Reality Check: Is Crypto Backed by “Radical Transparency”?

in dash •  7 months ago


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.

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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.

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I agree totally with you

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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.

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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.

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If there is a demand there will be value. Totally agree.

The people can decide the value for once.

Exactly. The blockchain will help us do away with the need for a government's claim of "full faith and credit."

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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!

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.

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

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.

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.

I believe in cryptocurrency

one day everyone will be talking crypto money. @benswann

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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

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.

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.

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.

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.

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Not nice talking to the governments like that. 😉

I personally can't wait to leave this fake monetary system.

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....

GlobalFinancialReset.jpg

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God bless you

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Thank you, You as well <3

Muy buena información, gracias por compartir.

"Lets talk about this now on twitter and facebook" and STEEMIT.. don't forget the Steemit !!

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.

Congratulations @benswann, this post is the most rewarded post (based on pending payouts) in the last 12 hours written by a Dust account holder (accounts that hold between 0 and 0.01 Mega Vests). The total number of posts by Dust account holders during this period was 9287 and the total pending payments to posts in this category was $2312.61. To see the full list of highest paid posts across all accounts categories, click here.

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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...

Thanks for your research, glad you're on d-tube!

I am totally watching this video now.
I already subscribe.

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God bless you

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")

Excellent break down Ben love the show!!

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God bless you

THanks Ben
I am SO GLAD YOU SHOWED UP HERE!!

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God bless you

@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

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i agree on it.... but it can be dump by bigger players on the market

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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

Ben Swann is the man. I am so glad he is back from his break.

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God bless you

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

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!

Two comments - I'd skip the talk on Ripple, particularly when you're talking about trustlessness. They're not decentralized and have admitted that they've LOST their genesis block. That should never happen in blockchain. Secondly, trust still remains in the currency's dev team. An unstable developer or bickering dev team can tank your currency, as we've seen in several instances. And that's my Reality Check for the day :)

P.S. I'm not trash talking crypos by any means, just putting it out there so people understand the inherent risks and do their research before they invest.

Benn Swann back at it again!

Ben I am a great fan of yours ... bitcoin was certainly a cia creation in m y opinion .... it was has achieved a few things in the process .... cheers

Another Steemit/D-Tube competitor is at bargain basement prices. https://www.thetatoken.org/
Jump on board while it is in the pennies. https://coinmarketcap.com/currencies/theta-token/

Let's not talk about anything on Twitter and Facebook. American dissidents are moving to Gab.ai, BitChute, and D-Tube. More block chain related liberty is coming the form of this new ICO. THETA. https://www.thetatoken.org/. Grab some now, while it's dirt cheap. Promises to be D-Tube 2.0. https://coinmarketcap.com/currencies/theta-token/

I post good quality memes, to entertain The Whole Community, check my timeline!!!

I post good quality memes, to entertain The Whole Community, check my timeline!!!

I'm so glad someone understands and can express the value behind history of currencies with financial sense. Most people do not understand or appreciate the release of the facts about 1971 and the Petrodollar. Thank you for this powerful post Mr @benswann. I'm excited about Lodecoin's position in the market. this trust-less nature of operation is really a need in the day and age we're living and needs to be further deconstructed..

Great video. The US dollar isn't backed by anything at all other than "the full faith and credit" of the government. Plus, unlike the dollar there isn't someone just printing more bitcoin. Long-term it's definitely not a bubble. However, short-term there will be tons of crashes and volatility. I'm just going to keep buying the dip and hodling. ;D

I see a lot of "Full Faith and Credit" comments. What they really should say is. "If you don't accept our dollars our military will come to your country and remove you from power"

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

As a cat, I like to dash around, but what really are the advantages of the crypto currency? Meow Brrrrrrrr....😻

For Europe It does not take much to make bitcoin "crypto-euro" respectable and everyone would benefit: banks, instead of suffering, will develop new services related to crypto-euro. They ensure payment on payment validation transactions between users. The "crypto-euro" bitcoins will fill the bank's product portfolio. If it tries to distinguish itself in front of the tsunami of mobile payment solutions, which involve a lot of intermediaries, which sweeps, this is an ideal way: it is a matter between the bank and the user ... without bank account .

Who says better ? In addition, managing a blockchain is much cheaper than participating in clearing houses (hence the bad mood of JP Morgan). Governments in countries that rely on cash can reduce their dependence without having to bankarize the population first.

Finally, a nontuberous bitcoin will allow investment to drop, a boon for banks in search of a second wind.

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.

Fiat Currency isn't backed by anything anymore. The US dollar isn't back by Gold anymore. It's just zero's and one's in a computer.

Great information. Thanks.

One of the most beautiful rundowns of why cryptocurrency has value that I've seen, including the cryptoverse. And of course, thanks for quoting me so liberally, you make me seem like a bigger deal than I am.

Who's backing up crypto is a questino with lots of possible answer. I guess it's better to just monitor closely the change in price so we can get the maximum possible profit in every trade.

The US doll

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.

Are you against or for crypto currency?
I can't seem to comprehend

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