How will silver help against CBDC’s

[goldsilverdash]

15 hours ago, LemmyMcGregor said:

Keep in mind one item about CryptoCurrency, they are as good as their nodes, a state with infinite buying powers could potentially take control, more so, "you will own nothing and you'll be happy", Crypto fall in hat category, if you can't access the web or access is restricted, ooops!

Nobody has infinite buying power, not even states. But I do agree that Bitcoin in particular can potentially be attacked by powerful actors in that way. Dash has stronger protection against this, due to its masternodes and a feature called "Chainlocks" by which these special nodes (that require a collateral of 1000 DASH each) "lock" the chain and immunize it from roll-backs. In order to attack the Dash network, it would not be enough to take control over the proof-of-work mining, but you would also need to take control over the masternodes, which would require the attacker to buy up a staggering amount of Dash, pushing the price upward.

Edited April 12, 2022 by goldsilverdash

[goldsilverdash]

10 hours ago, Dankanugget said:

I stack for the reason of being out of the system which is failing on a daily basis to help be of any future worth. But what I’ve been thinking about is digital currency and how it’s so traceable and that Bitcoin is a way of getting you use to working that way.

Bitcoin is traceable. But Bitcoin is not the future of crypto. I think that only cryptocurrencies that improve upon Bitcoin will survive long-term. Privacy is on key area where others are better than Bitcoin.

[ArgentSmith]

16 minutes ago, goldsilverdash said:

Bitcoin is traceable. But Bitcoin is not the future of crypto. I think that only cryptocurrencies that improve upon Bitcoin will survive long-term. Privacy is on key area where others are better than Bitcoin.

It's a ledger, thats what money is it keeps tabs on who is owed (who has a credit of unspent value) Bitcoin is the longest running and by far the most secure Blockchain. 

[goldsilverdash]

1 hour ago, ArgentSmith said:

It's a ledger, thats what money is it keeps tabs on who is owed (who has a credit of unspent value) Bitcoin is the longest running and by far the most secure Blockchain. 

Yes, Bitcoin is the oldest and very secure, but that's about what it has going for it today. In my opinion, this first-mover advantage is not going to keep Bitcoin dominant forever. Transactions are too slow, fees are too high, privacy is lacking, no governance... And with so much competition in the space, I think Bitcoin's dominant position will fade over time. But of course I could be wrong, this is just my perspective.

I try to use cryptocurrency as often as I can to pay for things, and with Bitcoin it just isn't very convenient. But with Dash it is.

[ArgentSmith]

1 hour ago, goldsilverdash said:

Yes, Bitcoin is the oldest and very secure, but that's about what it has going for it today. In my opinion, this first-mover advantage is not going to keep Bitcoin dominant forever. Transactions are too slow, fees are too high, privacy is lacking, no governance... And with so much competition in the space, I think Bitcoin's dominant position will fade over time. But of course I could be wrong, this is just my perspective.

I try to use cryptocurrency as often as I can to pay for things, and with Bitcoin it just isn't very convenient. But with Dash it is.

Bitcoin has evolved from a P2P currency to an extremely secure auditable settlement system on which any number of payment providers can plug into.  Large Caps like Tesla and MicroStrategy have Bitcoin in their treasuries, Ecuador (A Sovereign State) has Bitcoin as part of her reserves. When you consider the implications of this moving forward on-chain transactions look incredibly cheap.

We can agree on one thing, on-chain Bitcoin transactions do not suit buying a cup of coffee

[goldsilverdash]

2 hours ago, ArgentSmith said:

Bitcoin has evolved from a P2P currency to an extremely secure auditable settlement system on which any number of payment providers can plug into.  Large Caps like Tesla and MicroStrategy have Bitcoin in their treasuries, Ecuador (A Sovereign State) has Bitcoin as part of her reserves. When you consider the implications of this moving forward on-chain transactions look incredibly cheap.

We can agree on one thing, on-chain Bitcoin transactions do not suit buying a cup of coffee

A P2P currency well-suited for buying a cup of coffee is precisely what excites me, that other stuff not so much

[Bigmarc]

10 hours ago, goldsilverdash said:

Privacy is on key area where others are better than Bitcoin.

In the future I am not 100% sure this would be possible in our part of the world. They are already talking about kyc on wallets. There is a long way to go to determine how it could be used in society.

[CANV]

A uk programmable digital currency , which the masses would lap upif it included some freebies , could easily exclude pm,s from the system. 
we all measure the value of our pm’s in Sterling in the UK ..  

the black market will have to be very underground 

[goldsilverdash]

10 hours ago, Bigmarc said:

In the future I am not 100% sure this would be possible in our part of the world. They are already talking about kyc on wallets. There is a long way to go to determine how it could be used in society.

Milton Friedman talked about “anonymous e-cash” already in the 90's. Today, technologies exist for this. Satoshi would have made Bitcoin more private if he had known how to do it, but today Bitcoin is showing little interest in implementing stronger privacy. But other cryptocurrencies have picked up the torch. Personally, I think that a digital currency that is completely transparent is never going to be successful in the long run in the face of more private alternatives. Also, privacy, anonymity, confidentiality, whatever we call it, is absolutely essential for a free society. Of course governments don’t like it, and will try to stop it. But how will a rule requiring kyc on wallets for example be enforced?

