The state of global finance and cryptocurrency

It'd be nice to bring back some intelligible discussion on this board, instead of pink wojacks and people screaming HODL!!!

There used to be what you're describing, the problem is that it is centralized if it's backed by something and the people who store it will inevitably be corrupted. This is the point of crypto is for a peer to peer system instead of having it backed by anything. What you're idea is is the USD in digital form.

Sort of off-topic, but what are the chances quantum computers make cryptocurrencies obsolete?

>>3201721
Just buy ETH. The ethereum network has so much potential that i cant even explain in a few posts.

>>3201777
Checked. Also literally 0

>>3201721
>Crypto is fiat meme

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What you're describing op

>>3201788
How exactly isn't it

>>3201721
does anyone know how cryptocurrency fares in unstable places like venezuela (or argentina)?
is it universally accepted, universally accessible, and universally obtainable (earnable)?

the one thing that plays in favor of the venezuelan crisis is that it's an isolated instance in a global "traditional" financial environment. there's goods (food, medicine, whatever they can smuggle into the country) and traditional currencies (dollars, gold, euros, yens) still floating out there to trade it with.

in a global collapse scenario, there's nothing to reference or gauge the crypto with.
the other big problem I see is accessibility. people with limited access to technology will be disadvantaged. also people who got in first will be just like today's 1%. nothing has really changed in terms of equality. it's just the money changed hands that's all.

at any rate, I think backing them with something would be a sensible thing to do. say you're a boss and you want to pay your employees in crypto. where does it come from? perhaps we need a phasing out system, whereas crypto and traditional currencies are interchangeable while traditional gets phased out, and crypto gradually replaces it. I don't think an overnight transfer to crypto is feasible. all (traditional) trade would just halt.

>>3201775
You're definitely right, there's no way to decentralize the physical network transaction of gold assets on a world scale. Idk what the solution is, still waiting for that *crypto is not fiet* argument.

It might not be redeemable in gold or silver, but every bitcoin requires a MASSIVE amount of energy to mine.

The reason btc took off though was it provides a unique service: decentralized transactions. The ledger on bitcoin is open info, so merchants don't need to check with banks to see if you have money, that's all on the blockchain.

However, btc transactions have become slow and expensive, due to a 1mb limit the founder put on block size years ago, when there were way fewer transactions.

Instead of increasing the limit to meet the demand, the miners have agreed to split (duplicate, in a way) the BTC into 2, creating bitcoin cash which increases the block limit to 8mb and now runs efficiently and inexpensively from this simple fix.

A group called blockstream, funded by the Bilderbergs, has taken over the popular channels off discussion and babes discussion of Bitcoin cash. Meanwhile, they set up a third party network called Lightning to essentially do what banks do with fiat. So in this sense, you're right that BTC is fiat.

It's also becoming centralized. Per-transaction fees are 5 dollars our more of you use it to buy things. "Segwit" was intended to make then faster but Lightning Network is sueing BTC not to use segwit in the public ledger. If they win which they surely will (they're backed be high level Jews), confirmation time and per-transaction fees will only get worse from here because all segwit increases go to the Lightning Network sidechain. Supply and demand says Lightning will take advantage of this with subscription fee hikes.

Tl;dr centralized BTC like fiat has no value and will fall. But BCH has become what BTC used to be, and it will thrive because it provides an extraordinary value.