Trump says that we're going to embrace crypto
(twitter.com)
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This is my primary gripe, the existing cryptos that in my limited knowledge, is backed by zilch. If you're old enough, 15 years ago or so, people were flipping - collecting beany babies, cheap shit that can be produced over and over, with a tangible value of making some kid smile at best. I knew of two people who dumped 10's of thousands into buying and holding this shit for part of their retirement. I am sure you can see how it ended. The difference I see between bitcoin and this, is at least they got a stuff animal out of the deal.
Now back to something backed, I am with you on the anonymity at a high level. With something backed, I would feel a bit better, like the proposed fedcoin etc, but in the right hands and controls. I still see risk because I am old enough to remember when people never thought the standards of encryption would cracked. I get most of your points and I have more understanding to do on my side. I like the control aspect of transparency, that provides a whole lot clarity and honesty but still see too many risks, which admittedly, a lot is probably due to my lack of knowledge. I still prefer paper, but as you say, having a ledger prevents or provides a window to see the printer go burrrrrrrr.
Thanks for taking the time to provide some insight.
Let me say you are thinking about crypto far better than most people I know. You are asking all the right questions.
Also a crypto that does not have an intrinsic value is probably not gonna cut it. Only intrinsic value digitally, is computation and storage power. So a crypto that is implicitly backed by computational power - a distributed computational network, for instance - is probably one way to do this. The governments can purchase cryptos on this network to run their infrastructure, using their assets as backing - making it a true asset backed crypto with intrinsic value.
You are spot on Encryption. The only solution, honestly, is a off-world technology that we will never be able to crack. Probably something very esoteric.