Did we just get a confirm on Marker [9]?
Hunter pleads guilty to all 9 Counts.
And just for kicks... Hunter could face 17 years
(media.greatawakening.win)
LET'S GOOoOoooo!!!
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Then your not fixing the problem, just the symptom. Whoever holds the gold and controls the vault is the bank and the bank eventually pushes for fiat currency and the situation we're in.
Even if you're using a block chain to report the gold amounts, you have to trust whoever is providing the gold data. The entity you trust essentially becomes the bank.
You would need some way allowing anyone at any time to physically audit the gold while also keeping the gold secure from thieves. I don't think that is possible.
You start off with a based gold standard and banks will try to push to lend out more more money than they have so they can get more resources faster. Eventually you have an economy that is all run on debt like we have now and money that is not based on any value except that debt. The decay is much faster because of the 3rd party bank.
Crypto breaks this cycle because it takes out the 3rd party which is the bank. Nobody can access that crypto but you and whoever you explicitly give the seed phrase. As long as you have a healthy number of people validating the transactions (big part of decentralization) you don't have to worry about someone controlling your transactions.
If something goes bad with a crypto, which is always a possibility because everything decays over time, then someone else can take the open source code of the crypto and fix what causes the issue and release it out to the public for people to use if the want. The market will then decide which is best to exchange value. If there are no red tape regulations, this process can be made smoother.
If used like money everyday, eventually you are going to have a few people controlling all the crypto just like you have now with dollars which make the crypto not so decentralized anymore. The big difference is there is a much more streamlined process to improve on previous mistakes and the decay should be a lot slower. No more Triffins Dilemma for a world reserve currency either.
Blockchain data is public. They can not fib the numbers like they can now. Just how goldbacks and silverbacks had serial numbers that were directly tied to the physical. Tie these two together, and we now have a fully transparent money system anyone can go verify for themselves.
Yes, there would have to be trust in how it's held, but we all anons seem to have that trust in Trump and his plans. There has to be trust, or else each individual is forced to hold their own, which isn't feasible. We would have to have regular audits done to keep the trust, but we'd also have to trust the people doing the audit.
Let's hypothetically state that we don't go back to a gold standard, and solely use crypto...what's backing this? Without no backing, we are just going back to using 1s and 0s as money, backed by nothing. Again, that wouldn't be sound money, and just a new form of fiat that has zero intrinsic value.
The banking system will greatly change. If the new gov't only gets money from tarrifs, that should eliminate any money printing. Banks would be forced to only be able to lend what they have on hand. With all money being forced to be backed 1:1, if they don't have it, they can no longer lend what they don't have, as we see today in the derivatives market.
I do believe we will be using crypto for daily transactions, but without it being backed by something, we are entering CBDC territory.
Yes they can fib the numbers of how much is added on the block chain or not added. They can't change it after the fact but if they decide to report more than they have then blockchain won't necessarily fix that.
The only way to stop them from reporting more than they actually have is by allowing everyone to publicly physically audit the gold so it can match up with what's reported in the blockchain.
That creates security issues and is very likely not ever possible.
Which in my mind makes gold and silver not useful unless it is a local trade.
Crypto on the other hand is all held on the blockchain and it is always auditable by everyone at the source. I don't have to worry about someone fudging the numbers because it lives on the blockchain, it's not reported to a block chain.
CBDCs or Central Bank Digital Currencies are controlled by a central authority. The central authority can create/destroy your account at the click of a button, they can stop o allow transactions at will. CBDCs dont use a blockchain and they are not decentralized. That is not crypto.
You don't need the crypto to be physically backed by something if people demand it. It needs to be limited supply, decentralized, scalable to millions/billions, and secure. What you need are reliable audits that you and I can do on our own. Something physical does not allow us to publicly audit it at will because we have to physically be there to truly audit it.