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RE: The Government is can't simply go away, can it?
Banks only have that power due to cronyism and protect from the Federal government. Take away those protections, centralized banking fails.
Banks only have that power due to cronyism and protect from the Federal government. Take away those protections, centralized banking fails.
They are the government. What you see as nation state's governments are all illusions. Central banks, the BIS, etc. actually control nations and their militaries.
Which is why they and government fear cryptocurrencies so much.
Agreed. I still believe it could be a trap though. The government (banks) control the transfer from crypto to cash and back. They can make it illegal to purchase or cash out crypto at any time. We do not have the entire crypto process setup yet either.
What would the price of crypto be if you could not cash it out? Would BTC still be worth thousands each? I don't think it would be. Most people accepting it accept it to exchange it for USD or some other fiat.
I love the idea and own many crypto, but it is one basket/hedge of many and always will be a limited amount of my wealth. I just don't trust it and doubt I ever will fully. Smart money buys low, secures their investments, and walk away with other people's money.
It's the same as it always has been.