Exactly, self custody is key. As with gold and silver, the asset is meaningless in the event you actually need it, unless you have immediate and direct control over it physically.
How do you give Bitcoin to a homeless person begging for help on the street and what does Bitcoin mean to someone who thinks they've escaped the matrix living off the grid? A virtual cashless society is just a stupid and dangerous idea.
Call me old fashioned but I prefer the money system set up by the Constitution Article I Section 10 Clause 1 "No State shall...make any Thing but gold and silver Coin a Tender in Payment of Debts;..."
Bitcoin and Crypto are not Constitutional in any shape or form and have not been made Constitutional by a valid Amendment. Every time our property has been stolen from us it has been through and Unconstitutional method-think Federal Reserve which is not federal and has no reserves.
The US Military is charged with protecting the Constitution, not some Unconstitutional scheme based upon nothing substantial that you can hold in your hand such as all forms of current crypto. So don't be dreaming of bitcoin as the military's way of putting substance back into our financial system. It's more likely that bitcoin is CIA based than that bitcoin has any U.S. military backing.
Lastly, where is the discussion about NESARA/GESARA? If the writers of this article know anything about potential finance solutions they will know of these.
If the government website was put up and mentions the current administration, I would be very suspicious of it.
"Quantum" is the term for an advanced method of computer technology that can be used for any purpose a computer can be used for including tracking of all kinds.
There is a huge difference between the "quantum system" and "QFS" as a name for a financial system. NESARA/GESARA is one set of terms that can be associated with the QFS but merely a "Quantum System" may or may not have anything to do with finances.
And of course there’s the whole “not your keys, not your coin” dilemma.
I learned an enormous amount from my year long (failed) dalliance with Coinbase, which eventually convinced me that we’re still too early in Bitcoin’s life to make it a viable option for most small buyers, mainly because of
1. the intrinsic lack of security of the myriad of wallets out there, many of which are fraudulent;
2. the intrinsic weaknesses of the various platforms both custodial and non custodial which make it impossible for consumers to understand how much they are actually paying, and who actually owns their coins (NYKNYC - see above),
3. the severe lack of any oversight over the platforms (yes yes oversight means centralization, I get it!)
And don’t even get me started on Coinbase (lousy customer service, opaque prices, dubious security etc etc).
So yeah I’m not going to be going to Bitcoin anytime soon. And I agree with what I think you said ie crypto other than Bitcoin is pretty much a guaranteed scam.
It is urgent and essential to wait until these alternative and futuristic currencies have really matured and been made accessible and popularized for the greatest number of people throughout the world!
I would add that the biggest problem with any crypto belongs to this simple question:
- What does happen if you've NO MORE access to any network of any sort (4G/5G, fiber, Wifi, LAN ...) to manage your crypto wallet (even if some could have all of their accounts data stored on any USB stick) ???
OR
- What does happen if your network (whatever it is/means !) access is corrupted by any third party (government agencies, infrastructure owner, hackers, ISP and so much more !) ??
Just think about all the news you can read (The Gateway Pundit is a good source for that) about the corruption of your elections ... There was no money to steal, just MUCH POWER !
Governments now regularly restrict or deactivate public and private internet access, both domestically and overseas.
It’s stunning that more crypto “experts” and investment analysts do not focus on this key feature of blockchain technology (it’s not a bug!).
When I raised this fundamental flaw on an investment website I was told that Elon Musk is going to make it possible for everyone to have independent internet access so nobody needs to worry about it.
The naïveté of young (and old) crypto fanatics continues to amaze me ...
Isn’t there a way to create a personal, independent digital wallet without using a middleman trading agency like Coinbase? If, and probably when, I invest in Bitcoin it will be independently without outside agencies. That is the only way at to go as companies like Coinbase can shut down leaving one unable to access one’s funds. Am I correct about this?
I did a fair bit of research and eventually decided to go with Ledger, which is a self custody wallet which claims to be hack and fraud proof.
Ledger sells physical wallets that look a bit like a memory stick, which you lock with a complex series of numbers which are then further safeguarded by a key phrase which only you know. All then accessible via double encryption on my laptop. Fantastic right? Wrong.
