Did The NSA Create Bitcoin? Source in Comments
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Regardless of whatever reason one wants to put on gold's value, the fact remains that it's recognized the world over. No explanation for it required - no electricity required - no history of what it purchased in the past & who made the purchase...
I'm sure you'd agree that asset backed crypto sans a public ledger with your record of buying a gag gift for a stag party one time...is REALLY what people want. But... I don't think I can trust any organization at this point that they'll stick to truly asset based currency without some sort of phuckery by cheating the system.
They're just too addicted to printing money, fractional reserve banking and the defacto British geopolitical game of wars for profit etc.
There's going to have to be some MAJOR changes...Now Trump has been kicking the British's ass lately with moves he's made & the promise of a Stable Coin seems great on the surface, but there's a number of things about it that won't sit right with a number of people once they really look under the hood and read the fine print. They've already got it so banks have the upper hand over regular people that THOUGHT they'd "be their own bank" like we hear influencers pushing every time it's mentioned.
The true test of crypto's usefulness and utility will come when it's allowed to be used to pay down the debt. Debtors so far, don't want crypto in any substantial amount. What do they want? Gold. I'm waiting to see IF and who is sucker enough to accept BTC etc al crypto for this purpose. The shareholders of the FedRes aren't going to accept it... and that is the writing on the wall.
Right now, banks are hoarding gold, not necessarily crypto, as tier 1 assets - pursuant to Basel III. They're going to HAVE TO do it eventually... it's only a matter of time...In recent days, financial advisors who historically LAUGHED at the idea of holding gold are now preaching that everyone should have a 20% stake in gold in their portfolio...I didn't see crypto mentioned as something in that list - bonds, stocks, gold.
The way I see it is, right now crypto is the wild West - it's anyone's guess who's REALLY going to come out on top in terms of being an actual financial instrument that has real USEFULNESS. As it sits, Bitcoin has VERY limited usefulness... It's impossible right now for it to replace cash - a tank of gas, groceries, running around town etc. I view it as a currency - no different than FRNs or GBPs. If I need crypto currency I can always cash in my physical PM in exchange any day of the week... just like any other currency.
Now there are people who fart around trading currencies and play that game, making a few bucks off the disparity... but "investing" in currency isn't something anyone bright really does & crypto is right up there with any other currency.
For me, if I can't hold ot in my hand, look at it, secure it and quantify its dimensions - It's akin to an imaginary friend. It defies the definition of "real"...
So, yes - just like dollar currency that people BELIEVE is worth something, BTC derives it's alleged value because people believe it's worth something. But the reality is, it's not really worth anything and even less than a tulip bulb.
There are only 2 things worth anything the world over - which has been true for eons: Things that come out of the ground & skilled labor. Crypto doesn't tick either box, so until I NEED it to transact, it's a hard "NO" for me. All extra FRNs get converted to gold. Essentially the definition of money...
I agree with the critique that the blockchain/transaction history being public is a privacy flaw. But there seems to be no other option in order to make it open source and decentralized so no government or bank can cheat or control it. It's a small price to pay. And your transaction history is pseudonymous, you can send it through mixers and create a new change address each time you buy something which make it much harder to track. Of course a government can get a warrant and force a crypto exchange to hand over all their data on were you withdraw your money, but they can already do that with banks.
I still love gold, and unlike crypto or cash, it's rarity is protected by the laws of physics. But it's just too inconvenient to buy groceries with it. So that leaves you with 2 choices.
In a future where crypto is widely adopted and accepted everywhere, where you can buy gas or pay household bills with it. You can choose between having FRN's losing value sitting in your bank account for your monthly expenses, or the alterntive that does everything you need without losing value. What are people going to choose? They already choose cash over gold. Are they gonna choose crypto over cash once it becomes easy?
And i don't want them to. I believe the White Hats will allow fiat to fail or at least go into hyperinflation, this will transition everyone to the crypto standard, and then the national debt can easily be paid off. Or perhaps Trump has a different plan where, as inflation gets worse, holders of US Treasury bond's will be offered to exchange it to a bitcoin bond and receive interest paid in BTC instead or something like that. I'm optimistic that America will lead the way for the crypto revolution and letting it be a national currency that you can pay taxes with, Once Q fully controls the U.S. govt.
And then the writing will be on the wall for every other country, as citizens see the economic benefit and prosperity deflation and sound money brings. Like you said, they're addicted to money printing, but they won't have a choice once America leads the way, and they know their citizens will revolt if they don't follow suit.