I personally do not know what will happen to the entire Crypto market, but it seems it's about to be heavily shaken up in the coming weeks.
Reddit is killing off all 3rd party apps within the next week or two. I expect a mass exodus of users there shortly after. Reddit is by far the most popular place to go for crypto news.
Binance is now being sued by the SEC. They are the #1 crypto exchange, and we all know how dirty CZ and Tether are.
The perfect storm is now coming for Crypto.
Let's see if any coins/platforms survive it. I know many here are dug into the sand on both sides, I think we are getting that answer soon on what will happen with Crypto, and it's potential role in the future.
I personally think a few will remain, but I can also see it going the other way too, it all goes POOF.
I am fairly sure a real US Dollar backed by gold will kill the Fed, and that is going to happen.
I believe it will also kill crypto.
Gold 2.0 (also known as Bitcoin) will kill the Fed. Gold 1.0 got us into this mess in the first place.
Gold 1.0 was taken off as backing to the dollar to get us into this mess. Gold would have kept us out of this mess if it had been left as the backing for the dollar. That was an intentional act. Bitcoin is backed by the same nothing as the Federal Reserve Note is today.
So in other words, Gold 1.0 would have kept us out of this mess if the government and banks had just acted honorably and preserved the gold standard that was keeping them from getting filthy rich via printing fedbucks.
That is the problem with the gold standard. It requires you to trust governments and banks to act honestly. The fact that the gold standard is a trust-based system is the reason it has failed and given way to a fiat ponzi scheme every time it has been tried in human history.
Bitcoin eliminates the need for trust in the monetary system. And in the long run, it eliminates the need for governments to issue money, or banks to custody it.
Bitcoin is backed by mathematics and code. It is a set of laws that does not require government to enforce. And it is further backed by the astronomical amount of energy consumed to keep it that way, currently twice the annual power consumption of the US Navy and climbing.
"So in other words, Gold 1.0 would have kept us out of this mess if the government and banks had just acted honorably and preserved the gold standard that was keeping them from getting filthy rich via printing fedbucks."
Lol no? People were fuck all retarded and let FDR walk all over them with illegal and treasonous EOs, and banker pals that all printed the USD to high heaven. You seem to have it in your head that the gold standard is a 1 way street, where it goes Gold ---> USD, but that simply is just "They have gold, you have debt notes". A Gold standard necessitates the 2 way street between the backing and the currency, because that's how you keep that in check. If US-stamped Gold is as good as cash, and can be freely exchanged between notes and coins, you can simply minimize risk via holding coins versus your plainly simplistic view that a X standard is purely custodial in nature, which is flatly untrue.