What joke Bitcoin is, it'll never have an impact on the world economy.
Mr Thiel called for tighter restrictions on bitcoin, which he said could undermine the status of the US dollar as the world’s reserve currency.
“I do wonder whether at this point, bitcoin should also be thought [of] in part as a Chinese financial weapon against the US,” - Peter Thiel
Oh.
What is interesting about this is that people in crypto have been talking about this for many years, the difference is that replacing the US dollar as the world's reserve currency with a decentralized and publicly owned currency is seen as a good thing in crypto circles. However, I do not think that it will happen this way and even if the Chinese government does end up trying to use it for control, the decentralized nature of it gives all participants the ability to also move away from it. The value in Bitcoin is the value we give it and there are literally thousands of tokens on blockchains out there that could replace it, probably more effectively even.
It is interesting though, that such a joke as crypto is, is now being seen as a global threat, a weapon. I did predict quite a while ago, that it won't be too long until crypto users are seen as economic terrorists and there is no better way to do that than lump them in with an existing enemy, in this case, China.
"owned by the community" - sounds communist to me.
It is more FUD, but the more it presents itself, the faster crypto will embed itself into society as while most people are quite economically naïve, people are starting to see through this kind of nonsense, designed to distract attention away from what is the real case at hand - economic empowerment of the masses of people who have been left disenfranchised by the very economy that the FUD is trying to protect.
But, what I find incredible is this. The entire crypto market cap is just over two trillion dollars and Bitcoin makes up 1.1 trillion dollars of that amount - yet the fear it could become the global reserve currency is already emerging in government circles. If there is ever a bullish sign on crypto, that has got to be it.
"Bitcoin has no use case! - except as the reserve global currency"
It is interesting to watch an industry emerge where a community of people can get together and generate value for themselves, to build an industry that is looking for inclusion and then - the governments and those in power positions try to cut it down.
"We said WE want to create opportunity for the masses, not the masses create it for themselves."
And I think that this is what it comes down to - no matter all the pretty words people might say about wanting to make the world a better place for everyone, or the government spiel about improving conditions for citizens, unless they can simultaneously maintain control over those people, they do not actually want it. Any thing that threatens their powerbase, has got to be commandeered and if that is not possible, killed.
But the problem now arises, because while each seat of power wants to maintain control, they are also in competition with each other in a Games of Thrones'ian battle. How many countries on earth are content with the US dollar being the major global reserve currency, or if they could, would they prefer their own in its stead? If you want to do some easy reading on reserve currencies, here is a link.
But just imagine - if instead of the reserve currency being owned by countries, the currencies were owned by the masses, meaning that the benefits of transaction would be distributed globally to all participants who are acting as Liquidity Providers for the entire world of trade.
In time, not only will crypto offer the most effective and efficient processes for global trade, it will also offer the healthiest return for the maximum number of people, as well as the security of decentralization so it doesn't get hijacked, and the additional security through the ability to fork or replace if it does.
The thing is, no one in a position of power wants any kind of security that limits their own usage of their power, that limits their ability to make manipulate money and markets in order to control more.
Who knows, perhaps Bitcoin is a "Chinese financial weapon" - but crypto in general is not, though it is a weapon of economic destruction. The capabilities of crypto are just starting to emerge, but they go far beyond making it possible for some people to buy a Lambo, it is going to replace the entire economy as we know it.
Wealth is going to continually shift over from the traditional mechanisms to the blockchains, creating increasing stability in the new and increasing volatility in the old. New businesses are going to emerge that generate wealth and distribute it to more people, meaning local conditions and opportunity will improve and eventually, the global economy of supply and demand will be serviced by decentralized networks of strangers in a trustless community.
Crypto has the potential to shake the current economy to its core and prove not only how inadequate and manipulated it is, but give an alternative that replaces it completely. It will destroy - but it will also rebuild stronger.
Taraz
[ Gen1: Hive ]
Posted Using LeoFinance Beta
yeah, just read in this post about European Bank trying to be serious about it
https://hive.blog/leofinance/@heruvim1978/to-the-moon-mars-saturn-and-other-crypto-spheres-weekly-diamond-hands-updates
another fine example.
"It is secure, because we back it"
:D :D
yeah, you can bet on it, but the other is not secure, because we do not back it.
"The thing is, no one in a position of power wants any kind of security that limits their own usage of their power, that limits their ability to make manipulate money and markets in order to control more."
That's exactly right. Decentralization is resistant to tyranny. That is why the US Constitution decentralized all but a few powers. Unfortunately, that experiment is ending badly as the political party system (which our first president warned against) has given us tyranny by circumventing the constitution and re-centralizing.
Hopefully crypto will have a longer run than the constitutional republic did.
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I don't know much about the history or current situation in politics in the US, but it doesn't seem to be exactly thriving - well, perhaps politics is - the citizens aren't.
Yes, it's like The Hunger Games here in the USA. The Capitol thrives while the districts (we in "flyover country') just get "peacekeepers" enforcing unconstitutional mandates and oppressing churches and bankrupting businesses. Never a better time to have a business that is NOT brick and mortar--much harder to loot/burn/lock down.
@drakernoise. Hey man can i use you as a backup, i think ive been locked out of most of my account due to some awfulness with key confusion / hivesigner failure/ hive engine deciet, im about to lose my account, am dizzy with poor instructions from peakd, working on this hours getting nowhere,
Hi again @jazzresin ... Once thing, patience is key.
