Cryptocurrency, what is it? And how does it work?
President Donald Trump and his two sons, Eric and Donald plan to launch a new business. A Cryptocurrency business.
https://www.newsmax.com/newsfront/trump-crypto-bitcoin/2024/09/14/id/1180353/
FTX: https://www.nerdwallet.com/article/investing/ftx-crash
What IS Cryptocurrency?
Some people, (like me) can call cryptocurrency “Funny-Money”.
It really only money that is based solely on the value that investors are willing to pay for it.
There is no underlying hard assets such as gold, silver, oil, or real estate to back it up.
It’s all just smoke and mirrors, a Ponzi scheme if you wish. It’s not based on anything other than what someone else is willing to pay for it.
The US Federal Reserve banking system;
Most people don’t realize that the US Federal Reserve bank is NOT a part of the US Federal Government, It is a privately owned and operated banking system owned primarily by the Bank of Scotland and England. While the US Treasury was based on the value of gold held in various places such as Fort Knox, the US Federal Reserve bank is based on the value of what other countries are willing to pay for the currency. So in that sense it is not very much unlike a cryptocurrency.
The “Digital Dollar”:. That would be something different from any cryptocurrency.
NOTE: I am still editing this right now so please check back before you post any comments. 9/15/2024/
Replies
I said above that I was still editing, here is part of that edit;
Cryptocurrency in and of itself is not a danger to America. A Digital Dollar however on the other hand could be an extremely dangerous path for the US to take.
There are currently over two million different cryptocurrencies on the market. Each one is created and held by different people and companies, all seperate and individual from each other.
Cryptocurrencies (or “crypto” for short) are decentralized currencies, meaning they’re neither issued nor governed by a central bank.
Cryptocurrencies (or “crypto” for short) are decentralized currencies, meaning they’re neither issued nor governed by a central bank. The system is regulated and controlled by something known as Blockchain. https://www.britannica.com/money/what-is-blockchain
The stability or volatility of various currency's in the US is what lead to the creation of the Federal Reserve Banking system. The Federal Reserve banking system was created (1913) as a means of stabilizing the US monetary system.
It is the responsibility and duty of the US Federal Government to print (coin) a monitory currency for the public to use.
That system right now, (since 1913) is the US Dollar. Like it or not the US Dollar system has been a realively stabile system of currency. The US Federal Reserve bank is however right now looking for alternative ways of minting coin. (money). Rather than printing the US Dollar on paper, the federal government now seaking to transitioning to a "Digital" Dollar. THAT "transition" to a Digital Dollar could be a complete and total disaster for American people.
Instead of holding dollar bills in your wallet your money would be held in a bank account system controlled and regulated by the Federal Government. Now we all know how well the Federal Government is at protecting and securing data of any kind. To be very blunt about it, they suck.
But that's not the worst part of it. What it means is that the US Government can control what you are allowd (or NOT allowed) to spend your money on.
And there-in lies the problem and the danger to Americans.
If the Federal Government controlls what and where you can spend your money on what's to stop them from barring you from buying something you want? Such as groceries and food or gasoline for your NON-electric car.
How about buying and paying your utility bills? What happens if the Government decides you're spending too much on electricity? You've been running your air conditioner too much in the hot summer months of July and August.
With the transition of our currency into a digital dollar system we have entered into a system of far too much government controls.
There are a lot if people being ripped off through this system, scaming of the elderly, and let us not forget the didgital criptonut that took investers on a rid to the poor house.
Sorry, this is not for me and there is a lot of advisories about cryptocurrency:
https://www.google.com/search?q=advisories+about+cryptocurrency&...