Cryptographically mined currency is backed by the carbon effort consumed in producing it.
The value is secured across multiple computers, constantly updating and verifying the Ledger, this is called "blockchain".
Bitcoin has a finite supply that cannot be artificially increased, which is why its value (compared to fiat) has only increased since its inception, if you zoom out.
It is humanity's primary weapon against the central bank system, and any individual 's lack of understanding of it doesn't affect its significance
The value of 1 whole coin goes up. This in turn means you need fewer amounts of a coin to purchase things. Just like gold, the price goes up when supply is short. When new supply is added (mined), the value goes down slightly. As time goes on, there is less and less available to mine until eventually all of it is mined. At that point, 1 ounce of gold could be worth $100k, which means buying a house would take 2 ouncesof gold. It's not as if the gold is useless when all of it is mined right?
I'm wondering what happens when the electricity stops. With paper you can spend it even in the dark. With crypto once an EMP hit everybody holding crypto is royally screwed. How are we gonna get our bits of coin out of a computer when it turns into a desk sitting brick?
An EMP doesn't just take out the entire planet. It would be still very localized and would only take out everything in a round cone shape beneath the EMP detonation. It would not neutralize the entire planet all at once.
In the 60s the government tested this with I think something like a 3 Megaton blast near hawaii, and it caused quite a bit of havoc but, and EMP capable of taking out the whole planet would be many times larger than the largest nuclear weapon we have ever created.
Edit: i asked GPT
The test you're referring to is likely the Starfish Prime test conducted by the United States in 1962. This was a 1.4 megaton nuclear explosion detonated 400 kilometers above the Pacific Ocean, near Hawaii. The EMP from this test caused disruptions to electrical systems over 1,400 kilometers away, including damage to satellites and electrical infrastructure in Hawaii, but it was far from global in impact.To affect the entire planet with an EMP would require a massive and highly coordinated series of detonations, far beyond our current capabilities.
And When you are ready:
Here is where you can find everything discussed from the most basic crypto concepts to very esoteric, deep discussions of the inner workings of crypto.
Also, President Trump did bring THE FED UNDER THE TREASURY and OHHH MY...the FED is the ONE holding ALL THE DEBT...so, the reality is, the FED will be gone and it will be the Treasury!!!!!
Can someone explain to me how Crypto of any sort is not a digital currency? What is it tangibly backed by?
Cryptographically mined currency is backed by the carbon effort consumed in producing it.
The value is secured across multiple computers, constantly updating and verifying the Ledger, this is called "blockchain".
Bitcoin has a finite supply that cannot be artificially increased, which is why its value (compared to fiat) has only increased since its inception, if you zoom out.
It is humanity's primary weapon against the central bank system, and any individual 's lack of understanding of it doesn't affect its significance
If it's finite, what happens when it runs out?
The value of 1 whole coin goes up. This in turn means you need fewer amounts of a coin to purchase things. Just like gold, the price goes up when supply is short. When new supply is added (mined), the value goes down slightly. As time goes on, there is less and less available to mine until eventually all of it is mined. At that point, 1 ounce of gold could be worth $100k, which means buying a house would take 2 ouncesof gold. It's not as if the gold is useless when all of it is mined right?
What happens when the central banks use their artificial money to purchase majority of these artificial coins?
Soros, Rothschilds, etc already have infinite money. There's a reason they can't just purchase majority of major coins
I'm wondering what happens when the electricity stops. With paper you can spend it even in the dark. With crypto once an EMP hit everybody holding crypto is royally screwed. How are we gonna get our bits of coin out of a computer when it turns into a desk sitting brick?
Buddy...an EMP will completely destroy every aspect of your livelihood. Bitcoin is the LEAST of your worries.
cold storage solutions with EMF bag
An EMP doesn't just take out the entire planet. It would be still very localized and would only take out everything in a round cone shape beneath the EMP detonation. It would not neutralize the entire planet all at once.
In the 60s the government tested this with I think something like a 3 Megaton blast near hawaii, and it caused quite a bit of havoc but, and EMP capable of taking out the whole planet would be many times larger than the largest nuclear weapon we have ever created.
Edit: i asked GPT
It would need to disable every computer in the block chain at once, if that happens then little else will matter
I believe PDJT explained that the mining of his crypto will pay to run the country without the IRS, which will be abolished.
Patriot, I'm thinking about getting into crypto sooner than later...can you point me in the direction of a few "Crypto for Dummies" resources?
Here is something to get you started
How Does Cryptocurrency Work? A Beginner's Guide
https://www.coursera.org/articles/how-does-cryptocurrency-work
And When you are ready: Here is where you can find everything discussed from the most basic crypto concepts to very esoteric, deep discussions of the inner workings of crypto.
https://bitcointalk.org/
Thanks Plutus..
But bitcoin can be near infinitly fractionalized as can other DC. Same as gold and silver.
That has nothing to do with it's finite supply.
You can divide an oz of gold into atoms, doesn't change it's starting volume
Also, President Trump did bring THE FED UNDER THE TREASURY and OHHH MY...the FED is the ONE holding ALL THE DEBT...so, the reality is, the FED will be gone and it will be the Treasury!!!!!