Using hivesigner means you have to "import" your private key before you start using It. If you're going to use your wallet you will need to import your private active key. If you're only posting only the private posting key is needed.
Afterwards both use cases, you need to stablish a password that it has nothing to do with your Hive blockchain Keys but one that Will serve you to use the hivesigner "bridge" ( app to log in).
Keychain works the same but it's a browser extensión with added features.
Remember: switching to a different browser or device will make you start over as they are not the same instance of the app (your Keys aren't stored online).
Hope this helps clear things.
Im all clear now. It was a mess. I thought i had updated my password and keys. I had written them down to the best of my ability. Then soon found myself locked out of my account. What a fiasco. Trying to do the right thing and it just made things worse. 20 hours later over several awful days i caught a break with the old password saved on a different browser. It is the first time in the many years on hive and steem that i have had any problems with login and keys permissions what not. I had got caught in some sort of loop on hivesigner where it seemed as it would work i put a new password for hivesigner but then it would return to asking for masterpassword or ‘at least an active key’ even the hive wallet would send me to hivesigner. I was locked out. Horrible.
This was all due to stolen voting power stemming from the criminal @steemengineteam @starwarz @vapenation @classicmemes which all funnel to an account @resteemsupport and finally the stolen proceeds to some huge @deepcrypto8
Yeah sure! @jazzresin
What is the issue? Have you lost your keys?
There really is no current governmental system that wants the people to have wealth of any kind and I am not just talking about money. Wealth is measured in the choices you can make today in the society, culture and form of government you live in.
If I wanted to buy I Lamborghini, I could not, Not enough money, and I live in a so-called democratic society and government. China is a communist type country where everyone is supposedly equal, but even if I lived in China I would still not be able to buy a Lambo, I am not equal to others in China.
As I see it the only place for people to build individual wealth is through crypto. With out choice there is no wealth. If everyone drives a Volkswagen beetle if everyone lives in a 1000 square foot home with the same furniture same everything, no one is wealthy.
I don't know about other parts of the world, I can only speak for where I live. Grocery stores being combined and owned by one company, the promise of keeping choice available gone and forgotten over time. Big box stores undercutting the prices of the small business owners so now only one Pet Store a national brand store where we used to have 4 pet stores.
How many small business have been forced to shutter their doors by government decree, how many people have been restricted for movement by government decree. Crypto breaks governments ability to control individual wealth, but it won't for long, because governments can decree it all null and void, but just because the government decrees something does not mean people will obey.
The mask do not need to be worn, the people do not need to stay home, the business does not need to close, all those actions that were decreed can be ignored, but the people embrace the idea the decree because they do not want to step out of their comfort zone of compliance.
For crypto to survive people need to ignore the FUD and the government decrees. The IMF will do what is in their best interest to maintain control of the wealth distribution, they are a corporation, just like safeway flooded the Alaskan market with cheap Milk to drive out the local brand, the IMF will provide cheap funds to drive out the competing funds.
China has to be the most capitalistic country on earth - yet under the guise of communism. Though I suspect that the communism implemented at a country level is actually a false position for capitalist maximalists - where everyone works to provide the wealth for one authority.
And I suspect under these conditions, innovation grinds to a halt and we all die.
And this is where there is strength in numbers, an actual community that supports itself to be free.
The power will be in the hand of people now, and I feel more and more people should join the blockchain to make it a reality.
Let's see how that power gets wielded.
Why try to amass wealth for one's grandchildren in an environment where wealth is stolen en masse by armed religious zealots in a vain attempt to prop up their dying belief system?
I'm here for front row seats to the collapse of the Nation state. Only then will true wealth even be possible.
It has been protected for so long, because so many people have some sense of nationalistic pride to the point they overlook all the shortcomings. They prefer to keep the status quo, rather than risk losing their sense of identity - as if who they are is determined by what they call themselves.
Hopefully continues to be a slow shift with adjustment time x_x
i think that it will start slow and then increase in speed. It has the potential to be relatively smooth even - but I don't suspect it will be.
The current main scenario on all countries. They will care for you as far as you keep under their "stream". We are so important that no matters if some (thousand, millions?) will fall (die) in order for the system ("the rest" or the majority) to keep going.
Is what I often call "the global chess board" where this game is played. We aren't the players, we as the most, are "expendable pawns" with a restricted movement ability.
I don't really think they care about it. They are currently "in control" even of our decentralised crypto world because... who can actually have the big amounts that make markets move?. Not me, certainly, nor any of us using cryptos.
The so called decentralised cryptos aren't as democratic as they seem in my opinion and if you need to cash them out in order to buy or cover any daily needs you have, you'll have to convert them into FIAT which means you're gonna pay a lot of fees during the conversion plus your country fees. It's not a "direct" move from crypto to FIAT and it's not that you can buy bread or milk with them.
I was told about chinesse wishing to get cryptos working as stated above. You will receive your salary or the minimum vital income in crypto so you're monitored from the beginning. You will not have the ability to build your savings bag since this crypto will "expire" whenever they fix. You'll have to register in order to receive it and you will have to use it when and where the will state... more control I see here.
We are not in an easy scenario to get out of our comfort zone because it means to get out of the systme which is virtually impossible in my humble opinion.
I know it sounds rather skeptic, I am anyways...
Coming in late just to defend Peter Thiel.
He's a long time supporter of the space. Vitalik Buterin is literally a Thiel Fellow & in Thiel's last interview before the Reagan Foundation one, he said most investors would be better off of they simply invested into Bitcoin.