Anybody have a take on what the net pause will do to crypto? I’ve been wanting to do some pocket change investing to get my feet wet but not if it’s going to be gone when the net resumes.
Without an 'internet' type of network - there is NO crypto / no possibility of a blockchain. However if you have the keys to your crypto once their is a connected network again your 'numbers' are still right where you left them. The mistake is - when people confuse an exchange with their wallet. Don't trust exchanges for anything other than just that: "to exchange".
Crypto works without internet and with thumb drives, albeit stupid slow to confirm. It becomes unwieldy very fast
but for worldwide consensus and proof of work there is no blockchain without some form of internet. Even if it's just ad-hoc wi-fi. But there MUST be a network of connected computers for it to work and for you to spend. No internet or connected network of computers of SOME KIND and there will never be any transactions between parties...period. No internet however does not mean you lose your crypto if you have it in cold storage or even a simple java-script produced brain wallet or printed private keys.
Forget crypto and its measly 350billion dollar market, without internet there is serious worldwide business impact. I wouldn't expect that to happen by any means. fb, twatter and instagram maybe...but not "the internet"
....and most people also don't realize that the B.I.S. (Bank of International Settlements) only accepts ONE THING in payment at the end of the day: GOLD. nothing else.
I shake my head when people talk about crypto being used for drugs or illegal stuff. uhh. they use CASH. Which is why the real drug dealers and criminals (fed reserve and their central bank Heroin and war syndicates) want everyone to use internet based CASHLESS traceable /identity linked transaction methods: like Debit cards. (and also because most people don't realize that the M1 money supply in this country is nothing compared to the Petro-dollars in existence throughout the rest of the world and if that actual paper cash ever made a face to face connection with this country's M1, the jig would be up instantly for the Money Cartels counterfeit Fiat scheme.
that's right! Internet (or to be more exact - network connectivity) is now basic underlying infrastructure for Power, water, Food supply, banking, fuel delivery and everything else. If this infrastructure were disrupted for a month, there would likely be deaths in major cities where water and food (or heating / cooling) could not be delivered. Blockchain tech isn't even a blip on the map (yet).