Title: Crypto: The End of Freedom! Source:
[None] URL Source:https://www.youtube.com/watch?v=1BfMFOd0-l0 Published:Dec 15, 2017 Author:Snordster Post Date:2017-12-15 15:42:25 by Horse Keywords:None Views:503 Comments:8
I read/watch/listen very energetically to any arguments against bitcoin/crypto currency, but I have yet to hear an argument opposing cryptos that is compelling. This one is, to me, also not compelling.
Responding point by point is probably an exercise in futility. But I will ask that if crypto currency is not at least a better solution to what we have now, what is?
I'll also suggest that if cryptocurrency does continue to take deeper root in society world-wide, we're going to have as much choice about using it as we have a choice now about using the US dollar. That is, none. For good or ill, so long as it proves functional, cryptocurrency is going to be a reality.
I do maintain that blockchain based cryptocurrency is NOT a friend of the banks, and DOES have most all attributes required of a currency (the lone exception is intrinsic value, which fiat currency doesn't have either). I also maintain, which this video discounted, that further software developments and competition in the crypto market (competitors to bitcoin) can and will address security pitfalls that are realized.
Is my belief that the only currency or credit immune from an EMP blast is metals kept at home correct, or not? Opinions?
To take out bitcoin, the EMP blast would need to take out all locations where there are bitcoin blockchain nodes, which pretty much means the entire developed world.
Only a fraction of US dollars in circulation exist as printed cash. (That's termed the "M1" money supply, I believe). The rest exists as credit entries at banks primarily across the US, and those entries would be subject to an EMP blast well. So to wipe out the US, or the fiat currency of any developed nation would only require an EMP blast affecting the country in question. So bitcoin would be more able to withstand such a thing.
On the other hand an EMP blast on even the smaller scale would cause complete economic chaos in any developed country even without considering the wiping out of bank data or bitcoin entries.
But yes, in your worst case scenario, gold and silver would of course survive.