I have zero investments in any crypto, but you could say the same thing about paper ‘currency’, or reserve notes, or whatever the hell they are. There is no value in them aside from what people believe or ascribe to them. Same with crypto ‘currencies’. Maybe when there was a gold standard, at least money was backed by something with value.
You are wrong 100%. There is HUGE fifference between crypto and US dollar.
Why?
Because NOTHING backs crypto.
US dollar is backed by power of government to tax everyone who makes money. Yes, the dollar is continuously being devalued by excessive spending. But it has a backing.
Crypto has NONE.
The Federal Government cannot spend money not raised by taxation or loans. Millions, actually billions, of contracts and deposits, valued in the trillions of dollars, are denominated in dollars. You can go to a Cadillac dealer and buy a new car with a wad of Benjamins. Try that with bitcoin. By convention, currency represents a claim on goods and services, some of which goods and services have not been produced yet. So long as government does not spend money by “just printing” it, government spending is not necessarily inflationary. (Quantitative easing is inflationary in practice, agreed.)
There is no agency or body regulating the supply of bitcoin. It is a chimera. You would have to be a fool to “invest” in it.
The author of the article is uneducated on the tenets of money, or seeking to mislead their audience. I will speak of bitcoin specifically, not cryptocurrency in general because they are not necessarily the same thing and some writers seek to play on that confusion. Bitcoin serves as a medium of exchange, for the same reasons that US dollars can and do. The advantage bitcoin has over a fiat currency like US dollars is that the government cannot seize your balance in bitcoin, or prevent you from transferring that balance to someone else. The government also cannot abrogate for itself the purchasing power of anyone’s bitcoin by ‘printing’ some extra bitcoin for itself. The block chain secures bitcoin against the inflation tactic preferred by the elite to fleece the public. This is why they hate bitcoin.
Notice the author says cryptocurrency is only useful to terrorists, and then remember what they call their political opponents.
EXCEPT: AT least you do NOT have to convince people to take your paper currency or coin....
I WILL NEVER DO CRYPTO
unlike ALL crypto, USD is an accepted and functional currency, possessing the three main criteria of a currency, namely store of value, unit of account, and medium of exchange; in fact, USD functions as the world’s reserve currency ...
furthermore, i’d be happy to exchange any of that worthless USD ya’ll might possess for my newly created crypto, CatNipManBux (CNMB) that i created a few days ago on the etherum blockchain via https://www.studentcoin.org/ ... the exchange rate is 2:1 CatNipManBux per worthless USD ... that’s a really good deal, because you’ll receive TWO, i repeat TWO,CatNipManBux per worthless USD ...
Whatever argument it takes to get the government to leave crypto alone and not take it over is okay with me.