Trump says that we're going to embrace crypto
(twitter.com)
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I have colored myself skeptical on crypto for many reasons, but not one of them warrants government controls on crypto. Whether its gonna be the future or just a dud in the end, its gotta be free and if Trump is on board with it, it will win over. hearts of many dream eyed people!
I see it as another avenue towards Fedcoin / CBDC. I want anonymity. I do not want the federal government being able to control how when where or what I spend my currency. I also want something tangible that is backed. I know everyone says that US Currency is going to end or devalue to a point that it's worthless, it still has the backing of the Federal Government.
I am completely ignorant on bitcoin or other crypto other than knowing the incredible losses when people do not hold the crypto themselves. That being said, I do not see what tangible backing it has to protect it's value. I understand it's limited and there is only so many can be produced. I also know I need to study it more, but from my limited smooth brain, if several key governments limited it's use or like ponzi schemes, if everyone pulled their value out let's say due to a global crisis, what intrinsic value is backing it ?
What "intrinsic value" backs an Excel spreadsheet? In ancient rural villages, what "intrinsic value" backed the ledger that the village headman kept saying who owed what? That is what crypto is. Nothing more than an incorruptible, digital ledger. It solves the Byzantine General's problem of trust.
The problem is thinking of any money as something of intrinsic value. It isn't. All money, fiat cash included, is merely an accounting mechanism that has value solely because people decide to give it value.
If you want intrinsic value, only direct barter can offer that. Even gold is just a rock. Nobody values a rock...they value what that rock represents, and it works as an accounting mechanism because of its intrinsic properties.