Muahaha... here's comes Siacoin. I want to cash out a bit to BTC for loan shark purposes. 

What a shitshow

https://blog.bitmain.com/en/uahf-contingenc...an-uasf-bip148/

I'm going to standby all coins in exchanges and cash out some in preparation of this scaling circus.

If you want the cheapest Bitcoin and Ether possible, stay tuned. It's coming fast

Mean can buy 1eth for 420 from you?

Unfortunately, the gold standard collapsed multiple times during the 20th century and was ultimately abandoned altogether by almost every nation in the world, because governments effectively played fractional reserve banking with their gold reserves. Who could blame them? It must be irresistibly tempting, knowing that in all likelihood, the vast majority of the time, only a fraction of people will ever want to trade in their dollars for gold. Why hold all that gold when you could hold just a fraction of it and get to spend the rest with no consequences in the short term?

Inevitably, this caught up with each and every government over time. For the United States, the gold standard was suspended in the aftermath of the Great Depression. The Bretton Woods international agreement instituted in the aftermath of World War II restored the gold standard to the US dollar, but this was short lived.

Under the Bretton Woods system, numerous foreign governments held US dollars as an indirect and more convenient method of holding gold, as US dollars were supposedly directly exchangeable at a fixed rate for gold. However, by 1966, gold reserves actually held by the US were already pitifully low, with only $13.2 billion worth of gold being held by the government.

By 1971, other governments had caught on to this, and began demanding the exchange of all their US dollars for gold, as was promised to them. Naturally, the US had nowhere near enough gold to fulfill their promises, and this became a government version of the bank run, essentially.

The US chose instead to fully renege on their promised exchange rate, and announced in what was known as the Nixon shock that the US dollar would no longer be redeemable for gold, and would henceforth be backed solely by faith in the US government (very faith-inspiring, no?).

Almost every nation quickly followed suit, and since then, fiat currencies have been allowed free reign to grow as they please with no accountability whatsoever in how much a government chooses to expand their money supply.

This, thus, requires anyone holding fiat currencies to have extreme trust that their government will manage their money supply responsibly, and not make poor financial decisions that will severely devalue the currency they hold. This compounds with the trust one must hold in the banks in which one deposits their fiat currency, to create an ultimate monetary system that has multiple points of very real possible failure, as history has shown time and again.

And you really think government has no power to stop bitcoin if they really want to.
What do you think will happen if say us government declare bitcoin to be illegal and anyone who holds bitcoin will be associated as terrorist.



It's not really difficult actually.