The problem I ran into immediately was that there was no way I could transfer my crypto from my Coinbase account to this device because
(a) Coinbase (which in my personal opinion is a total scam just waiting to explode any day now) didn’t at the time and possibly still don’t have a way to export from my account to a non compatible destination. I could only send my crypto to other Coinbase accounts or respond with or accept crypto if someone else had my Coinbase code.
(b) I couldn’t purchase crypto directly from my Ledger registered device and they could only initiate transfers to Ledger if I bought crypto from Moonbase, a different crypto platform. I was also restricted from transferring any crypto of my choice, just Ledger’s small list.
This began to devolve into a logistical nightmare of jumping through a quadrillion loops ie simply impractical for me as a small retail account.
That’s why the whole system is going to have to become a whole lot more customer oriented (and rock solid secure, obviously) before I’ll consider going back.
Just think how many people would be unemployed (law enforcement, lawyers, most high tech etc) if anyone invented a truly unpickable code or lock!! It would be very inconvenient for the status quo!
I like that lock picking channel! Used to watch him on YouTube and glad he’s on Rumble too.
The fundamental problem with crypto is that the establishment *has essentially total control over it* not just via fiat on-and off-ramps like Coinbase but via their secret ownership and control over tether, which was used as an unregulated central bank to print tens of billions of unbacked "tethers" out of the air in order to inflate the crypto space, attract lots of attention and speculation, and then serve as a real-world test case for blockchain before the governments rolled out their CBDCs. Keep in mind tether daily trading volume has essentially always exceeded the daily trading volume of every other top 10 coin *combined*. The obviousness of the tether fraud has been known since 2017 (https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/ , https://www.kalzumeus.com/2022/11/11/tether-required-recapitalization-again/ ) ; the fact that it has continued for so long, to such a historically unprecedented degree, without being taken down can only mean that it has NSA or CIA protection.
The promise of Bitcoin is hard enough to understand all by itself. Add to it the disinformation of the 21,000 crypto currencies and you have confused articles like this one. There is a reason why we focus on Bitcoin -- EVERYTHING ELSE is a shitcoin. Period.
I compare the Bitcoin journey to being a Q anon. Focus on the drops. Read them for yourself. Because 99% of what other people say about them is noise, whether benevolent or belligerent.
Personally, I'm convinced that Bitcoin is the life preserver thrown to us by the military. Nothing else makes sense.
So, for ordinary, middle-class older people like me, who understand very little about bitcoin, where do we go to get educated on it? For instance, the article talked about supercomputers "mining" (mining what?) and solving complex math problems - that sounds so arcane to me I have no idea what it is about.
I hear you loud and clear, Margaret. I am also an ordinary, older middle class person. Unfortunately, I have not found anyone that I would recommend who can explain Bitcoin in simple terms. I'm seriously thinking about starting my own channel or something like that; maybe I can do better. It's a steep learning curve.
You forgot the most important attribute of hard currency: anonymity.
Currency’s six key attributes are scarcity, divisibility, acceptability, portability, durability, and uniformity, or resistance to counterfeiting.
My essays are currently free to read and it is still free to subscribe. As with all my essays I include numerous links to articles and videos. To truly assimilate the topics, that I write about, it is very important to read and watch the content included with each essay. If you haven't the time for the entire essay please watch these two embedded videos: "This Pivitol Moment (on Vaccine Passports) and "The Shadow State" (on ESG's).
Manchurian Candidate Biden announces 2024 Presidential Run while Tucker Carlson is fired from FOX News
Preparing that table for another Globalist Election Coup in 2024
Dating myself here, but I remember in the old days asking my dad for a quarter so I could walk up to the corner store and buy a coke. In a cashless society, that would no longer be possible.
Really good information, especially for me, I don’t know much about these emerging digital markets. I’ll be sure to save this for future reference. It appears as if we’re going digital, like it or not.
To answer your question, Margot (sorry I called you Margaret previously), I think it helps to realize that many of the words people use in the Bitcoin community are metaphors. The word "mining" is meant to portray an analogy between "mining for" Bitcoin and "mining for" gold. But it's only an analogy.
