U.S. Treasury Department says that DeFi and decentralized crypto markets threaten national security
(twitter.com)
-STRAIGHT UP PANIC MODE-
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Subset of the same reasons the gold standard was good?
How is gold controlled?
It's not really at all, just synthetically due to Federal reserve notes, who remembers a democrat outlawing gold ownership?
(Federal lands) It's dug out of the ground.
Why do you think most of the west is owned by the feds? It's not oil. It's gold and silver.
Crypto like Bitcoin is not controlled by anyone just like gold. Crypto like Ethereum is controlled by some company. I might agree you if you meant Ethereum
Bull shit. I purchased my first coin for less than $5 usd.
5-6 years ago all big banks were condemning BTC. Then within weeks bought hundreds of millions. 18 months later, they announce it. Now how many fraudulent exchanges etc???????
YOU STILL THINK ITS NOT CONTROLLED?
So what? I bet you aren't still holding onto the ones you bought then. Nevertheless, neither of your points have anything to do with what I wrote.
Keep telling yourself that.
BTC has been susceptible to a 51% hack since day 1.
Any commodity/security/crypto can be manipulated if you own enough. If you don't understand that. You should stop "investing"
GME is a prime example. Only illegal activity is keeping it from exploding.
You obviously missed the point inspoken made. Either that, or you don't understand what Bitcoin is. BTC is a PoW coin. In order to control Bitcoin, you have to control a COMPLETELY ORTHOGONAL asset from BTC itself. You must control mining (i.e energy). Anyone sufficiently wealthy could in theory own 51% of all outstanding BTC, but they still have exactly ZERO ability to control it. If you want to control it, you must instead exert influence over 51% of the mining ability. How much BTC any organization owns is totally irrelevant.
And Bitcoin mining is something that a concerted group of patriots can always resolve. It is infinite in size. There is a never a limit on how much you can add or who can add it. If a 51% attack ever became realistically possible, the entire Bitcoin community would come together to add additional mining capacity and thwart it. It will quite simply never happen.
This is why only Proof Of Work coins like Bitcoin are truly decentralized and the only ones that deserve to be called crypto. Others, like Ethereum that now rely on Proof Of Stake, allow anyone owning enough of the currency to also control the currency. They are hardly better than CBDCs. Don't even get me started on Ripple. Which uses a permission blockchain and is the prototype for all CBDCs.