Unless you have been hiding under a rock, you've been hearing about cryptocurrency, Bitcoin and dozens of other coins, as either being the future of currency or causing the biggest bubble ever. One of the biggest criticisms of cryptocurrency is that it's just made-up money, that it's not backed by anything. But is that true? This is a Reality Check you won't get anywhere else.
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What a crypto is backed by needs to be looked at case by case. The bitcoin protocol is backed by the amount of energy that is consumed for it's maintenance - which makes it pretty solid.
It's also important to recognize with regard to currency that its value is really created by the community that accepts it as a means of exchange and/or store of value. That's why both Bitcoin and Ethereum have such a large market cap - they both have a large community of support. This is also why I am more and more interested in Steem since it appears that the community continues to grow as more and more people gravitate to a decentralized social ecosystem.
cyrptocurrency is soo young, compared to stock market $70 trillion market cap. And not all crypto are scam, there's a crypto that is backed by a proof of work, proof of brain . The Government can print whatever they like if they cannot figure out how to improve their economy.
I agree totally with you
Couldn't we also agree that it doesn't necessarily need a backing at this point in time. For instance, if we compare it to other commodities that are traded and scarce (Rookie Baseball Cards, Coins, Famous Works of Art), those do not have any backing other than the fact that there is a market for them.
If there is a demand there will be value. Totally agree.
The people can decide the value for once.
At the end of the day crypto is backed by the investment that people have made into it and the value of all apps that have been build on top of it.
Please do also bear in mind that the market cap only reflects the last investment made, so value of total investment is much lower than the actual market cap.
Exactly. The blockchain will help us do away with the need for a government's claim of "full faith and credit."
True, but there is always the debate about blockchain vs crypto currency. Most people speak favourably of the blockchain, but there seems to be quite a divide between the FOR and AGAINST in terms of crypto as a currency and form of monetary storage.
When rattling off crypto currencies it would be cool to mention Steem currently paying several hundred for this post.
Ben you are the best!! Keep up the great work! Another upvote!
Interesting... it will, financially, believe me...
and just some, will manage to stay in anonymity...
I always laugh when people say that the internet was a bubble... looking at the largest companies in the world I'd say it was a dip which corrected to the upside.
Ray Dalio loves radical transparency... wonder when he'll start viewing bitcoin that way.
powerful
Genuinely Good work..! ! Thank You for sharing this on steemit!
68 views 348 votes... interesting
Can be partially explained the following behavior. User clicks the upvote button without opening the article or watching the video. This is something I do myself, mostly when I have seen the content on a different platform (e.g. already watched the video on YT) but also want to upvote the here.
The other part is delegated upvoting, or something like that. Admittedly not something I know anything much about. Would be interesting to learn more about this process
Really appreciate your videos and your input. Though you do make great points, crypto-currencies do have the same true worth as the dollar. Both have no actual worth other than that based on faith. I do believe that cryptos are technically more legitimate than fiat, but they have no physical backing, which I believe means that in due time, as with the dollar and all other currencies, they will revert to their true value, 0. I believe that once the dollar finally loses people's faith, it will cause a complete collapse in faith in anything without physical backing. No more free ride for liars and criminals.
Not nice talking to the governments like that. 😉
Once I read the "Creature from Jekyll Island" I now know that fiat money isn't backed by anything and the FDIC is total BS
"Lets talk about this now on twitter and facebook" and STEEMIT.. don't forget the Steemit !!
BLOCK-CHAIN = YES, and the NEW FINANCIAL SYSTEM is BUILT on it
ALL currencies will be ASSET-BACKED - no more 'faith and trust'
Bye-bye Bitcoin and the rest, too....
God bless you
Thank you, You as well <3
My Thoughts: The US Dollar is so devalued from the Federal Reserve just printing money over the last 80 or so years why not use a cryptocurrency. The only reason the dollar retains any value is it is backed by the people of the US (Government). People can back cryptocurrencies from all over the world which in turn gives it purchasing power. Right now Bitcoin is the strongest IMO, but I see some others becoming really strong in the near future that don't use the blockchain like hashgraph. The blockchain is to slow in processing which is it's weakness. Hashgraph seems to solve this problem and could be used for stock trading, video games, etc...It's limitless. So, to sum it up I like bitcoin for now because of it's market power, but would keep my eyes open for new technology like hashgraph.
