I don't have any trust in the current financial system. Where did you get that absurd idea? Criticizing a "currency" that is entirely fictitious is not demonstrating any faith in the fiat currency (I even described crypto as fiat currency for the modern types).
If Crypto is the future, prepare for it to be blown away. You won't have anything, then. Even shares of stock would be more valuable, and that is one thing you are forgetting. If currency has no commodity value...it ultimately has no value.
I am hoping that Trump will re-establish our currency as a gold-backed one. (And maybe also silver, but I am not clear on the whole controversy over bimetallism.) It would be straightforward to make the conversion voluntarily.
It will be a short future. The analyses I've seen peg their doom as being only a few years away at the present growth in electric power requirements to sustain the blockchain mining. Why don't you sit down and get your head around this problem, instead of jumping on your charger and prophesying victory?
Oh, yeah. "Global corruption" has hidden away vast reserves of electricity. It is all out in the open. There is no secret cache of electricity. It requires the construction of powerplants. When the blockchain computational requirements ramp up to the power demands of a small country, the cost of running that power will have to be paid somehow. i have read that crypto mining centers are commissioning their own powerplants to sustain the mining. When you require geometric consumption of a resource to sustain a linear increase in product, the collapse is built into the mathematics. It is a more technological form of Ponzi scheme, built on the premise that the ultimate future accounting will not happen...or will happen so far in the future that we can rape the present as much as we want. Kind of like Keynesian economics. If you are fond of this sort of thing, you won't have much of a future.
Who do you think is going to pay for this power usage? A bitcoin does not represent an asset. It represents a sunk cost. And you are paying for it by tendering assets.
You will have to get used to what happens when electricity is not available. You have no idea what hard times look like. My wife and children are experiencing that in Zambia, with a power drought and an erratic internet. Near-instantaneous is a fragile luxury and will be the first thing to go. So, your options are an empty set.
As it is, Western Union wire transfers are near-instantaneous over long distances, in cash, so that is an option that millions of people are using all the time. You don't have much vision with which to see.
It is easy to transmit nothing...and that is what cryptocurrency is.
The same thing that happens to fiat. The difference is that when things are working as intended, a commodity-backed crypto would be better than the government funny money known as fiat.
Better in that it is immune to power outages and server disruptions? Don't kid a kidder. Next you will be wanting auto-driving and A.I. surgery.
And when things are not working as intended, crypto could be far worse than fiat currency. It is not traceable to any standard of value. Since when does the numerical solution to an obscure algorithm have ANY commodity value? This is why crypto exchange rates are so volatile. One day it is worth this; another day it is worth that. Very vexing in international exchange. (Try to balance dollars, pounds, kwacha, and rand all at the same time.)
I don't have any trust in the current financial system. Where did you get that absurd idea? Criticizing a "currency" that is entirely fictitious is not demonstrating any faith in the fiat currency (I even described crypto as fiat currency for the modern types).
If Crypto is the future, prepare for it to be blown away. You won't have anything, then. Even shares of stock would be more valuable, and that is one thing you are forgetting. If currency has no commodity value...it ultimately has no value.
I am hoping that Trump will re-establish our currency as a gold-backed one. (And maybe also silver, but I am not clear on the whole controversy over bimetallism.) It would be straightforward to make the conversion voluntarily.
It will be a short future. The analyses I've seen peg their doom as being only a few years away at the present growth in electric power requirements to sustain the blockchain mining. Why don't you sit down and get your head around this problem, instead of jumping on your charger and prophesying victory?
Oh, yeah. "Global corruption" has hidden away vast reserves of electricity. It is all out in the open. There is no secret cache of electricity. It requires the construction of powerplants. When the blockchain computational requirements ramp up to the power demands of a small country, the cost of running that power will have to be paid somehow. i have read that crypto mining centers are commissioning their own powerplants to sustain the mining. When you require geometric consumption of a resource to sustain a linear increase in product, the collapse is built into the mathematics. It is a more technological form of Ponzi scheme, built on the premise that the ultimate future accounting will not happen...or will happen so far in the future that we can rape the present as much as we want. Kind of like Keynesian economics. If you are fond of this sort of thing, you won't have much of a future.
Who do you think is going to pay for this power usage? A bitcoin does not represent an asset. It represents a sunk cost. And you are paying for it by tendering assets.
Propose an alternative solution for near-instantaneous long distance transfer of funds for when shit isn't hitting the fan.
The only options I see are fiat, crypto, or nothing.
You will have to get used to what happens when electricity is not available. You have no idea what hard times look like. My wife and children are experiencing that in Zambia, with a power drought and an erratic internet. Near-instantaneous is a fragile luxury and will be the first thing to go. So, your options are an empty set.
As it is, Western Union wire transfers are near-instantaneous over long distances, in cash, so that is an option that millions of people are using all the time. You don't have much vision with which to see.
It is easy to transmit nothing...and that is what cryptocurrency is.
It's trivial to make a crypto backed by a commodity. They already exist.
So, what happens if the data banks go down?
The same thing that happens to fiat. The difference is that when things are working as intended, a commodity-backed crypto would be better than the government funny money known as fiat.
Better in that it is immune to power outages and server disruptions? Don't kid a kidder. Next you will be wanting auto-driving and A.I. surgery.
And when things are not working as intended, crypto could be far worse than fiat currency. It is not traceable to any standard of value. Since when does the numerical solution to an obscure algorithm have ANY commodity value? This is why crypto exchange rates are so volatile. One day it is worth this; another day it is worth that. Very vexing in international exchange. (Try to balance dollars, pounds, kwacha, and rand all at the same time.)