Can Gold be used to buy Heroine?
You know historically Opium is called black gold, because by weight its worth more than gold.
When Opium was transferred to buyer by wooden-chest, the seller wanted GOLD, which was universal 'money',
Hell even JP-Morgan ( the bankers banker ) once said "Gold is money, all else is credit"
Heroin is just refined Opium using a very simple process with commonly found house-hold materials.
It’s not as simple as that. Haha. Miners don’t decide, they simply follow the consensus rules.
Miner's control the blockchain, they decide which transactions go into the blockchain.
Consensus rules is software, so long as 51% of the miners are running the same software, the consensus is fair and nobody can cheat ( double-spend )
Given that +67% of all mining is done in CHINA, and most are running the same BITMAIN hardware that calls home to a company that is now under CCP control.
Even most of the mining pools are in China, under ANT-Bitmain, alibaba, taobao-jack ma control, now CCP
It would a super simple matter for CCP to tell miners to all run a "CCP Approved Mining" software mining app, or even better when the BITMAIN ( or any china hw mining box ) calls home, to just have the approved transactions scraped.
People don't understand is that China is 'community rule' they do all do what GOV says for the good of community, and its a good system ( seen with my own eyes ), for they care about the people, unlike the USA where GOV doesn't give a shit about the public ( think how cops kill at random )
BITCOIN greedy people let it evolve this way, they let China take over mining ,and they let CCP take over BITCOIN; Here on this board of course its been denial for years, but everytime BTC price goes down, people open their eyes and ears for a short time.
No asset is going to REPLACE another asset.Physical gold and Bitcoin will continue to exist for years.
Just like how fiat money and Bitcoin/cryptocurrencies will continue to exist for years.
OP,your post is just whining about everything without providing a solution to any problem.
Bitcoin is a programming code,backed by nothing.
Gold is just a shiny metal-backed by nothing.
Fiat money are backed by nothing.
Nothing is backed by nothing.
Is this a problem?NO,because value is a concept.Something is valuable,because a big number of people think that it has value.
There you go.This is economy and finance 101.
Tangibles say a gun, are an force multiplier they make the weak strong. Intangibles like bitcoin are useless in the real world, unless you find a greater fool. A fool that buys your bullshit that your promoting.
The argument is always my virtual is stronger than your physical, sure that's a strong argument. Study philosophy, people used to murder each other over such abstract reasoning. Like "how many angels can dance on the tip of a needle".
Assets fall out of favor all the time. The reason GOLD is down right now is because its liquid, people need to cover their margin calls. The reason BTC is slow to collapse, is that its extremely hard to exit 'hotel california'.
I like the fact that you talk about 'shiny' as if it meant something, like the shiny bitcoin's we see all the time on websites, to suggest that bitcoin is a tangible like gold?
FIAT is backed by nothing, that is what begat bitcoin in 2009, it was a non-issue, everybody agreed the USD was shit.
If this is econ&finance 101, then your are a bot.
[moderator's note: consecutive posts merged]