Bitcoin "miners" are actually powerful computers that run programs to solve math problems that were set up by Bitcoin's creator. When the math problem is solved -- by the fastest computer -- the person who owns that computer earns new Bitcoin, say 1 BTC.
Note that we are talking about software. The mining, the math problem, and the Bitcoin are all part of a computer program originally written and published by someone named Satoshi Nakamoto. Everything related to Bitcoin is software. The only "physical" components of Bitcoin are the computers that run the software and the electricity they require.
How does the miner know they earned 1 BTC? The software includes a database, and the miner has an account in that database. The Bitcoin software adds 1 BTC to their account. This is the only way new Bitcoin ever comes into existence, and after the year 2140, once 21 million BTC have been mined, there will never be more Bitcoin created -- because that's how the computer program was written by Satoshi.
How can the miner feel that their account showing the new Bitcoin is safe? Because there are tens of thousands of computers around the world that are running the same computer program and have the same database of accounts. An entire country could sink into the ocean and thousands of remaining computers still show the miner's account has 1 BTC.
Could someone "log in" to the Bitcoin network and type a zero into that miner's account? They would have to access thousands of computers, and require even more electricity, and overwrite the existing computer program with a new one. Virtually impossible.
Suggest you look into Qortal and see what is happening there. Recently here on the Corbett Report (https://www.corbettreport.com/solutionswatch-communication/) as well as a white paper to peruse at https://qortal.org/. No KYC, all in your own wallet only you hold the key, not pre-mined all you need is a sponsor to get started and can mint on a Raspberry Pi! Check it out!
I must confess that I still don't understand anything about this subject, far too virtual and non-concrete for my taste...
That's why I still prefer to handle a currency even if it's imperfect if it remains tangible.
I probably am not the only one, even among people who have a good technical and high-tech culture!
May God help us and bless us ! 🙏🏻✝️
🇫🇷 🕊️ 🇺🇲
Exactly, self custody is key. As with gold and silver, the asset is meaningless in the event you actually need it, unless you have immediate and direct control over it physically.
How do you give Bitcoin to a homeless person begging for help on the street and what does Bitcoin mean to someone who thinks they've escaped the matrix living off the grid? A virtual cashless society is just a stupid and dangerous idea.
Call me old fashioned but I prefer the money system set up by the Constitution Article I Section 10 Clause 1 "No State shall...make any Thing but gold and silver Coin a Tender in Payment of Debts;..."
Bitcoin and Crypto are not Constitutional in any shape or form and have not been made Constitutional by a valid Amendment. Every time our property has been stolen from us it has been through and Unconstitutional method-think Federal Reserve which is not federal and has no reserves.
The US Military is charged with protecting the Constitution, not some Unconstitutional scheme based upon nothing substantial that you can hold in your hand such as all forms of current crypto. So don't be dreaming of bitcoin as the military's way of putting substance back into our financial system. It's more likely that bitcoin is CIA based than that bitcoin has any U.S. military backing.
Lastly, where is the discussion about NESARA/GESARA? If the writers of this article know anything about potential finance solutions they will know of these.
Or I have been hearing about the Quantum system? There is actually a government website for it.
If the government website was put up and mentions the current administration, I would be very suspicious of it.
"Quantum" is the term for an advanced method of computer technology that can be used for any purpose a computer can be used for including tracking of all kinds.
There is a huge difference between the "quantum system" and "QFS" as a name for a financial system. NESARA/GESARA is one set of terms that can be associated with the QFS but merely a "Quantum System" may or may not have anything to do with finances.
Good read thank you.
And of course there’s the whole “not your keys, not your coin” dilemma.
I learned an enormous amount from my year long (failed) dalliance with Coinbase, which eventually convinced me that we’re still too early in Bitcoin’s life to make it a viable option for most small buyers, mainly because of
1. the intrinsic lack of security of the myriad of wallets out there, many of which are fraudulent;
2. the intrinsic weaknesses of the various platforms both custodial and non custodial which make it impossible for consumers to understand how much they are actually paying, and who actually owns their coins (NYKNYC - see above),
3. the severe lack of any oversight over the platforms (yes yes oversight means centralization, I get it!)
