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Digital currency again! Crypto gold is now a topic of conversation. Bitcoin is non-extant, non-physical currency, traded on the financial markets as if it were tangible and solid when it is not. What happens if the databanks that harbor this electronic currency go dark, perhaps caused by an EMP or something worse?<\/p>\n
To someone whose idea of a good time and having money at my behest, digital currency like Bitcoin doesn\u2019t really exist. It\u2019s a credit system, nothing else.<\/p>\n
It\u2019s also, as the article below indicates, a way to track you: every penny you spend, every purchase you make and everything you do, every place you go, every time you sneeze, they\u2019ll be watching you!<\/p>\n
Not exactly my cup of tea, as I’ve said before, but when did you ever see Buck Rogers, Luke Skywalker, Grand Moff Tarkin, or Ripley pay for anything with hard currency?? No, in fact, it was Han Solo who had some coins in his pocket when he was facing down Greedo.<\/p>\n
How hard is it to get ripped off by this kind of thing, anyway?\u00a0 Just askin\u2019 for a friend. Shouldn’t be hard. Hackers rip off people all the time.<\/p>\n
The people who delight in this kind of thing don’t seem to regard money or currency as anything necessary in an age of electronic discharges and online connections, when you only need a card with a commstrip on the backside to do things like get groceries.<\/p>\n
Here’s the article about it:<\/p>\n
https:\/\/www.reuters.com\/article\/us-usa-fed-brainard\/fedcoin-the-us-central-bank-is-looking-into-it-idUSKBN1ZZ2XF<\/a><\/p>\n From the article:\u00a0 \u201cBut there are risks,\u201d Brainard said, in a partial reprisal of her own and other global central bankers\u2019 worries about the rise of private digital payment systems and currencies, including Facebook\u2019s Libra digital currency project.<\/p>\n \u201cSome of the new players are outside the financial system\u2019s regulatory guardrails, and their new currencies could pose challenges in areas such as illicit finance, privacy, financial stability and monetary policy transmission,\u201d she said.\u00a0 – article<\/p>\n Read that sentence again, until it sinks in: some of the people involved in this are working outside the regulatory guards that are currently in place in the world financial system. Just how hard will it be for them to take control of all financial institutions?<\/p>\n Well, no! Really! Ya think?\u00a0 She does seem to have a clue that digital anything can be hacked, everything stolen including your identity, in the blink of an eye. I know the banks have near-army sized groups whose lives are dedicated to keeping your small funds intact, but it will not stop the hackers, such as those who robbed the Bank of Bangladesh’s accounts held by the Fed in NYC back in 2016.<\/p>\n Here’s the link to reminisce about that.\u00a0 https:\/\/www.wired.com\/2016\/05\/insane-81m-bangladesh-bank-heist-heres-know\/<\/a><\/p>\n And this should have a semi-scary effect on you: Australia\u2019s government is doing something along these lines already, creating crypto gold currency coins to front the Aussie government reserves. As I understand it, “crypto” means ‘non-existent except in cyberspace, as in Bitcoin”.<\/p>\n