I personally believe that the "tulip" analogy is completely flawed since tulips did not represent a potentially disruptive technology. What Bitcoin and other crypto-currencies accomplished was the ability to create and transfer digital code through a decentralized network of users (community). And now that we are moving toward blockchain 3.0 and enterprise scalability, decentralized organizations/companies could truly disrupt the status quo i.e. centralized corporations that act in their own best interest without considering the needs of the community they serve.
I personally can't wait to leave this fake monetary system.
industry is very new. i totally agree in some aspects but this is a growing area and i think it will be come very solid
Highly rEsteemed!
I believe in cryptocurrency
Ben Swann is the man. I am so glad he is back from his break.
God bless you
Crytocurrency seems to be going through the teething stage that would soom be overcomed.What i actually love about crytos is the technology behind it......its a moving train that can't be stopped
Good post.
I think blockchain can free or enslave humanity. It's powerful but we have to wield it correctly.
Thank you Ben for advancing this important discussion.
Thanks for your research, glad you're on d-tube!
I am totally watching this video now.
I already subscribe.
God bless you
Excellent break down Ben love the show!!
God bless you
THanks Ben
I am SO GLAD YOU SHOWED UP HERE!!
God bless you
I love the content of Ben Swann I just can't get over the news anchor presentation, voice and way of speaking. I know it's silly but I never liked news because of the way it's presented. It's also been incredibly manipulative and straight propaganda.(I'm not saying his content is) To me it feels like it tricks you into thinking that what he says is what you believe. It's framed like it's getting you to question something but it seems disingenuous. Some people like that style, I don't but I like the content. I also understand Ben Swann's background and how this is the way he presents. He should continue to do his content the way he wants to, doesn't mean I'm not going to cringe at it.
But with all of the information stored on ledgers in the future and AI technology, it´ll be EASIER THAN EVER to track you down according to your purchases. Then extortion may be a global thing that nobody can hide from.
one day everyone will be talking crypto money. @benswann
Wow! Ben Swann! I remember seeing you here on KFOX and KTSM years ago. I'm glad to see you on Steemit and doing well. Keep reporting the real truth.
Hi how are you? Wow amazing videos you have on your channel, i love it - really well produced and interesting ben ! I would like to connect with other cool and creative steemians, artists and musicians. I’m posting music tutorials and other things related to music (and bitcoins:p). I’m the founder of the free music school communicasound. I'm really pleased to meet you. So i give you my vote, follow you and i will be happy to read your next posts in the futur. If you want, you can do the same and follow me. It’s important to have a family in Steemit :) Greetings from Paris. Peace.
thank you - good report
Great post, and I'll be sharing with family and friends, thanks! Upvoted and resteemed.
Muy buena información, gracias por compartir.
So often choosing great topics.
Thank you for the discussion.
We need more actual thinking and conversations on topics like these in the news. Freedom and future, etc.
You can use bitcoin to buy precious metals from APMEX, so that it pretty good.
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Food for the brain. I´m starting to see all this cryptocurrency stuff like a fantasy film where the good battles against the evil. The evil want to rule, impose and control and the good wants freedom for all. It´s not an easy thing to solve in the real world as the real world is never black or white, but it is being an entertaining movie so far.
Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @dtube valued at 134.92 SBD, based on the pending payout at the time the data was extracted.
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What If we start to pay the McD using crypto-currency...I'm wondering which of those crypto-currencies will be used...
Mining rig cost you some dollar... an electricity cost you another dollar. Then they say it not backed by anything, sure no product but it backed by the people. Do you think your fiat currency has a real value? No it dont have, it only backed with nation. Their only differences was cryotocurrency creation has a set limitation while the fiat, it create out of the thin air without any basis.
Ben please do a check on whether Bitcoin Cash is "just a scam" or "pump and dump" etc.
(Spoiler; It's not. It has a lot of support from early Bitcoin users and developers, is not actually centralized because its security relies on block creating "network nodes" described by Satoshis white paper, rather than on so called "full nodes")
@benswann I am so glad that you are on STEEMIT and it is early adopters like yourself and TRUTH Tellers that are the Future of a Better World for all of us................
👍👍👍👍👍👍👍
👍👍👍👍
the money of people that invested in bitcoin back it up
i agree on it.... but it can be dump by bigger players on the market
u cant dump a pyramid man a pyramid once it created and sustained by so meany people cant be destoyed so easy and even if the pyramid is destroyed trade pair btc/ a good company
the work is beautiful and very professioanl, im glad for that sucess , could you tell me the secret of all thoese upvots thats really impressive , im having a hard start i need some encouragment and i belive in this beautiful community
Decentralized everything!