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Interest rates aren't the problem or the solution. The real problem is risk aversion by banks and in the economy which has lead to anemic economic, productivity, and wage growth not just in the U.S., but all around the world.How ya'll feeling about that?
Welcome to the age of MMT, Modern Monetary Theory.
All debts are being nationalized by the Fed.
All your base are belong to us.
Negative interest rates scare the hell out of me and seeing them in Europe has made me move money into crypto.
If a bank starts charging me to hold my money, I’ll move all my money into crypto.
Crypto bothers me for two reasons.
1. If the internet dies for even a short period of time (days, weeks etc) for any reason you don't have access.
2. The instant a quantum computing system is online they are worthless due to easy linear hackability.
Nothing is perfect but that's two fairly large flaws.
I see the potential flaws in our current system larger than those two issues.
Soon you’ll easily be able to pay your CC with crypto or have a crypto card. So the internet issue will be resolved shortly. I also keep all my coins on a nano wallet. So they aren’t on the Internet.
There is a entire slew of institutional money (as well as retail money) parked at coinbase.. I only keep a very small amount in the bank, and also watch their fees. (they keep waiving them) but this is exactly my plan as well.Negative interest rates scare the hell out of me and seeing them in Europe has made me move money into crypto.
If a bank starts charging me to hold my money, I’ll move all my money into crypto.
In many places in Asia, there is a Gold shop right outside the grocery store. Think of it like the Subway on the way out of the Walmart. Every pay day, those people take the extra, and buy gold.On a global level people someday very soon non Americans will stop buying the dollar and start buying other assets (most likely solid assets).
All they have to do is justify it as diversification and it is over.
There is a entire slew of institutional money (as well as retail money) parked at coinbase.. I only keep a very small amount in the bank, and also watch their fees. (they keep waiving them) but this is exactly my plan as well.
In many places in Asia, there is a Gold shop right outside the grocery store. Think of it like the Subway on the way out of the Walmart. Every pay day, those people take the extra, and buy gold.
Now I am not a big believer in gold anymore, but our currency is still thought of highly overseas. It's almost a mantra over there, and while we know the currency is being debased, it seems their own currency is being debased at an even quicker pace.
Emp hits... you still have no access for weeks or months until infrastructure is rebuilt.
I agree the system flaws are bigger. I just have more faith in solid assets.
It’s that the same for the majority of our current system? How many people have more than a few hundred in cash??
Crypto bothers me for two reasons.
1. If the internet dies for even a short period of time (days, weeks etc) for any reason you don't have access.
2. The instant a quantum computing system is online they are worthless due to easy linear hackability.
Nothing is perfect but that's two fairly large flaws.
Definitely agree with #1. There is no workaround to that and all it takes is one major electromagnetic event to disable the entire system. With that said, I have started to look at the crypto options a little more closely. No doubt the rich have already been using it to move and hide large quantities of money.
#2 is probably not something we need to worry about in our lifetime. There is no guarantee they will ever create a quantum computer of any significance. A fork to a quantum-resistant encryption scheme would also ward off any threat posed.
I see the potential flaws in our current system larger than those two issues.
Soon you’ll easily be able to pay your CC with crypto or have a crypto card. So the internet issue will be resolved shortly. I also keep all my coins on a nano wallet. So they aren’t on the Internet.
Make sure you understand the underlying technology associated with the cryptos you are buying. A credit card does not solve the problem of the internet going down. Connectivity is absolutely required to update the blockchain with every transaction.
And it should be said, if you have a problem with the current system and the actors behind it, just remember that they have the resources and money to buy up all the crypto they want. They probably already control a huge percentage of it.
The actors I don’t like with the current system is the Fed.
Make sure you understand the underlying technology associated with the cryptos you are buying. A credit card does not solve the problem of the internet going down. Connectivity is absolutely required to update the blockchain with every transaction.
And it should be said, if you have a problem with the current system and the actors behind it, just remember that they have the resources and money to buy up all the crypto they want. They probably already control a huge percentage of it.
Also, as I mentioned before, the internet going down screws up the current system as well. Maybe not to the same degree, but basically nobody keeps more than a couple hundred of cash in hand or more than a thousand hidden in their house. So the point is kind of moot.
Not really. If you're complaining about the current system (which IS the fed) then ignoring what will probably actually happen if that system goes to crap isnt very smart.
My concern isn’t that the current system isn’t the potential for the internet to go down making it difficult or unusable. I also hear that argument as a reason why crypto is worse than the current system, which is why I bring up that they both have the same issue.
There are quite a number of finance guys out there that just complain and complain about what we are doing, yet they would do the same thing if they were in charge. Why? because there isn't any other move on the chess board.The fed IS the system. If they go down, electricity will go bye bye for a while which means no internet and no crypto.
You're being willfully blind to the consequences of the fed being the problem (which they are).
There are quite a number of finance guys out there that just complain and complain about what we are doing, yet they would do the same thing if they were in charge. Why? because there isn't any other move on the chess board.
I'd prefer we not blow up the system until we have to. So if that means print and inflate, then by all means.. just have to be smart with how you manage your assets.
Cryptos are still in their infancy, and surprisingly have not made very much progress in the last couple of years. That will change in time, but people should not be screaming for a reset tomorrow, as the shift in balance and power could be quite catastrophic for the country.
