Is this how gold will destroy the Fed?
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Hmmmm....sounds cool until you realize Bitcoin is NOT physical and if the power supply is ever compromised then that Bitcoin is worthless and every country holding gold will then become Numero Uno.
"If you can't hold it, you don't own it" is my philosophy.
You can’t hold the air that you rely on to breathe every day….
True, but we're ALL in that boat together
You can if you put it in a tank.
While you are correct a global power outage may render BTC temporarily unusable, as soon as normal power is restored the system would quickly resolve itself to a new chain and continue on.
If transactions did happen on a fragmented chain during the crisis, they may be reversed once everything returns to normal. But anyone who understands blockchain would either require an extraordinarily large number of confirmations during the period to try and mitigate this, or simply stop accepting it altogether.
In the case where islands of fragmented chains were occurring, it's likely people would be engaging in out of band communications to determine which chain represented the largest difficulty, so after a short period mining and transactions would die out in all but that one region, and on the valid chain people would be extraordinarily careful to calculate when the transaction reached sufficient difficulty. There are enough people who understand the math involved that some commerce could still take place.
All that said, given StarLink and the number of independent miners with access to offgrid solar and wind power, it is exceedingly unlikely that a worst case scenario of fragmented chains could even occur in practice.
The point is, unless you think we are permanently going back to the stone age, if it occurred at all, it would be a very fleeting and temporary situation at best.
Speaking of starlink, how are those satelites powered? Do they have a mini nuclear reactor on board or do they have solar panels or a huge battery? I'm just curious and you seem to be a very educated dude who might have an answer to my querry.
As far as I know they are solar powered with a limited gas supply for maneuvering. They only have a lifespan of 5 years before they are replaced, so no issue with their batteries failing.
Yeah and if nukes are launched too then guess Bitcoin is worthless, right? If a meteor causes a mass extinction too Bitcoin is worthless, right?
Please realize how stupid that argument is and throw it in the trash bin.
Most people just don’t get it. Bitcoin is a perfect digital currency that will sweep the world as the premier store of what we think of as money. Fiat/paper is DOA. Gold is so first century: shiny to look at but as a currency, it cannot work in the modern era.
Buy Bitcoin or forever regret you did not. It is uncomplicated. The writing is on the wall if you care to open your eyes and see it.
Read the Bitcoin white paper and the book "Hijacking Bitcoin" first though.
Bitcoin Core (BTC) is compromised by the old powers and have been crippled on the base layer.
The real Bitcoin still works in the form of Bitcoin Cash (BCH), but the propaganda against it is still strong.
Bankers took it over and neutered it's competitiveness before they started to really pump their controlled version.
Same playbook as they used against us to gaslight about MAGA is being used to gaslight us about the real Bitcoin.
Michael Saylor has an interesting proposition. Sell US Treasury gold (8,000 tons = 256,000,000 ounces x approx. $2,632.50 = $673,920,000,000.
Option scenario 1) adoption of Saylor’s plan, upon announcement, could cause panic selling of gold and a public buying spree of Bitcoin, and the Treasury would end up buying only half as much BTC as theoretically possible. Someone has to be there to buy the gold. If buyers do not line up, then USA Treasury becomes the loser and not as much Bitcoin gets purchased. Massive selling of gold bringing its value down to $1,800 per ounce as “USA abandons gold headlines” and BTC goes up to $200,000 each would result in a bad deal for the Treasury.
Option scenario 2) a national banking emergency is declared or just simply happens and on a weekend or holiday a swap meet is held and some broker dealers have 6,739,200 Bitcoin at $100,000 each to trade in 1 sitting with the 256,000,000 ounces of gold. If this is done, how does that change the value of Bitcoin? How does that decrease the value of gold?
Either way, China does not have a Bitcoin economy, and neither does the USA, and ****the USA has the largest trade deficits, the USA is a borrower, and China holds $3 trillion in USD public and corporate bonds and keeps buying up American assets. Saylor would have us sell now at a time when the value of gold in US Treasury barely matches 3 years worth of the current account deficit in trade with China. This is like a drop in a bucket terms of global debt, derivatives, and international finance and trade.
China and India buy the gold up, and the value of gold versus USD does not go down and because in Saylor’s scenario the USD does not equal Bitcoin China and India do not get hurt.
Europe: Jan. 2025 Basel III framework elevates gold to the same class of assets as cash and government bonds. Some European Banks become looked upon as more stable than American banks ( Financial Times https://archive.ph/3vtMj#selection-2341.0-2415.396 ) and countries attempt to flood the USA with their excess dollars accumulated over the past 30 years dumping dollars for Euro based assets and land. Basel III favors gold and USA banks could have liquidity problems.
Bitcoin could go up in value 3x, 10x, but the USD does not equal Bitcoin and the world major institutions are not banking on Bitcoin as a substitute for gold to destroy the Fed.
If 6,739,200 Bitcoin gets purchased at $100,000 each (and that is not likely to happen) and then becomes valued at $1million each then the Treasury hypothetically has $6+ trillion in reserves which does not do much for the Treasury compared to simply revaluing gold at $25k per ounce. The USA is “not an island” and how we deal with other countries has to be taken into consideration.
Saylor’s decision would be entirely inequitable, just as unjust as our current fractional reserve system where banks can lend out hundreds of billions to the wealthy, money created out of thin air, depreciating the dollar used by the ever-increasing numbers of “middle-class poor” — Saylor would have Bitcoin millionaires as the new elites and the vast majority of Americans being stuck with devalued USD. Ain’t gonna happen under Trump.
Plot twist, Q is Satoshi Nakamoto and already mined 1 million+ BTC
XRP...
Sadly is a WEF shitcoin designed to usher in the CBDC.
No, it's not a coin to be used as currency like bitcoin or e. It's a utility coin designed to be used on the backend to transfer numbers with lower cost, and much faster speeds. There's a reason the SEC sued them and there's a reason Trump hired a crypto czar who likes XRP. it's because there is no way for them to manipulate and hide currency during the transfer process. This is why South Korea went into martial law. They were dumping more into XRP than their entire Korean stock market. Now SK is the #1 xrp holder.
That 60mins hit piece in ripple is just gonna make more converts.
Yeah, I hope so.