value is the energy used to mine it, which is what keeps the rules in place which prevents anyone from altering the ledger - meaning no fractional reserve / banker tricks. Everyone who runs a node has a complete copy and checks everyone else. Bitcoin exists completely independent of any fiat currency. In fact it did not even have a value represented in dollar terms until someone paid someone else 10,000 BTC for two pizzas.
True, but the native protocol does not contain any personal information, only random strings to represent a wallet address. The only way to link an identity to a wallet address is to do so through a regulated exchange which collects ID info.
Where did I say I support CBDC? You should reread my comment because you clearly didn't understand it the first time.
What do you use to pay for access to that energy? More Bitcoin? The energy isn't free.
That's up to each individual miner. People have come up with some pretty creative solutions. But even if they pay with fiat, the energy is the asset, not the fiat. Fiat cannot back anything. Bitcoin backs itself through the immutable decentralized ledger.
Bill has not been assigned a committee. I imagine these type of bills (the timing is right for this NOW) get introduced frequently but go nowhere.
It will probably take a lot more advertisement and pain to make this actually happen.
I would like to watch this. Like I said, it's huge if we get that.
Interesting question. Thanks.
A further reply:
Trump didn't set things up with the FED or with any of the other corruption now built-in to America, American government, and running throughout our society. My guess (belief, hope) is that Trump is helping to move things in a way that will end with the FED bankrupt and gone for good, and with gold once again backing a US dollar.
On the other hand, Trump has a habit of surprising everyone with solutions that no one thought of, or that almost no one believed possible (North Korea, NATO, Middle East peace, etc). It would be perfectly in character for him to have a solution that no one is talking about and that few would believe possible.
Guess who actually controls the Federal Reserve
I’ve had to read this a couple times to keep me sane recently.
Every section of the Constitution applies until it's cancelled or modified by a properly ratified Constitutional Amendment.
Many parts of the Constitution are being ignored and violated -- but that's crime, not new law. The Constitution is the supreme law of the land; "stroke of the pen, law of the land" and other such BS are just excuses used by criminals in power.
What is bad about it? It's digital and its Jew.
Let's not say Jew yet. Leave them for last