Value isn’t necessarily something tangible. It’s what other people think it’s worth. The USD doesn’t have any more value than the belief people put in it. Do you also think it has no value?
I’m not defending crypto speculation, but it’s ignorant to say it doesn’t have value if you can buy things with it. Basically all modern money is based on faith, including crypto. Even when it’s based on gold or silver, that’s aren’t actually useful for most people so it’s still made up value worth however much people value that.
With the current administration, I’d argue we are definitely in “faith based” money right now.
It was originally based on a gold reserve and then taken off to become a fiat currency. Trump is talking about potentially not paying back debts owned to other governments. Definitely sounds faith based to me, there’s nothing hard backing it.
Basically all modern money is based on faith, including crypto.
Ok, sure, however, fiat currencies are based on the faith that there’s at least one entire nation that you can use your currency in, and is motivated to ensure their currency is worth something, and has some semblance of stability. Crypto is based on the faith that there’s other dumbasses out there that will agree with you that these particular bits hold value for some reason.
Ok I’m talking about fiat currency as a concept though, not the USD specifically.
If your point is that fiat currencies are still vulnerable to some instability, then sure, I guess I agree, but fiat currencies are still orders of magnitude more stable than cryptocurrencies.
If a state converted from paper money to crypto, the only discernible differences would be like more computers, more transparency, less middlemen, etc. Crypto is literally just a new (distributed, open) form of accounting.
Crypto is based on the faith that there’s other dumbasses out there that will agree with you
And that’s the most beautiful thing about crypto that got lost in all the speculation, shitcoin, scams, and nft bullshit. A currency of the people for the people, but of course, when the pigs came into power they were the same as the old farmers.
Sure. I’m not disagreeing with that, just that it doesn’t have value. It does. Just because it’s made up doesn’t mean it doesn’t have value, as long as someone is willing to buy it from you.
I don’t like these uses of crypto either. It’s just a really stupid argument to say it doesn’t have value. There are plenty of valid arguments that can be made against it without making something up like that.
Right, and I’m not arguing that cryptocurrency doesn’t have value, just that it’s value is based on a much less solid foundation than the value of fiat currency.
I don’t think it’s worth the discussion, but comparing a fiat currency like the US dollar with crypto currency is a false equivalence argument. They aren’t even comparable.
I didn’t say they’re equivalent. I said both of them have value that is imaginary. Crypto currencies have value if you can purchase things with them. It just makes you sound dumb to say it doesn’t have value. That’s not the correct argument to make against it.
A cryptocurrency that recently lost a lot of its value
I can’t wait for people to realize they’re all in a pyramid scheme together. I’m sick of hearing bros saying crypto should be part of my portfolio.
If you can hold it long-term, it’s a fantastic investment.
If you’re a day trader that can’t look away from the charts for more than five minutes, then crypto definitely isn’t a good idea for you.
I’m sick of not hearing people saying that stocks and the rest of the casino economy are the exact same scam.
I don’t disagree, but there’s at least some capital and speculative value behind those companies. Crypto is straight up arbitrarily finite.
It never had any value, like all other crypto currencies. But it was used to fake value and dupe people out of their money.
Yo, don’t be bad-mouthing our soon-to-be currency. Scams and money laundering were never this easy.
Value isn’t necessarily something tangible. It’s what other people think it’s worth. The USD doesn’t have any more value than the belief people put in it. Do you also think it has no value?
I’m not defending crypto speculation, but it’s ignorant to say it doesn’t have value if you can buy things with it. Basically all modern money is based on faith, including crypto. Even when it’s based on gold or silver, that’s aren’t actually useful for most people so it’s still made up value worth however much people value that.
The usd has value created by virtue of being backed by the usa government. It is not just faith based.
That’s completely meaningless and worthless though, especially since that racist empire is literally destroying the planet with its petrol-dollars.
Money does not run on morals.
With the current administration, I’d argue we are definitely in “faith based” money right now.
It was originally based on a gold reserve and then taken off to become a fiat currency. Trump is talking about potentially not paying back debts owned to other governments. Definitely sounds faith based to me, there’s nothing hard backing it.
Ok, sure, however, fiat currencies are based on the faith that there’s at least one entire nation that you can use your currency in, and is motivated to ensure their currency is worth something, and has some semblance of stability. Crypto is based on the faith that there’s other dumbasses out there that will agree with you that these particular bits hold value for some reason.
I’m sorry, but at this point I honestly have more faith in the latter than the former. I just don’t have any faith in America at all.
Ok I’m talking about fiat currency as a concept though, not the USD specifically.
If your point is that fiat currencies are still vulnerable to some instability, then sure, I guess I agree, but fiat currencies are still orders of magnitude more stable than cryptocurrencies.
If a state converted from paper money to crypto, the only discernible differences would be like more computers, more transparency, less middlemen, etc. Crypto is literally just a new (distributed, open) form of accounting.
And that’s the most beautiful thing about crypto that got lost in all the speculation, shitcoin, scams, and nft bullshit. A currency of the people for the people, but of course, when the pigs came into power they were the same as the old farmers.
Sure. I’m not disagreeing with that, just that it doesn’t have value. It does. Just because it’s made up doesn’t mean it doesn’t have value, as long as someone is willing to buy it from you.
I don’t like these uses of crypto either. It’s just a really stupid argument to say it doesn’t have value. There are plenty of valid arguments that can be made against it without making something up like that.
Right, and I’m not arguing that cryptocurrency doesn’t have value, just that it’s value is based on a much less solid foundation than the value of fiat currency.
I don’t think it’s worth the discussion, but comparing a fiat currency like the US dollar with crypto currency is a false equivalence argument. They aren’t even comparable.
You just compared them by calling them both currencies.
I didn’t say they’re equivalent. I said both of them have value that is imaginary. Crypto currencies have value if you can purchase things with them. It just makes you sound dumb to say it doesn’t have value. That’s not the correct argument to make against it.