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.)
Better in that while both get boofed by the power going out, only with one of them do you actually control your own money.
Just ask the truckers in Canada who tried to protest their government how central banking and fiat works out. Fiat currency is morally reprehensible and intrinsically evil.
Further, a commodity backed crypto would be tied 1:1 to whatever it's backed by, preferably gold. This already exists, of course, but don't let that stop you from shitting your uninformed opinions all over the thread.
And if its identity is evaporated, you are no better off. Please don't bother me with hypotheticals. I and my family have had to find multiple modes of funds transport to cope with banks both here and there."
But don't get cocky over fiat currency. I said I do not support it. If the truckers in Canada had gold or silver specie, they might have gotten along. All the government need do is forbid the legitimacy of crypto trade. How are you going to prove you bought anything with that in place?
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.)
Better in that while both get boofed by the power going out, only with one of them do you actually control your own money.
Just ask the truckers in Canada who tried to protest their government how central banking and fiat works out. Fiat currency is morally reprehensible and intrinsically evil.
Further, a commodity backed crypto would be tied 1:1 to whatever it's backed by, preferably gold. This already exists, of course, but don't let that stop you from shitting your uninformed opinions all over the thread.
And if its identity is evaporated, you are no better off. Please don't bother me with hypotheticals. I and my family have had to find multiple modes of funds transport to cope with banks both here and there."
But don't get cocky over fiat currency. I said I do not support it. If the truckers in Canada had gold or silver specie, they might have gotten along. All the government need do is forbid the legitimacy of crypto trade. How are you going to prove you bought anything with that in place?