The one thing about not having a centralization of power and intellect, is that once you have education and information spread free around the world—via internet—is that other people learn really well. And smart people can get really good at fraud.
I want to take a moment to say where I think this is going, and I’m happy to share notes.
There were the established governments of the world and their fiat currencies, and then, in 2009, suddenly there was Bitcoin. Regardless of what you might believe, Bitcoin was not created overnight by a couple of guys at a computer. Bitcoin is the open source evolution of decades at work, by people from all over the world. And Bitcoin succeeded for a reason that seems to get glossed over in 2019—and that is most people did not believe that Bitcoin would work or succeed. Many people still don’t.
Distributed ledger systems to prevent double spends and fraudulent inflation is a new technology that solves many problems, problems like the one posted in this article. And dismissing systems of technology that solve problems is done so at peril.
Open source systems will one day be better at progress than groups of governments and think tanks. And to make that happen we need coordination, and incentive. Coordination is more simple, and incentive is now available. Fraud is, after all, a global problem. Societal problems, too, are global problems.
When people say, “this is good for Bitcoin”, I know it seems to ruffle a lot of feathers. It’s important to realize that they are also saying, “this is good for progress, and this is good for the financial security of everyone”.
This war seems to have broke out post the-2017-bitcoin/cryptocurrency-bubble, where regulated markets are fighting with Bitcoiners, and Bitcoiners are fighting with other Bitcoiners who’ve forked, and both of those groups are fighting with other newer cryptocurrencies. It’s not a toxic landscape because it’s just idiots fighting—it’s toxic because there is so much at stake here. Whoever wins the upcoming currency wars, will truly have a stake in how our future is written.
I think the currency of the future will look something like this:
Bitcoin/(further down the road) a globally voted on Bitcoin replacement—global reserve currency.
Lightning/Libra/Stablecoins/Government CC/BCH/XRP—global payment network (this one will evolve more quickly, because it’s just a payment network, and not a long term store of wealth)
One thing for sure—it’s a lot to process. But, we are talking about our futures. It should be a lot to process. And we need an end to fraud. People born in 2030 deserve a fair chance. This is our means to end corruption—distributed ledgers and global voting.
Edit: Damn, I thought this was the economics or finance subreddit. This was pointless to write here.
It is sad that it doesn’t say what is the differencesbetween the REAL and the FAKE.
Something missing in this fictional story
Superfakes tend to be produced in Countries that print money,. It is a form of attacking our financial system. It is a big part of the Secret Services job as well.
The thing is, now that I’ve read so much about what the Fed and the central banks are doing, this counterfeiting is a drop in the bucket and doesn’t swing the value of the dollar nearly as much as what those official ******* do.
Did someone actually read the whole thing?
Damn that was an engaging read… $$$’s feel even more worthless than they did an hour ago…
These guys have chosen right business model.
I have ran into about 10 counterfeit bills in my life. Mostly 100s and 2 20s. Some failed the counterfeit pen. The ones that didn’t you could feel a waxy coating that prevented the counterfeit pen solution from touching the bill.
I have seen 1 really good super bill. It marked ok. It felt real. It looked ok at first. The color shifting ink was applied well (i have seen ppl use nail polish lol) but did not shift colors. There was a poor wavy watermark and no strip. Almost got me.
Supernotes – Probably N Korea or Iran.
How this system works?
FIAT got hacked again?
This is why we need crypto… Blah blah.
Sure is a good thing they moved away from the gold standard.
It’s called the fed
Wow, great read!
I heard it was a tossup between China and N Korea
Can’t Imagine Anyone that would do this
Catch me if you can type of ****
Heres a fun, slightly off topic thing you can do at home or work!; try photocopying or scanning a bill. Unplug it from the network, and try it again.
“fake US notes”
That’s why so much really serious, global, criminal activity uses bags of dollars. They are very hard to trace and can be manufactured when needed. Next time you hear someone doing the usual bashing of Bitcoin because of some bullshit argument about criminal activity, remind them of how the most horrific and serious, global crimes are dollar denominated. If anything Bitcoin will make these activities much harder. Probably another reason the banksters hate Bitcoin.
(Narrator): It was the Fed.
Can’t print a Bitcoin or create a fake Bitcoin.
Unbelievable! The dollar’s actually worth more than the paper it’s printed on?
God DAMN that’s bad money. Buy Bitcoin.
Supernotes. Believed to be made in North Korea and used to fund their missile programs. Peru cranks out some really good fakes too. Interesting to read up on but of course it’s nearly all speculation.
is it fed?
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