Banks started as gold vaults back in the day. If you didn't feel safe keeping your gold at home, the bank would protect it for you. They'd even issue you gold certificates which made everyday transactions easier. Seemed like a no brainer.
And it was, until April 1933 when Executive Order 6102 required banks to exchange your gold for $20.67 /oz of US Dollars:
Section 5. Member banks shall deliver all gold coin, gold bullion and gold certificates owned or received by them (other than as exempted under the provisions of Section 2) to the Federal Reserve Banks of their respective districts and receive credit or payment therefor.
Today, that confiscated gold is worth over $2,300 /oz (+11,027%) and breaking all time highs every day. And todays 1933 inflation adjusted value of $20.67 US Dollars is just $0.85 (-95.8%)
As the fiat money experiment continues on, and inflation becomes more noticable, it's not infeasible that governments could look for hard assets to seize, either to back their failing fiat currencies or to start new ones.
Digital gold seems like an obvious place to start. Especially since so many of us, and now Wall St., store our crypto on the exchanges. And I don't blame the exchanges. We need them in order to exit fiat. And they make it super easy to withdraw to a wallet under our control. If shit goes down, there's no excuse.
I use to advise people to withdraw from the exchange immediately after buying crypto. Exchanges were sketchy and got hacked left and right. That's no longer the case. Coinbase is as safe as a bank ;) Said another way, it's not Coinbase I'm worried about these days.
On the anniversary of Executive Order 6102, consider learning how to use and protect this thing we're all investing in. Turns out, it was built for moments like this, and that's where the value comes from.
To the moon 🚀 — @GΞR฿Z Founder & Creator @ BitLift
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From the BitLift Discord
@GERBZ: Today marks the start of the FUD phase of The Cycle.
Who had Samourai takedown and Consensys sues The SEC on their bingo card?
https://twitter.com/Consensys/status/1783562212667453837?t=b3sP24Qat2FBZ9x-Uhy6Hg&s=19
https://twitter.com/CryptoTea_/status/1783220061374714239?t=lDP5O_CwgdbMXT_yMT9EOw&s=19
@badjanitor: Don't forget the SEC also accusing Metamask to be operating as a broker. What a joke.
@thejezzajc: So where do people in this group stand on the whole ordinals debate? Good, bad, indifferent?
@GERBZ: A permissionless system by definition means you don't need anyone's permission to do anything it enables. Same as the satoshidice debate in 2013 and the bitcoincash debate in 2017. These unexpected use cases and the responses to them just make the system harder and stronger.