WE ARE NOT FAR FROM THIS POINT....................
Posted on 11/16/2022 9:37:33 AM PST by Red Badger
“He was also a key architect of the stablecoin system — currencies without government backing.”
They’re not currencies; they don’t meet the definition.
Currencies without government backing. So what is the backing? I don't understand the entire cryptocurrency idea. I mean, government-issued currency is enough of a mirage, but cryptocurrency?!
Live fast, die young, leave a beautiful corpse.
When will this be classified as an, ‘Arkancide.’ I wonder? ;)
I don’t understand it either.
It’s 1’s and 0’s stored in a Cloud in Beijing or Kabukistan somewhere...........🤔🤷♂️
what's your definition of currency?
They should call them “systems of exchange’...............
compared to pieces of paper with George Washington's picture on them, for which in exchange, the Federal Reserve will give you - more pieces of paper with GW's face on them.
WE ARE NOT FAR FROM THIS POINT....................
What "backs" the US dollar?
yes, the power of Fed.gov via the power of DOJ and the US Army, to force you, and the world, to accept them.
Currency is:
a) fungible
b) transportable
c) a reliable store of value
and
d) a generally accepted medium of exchange
Crypto only really meets 2 of those criteria.
Taught a many university classes and always managed to show the students the effects of hyperinflation, Zimbabwe being case in point. Most students always said, “No way!” despite the photo evidences put before their faces.
LMAO
Except they’re not generally accepted even as that. You try to trade me some random crypto for my automobile that is for sale, and I’m telling you to come back when you have cash in hand.
“So what is the backing?”
There is no backing.
LOL!
Good Lord, we dodged a big, fat bullet right there. Thank you President in Exile Trump! *SMOOCH*
“...the Federal Reserve will give you - more pieces of paper with GW’s face on them”
Yes, but at least people have some level of assurance that the Federal Reserve will still be there next year, next decade, next century even. Crypto systems might last a few years before they belly up if you are lucky.
As bad as fiat money is, crypto has all the same disadvantages, plus a few more.
It was so bad under the Weimar Regime that the Germans were literally burning blocks of money cause wood was valued more. Seen pictures of German children playing with blocks of money like Legos.
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