And don’t even get me started on Coinbase (lousy customer service, opaque prices, dubious security etc etc).
So yeah I’m not going to be going to Bitcoin anytime soon. And I agree with what I think you said ie crypto other than Bitcoin is pretty much a guaranteed scam.
Look forward to learning/reading more!
Very well said !
It is urgent and essential to wait until these alternative and futuristic currencies have really matured and been made accessible and popularized for the greatest number of people throughout the world!
There will be a lot of teaching to do...
Hi Pluribus !
I would add that the biggest problem with any crypto belongs to this simple question:
- What does happen if you've NO MORE access to any network of any sort (4G/5G, fiber, Wifi, LAN ...) to manage your crypto wallet (even if some could have all of their accounts data stored on any USB stick) ???
OR
- What does happen if your network (whatever it is/means !) access is corrupted by any third party (government agencies, infrastructure owner, hackers, ISP and so much more !) ??
Just think about all the news you can read (The Gateway Pundit is a good source for that) about the corruption of your elections ... There was no money to steal, just MUCH POWER !
Exactly correct.
Governments now regularly restrict or deactivate public and private internet access, both domestically and overseas.
It’s stunning that more crypto “experts” and investment analysts do not focus on this key feature of blockchain technology (it’s not a bug!).
When I raised this fundamental flaw on an investment website I was told that Elon Musk is going to make it possible for everyone to have independent internet access so nobody needs to worry about it.
The naïveté of young (and old) crypto fanatics continues to amaze me ...
Isn’t there a way to create a personal, independent digital wallet without using a middleman trading agency like Coinbase? If, and probably when, I invest in Bitcoin it will be independently without outside agencies. That is the only way at to go as companies like Coinbase can shut down leaving one unable to access one’s funds. Am I correct about this?
Supposedly yes.
I did a fair bit of research and eventually decided to go with Ledger, which is a self custody wallet which claims to be hack and fraud proof.
Ledger sells physical wallets that look a bit like a memory stick, which you lock with a complex series of numbers which are then further safeguarded by a key phrase which only you know. All then accessible via double encryption on my laptop. Fantastic right? Wrong.
The problem I ran into immediately was that there was no way I could transfer my crypto from my Coinbase account to this device because
(a) Coinbase (which in my personal opinion is a total scam just waiting to explode any day now) didn’t at the time and possibly still don’t have a way to export from my account to a non compatible destination. I could only send my crypto to other Coinbase accounts or respond with or accept crypto if someone else had my Coinbase code.
(b) I couldn’t purchase crypto directly from my Ledger registered device and they could only initiate transfers to Ledger if I bought crypto from Moonbase, a different crypto platform. I was also restricted from transferring any crypto of my choice, just Ledger’s small list.
This began to devolve into a logistical nightmare of jumping through a quadrillion loops ie simply impractical for me as a small retail account.
That’s why the whole system is going to have to become a whole lot more customer oriented (and rock solid secure, obviously) before I’ll consider going back.
Wow, sounds way too complicated for my already over-complicated life. But your story does confirm my concern with Coinbase and the like.
Ha so true.
Just think how many people would be unemployed (law enforcement, lawyers, most high tech etc) if anyone invented a truly unpickable code or lock!! It would be very inconvenient for the status quo!
I like that lock picking channel! Used to watch him on YouTube and glad he’s on Rumble too.
The fundamental problem with crypto is that the establishment *has essentially total control over it* not just via fiat on-and off-ramps like Coinbase but via their secret ownership and control over tether, which was used as an unregulated central bank to print tens of billions of unbacked "tethers" out of the air in order to inflate the crypto space, attract lots of attention and speculation, and then serve as a real-world test case for blockchain before the governments rolled out their CBDCs. Keep in mind tether daily trading volume has essentially always exceeded the daily trading volume of every other top 10 coin *combined*. The obviousness of the tether fraud has been known since 2017 (https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/ , https://www.kalzumeus.com/2022/11/11/tether-required-recapitalization-again/ ) ; the fact that it has continued for so long, to such a historically unprecedented degree, without being taken down can only mean that it has NSA or CIA protection.
