Posted on 06/07/2021 8:17:39 AM PDT by RandFan
Former Pres. Trump: “Bitcoin, it just seems like a scam. I don't like it. I want the dollar to be the currency of the world.”
Video...
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It's too speculative for me. But for gamblers it should be fun.
Bitcoin isn't a website. It's a distributed ledger that cannot be turned off or shut down.
I’m considered it a scam for the past 7 or 8 years.
Most of mine is in the safe, with no backups. Some is in the phone with a backup in the safe.
Over 100 million people own bitcoin - over 30,000 nodes running the bitcoin blockchain.
Sounds kinda widely scaled out to me.
Is it totally hack proof?
Same place as any money you have in the bank or retirement fund
The blockchain tech has yet to be corrupted mostly due to the error-checking nature of the distributed ledger.
There have been many instances of bitcoin EXCHANGES that used unsafe software that have been successfully attacked. Most avoid the exchanges.
We need the dollar to be backed by gold or silver. I don’t care if 1 dollar = 0.016 grams gold, fix it to gold or silver and be done with it.
It has had more hackers trying to hack it than any other tech. But no, there are lot of threats to its existence. Ordinary computers in a few decades. Quantum could happen much sooner. The only protection is hashing of the public key. But there are many public keys on the block chain that still have value in the private keys.
The hackers will calculate the private key and spend the proceeds. There are other threats too, but that's the simplest threat.
Of course it will happen, it’s just another step towards a global currency, which will culminate in a mark.
That’s where the story goes.
Ping
Not unless the string holders can control it.
Historically, there was the US Dollar backed by gold and silver.
Then came the Fed Dollar with all manner of games, inflation, and global shenanigans.
I prefer the US Dollar.
A lot of wealthy powerful people invested in bitcoin and are now trapped by its plummet. They do not want to eat that loss and so there’s a major campaign going on to get the price back up, presumably so they can get out without a loss.
Most don’t realize that if technology advances sufficiently to the point where your private crypto key can be hacked, that same technology will bring down every bank account in the world, as all are secured nowadays by similar cryptography. There is no vulnerability to bitcoin that isn’t also a vulnerability of conventional fiat currency/banking.
Unfortunately, it will never happen. It would remove the power of creating debt and printing money from all the socialists and empire-builders in Washington DC.
Bitcoin is based on a digitally signed ledger. It's not a place to "hide" monetary transactions. The digitally signed ledger entries provide secure, non-repudiation of entries. It's a "forever" ledger. Eventually, a good "tool" will be developed that allows a taxing agency like the IRS to access the ledger an determine what you "owe" them.
Back the USD with a real commodity. Remove it’s fiat status. Then eliminate all of the laws and regulations that violate our privacy. There are other ways to fight drug cartels and terrorist than micromanaging and tracking law abiding US citizens financial transactions. Revise the tax code, repeal the constitutional amendment allowing the income tax, and get rid of tax returns. No reason for government to know about your finances then. Tariff the hell out of the Chinese and their allies. Do these things and we will have a real dollar again.
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