David, I am neutral on this topic and am just tying to get up to speed on the emerging technology by looking at it from all sides. Your comment above about portability makes perfect sense, though. It probably won’t be long before governments issue regulations and begin to implement their own versions of crypto currencies.
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Governments implementing their own versions of crypto has either already happened or will never happen depending on your point of view. Government fiat like the dollar already is fully digital money, so one argument is it has already happened. However what makes crypto unique is it is decentralized and managed by algorithm not central planners, which a government has no interest in copying (they want control). So government will never make a crypto that does what today’s emerging crypto provides, instead it would look exactly like the money government already creates. So basically government will never make a crypto.
Bitcoin scam is not decentralized , hence you hear about plans for forking from time to time , who decides these forks ? Its the developers and major players in another words it’s Bitcoin central bank , no difference .
Add to that they can introduce new coins out from thin air with hard forks like what they did with Bitcoin cash and Bitcoin gold , guess what this is called ? It’s QE , yes you heard it right it’s pure qe like what governments do .
Another thing they hide from you is that if someone has the power they technically can take over the blockchain , and guess who can do that , yes you are right it’s governments agencies like the NSA . So technically the blockchain is under the government mercy , so we are back to square zero .
Geez, please know something about the topic before you post.
Most cryptos are decentralized by their functional design. The issue of forks is completely different subject, but it is related. Why isn’t the management of crypto software centralized? Why can’t someone change the code to make it centralized? The answer is the free market.
A fork is a software engineering term that means a specific set of modifications away from another base of code (usually managed by github or similar source control software). Most crypto code is open source so anyone can make a fork. You can go fork most any crypto (or other software project) right now on GitHub in a few minutes. However the key point (that you apparently don’t understand) is you can’t force anyone to actually download and use your code fork. That’s for the free market to decide.
So anyone can make changes, and the free market decides what has value–that’s not centralization, that’s a true free market. It is usually expert crypto devs that get market following, but that’s what you’d expect. The forks of bitcoin (or Ethereum or whatever) that have reached some level of success have been because the free market has decided they have some value. They don’t exist simply because someone can make a change to open source code–that has almost nothing to do with it.
The same goes for governments, bad leadership, or anyone else who might make changes to a crypto that the market isn’t interested in. If a bad actor makes a change to centralize a crypto or something, the market won’t choose to use it if it sees no value. This is why centralized government cryptos will never go anywhere. This is why YOUR crypto will never go anywhere. Are you understanding free markets and decentralization yet?
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David, you are correct, governments are already working on implementing their own versions of crypto:
However, who would really want to trust a government issued crypto since all governments cannot resist debasing their currencies? And privacy of a government based crypto? - think NSA.
They are making their own crypto (which probably won’t go anywhere) because they don’t understand crypto and just want on the bandwagon. When you understand crypto you understand the point of it is decentralization and the power of free markets. Government crypto won’t have those properties. It won’t be any different than existing fiat–so it’s pointless.
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More opinions on Bitcoin from todays Bloomberg article.:
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Unreliable blockchain !
Yes, Bitcoin is probably a bubble. (Worse it’s stagnating and rapidly being technically surpassed by other crypto). But not all cryptos are in a bubble. And the field of crypto is booming with real revolutionary promise. Talking about Bitcoin being in a bubble is like saying Pets.com was a bubble in 2000. Exactly how important was Pets.com being overvalued compared to the larger internet revolution?
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Hey guys,
we just hit 0.5 trillion dollar market cap on all cryptos combined. This trend is real and there are many projects out there with huge potential that are not valued accordingly yet. Even big ones like ethereum are still nobrainers to get started with.
Get involved and get informed, this is still a once in a lifetime opportunity. Just saying…
Cheers
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Litecoin, IOTA, Ripple
The once in a lifetime opportunity was years ago back when nobody would listen to those of us talking about crypto.
Litecoin is just a bitcoin clone, ripple isn’t even a crypto.
Bitcoin is a bubble. It will burst. Why? Supply is infinity. Period.
If you are new to blockchain(s) and you wonder which of the top 100 crypto on coinmarketcap will win–you should be aware that 43 of those “coins” are ON the Ethereum blockchain.
Then what? I can spit it to 1:100000000000000000000000000000
i can create 1000000000000000000000000000000000 types.
There will only be 21M bitcoin
No body will go to grocery story to buy a candy with a 1M$ bill.
