We should all be able to use cryptocurrency within the open, free market.
It is my opiniom that cryptocurrency should never be used as a form of currency issued by the federal government of the United States of America as a standard because it is unconstitutional.
Source : Article I, Section 8, Clause 5
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures
Correct. As is Federal Reserve fiat money. Under the enumerated powers clause only Congress has the power to coin money. The central government/Congress are only given 17 powers, everything else belongs to the States and the People.
17 powers - you don't say?
A market with 'money' is controlled by the government.
A market with cryptos and barter, is controlled by the people.
Our money has been unconstitutional since 1913. People are used to it. It's a losing argument.
Just to be clear, at no time has anyone ever even hinted the government will be issuing cryptocurrency. That's not even possible. The Fed wants to issue a CBDC. A Central Bank Digital Currency is not a cryptocurrency. Don't get the 2 confused.
Cryptocurrencies rely on proof of work and public blockchains. Bitcoin is an example. A government agency can not "issue" or "coin" something like this. It is impossible. It can only be mined.
There are also degraded blockchain currencies like Ethereum that now use Proof of Stake. They don't qualify as crypto since they can be fully controlled by an individual/consortium, and are more like corporate stock or securities.
Finally, there is Ripple and CBDCs (what all the governments are pushing for) use permissioned authenticators, and are not decentralized in any meaningful way at all.
The government can issue a "cryptocurrency" but likely it won't be permissionless. (Permissionless chains, like Bitcoin, can be mined by anyone without permission of a central authority). Instead they will create a cryptocurrency that is "mined" be a central authority, or by "miners" who must be authorized by a central authority. That is, a permissioned chain. They might call it a cryptocurrency but they will never push something that they can't control. After all, otherwise they could just stop cracking down on Bitcoin, since chains already exist that they can't control.
If the miner must be "permissioned", then it is not a public blockchain and therefore not a cryptocurrency. You have just defined a CBDC, which is essentially what Ripple is.
You do realize our federal reserve notes are issued by a central bank, right? Done so unconstitutionally through the U.S. Treasury, right? You do understand Article I Section 8 Clause 5 of the constitution, right?
Yes. And in the same vein, you do realize this CANNOT be done with a cryptocurrency, right?
Ideally, yes. That's the point of the post.
In the same vein, you do realize fiat currency could not be issued until it was, right?
I apologize, but can I just pause for a second to clarify something? I'm not sure we're saying the same thing.
You can't "issue" a cryptocurrency. It is physically impossible. Can never happen. Not now. Not in the future. NEVER. Neither the US government, nor any private organization under their directives, can ever issue a cryptocurrency. Cryptocurrencies can only be mined on public blockchains, and by definition, EVERYONE has the right to participate in this process (if they want to). It can not be constrained or hindered by laws or legal agencies. The US government can no more issue a cryptocurrency than you or I can.
A CBDC, on the other hand, is a totally and completely different thing. And that CAN be "issued", just like a fiat currency. I just want to make sure we are both on the same page and that everyone understands the fundamental distinction between a cryptocurrency and a CBDC.
Don't forget Section 10 --
Section 10: Powers Denied to the States
Glowie alert?
So is 90% of everything going on today. Unless there is some organization, Military, or honest judges, anything that is unconstitutional means jack $hit anymore.
When was the last time you saw the Constitution cause those in power to check their own behavior?
After reading through the discussions here, I believe that there is confusion about what is considered a Cryptocurrency vs what the Fed is trying to push. The idea of a cryptocurrency in many people's mind is a decentralized, distributed ledger system of authentication for "solutions" to a mathematical algorithm ( in reality, you are inserting a value in for a variable into an equation and solving to find a valid answer). What the fed is pushing is just plain digital currency. Instead of a distributed ledger system, the Fed will maintain authentication and control of all the digital currency. Whether the Fed is introducing this CBDC as a blockchain or not, I haven't enough information to determine what kind of digital currency they are talking about. So far, all that I have heard about is something like Ripple (XRP) (designed for bank to bank transfers using only computers that the bank networks have permissions to authenticate) but what they exactly will use hasn't been something that I have read.