Decentralized is one characteristic of crypto, not being in control of any government... what do you thing about government issuing a cryptocurrency?
We have one in Venezuela... but it's just a fiat to me, backed on oil, not gold
see ->
Decentralized is one characteristic of crypto, not being in control of any government... what do you thing about government issuing a cryptocurrency?
We have one in Venezuela... but it's just a fiat to me, backed on oil, not gold
see ->
Petro is just Digital Currency, a different concept that crypto... even though it technically is a crypto
https://leofinance.io/posts/tsunsica/-petro-is-it-crypto-or-fiat-in-disguise-engesp
If it is controlled by government then what is the meaning of decentralization
The problem with backing a currency is there is no utility built on it. That is the mistake all make. The petro is garbage because the Vz Gov't is still behind it. When the same assholes are running the show, no different.
They try to infiltrate everything, they found a way to take advantage but people who actually uses crypto don't buy that BS. It is just their own currency to their own business. There is no project around it, just oil sitting in a deposit
#crypto people wont buy it for a second. All this comes down to who is controlling the ledger. When the banks do, it is one thing. Other times it is the gov't.
With crypto, it is nobody. That is the way it is suppose to be anyway.
That is why CBDCs will fail. People think the gov't controls the money, most do not. It is the bankers. CBDCs benefit politicians, not bankers.
I don't think it's any different from fiat because they control everything.
Yeah, for me it' just a fiat that is not backed on international gold reservoirs... no third party back it.
I don't think gold needs to be the thing backing it. It can be anything of value such as BTC.
I keep writing baked before correcting to backed hahaha. A baked coin would be nice
Lol. Mistakes happen so I wouldn't worry about it.
I think we'll see some small countries and states issue gold-backed tokens on public blockchains in the coming months and years... There's still counter-party risk though, because we have to trust they won't steal the gold when SHTF.