The promise of Bitcoin is hard enough to understand all by itself. Add to it the disinformation of the 21,000 crypto currencies and you have confused articles like this one. There is a reason why we focus on Bitcoin -- EVERYTHING ELSE is a shitcoin. Period.
I compare the Bitcoin journey to being a Q anon. Focus on the drops. Read them for yourself. Because 99% of what other people say about them is noise, whether benevolent or belligerent.
Personally, I'm convinced that Bitcoin is the life preserver thrown to us by the military. Nothing else makes sense.
So, for ordinary, middle-class older people like me, who understand very little about bitcoin, where do we go to get educated on it? For instance, the article talked about supercomputers "mining" (mining what?) and solving complex math problems - that sounds so arcane to me I have no idea what it is about.
I hear you loud and clear, Margaret. I am also an ordinary, older middle class person. Unfortunately, I have not found anyone that I would recommend who can explain Bitcoin in simple terms. I'm seriously thinking about starting my own channel or something like that; maybe I can do better. It's a steep learning curve.
You forgot the most important attribute of hard currency: anonymity.
Currency’s six key attributes are scarcity, divisibility, acceptability, portability, durability, and uniformity, or resistance to counterfeiting.
My essays are currently free to read and it is still free to subscribe. As with all my essays I include numerous links to articles and videos. To truly assimilate the topics, that I write about, it is very important to read and watch the content included with each essay. If you haven't the time for the entire essay please watch these two embedded videos: "This Pivitol Moment (on Vaccine Passports) and "The Shadow State" (on ESG's).
Manchurian Candidate Biden announces 2024 Presidential Run while Tucker Carlson is fired from FOX News
Preparing that table for another Globalist Election Coup in 2024
https://brucecain.substack.com/p/manchurian-candidate-biden-announces
He’s the second Manchurian (P)resident, the first was Obama.
Dating myself here, but I remember in the old days asking my dad for a quarter so I could walk up to the corner store and buy a coke. In a cashless society, that would no longer be possible.
Really good information, especially for me, I don’t know much about these emerging digital markets. I’ll be sure to save this for future reference. It appears as if we’re going digital, like it or not.
To answer your question, Margot (sorry I called you Margaret previously), I think it helps to realize that many of the words people use in the Bitcoin community are metaphors. The word "mining" is meant to portray an analogy between "mining for" Bitcoin and "mining for" gold. But it's only an analogy.
Bitcoin "miners" are actually powerful computers that run programs to solve math problems that were set up by Bitcoin's creator. When the math problem is solved -- by the fastest computer -- the person who owns that computer earns new Bitcoin, say 1 BTC.
Note that we are talking about software. The mining, the math problem, and the Bitcoin are all part of a computer program originally written and published by someone named Satoshi Nakamoto. Everything related to Bitcoin is software. The only "physical" components of Bitcoin are the computers that run the software and the electricity they require.
How does the miner know they earned 1 BTC? The software includes a database, and the miner has an account in that database. The Bitcoin software adds 1 BTC to their account. This is the only way new Bitcoin ever comes into existence, and after the year 2140, once 21 million BTC have been mined, there will never be more Bitcoin created -- because that's how the computer program was written by Satoshi.
How can the miner feel that their account showing the new Bitcoin is safe? Because there are tens of thousands of computers around the world that are running the same computer program and have the same database of accounts. An entire country could sink into the ocean and thousands of remaining computers still show the miner's account has 1 BTC.
Could someone "log in" to the Bitcoin network and type a zero into that miner's account? They would have to access thousands of computers, and require even more electricity, and overwrite the existing computer program with a new one. Virtually impossible.
Does that help?
I like Bitcoin.
Suggest you look into Qortal and see what is happening there. Recently here on the Corbett Report (https://www.corbettreport.com/solutionswatch-communication/) as well as a white paper to peruse at https://qortal.org/. No KYC, all in your own wallet only you hold the key, not pre-mined all you need is a sponsor to get started and can mint on a Raspberry Pi! Check it out!