It always cracks me up when people say it’s better than “fiat” money. Well, at least fiat money is backed by a government that doesn’t want it to collapse, and has guns. The only thing crypto is backed by is faith. Blind, naked faith.
> Well, at least fiat money is backed by a government that doesn’t want it to collapse... <
Good point. Somebody will always be working behind the scenes trying to prop up the dollar. There is no such person with Bitcoin.
Have you seen our government lately? Spending trillions, printing trillions, lockdowns, supply chain issues.
Name me a government that does that as they all are furiously running their printing machines. The only thing they have going for it is that it is fiat, meaning you can accept it as settlement of a debt or forget about colleting.
Go read your Milton Friedman. Money is whatever people accept as a means of storing and exchanging value. It has few principal measures: faith, quantity and convenience.
Anyone having to try to execute a transaction through any of the small number of too-big-to-fail banks realizes that convenience was long ago sacrificed in the US currency system. Quantity is however much of the stuff the Fed wants to print and faith, well I don't know how much faith people really have since they are looking for alternatives.
No, fiat money is backed by governments that want to steal your money by printing more and devaluing yours.
"The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation." [emphasis mine]
-Vladimir Lenin
Yeah, faith in other people's stupidity.
“It always cracks me up when people say it’s better than “fiat” money.”
what cracks me up is that cryptotrash is ALWAYS quoted and traded in U.S. dollars here, you know, that completely worthless fiat currency that folks can use to buy and sell anything and everything their heart desires ...