Posted on 11/16/2022 9:37:33 AM PST by Red Badger
Cryptocurrency developer Nikolai Mushegian had been splitting his time between Florida and Puerto Rico before his untimely and suspicious death on Oct. 28.
In 2017, at age 24, he purchased a modest two-bedroom, two-bathroom home in the Fort Lauderdale area for $415,000, records show. Raised in Kansas by Russian immigrant parents, Mushegian moved to Florida in 2017 to focus on the crypto scene.
Mushegian was an early developer of Maker DAO, known as the largest decentralized finance (DeFi) protocol. He was also a key architect of the stablecoin system — currencies without government backing.
According to the previous listing, the only home he ever owned spans more than 1,500 square feet and is situated on a quiet cul de sac.
more pics at site.................
(Excerpt) Read more at nypost.com ...
You have defined money, “currency” is merely one tangible form of money
Regarding money - why does crypto not meet the standards you define?
Bitcoin / Crypto does all those things - particularly in countries where the government has utterly destroyed trust in “the currency”
Perhaps, but will you want their paper notes in 100, or even 10, years?
I am not a crypto maximalist, but I am all for individuals and free-markets seeking to use anything they want as currency in mutually-accepted free-exchange.
We have known for centuries - a printed, and especially FIAT currency, issued by a central government authority, will always give power to the issuers, and their cronies, at the expense of society. America is experiencing this now, and we aren't coming back from it. How else do we run continuous $1+ Trillion deficits, that merely serve to fund the woke deep-state and its cronies?
Not a single such fiat currency in the world has ever survived the test of time. Let people protect themselves however they see fit.
I just bought a Ten TRILLION dollar Zimbabawe note on EBAY as a joke gift for my father in law for Christmas.
It cost me about $13.50 in US dollars
“You have defined money, “currency” is merely one tangible form of money”
Six of one, half a dozen of the other.
“Regarding money - why does crypto not meet the standards you define?”
It’s not a stable store of value or a generally accepted medium of exchange.
“Bitcoin / Crypto does all those things - particularly in countries where the government has utterly destroyed trust in “the currency””
It’s certainly not stable, anyone can look at the charts and see that. As for being a medium of exchange, there may be a few places where what you say is true but even then the crypto itself is not the actual medium of exchange. I can’t reach into my pocket in Mumbai and pull out a bitcoin to buy a cup of tea or pay my cab driver.
I’d need to have a crypto wallet and they’d need a wallet, and we’d need to do a transfer through an external exchange, and all of that is only if the person I am dealing with actually agrees to accept the crypto, because it is not legal tender so I cannot demand that my payment be accepted. So at that point it’s nothing more than a barter system. And society devolving (not evolving) to a barter system when the existing currency fails is nothing new.
“Perhaps, but will you want their paper notes in 100, or even 10, years?”
There’s a far better change I will than that I will want crypto.
“Not a single such fiat currency in the world has ever survived the test of time.”
Sure, they have big downsides and we could certainly pick a better currency, but crypto is not that better currency. Fiat currencies rely on the productivity and stability of the country issuing them, and the USA is probably the most productive and stable country to ever have existed, so in that regard we have enjoyed a bit of a honeymoon since we transitioned to a fiat currency. That won’t last forever but I think it’s still going to last longer than crypto that is backed by nothing but wishes and dreams.
It’s what should be termed ‘wild cat fiat currency.’
Because that is all it is.
However, the ‘wild cat’ banks of the old west actually created a decent currency system....far better than central banking.
He who controls Internet access controls cryptocurrencies.
No doubt, the central banks will create a digital currency. When they do, all others will be designated as couterfeit.
Investors may be better off with Confederate money than with Crypto. Check out the values of some issues.
In the old days stores would give out wooden nickels. Its the same thing. Airlines give miles. Green stamps give out sticky paper. Private currencies are like coupons. But their coupons have a trading desk to get out. ALthough they paid 15 percent (in their wooden nickels) so people kept their money in to get the 15%. How could this go wrong?
e.) easily & cheaply divisible into units of economic utility
“what backs the US dollar”
USD can be stored in highly regulated and audited FDIC-insured banks such that a bank failure or theft won’t affect your ability to withdraw your funds ... that way, the back side of your mattress isn’t the only safe way to accumulate USD ...
right now, the so-called crypto exchanges operate 100% on how famous the guy who set them up is ... zero safeguards of any kind ... zero ... “exchanges” have only one principle: all your crypto are ours ...
tens of billions “deposited” by millions of crypto “customers” have permanently evaporated (stolen, actually) since June of 2022 ... and that’s not even counting the countless schemes that are out-and-out fraudulent on their face ...
Oh oh! You have been noticed! Make sure you carry when you go to town!
Spot on
That. Scared me.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.