Quantum computers are already here. I don't think it will take any longer than 10 years before they're put to use in cryptography and solving other real world tasks.Definitely agree with #1. There is no workaround to that and all it takes is one major electromagnetic event to disable the entire system. With that said, I have started to look at the crypto options a little more closely. No doubt the rich have already been using it to move and hide large quantities of money.
#2 is probably not something we need to worry about in our lifetime. There is no guarantee they will ever create a quantum computer of any significance. A fork to a quantum-resistant encryption scheme would also ward off any threat posed.
Quantum computers are already here. I don't think it will take any longer than 10 years before they're put to use in cryptography and solving other real world tasks.
I follow technology extensively and know what I'm talking about. There has been a lot of progress in quantum computers over just the last few years and that progress is only going to accelerate with more investment. Right now quantum systems are limited to 50 qubits largely because that's as good as the best classical computers can do. Now they're working on error correction to produce a universal quantum system. They need to make the qubits a bit more reliable, but once they do that it should be relatively easy to scale up from there. And that's if you want to make a fault-tolerant universal quantum computer which I doubt is even necessary to start being used to solve real world and scientific problems. Quantum supremacy has already been achieved on discrete optimization problems, which represent a wider set of problems than some of the skeptics like to admit. Cryptography will be one of the first problems quantum computers are applied to just as it was with classical computers.You have no idea what you're talking about.
There’s a lot of fundamental problems with Cryptos. For people who like to gamble with their money, it’s probably not a bad gamble. You might end up on the good side or the bad side. That’s why it’s a gamble. But if one or two big investors move their money, it can all crash and nothing their to back it or bail it out when it fallsCrypto bothers me for two reasons.
1. If the internet dies for even a short period of time (days, weeks etc) for any reason you don't have access.
2. The instant a quantum computing system is online they are worthless due to easy linear hackability.
Nothing is perfect but that's two fairly large flaws.
I follow technology extensively and know what I'm talking about. There has been a lot of progress in quantum computers over just the last few years and that progress is only going to accelerate with more investment. Right now quantum systems are limited to 50 qubits largely because that's as good as the best classical computers can do. Now they're working on error correction to produce a universal quantum system. They need to make the qubits a bit more reliable, but once they do that it should be relatively easy to scale up from there. And that's if you want to make a fault-tolerant universal quantum computer which I doubt is even necessary to start being used to solve real world and scientific problems. Quantum supremacy has already been achieved on discrete optimization problems, which represent a wider set of problems than some of the skeptics like to admit. Cryptography will be one of the first problems quantum computers are applied to just as it was with classical computers.
Negative interest rates scare the hell out of me and seeing them in Europe has made me move money into crypto.
If a bank starts charging me to hold my money, I’ll move all my money into crypto.
On a global level people someday very soon non Americans will stop buying the dollar and start buying other assets (most likely solid assets).
All they have to do is justify it as diversification and it is over.
Honestly, with the current bank system, wouldn’t that be an issue with normal banking also?Crypto bothers me for two reasons.
1. If the internet dies for even a short period of time (days, weeks etc) for any reason you don't have access.
2. The instant a quantum computing system is online they are worthless due to easy linear hackability.
Nothing is perfect but that's two fairly large flaws.
Yeah bet against technological progress. That's sure worked out for groups such as the Luddites before. I'm not even a believer in exponential technological progress, but this coming decade is going to produce more technological change than the last 5 decades combined.The fact is, we are nowhere near even an application-specific quantum computer of any sort of reliability. The technical hurdles in the way of what you have read about in pop science media are enormous. The way you brush them off just shows your lack of understanding. Again, there are no guarantees we will EVER have a legitimate quantum computer. If we had that guarantee, you would definitely see way more investment and spending in that area than we have now.
Honestly, with the current bank system, wouldn’t that be an issue with normal banking also?
why? because blackmail? or does it translate into better banking products?Of course. Whoever wins the quantum war will control the banking system. It's one of those truths that nobody on high will admit.
why? because blackmail? or does it translate into better banking products?
ok you mean crypto currency only. the banking system is not based on blockchain as of now correct?What happens if china wins and prints/steals the digital us dollar via hacking the blockchain?
Yeah bet against technological progress. That's sure worked out for groups such as the Luddites before. I'm not even a believer in exponential technological progress, but this coming decade is going to produce more technological change than the last 5 decades combined.
Quantum computers will be developed in this decade too. No doubt the challenges are enormous, but humans tend to solve enormous challenges when given the resources to do so. Quantum computers are no longer just a lab curiosity, but there are now industry players putting what is not an insignificant amount of resources into developing them. Your assertion that we will never be able to develop quantum computers is laughable. We may disagree on the timeline, but your take that we won't be able to develop them at all is absurd given the enormous amount of progress made in the field in just the last few years. In 10 years, we will have useful quantum computers in the sense that they will be able to perform at least some cryptanalysis tasks and perform complicated calculations in support of advancing many different scientific and technical fields.
Does that mean any random hacker will have access to quantum algorithms and a quantum computer to wreak havoc on cryptocurrency or other financial markets in 10 years? Most likely not, but I never claimed it either.
What happens if china wins and prints/steals the digital us dollar via hacking the blockchain?
ok you mean crypto currency only. the banking system is not based on blockchain as of now correct?