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To: EnderWiggin1970
So what is your idea of sound money? Dollars backed by nothing, with no scarcity?

Land. And with an out of control government, maybe not even that.

There is nothing certain.

Gold I suppose, but in all honesty, you can't eat it, and the only way it retains value is that people want it.

It is irrational, but it's shiny and people can make pretty things out of it. It doesn't have all that many real world uses other than Jewelry.

I got into cryptocurrency 10+ years ago after spending some time pondering what characteristics made for good money.

My recollection is that it was selling for around $50.00 when I was first made aware of the idea, but I said the same thing then that i'm saying now.

"The stuff goes to zero when the government sees it as a threat." Also "Tulips." The latest fad.

So what about Dogecoin, Ethereum and all the others?

Why is any of these things worth anything?

Because people want to believe.

Our whole system is on the verge of economic collapse, and none of these computer currencies will do better than anything else.

It's selling point is that the government can't control it. Well they can't until they decide otherwise. Then they can.

39 posted on 03/04/2024 1:30:15 PM PST by DiogenesLamp ("of parents owing allegiance to no other sovereignty.")
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To: DiogenesLamp
If you can't see the colossal missed opportunity you had at $50, I feel sorry for you. It's not because "people want to believe" any more than a car has more utility than a horse because people "want to believe" in the car. Such talk completely dismisses the exercise I mentioned, of grading forms of money by specific criteria. (Land, for example, has utility, but is not very fungible, there are limits to its divisibility, and I doubt online retailers will be accepting it as payment any time soon.)

We've reached the point where the naysayers just keep repeating "government will ban it" as their sole remaining argument. But someone just posted an article on FR about the Chinese government criticizing and warning their people against cryptocurrency - again. Why, when they banned it years ago? Because such bans are ineffectual, and they know it. All governments can do now is fight a rearguard delaying action against cryptocurrency.

40 posted on 03/04/2024 2:02:09 PM PST by EnderWiggin1970
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To: DiogenesLamp

The economy is pivoting.

https://youtu.be/sDSLcyNPf2U?si=2JWhQB_nFCn3vxTS


41 posted on 03/04/2024 2:02:42 PM PST by Enlightened1
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