BitCoin is most definitely NOT hard money. It is just another form of currency and currency can easily be devalued or replaced.
BitCoin is dependent on electricity, computers, an Internet connection, and an Internet connection network.
ALL of these elements are controlled by centralized authorities and can be turned on and off at will.
If you don't believe they can shut down the Internet, you might want to talk to the residents of China, Cuba, etc.
If they can control your speech like they have the last two years, do you really believe they cannot control your connection to a bank on the other side of the planet?
If I have gold coins in my pocket, I can trade with anyone, day or night with or without a government or bank. THAT is HARD money.
The possession of gold, silver and/or land has always been HARD money.
Additionally, the possession of gold, silver, and/or land has ALWAYS been the ULTIMATE GOAL of any institution trying to install a new form of currency.
A point for you to ponder:
Back at the height of the Roman empire, an ounce of gold would by you a very nice toga and sash, a good pair of sandals and a great meal.
Today, an ounce of gold will by you a very nice suit, a good pair of shoes, and a great dinner.
At some point mining bitcoin will become uneconomic. When the electricity and infrastructure costs more in your local currency than the token is worth, the whole construct may become unsustainable. Except for those that already own and hoard bitcoin. Here I am examining the whole of cryptocurrency and am using bitcoin as a particular example.
You also have missed that once quantum computing is widely available, a ‘back door’ crack to the algorithm that protects bitcoin wlll debase the currency. What good is a blockchain based currency once any government with sufficient computing power can confuse and possibly hijack? Disclaimer- I have worked in Internet Security and IT for 30 years, half of that with a major US bank offshore operations.
BitCoin is most definitely NOT hard money. It is just another form of currency and currency can easily be devalued or replaced.
BitCoin is dependent on electricity, computers, an Internet connection, and an Internet connection network.
ALL of these elements are controlled by centralized authorities and can be turned on and off at will.
If you don't believe they can shut down the Internet, you might want to talk to the residents of China, Cuba, etc.
If they can control your speech like they have the last two years, do you really believe they cannot control your connection to a bank on the other side of the planet?
If I have gold coins in my pocket, I can trade with anyone, day or night with or without a government or bank. THAT is HARD money.
The possession of gold, silver and/or land has always been HARD money.
Additionally, the possession of gold, silver, and/or land has ALWAYS been the ULTIMATE GOAL of any institution trying to install a new form of currency.
A point for you to ponder:
Back at the height of the Roman empire, an ounce of gold would by you a very nice toga and sash, a good pair of sandals and a great meal.
Today, an ounce of gold will by you a very nice suit, a good pair of shoes, and a great dinner.
Things to consider:
At some point mining bitcoin will become uneconomic. When the electricity and infrastructure costs more in your local currency than the token is worth, the whole construct may become unsustainable. Except for those that already own and hoard bitcoin. Here I am examining the whole of cryptocurrency and am using bitcoin as a particular example.
You also have missed that once quantum computing is widely available, a ‘back door’ crack to the algorithm that protects bitcoin wlll debase the currency. What good is a blockchain based currency once any government with sufficient computing power can confuse and possibly hijack? Disclaimer- I have worked in Internet Security and IT for 30 years, half of that with a major US bank offshore operations.