Replying to Avatar Coney Croft

Heard today that Texas wants to issue it’s own CBDC, backed by precious metals. It is total befuddlement to me that anybody would suggest that, in these times. Don’t they realize the infrastructure that would be required to do such a thing. The vaults that would need to be built, guarded, and protected. The humans that would be entrusted to keep proper ledgers to insure those that own these CBDCs are entitled to the commodities stored in these facilities. The how to protect the public of whom holds these CBDC’s can actually redeem these for the correct weight, purity, and value that the CBDC claims it is worth. Can these CBDC’s be forged, hacked, or stolen, that a person could claim the commodities without actual true ownership.

You cannot possibly trust an organization of humans with such a responsibility as this.

Trust the Code. Bitcoin already is handling the job that these Texan’s feel that they can tackle. My experience with government agencies, is they can screw things up trying to fix things worse than the things they are trying to fix.
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nobody 2y ago

the only thing i don't like about bitcoin is the volatility, although i appreciate it a lot for other people who have different reasons it's not like that, the only way in this case remains to stop creating fake news and fud about bitcoin in so that everyone starts holding, and not selling collectively just because the US government puts false news into circulation to destabilize its value

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nobody 2y ago

like banks need trust not to fail, bitcoin needs more trust, more information and less fear to stabilize its value, the difference is that banks fail without trust, because they promise money they don't have, bitcoin becomes volatile without failing though, if you want it as a reserve currency then you have to work a lot on that

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Coney Croft 2y ago

Bitcoin is a belief system, the same as the US dollar is a belief system. You believe in the US dollar, because you believe in your government to protect your wealth and purchasing power with the money issued by them. However, your government is run by powerful people with self interests, that in many cases may not be perfectly aligned with the people they govern. Therefore, these folk may choose to spend money they don’t really have in ways that help themselves, and their friends. They can spend more than they have because they can create as much more of the money as they care to. By creating more money into the economy, they create the hidden tax on there people. Creating money does not hurt them, because they receive it and spend it into the economy as soon as the get it. As the currency created circulates into the economy, the price of everything goes up, because of the over abundance of this newly created money. This over abundance of currency hurts every person who has savings, and every working person who needs to make wages earned, meet there cost of living needs.

Bitcoin is governed by computer open source code. Everybody is welcome to look at the code to see how it protects the wealth accumulated in it. No government, or single group of people can control the issuance of new money. It’s already programmed in, as to how much and how it is issued. If you learn how to save it, earn it, and spend it, you can use it and take it anywhere in the world. Every day more and more people around the world are believing in it. This creates the liquidity of it to be able to use it to meet or exceed your cost of living needs.

The controlled issuance of Bitcoin guarantees that its future value in terms of the US dollar will continue to grow. As in the case of the dollar, the creation of dollars by your government guarantees that those dollars will be worth less in terms of product and services, as each year goes by.