Thoughts on Nationally-Backed Cryptocurrencies?

For anyone curious about how cryptocurrency actually works, I'd recommend this video from 3Blue1Brown: https://www.youtube.com/watch?v=bBC-nXj3Ng4 .

I was considering making a debate about this at one point, but I decided not to for whatever reason (most likely lack of confidence). When it comes to proof-of-work, there's no way for anyone to create a block that contains a transaction that didn't happen, send out that block to only one entity (if you were trying to fool them into thinking you had sent payment, for example), and always have a longer-block chain (validity is always based on the longest block-chain) unless you controlled over 50% (let's say 52%) of the computing power involved in mining the particular crypto.

If you controlled over 52%, you would, per the law of big numbers, be capable of finding the hash needed enough that your block-chain that contains the fraudulent transaction that you never broadcast to anyone but the person you're attempting to deceive faster than anyone else on average and would be able to make it seem like your block-chain is the valid one. This isn't possible with things like bitcoin (as far as I know), but what if we reached a point where a government managed to somehow, maybe by preventing mining from anyone but the government (if that's even possible), control said 52%? They would be able to have complete control over the currency and be able to buy things without even having to spend currency as long as they hold the longest block-chain for long enough.

Having immaterial currency backed by a nation-state has worrisome implications for their ability to control money as well. If the government managed to have complete control over the currency, there's nothing stopping them from declaring all their currency worthless, forcing people to spend it in a certain period of time,  taking it away from people without even needing to be near them or their assets, etc...

I am very open to the possibility of being wrong in a lot of things that I said. It's been a while since I researched it, but I'd be curious if anyone else has similar or differing thoughts on nationally-backed crypto, especially with China's creation of one.

According to the definition, I don't think nationally-backed cryptocurrencies would work, since it would no longer fit the definition of a cryptocurrency anymore. Having itself nationally-backed defeats its purpose.

Cryptocurrency has 'no intrinsic value' and investors could 'lose all your money', says Bank of England chief.

Perhaps it doesn't fit the original purpose, but realistically, what else do we call them? I definitely am also of the belief that they aren't a very viable idea, especially if they become widespread and poorer countries lacking the infrastructure might end up forced to depend on other currencies.

Those who have the gold make the golden rules....B.C. Comic Book.

Elizabeth Warren is one of many peoples who know such more about economics than I do.

Bucky Fuller in Grunch of the Giants, stated that,.....we need to understand economic if were going to steer in a  benificial way for humanity going forward, or something like-that.... maybe he was saying if were going to contol it, which is to steer it.

3RU has a video of Warren in senate chair questioning some lady whose speciality is economics.

Eliszabeth wants  all banks regulated/overseen by others outside of the system who say what the believe.  Alot of what can be said from my viewpoint is not much.

I have to revert to a greater whole of humanity, irrespective of and including, economic choices, source of energy choices etc.  If we dont feel like were at part of greater good, that, fro most part on equal class settings, with other humans, then loose faith, trust, hope compassion and eventually love of life. Sad  :--( and as white middle class of many years, I dont know the poor suffering of others, ex my parents youth, and their parents youth.

Less years but more spiritually fulfilling years is what more humanity  may be necessary for humanity to go through for 100 years or more.  That is just off the top  head intuition of what it may take for humanity to make it beyond 2232 { approx. }

Hey, it is anybodys guess, the future. 8 billion plus people have ideas. Each of us with mind of  own.   We all attempt to regulate { steer } the others to degree.

Is there an integral glue/cohesion  that has kept humanity alive, not going extinct yet?

I don't know too much about crypto currency; businesses should be allowed to accept it, but I think it's a scam.

Yeah. My criticism would more so relate to it being an anarcho-capitalist's dream, but I understand what you mean.

I highly recommend the video I linked as well.

The video is over 26 minutes long; I don't feel like watching that.

One would suggest that nationally backed currencies, will eventually become cryptocurrencies or a part of a cryptocurrency system, and are already a significant way towards being so.

One would therefore assume that control of currency will  inevitably become decentralized, because of the nature of the controlling system.

I would further suggest that social evolution is always in a transitional state....And that technological evolution it transitioning rapidly.

Things seemed to have changed before we have had a chance to come to terms with them. (Getting old)

Yes, have all your wealth erased with no paper trail to prove you ever had it.