You gave away my "John Galt" plan with the Raspberry Pis. ;)

Most here would discount what you've linked to, not me. Cryptocurrency makes possible Revelations "cannot buy, sell or trade". In fact, covid has done a fine job setting the stage for cryptocurrency.

I am missing the issue here.

Crypto currency does not have its own value, and neither does the dollar or any other currency today. They are all simply a means of liquid exchange (vs trade).

Crypto currency conversion is presently set by the market, completely independently of the central banks. To me, this makes crypto currency completely superior to other currency in that it is not encumbered by government manipulation, a fiscal disease.

The only thing that can damage this purity and virtue is another intrusive government control in support of more central power, and less individual power.

Crypto is weird, but crypto supports everything Ayn stood for.

Even worse, it does not do what its claimed to do. Since every transaction is recorded, whenever your ID is compromised, your purchasing history can be found.

Good old cash is what protects your privacy

Just a thought, maybe it is this……
https://biblehub.com/kjv/isaiah/52-3....

I am certain of one thing. Those people in the House of Reps and half of the Senate probably have Mercury in the water they drink. They sure are doing some crazy things. I'm not a psychiatrist but I know crazy when I see it or hear it.

gee
one EMP
one solar flare (seems the Earth is approaching a pole reversal)

and you got fried computers.....

me, i'll take my gold, silver, lead (ammo), food, water, non-GMO seeds

and what happens when someone takes several thousand Raspberry Pis and makes a super cluster of them to crack stuff??

"placeless entity which can cut you off at any time at their discretion?"
That's what blockchain eliminates. As long as there are copies of the ledger out there, you cannot destroy it.

"can DO things with the paper of money and metal of coin.[...] I doubt you want to try wiping your ass with your router."
I think paper money and metal coins are great, but this is a dubious benefit of them.

"what happens when the next super computer cracks these algorithms and renders their "integrity" moot,"
It will be a huge problem for ALL transactions. I agree the more we use encryption for, the bigger the problem it will be if it gets cracked. We will have to invent some better encryption at that point.

If I had a small case to bury something to be opened in 100 years with the goal of it having maximum value, I would chose gold bars. If I could manage the wealth during that time, it would be in a portfolio of businesses and real estate that provide value for people. But if I were burying it, it would be gold. It certainly would not be a crypto hash. Media of exchange come and go. A house costs a few gold bars. High-end transportation for several years costs one gold bar. It's been that way for centuries.

" Blockchain solves that age-old problem of needing a trusted authority to maintain the ledger."

So instead you choose a faceless, placeless entity which can cut you off at any time at their discretion?

again, can DO things with the paper of money and metal of coin. What can you do when the site goes offline and everything you shoveled into crypto current goes away? I doubt you want to try wiping your ass with your router.

Also again, what happens when the next super computer cracks these algorithms and renders their "integrity" moot, meaning their value is even considered nil (not that it ever wasn't).

I do understand the nature of value and the idea of desire which makes gold and other metals take on worth.

I have a long response because this is an interesting topic. I think blockchain will change the world, but I'm not sure exactly how.

“Money being the physical representation of a persons labor, his/her sole property to do with what he or she wish's for his/her sole benefit. How does one give his "value" away for nothing or at best potential from nothing?”

The nature of money is a medium of exchange to allow trading value without mutual coincidence of wants. It doesn’t necessarily have value itself. If it did, it would complicate things because a) things of value should be enjoyed or deployed to create more value not set aside to exchange other things of value and b) items of value are finite but human work and ingenuity can create unlimited value.

We could use gold, which has intrinsic uses, but the value in gold is mostly in the reasonable expectation that someone else will take it in trade. Only a small part of its value is from properties like its usefulness in electrical contacts or jewelry. Cryptocurrency is similar except, as you point out, it has zero value. ALL its value comes from the expectation that someone else will accept it in trade.

With gold or other things that have some intrinsic value, you have to carry them around or get a note from a trusted authority that maintains a ledger showing you have gold in a vault and tracking when you transfer to the gold to someone else’s ownership. Blockchain solves that age-old problem of needing a trusted authority to maintain the ledger.

When I use fiat money, I must accept that it depreciates at low, predictable rate, assuming the central bank does its job well. So I can’t hold it for long. I have to get it invested in something of value, like real estate or a business. If I just want to store value with low risk, I use a high-grade low-yield bond fund that keeps up with inflation, which requires fees to experts managing the fund.

I actually think this system is really good, but crypto could be better. With crypto-coins of finite supply, like Bitcoin, there’s a finite amount of money chasing an increasing amount of value in the economy. So while I’m holding Bitcoin, it could actually go up in value without me paying a bond fund manager. I could just hold the hash that unlocks my crypto recorded in the public ledger while I’m waiting to use it on some investment or to buy something to enjoy. I don’t need a bank authority to document I have it or guards to keep it safe. Its the second best place imaginable to keep your treasures safe from parasites, rust, and thieves.

Caveat: I am not sure Bitcoin will be adopted as the primary medium of exchange. Buying coins on the chance that they may be adopted as media of exchange is speculation, not investing.

Blockchain in General: The fact that blockchain solves the ancient problem of maintaining a reliable ledger without a trusted authority makes me think it will have a huge effect on the world. I suspect blockchain-based coins will be used widely as a medium of exchange (like USDs) or store of value (like gold).