[SidS]

Kyc?

Sorry I don't use crypto so I'm not up to speed on the terminology.

[Bigmarc]

1 minute ago, SidS said:

Kyc?

Sorry I don't use crypto so I'm not up to speed on the terminology.

Know your customer, same for banks

[goldsilverdash]

Just now, SidS said:

Kyc?

Sorry I don't use crypto so I'm not up to speed on the terminology.

Know your customer. It is a requirement on financial services providers to collect personal information on their customers.

Now, the suggestion was that governments will try to apply this to non-custodial cryptocurrency wallets. But it is a very bad fit. Such wallets are just software, they are not financial services providers and the user is not a customer but simply someone who downloaded such software which is most often totally free and open source.

[Bigmarc]

12 minutes ago, goldsilverdash said:

But how will a rule requiring kyc on wallets for example be enforced?

If you want to use crypto on a country's turf you will have to follow their rules, also they need their cut. All they are interested in is making sure they get the funds that run the country. It's a good thing in my opinion and I think the majority of the country's citizens would want a fair system. As much as it seems a dream to sign yourself out of the current system, I am not sure it's realistic. 

They are talking about only allowing kyc wallets to be able to use exchanges and we already know you need kyc to register with an exchange that links with your bank. 

[goldsilverdash]

15 minutes ago, Bigmarc said:

If you want to use crypto on a country's turf you will have to follow their rules, also they need their cut. All they are interested in is making sure they get the funds that run the country. It's a good thing in my opinion and I think the majority of the country's citizens would want a fair system. As much as it seems a dream to sign yourself out of the current system, I am not sure it's realistic. 

They are talking about only allowing kyc wallets to be able to use exchanges and we already know you need kyc to register with an exchange that links with your bank. 

I think it is like an arms race. Laws are enacted to restrict us in various ways, technology is developed to circumvent the laws, the laws are modified in response, then tech is modified, etc. The key for freedom is to always be one step ahead.

Of course the powers that be will try to enforce their rules on their turf, but if they don’t know who you are or where you are then it will be a lot harder for them to do so.

[Bigmarc]

28 minutes ago, goldsilverdash said:

Of course the powers that be will try to enforce their rules on their turf, but if they don’t know who you are or where you are then it will be a lot harder for them to do so

It's the only way for mass adoption, yes it would be great for you and I but can't see Joe public flipping wallets when all they want it's a McDonald's and the latest phone. 

[goldsilverdash]

39 minutes ago, Bigmarc said:

It's the only way for mass adoption, yes it would be great for you and I but can't see Joe public flipping wallets when all they want it's a McDonald's and the latest phone. 

Yeah, the biggest obstacle to people's freedom is the people themselves it seems.

[SidS]

Most people like being sheep. Just look at fashion.

[Bigmarc]

2 minutes ago, SidS said:

Most people like being sheep. Just look at fashion.

I have noticed ripped jeans are in. I've been all over that for years.

[gji25]

Hurray for the black market lol☠️   the more restrictions they put on what and how much you can purchase witl benefit the grey/black market.

as it did during the wars of the past and the wars of the future

[LemmyMcGregor]

2 hours ago, gji25 said:

Hurray for the black market lol☠️   the more restrictions they put on what and how much you can purchase witl benefit the grey/black market.

as it did during the wars of the past and the wars of the future

Prohibitionism anyone?

[HillWalkerDundee]

"You will own nothing but will be happy". The WEF will probably win on this. Clothes through M&S, i think, can now be rented although Moss Bros have done this for a century. I do expect it to be widespread. Who actually owns a new car, no, most are rented.There are other examples. 

KYC is mandatory if you want to trade crypto currency on most exchanges.

In the meantime, I will trade crytos using bots and syphon off profits in fiat which can then be used to buy PMs. My favourite coins are ALGO, HBAR and XLM. Although Monero is meant to be anonymous, I am staying away from it for that very reason - a must be target for law enforcement agencies.

Edited April 16, 2022 by HillWalkerDundee

[ady]

8 minutes ago, HillWalkerDundee said:

Who actually owns a new car,

You never own a car, you are the registered keeper.

[HerefordBullyun]

https://www.zerohedge.com/crypto/central-bank-digital-currencies-are-doomed-fail-and-heres-why

[HillWalkerDundee]

7 hours ago, ady said:

You never own a car, you are the registered keeper.

In this, I am afraid you are wrong. In law the owner and keeper are two different entities though, in practice, they are often the same. However, for the purpose of this, take company cars as an example. The company owns the car and is responsible for insurance. The keeper, usually the main driver, is responsible for ensuring that the vehicle is road worthy and paying any fines.

[StackemHigh]

I personally feel that the cash in society will slowly be taken away! Government statments like " We have to stop making 1p and 2p coins as the materials are now worth more" then 5p then 10p and 50p. Then a royal decree everyone must be equal and a bank of England Debit card must be issued to everyone and CASH is gone. Not NOW but possibly by 2100. Not in our life time. Plenty of time to change public perception of an outdated idea like worthless CASH. After all cash is used by criminals!

Edited April 19, 2022 by StackemHigh