How Fair is Fair?
One of Bitcoin and cryptocurrency’s main advantages is that it should be a fair system of currency. But how fair are we talking about? It sounds fair and very logical, but does that mean that it can’t be manipulated to one’s advantage?
First, who has the money to launch such an audacious attack? Maybe the people who magically make our money.
As the CBDC researched and developed their own “cryptocurrency,” I had to ask myself, what was I always told about the safety of Bitcoin? Ah, yes, “It’s illogical to cheat because it would cost much more than to make it honestly.”
If the Central Bank gets involved in the cryptocurrency market and competes against Bitcoin, couldn’t they mess up Bitcoin’s blockchain system? Remember, it is only safe as long as there is no 51% attack.
The Central Bank has never played fair and a quick online check will turn up how they gobbled up governments and pretty much own everything. Until I got into cryptocurrency, I was under the assumption that the US government was in charge of the US dollar. You probably already know that they are not. The Federal Reserve is controlled by the Central Bank and there is nothing federal about it.
Take a second and consider the US debt. With all that debt, the US can still print up stimulus checks for everyone. According to USA Today, the US committed 2.4 trillion to combat COVID 19 in May 2020. That’s without mentioning the second wave.
I argue that any organization that can print money without consequence poses a danger to any blockchain network. Just as a scenario, the Central Bank comes out with its CBDC and rivals Bitcoin. Bitcoin has already proven itself as a safe and secure currency. The Central Bank could easily buy the bulk of Bitcoins at a higher price. After they have done that, they could manipulate the market as they wish. Or they could just show that Bitcoin suffered a 51% attack and then the damage would be done.
What do you think? Is Bitcoin threatened by the Central Bank and its golden touch?
My posts are seldom but worth reading. Alternative thinking for those like you.
