Sen. Rand Paul (R-Ky.) tells me in an interview for Sunday's "Axios on HBO" that cryptocurrency could eventually replace the dollar as "the reserve currency of the world." [More]
I've confessed before that the whole concept is something I just can't wrap my head around no matter how much I read about it. Perhaps I'm just not wired in a way to understand it because when I try I feel the ADD frustration kicking in.
Having just gone through two back-to-back power outage experiences, am I so wrong to wonder what would happen if the lights went out for an extended period over a wider area and if it was deliberate?
4 comments:
David,
I'm not saying Rand Paul is right, but I do own some crypocurrency, and know a little bit about it (I'm an electronics engineer).
The entire history of transactions for all Bitcoin (for example), which is called "the blockchain", fits on a single USB flash drive that fits in your hand.
In a power outage that caused , the backed-up blockchain can be run on a local server run by generator, which then would be reconciled with other copies of the blockchain once connectivity is restored. Sure, that's pretty complicated, but cryptocurrencies (and the software that run them) have some built-in features to handle that.
Not saying cash/gold/silver/ammo are ever going away, but cryptocurrency is a handy way to trade value securely when your government hates you.
The item in question is irrelevant. There is one measure of value that is always true. What you own is worth what someone else is willing to pay you for it, and not one penny more or less.
Speaking of pennies, I heard Ron Paul make some interesting points about the US Treasury being unable to hold the "Zinc Standard."
It may be to you but not to me. I happen to think that what happens with cryptocurrency in the event of a long-term and widespread power outage-- whether caused by a natural catastrophe, EMP attack, or whatever, is a subject of relevance.
In that "post EMP" scenario, I suspect the coinage "du jour" would be rifle and pistol ammo in common calibers.
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