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.
Hey Mark, all those things are true about gold, sure. But Bitcoin is simply better money than gold. Gold requires the force of millions of people in the military and trillions in taxpayer dollars to protect as illustrated by Jason Lowery, who serves in the armed forces. You can learn more here: https://twitter.com/JasonPLowery/status/1455217564641075207
The coordinated efforts of governments worldwide to shut off all the world's electricity and internet to stop Bitcoin seems like a pipe dream. Read my article on Bitcoin and game theory. Governments are incentivized to adopt, not ban, as they'll own more of the network for a cheaper price. The only game, is to to play!
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.
Thanks for sharing your thoughts. Of course you know more than I, but my understanding from Antop is that Quantum Computing isn't a threat. https://www.youtube.com/watch?v=wlzJyp3Qm7s
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.
Hey Mark, all those things are true about gold, sure. But Bitcoin is simply better money than gold. Gold requires the force of millions of people in the military and trillions in taxpayer dollars to protect as illustrated by Jason Lowery, who serves in the armed forces. You can learn more here: https://twitter.com/JasonPLowery/status/1455217564641075207
The coordinated efforts of governments worldwide to shut off all the world's electricity and internet to stop Bitcoin seems like a pipe dream. Read my article on Bitcoin and game theory. Governments are incentivized to adopt, not ban, as they'll own more of the network for a cheaper price. The only game, is to to play!
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.
Thanks for sharing your thoughts. Of course you know more than I, but my understanding from Antop is that Quantum Computing isn't a threat. https://www.youtube.com/watch?v=wlzJyp3Qm7s
I also believe miners can survive on fees once the network stops paying out Bitcoin. You can learn more about that here. https://www.youtube.com/watch?v=LNSlIiKyZJM
Cheers,
Alec