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this post was submitted on 08 Sep 2023
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I simply cannot wrap my head around how you are still not understanding this.
What exactly do you think would happen if the government liquidated all of its assets? Police, military, tax offices, literally everything that it does to be able to extract money from the public?
The US dollar is not backed by anything. It only has value because a large body says it does. They mint more money when they want to, which means that they can always just pull more money out of their ass when they want to.
Bitcoin and other actual coins require you to actually put in work to acquire them. They are agnostic of any body, person or government. They are still assets at the end of the day, they are just not backed by a governing body, they are instead backed by a community.
It sure ain't looking good for fiat, almost seems like fiat is a tool for the government to conduct a pyramid scheme while actual coins have no one pulling the strings.
Police, military, tax offices are NOT assets that can be liquidated.
The US can cede high-value land, lease ports, etc. to back the US dollar with something physical. The US dollar is not backed by a metal, that much is true. However, it is backed by the entire US now.
Blockchain is essentially a huge, decentralized database (or ledger) that says who owns what. The big issue with crypto is you can manipulate who owns what if you own a majority of the coin available. The other big issue is that nobody accepts bitcoin. Therefore, people are using exchanges and getting absolutely fucked by malicious smart contracts.
You keep talking about the fall of fiat, but you fail to prove that crypto is a valid replacement
They already do the second thing, and answer this, what EXACTLY is on that high value land you're talking about?
This is a blatant lie. I don't know who told you that. The closest thing to what you are describing is a 51% attack in which you have +51% of the network hashrate, in which you try to insert an alternate blockchain because everyone will have to do confirmations on you. This allows them to:
block transactions
double spend coins
prevent the creation of new blocks
It does not allow them to steal crypto from confirmed transactions. At most, it will allow them to spend a coin somewhere and then yoink it to another address.
You may point your finger and be all like "See! You just admitted it right there, that's PROOF"
Nuh uh uh, not so fast buddy
If you are using a reputable coin, this is prohibitively expensive to perform, and the thing about this is, you get ONE SHOT to do this.
The thing that is comical about this, is that the government's mint has the exact issues you are describing right now.
And who's fault is that exactly? Besides, that's not even accurate to begin with. Some of the largest companies on earth accept bitcoin. Tesla for instance accepts bitcoin. Many smaller vendors accept multiple cryptocurrencies, hell, I've bought real world goods including food off of MoneroMarket.
Lol. Do you think I got my crypto from an exchange? Don't you think the idea of KYC defeats the entire concept of a CRYPTO currency? A currency based around cryptography? One that allows for privacy and anonymity on different levels based on which one you choose (which should always be monero or its forks)? Also, what do you mean smart contract? None of that shit matters if you transfer your coins to a wallet you own and get confirmations.
If you are buying crypto from robinhood, first off you're fucking retarded, but second off that's not an exchange, that's a stock broker who is using crypto (that they likely are not even holding) as a stock.