I am new to Crypto-Currency but this is my synopsis:
When I first investigated blockchain I asked myself who it would create value for. I answered that it would create value if it was inspired by an intelligence agency that wanted to have records of every monetary interaction ever. It would also have value for a Super-Intelligent A.I. Computer that developed time-traveling abilities and was able to incentivize the infrastructure for it’s own creation.
I joke a little bit, but not really. Like most people I am optimistic but skeptical.
Blockchain is a series of computers that all record the same transfer of money. For this reason it is impossible to falsify or forge. It eliminates the problem of double spending created by credit, in which two or more people are spending the same dollar.
Banks that are manipulating currency or are engaged in illegal activities will recognize blockchain not as a potential threat but as an actual, eventual threat. They will have to attack it with physical violence or their existence will be eradicated. A few weeks ago I speculated that corrupt banks would hire guerilla mercenary armies to attack bitcoin mines. Shortly after that Venezuela, which is going through a Communist Revolution illegalized cryptocurrency mining.
The war has already begun. Famous intelligent people have already invested themselves in cryptocurrency and they will litigate any illegitimate losses. Some bank will eventually adopt cryptocurrency and it will get regulated and become legitimate. Cryptocurrency will succeed and people will have to adopt it in order to compete. People that resist it will be exposed as corrupt.
Cryptocurrency was a checkmate on the opening move.
When banks embrace Cryptocurrency they will have to protect the blockchain technology from Electro-Magnetic Pulses.
Some have stated that cryptocurrency has no assets. Well, neither does money, since we got rid of the Gold Standard. Money is a unit of value that is useful because we agree upon it as a measure of value. Everything only has value because it is useful or because people desire it, usually because it is useful.
Warren Buffet recently came out and stated that cryptocurrency would end badly. Well, so many experts have been wrong recently, haven’t they? Donald Trump had less than zero chance of becoming President and all of the “experts” agreed on that, didn’t they. Now I am not saying that we are living in an alternate time-line… OR AM I??? I blame Aliens. I wondered if Buffet said this because he was planning on attacking Cryptocurrency or had guilty knowledge that some of his banker friends intend to do so.
Blockchain has other uses besides cryptocurrency so it is here to stay. Transfer of healthcare information. Permanent Digital Identity. Distributed Cloud Storage. Smart Contracts. Digital voting. I am not going to say “Anonymity” because I believe that will eventually be removed.
The stock market is only open 5 days a week and 8 hours a day, but cryptocurrency can be exchanged or bought 24/7.
Bitcoin value might fluctuate but it has the same value in the United States as it does in Butt-FLICK Pakistan and it can be sent instantly across borders. National currency also constantly fluctuates. India recently had 81 million dollars intercepted from a wire transfer from the Fed by hackers in the Philippines. The CEO of Juniper is interested in getting into blockchain in order to destroy the bank that is associated with the hack.
I expect major shakeups. A lot is at stake. Specifically, who controls the actions of other people. I won’t say “this could end…” but I will say that this could begin in a war or even a world war. Blockchain will eventually win because computer nerds won’t stop using it and others will adopt it. Computer Nerds are to Cryptocurrency what the Porn Industry is to Visual Media. The porn industry adopted VHS and Beta went bye-bye. Then they adopted CD’s. Then they adopted blue-ray. Then they adopted Social Media and PLAYBOY died.
Oh, and anybody that does a dead end run around the code-kiddies, they are going to lose because whether you like it or not, there are no secrets anymore. Everybody is everywhere.
I have a lot of questions about cryptocurrency. Nobody has been able to answer them yet. If I invest in, let’s say Litecoin, and it fails, can it get bought out by another cryptocurrency and the value of that cryptocurrency suddenly has the same value of it’s owner? Is it like the stock market?