Can someone explain to me why I should be terrified of a CBDC but Bitcoin I should be excited about. All this talk from Trump about bitcoin is quite frankly not comforting to me. I don’t trust any of it.
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BTC - decentralized CDBC - Centralized
In theory it's decentralized, but most of the Bit coin mining is in China and if you control 51% you control the coin. CBDC can be a crypto, or a credit card any fiat really. We pretty much have a CBDC right now with the fiat and digital banks so....
The US is actually #1 for bitcoin mining now. China was #1 a few years back, around 2021. But they tried to crack down on it, and many of the miners fled the country. A good chunk of them ended up in Texas.
Plus sha 256 is nsa , plus read about big block and small block wars , plus regulation can cause manipulation, plus likely nsa roots , plus usa is largest holder and then add blackrock, etc and too much big corrupt entities control it... plus more
I know they say that but I think we all know damn well they know who does what with bitcoin, we’ve seen them freeze it and confiscate it.
There is no centralized control of Bitcoin so no one can freeze your wallet addresses.
Best they can do is freeze your exchange addresses, which really doesn't belong to you to begin with (just like a bank.)
Cold storage fixes this.
TY
Read big vs small block wars. They 100pct can create ban lists and make your btc unusable.
If you try to convert BTC back to USD, then maybe. But for any regular Bitcoin transactions, no they cannot.
They can. Research block wars in early bitcoin. This was sn early fear, front end or bavk end lists. You can regulate or ban and prosecute. So theoretically that btc could be used in black market but at lower value, but risk of getting caught outweighs normalization of it.
You know how easy it is to create a wallet to bypass that block list? Even then, you can't stop someone from sending or receiving Bitcoin unless you own the entire block chain, which no one does. Those "blacklists" don't control the entirety of the block chain. They can only be enforced on a separate layer
You didnt study block wars from early bitcoin days. Yes you 100pct can control ability to use and arrest those using banned tokens.
Being decentralized doesn't mean its annonymous or untraceable. Its a public ledger. Its meant to be that way so that all transactions are transparent.
I recommend you go to Ytube and search "The Tuttle Twins" cartoon episode which explains Bitcoin in about 3 minutes. It s great explanation.
Bitcoin is both a decentralised /distributed currency and ledger of accounts that no individual or group has control over. A copy of the ledger (blockchain) can be stored on anyone's computer. It is limited in quantity and therefore cannot be inflated. The rules cannot be changed by a central authority without consent. It's advent was the first time in history that a third party wasn't required for financial transactions.
A CBDC has the the same core feature set, but it is centralised and the rules can be changed by a central authority (i.e. the government). The government could inflate the currency supply, restrict your spending to certain locations or businesses, put expiry dates on the currency to force you to spend it, or turn off your ability to spend completely. You have to trust a third party in this scenario.
Whilst in theory Bitcoin could be used like a CBDC, changing it's rules or editing the ledger requires majority consensus from everyone on the network. However, because it's user base is spread across the globe and across individuals and groups with different ideologies, people aren't going to agree to change it in a way that makes it worse. Furthermore, if this did happen, people would just use a competing cryptocurrency and Bitcoin's value would plummet.
As i see it, bitcoin serves 2 uses[for the cabal] (and i know I'll be downvoted) and it is to be a lure to make you give up a physical currency for a digital one. An avenue for cashless society with the claim of being decentralized.
The other use is to launder money through a controlled currency valuation
I will not use Bitcoin or CBDC. It takes your freedom away from you and lets the cabal monitor and control you by denying you access to your wealth. Not for me.
Use Monero then
https://www.getmonero.org/
Thanks; looks interesting.
I agree with you completely. I see it as two views of the same thing. I’m not educated in this area- but it seems common sense to me.
Some things are seemingly not designed for people to understand. Insurance, law, finance. All 3 of these things we will mostly all lose at. In one way or another.
Officially it’s big draw at least at the start was that it was anonymous and decentralized. IE any tard with the appropriate equipment and knowledge could mine and mint Bitcoin. In theory it has a cap. When the energy and compute needed to mine and mint it. Will far exceed anything humans would be able to produce.
So anyone could mine it. And there’s only ever going to be in practice a finite amount in circulation. Unlike a CBDC which would be tied to endless amounts of fiat. And provided you take appropriate measures such as a physical Wallet it can be next to impossible for anyone, such as a bad actor or government to seize your Crypto at least via cybercrime/account freezes.
Now that it’s been a few years. We’ve found out. That it isn’t anywhere near as impossible to track or anonymous as first theorized and advertised. Still far more difficult than conventional banking. But far from impossible given the time. Which is how the Feds built a stockpile of it to start with.
It could have utility in finance. Personally I’m not a major fan. But that’s probably more my inner cynicism and crotchety old man, making it harder for me to personally understand it, than any thing directly related to a problem with crypto.
I’ll just leave figuring it out to the people who have an easy time understanding crypto. Making an overnight fortune off it would be cool. But I’m content with where I am and the money I have at the moment.
“Now thats it’s been a few years. We’ve found out. That it isn’t anywhere near as impossible to track or anonymous as first theorized and advertised.”
Uh no. Bitcoin was never thought to be impossible to track. Its a public ledger and it never pretended not to be or advertised itself that way. Anyone who has read the Bitcoin white paper knows that and anyone whoever said that it was knew nothing about Bitcoin.
And so you should.
That said: you can however use it to your advantage. If you really want to know the difference between BTC and CBDC: BTC = free market money CBDC = FIAT on steriods. = scam.
So, there is a way to use BTC to acquire financial strength and then turn it into physical: gold, silver, land, Real Estate, ammo, utensils.