What about when the government makes their own coin and its worth one of there dollars and is not volatile and is used as the common way of internet transactions and money transmission??
Such a government backed currency would be a variation on the current model of Bitcoin related Cryptocurrencies. It is difficult to see a country permitting independent mining of such a currency, or allowing a currency to circulate free of its control. The reason the gold standard was abandoned was the inability of central banks to ensure a degree of control over relative value. That freedom from control is the essential attribute of Cryptocurrencies as an asset, and is what makes them attractive. Any government backed cryptocurrency would essentially be a trackable medium of exchange, rather than the tradable assets we now see.
I personally have most of my holdings in Gridcoin and Steem power. Mainly because of the social benefits related to their mining. They both have active communities and are resistant to pump and dump activities.
I also buy a large variety of coins through C-Cex, a small quantity at a time, and simply hold them. I do not expect to hold any investment for less than three years.
Many coins simply disappear, it is a bit like buying penny shares. Those that do gain, tend to gain spectacularly. I also avoid frequent analysis of my account, and pay absolutely no attention to the chartists.
Crypto’s price is based on demand. It is marketed as a currency but in reality it is a commodity. There isn’t much backing the currency besides the volume of trade and people’s demand for the currency. Much like gold the market is at the whim of the people investing in it.
yea thats cool and all but im thinking about whenever this technology is 50 years old and the government has definitely stepped in where are we gonna be in the crypto community
Such a government backed currency would be a variation on the current model of Bitcoin related Cryptocurrencies. It is difficult to see a country permitting independent mining of such a currency, or allowing a currency to circulate free of its control. The reason the gold standard was abandoned was the inability of central banks to ensure a degree of control over relative value. That freedom from control is the essential attribute of Cryptocurrencies as an asset, and is what makes them attractive. Any government backed cryptocurrency would essentially be a trackable medium of exchange, rather than the tradable assets we now see.
so go long on monero??
I personally have most of my holdings in Gridcoin and Steem power. Mainly because of the social benefits related to their mining. They both have active communities and are resistant to pump and dump activities.
I also buy a large variety of coins through C-Cex, a small quantity at a time, and simply hold them. I do not expect to hold any investment for less than three years.
Many coins simply disappear, it is a bit like buying penny shares. Those that do gain, tend to gain spectacularly. I also avoid frequent analysis of my account, and pay absolutely no attention to the chartists.
Crypto’s price is based on demand. It is marketed as a currency but in reality it is a commodity. There isn’t much backing the currency besides the volume of trade and people’s demand for the currency. Much like gold the market is at the whim of the people investing in it.
yea thats cool and all but im thinking about whenever this technology is 50 years old and the government has definitely stepped in where are we gonna be in the crypto community