[ExI] lotta splainin to do

spike at rainier66.com spike at rainier66.com
Mon Nov 21 16:07:33 UTC 2022


 

 

From: spike at rainier66.com <spike at rainier66.com> 



 

>>…But remember that the crypto cards still function as normal credit
cards, so the balances need to be paid off each month or else you’ll have to
pay interest or late fees. While you’ll usually buy things and pay off your
card in US dollars,
<https://nypost.com/2021/03/29/visa-allows-paying-off-credit-card-bill-with-
cryptocurrency/> some cards allow you to make purchases (and pay off your
card) with cryptocurrency that’s in your associated account.

 

>…The credit card company  in those cases hold your account with your
cryptocurrency keys in there?  That’s what I don’t quite get…spike

 

 

Do pardon what must sound like repetition to cryptocurrency hipsters, but
the following question or observation may focus my inquiry.

 

In a sense, fiat currency systems and digital currency are competitors,
with governments in general cheering for fiat currency, because it empowers
their interests whereas digital currency empowers the proletariat.
Traditional currency is deposited in a bank, where the government will
prosecute anyone who runs off with the deposits.  But if we deposit digital
currency in anything analogous to a traditional bank, we must hand over the
keys analogous to handing over currency to a bank.  The big difference is
the government will do little or nothing if someone runs off with your
cryptocurrency.

 

Ja?  Hell they might cheer for whoever ran off with your digital currency,
probably even mocking the depositors with comments such as: when you hand
over your digital keys to any trustee, your digital currency become
community property, with the community consisting of you plus everyone who
has access to those digital keys.  Therefore… no theft took place.  You were
excluded from the community is all.

 

Or: if you hand over your crypto-keys and someone steals your BtCs, what
have they actually stolen?  Nothing!  They stole numbers?  Numbers are free.
It isn’t like they stole actual money, digital money is imaginary (and so
on…)

 

Conclusion: we need to hold on to our own BtCs, never “depositing” them in
anything, never using them as surety for a BtC-backed credit card, never any
application where we allow anyone else to hold our encryption keys, for as
soon as we hand over to anyone those keys, that virtual money becomes that
person’s virtual property.

 

Oh I have become so cynical I just hate myself!  Or not, but if someone can
talk me out of that dark line of reasoning, I am all eyes.

 

spike

 

 

 

 

 

 

 

 

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