I fail to see the difference between “I have some special numbers” and “I have this special metal” and either way the value swings in comparison to other things. The special numbers are certainly more portable but as a revolutionary “not a fiat currency” (not your words!) it’s a bit of a stretch, no?
Oh yeah it’s a huge stretch. I just mean that the revolution tied to etherium was chopping out the massive environmental impacts compared to Bitcoin.
Otherwise I look at it as the U.S. government owns the dollar, and it’s value is directly tied to what they say it is. If the U.S. government decided to double the amount of dollars in the world tomorrow and use the money in the way they want, everyone who owns said money just saw it’s value half, and only if they were on the in and in of who the federal government cared about would you possibly benefit or even make even.
“I bought a bond for $100,000 with guaranteed 4.34% interest over 10 years”
Then the government prints as much as it wants or makes decisions that could devalue the currency to its own benefit. Currency value drops by 10%, they pay you out 4.34% interest… And you lost money. Why, because the U.S. dollar lost money and much of the world hedges their bets on the U.S. staying normal… Which the U.S. Doesn’t look very normal right now.
Hell if I became president and had support in Congress I would “print” 20 trillion dollars virtual of course put it in an account and build housing for everyone in the U.S. that doesn’t have it using 250k homes rotating them out every 30 years off the interest and money from that false account. It would put a shit ton of people to work, it would renovate all old homes deemed good enough to sustain people for the next 30 years and end homelessness while creating jobs or housing in areas which allows companies to expand to areas we otherwise weren’t using. Solar powe, fiber, whatever can be set up all around…
Everyone else’s money drops in value, but all housing and rent costs just disappeared. Jobs are abundant and stress would drop for a lot of America. The debts we owe are in U.S. dollars, everyone now owes less, a crazy stupid slate to shake things up.
Every other country/person that owned U.S. dollars, well they are just out of luck… they just lost a lot of value.
Point is, who knows what kind of crazy shit people could do in government. If it collapsed in 1 country, not everyone who lives there should suffer because their only money is held together by that government. A universal currency is safer in that mindset.
I would prefer our monetary systems come with the flexibility that is present when managed by governments. Unless someone can create crypto that has consumer protections
Id rather it be global and not local government controlled. The consumer protection is immediate. The only way the consumer value drops of the value drops for the entire world, in which a chicken cost the same as a chicken did yesterday, because the trade for a chicken is the same to the universal value of a chicken at that location yesterday
Its government controlled regardless. Unless you have entirely free, unregulated, sovereign free energy, electrical distribution and internet infrastructure.
Crypto is just as reliant and controls by governments as regular assets. Its the same amount of steps removed as any “finite” item. But relies even more on the government then say gold.
Because it’s required to convert it to a normal currency to spend it or obtain it. It also intrinsically ties it self to government controlled currency.
Which in turn if a government really wanted the us or China for example could just start buying all of it with their control over the currency that the crypto requires to exist to have value.
Once they control the majority of it they just own it functionally.
to me it feels like the subtle difference between a representative democracy and a direct democracy. Representative tends to be more common as those in power are more willing to transition to systems in which they could reasonably hope to keep most of their power, whereas I see the crypto selling point being that the end-users would have some voting rights towards the setting of inflationary rates (different mechanisms for adjustment than fiat, I am sure [seriously not an expert on crypto or fiat {or what I think involves an understanding of “modern monetary theory”}]), versus non-government financial platforms such as bank owners (federal reserve) printing the money in order to effect inflation rates.
Any sort of proof of stake or weighting of power is game-able and abuse-able. Even 1 person gets 1 vote just results in a black market of people exchanging theirs for some other thing of value. It always comes down to a division between those who “have” and those who don’t. Even simply having more power through length of time invested creates power dynamics.
That doesn’t mean that things can’t get better or we shouldn’t try, but it does mean that it’s something that can’t just be waved away with magic phrases.
I fail to see the difference between “I have some special numbers” and “I have this special metal” and either way the value swings in comparison to other things. The special numbers are certainly more portable but as a revolutionary “not a fiat currency” (not your words!) it’s a bit of a stretch, no?
Oh yeah it’s a huge stretch. I just mean that the revolution tied to etherium was chopping out the massive environmental impacts compared to Bitcoin.
Otherwise I look at it as the U.S. government owns the dollar, and it’s value is directly tied to what they say it is. If the U.S. government decided to double the amount of dollars in the world tomorrow and use the money in the way they want, everyone who owns said money just saw it’s value half, and only if they were on the in and in of who the federal government cared about would you possibly benefit or even make even.
“I bought a bond for $100,000 with guaranteed 4.34% interest over 10 years”
Then the government prints as much as it wants or makes decisions that could devalue the currency to its own benefit. Currency value drops by 10%, they pay you out 4.34% interest… And you lost money. Why, because the U.S. dollar lost money and much of the world hedges their bets on the U.S. staying normal… Which the U.S. Doesn’t look very normal right now.
Hell if I became president and had support in Congress I would “print” 20 trillion dollars virtual of course put it in an account and build housing for everyone in the U.S. that doesn’t have it using 250k homes rotating them out every 30 years off the interest and money from that false account. It would put a shit ton of people to work, it would renovate all old homes deemed good enough to sustain people for the next 30 years and end homelessness while creating jobs or housing in areas which allows companies to expand to areas we otherwise weren’t using. Solar powe, fiber, whatever can be set up all around…
Everyone else’s money drops in value, but all housing and rent costs just disappeared. Jobs are abundant and stress would drop for a lot of America. The debts we owe are in U.S. dollars, everyone now owes less, a crazy stupid slate to shake things up.
Every other country/person that owned U.S. dollars, well they are just out of luck… they just lost a lot of value.
Point is, who knows what kind of crazy shit people could do in government. If it collapsed in 1 country, not everyone who lives there should suffer because their only money is held together by that government. A universal currency is safer in that mindset.
I would prefer our monetary systems come with the flexibility that is present when managed by governments. Unless someone can create crypto that has consumer protections
Id rather it be global and not local government controlled. The consumer protection is immediate. The only way the consumer value drops of the value drops for the entire world, in which a chicken cost the same as a chicken did yesterday, because the trade for a chicken is the same to the universal value of a chicken at that location yesterday
Its government controlled regardless. Unless you have entirely free, unregulated, sovereign free energy, electrical distribution and internet infrastructure.
Crypto is just as reliant and controls by governments as regular assets. Its the same amount of steps removed as any “finite” item. But relies even more on the government then say gold.
Because it’s required to convert it to a normal currency to spend it or obtain it. It also intrinsically ties it self to government controlled currency.
Which in turn if a government really wanted the us or China for example could just start buying all of it with their control over the currency that the crypto requires to exist to have value.
Once they control the majority of it they just own it functionally.
deleted by creator
to me it feels like the subtle difference between a representative democracy and a direct democracy. Representative tends to be more common as those in power are more willing to transition to systems in which they could reasonably hope to keep most of their power, whereas I see the crypto selling point being that the end-users would have some voting rights towards the setting of inflationary rates (different mechanisms for adjustment than fiat, I am sure [seriously not an expert on crypto or fiat {or what I think involves an understanding of “modern monetary theory”}]), versus non-government financial platforms such as bank owners (federal reserve) printing the money in order to effect inflation rates.
Any sort of proof of stake or weighting of power is game-able and abuse-able. Even 1 person gets 1 vote just results in a black market of people exchanging theirs for some other thing of value. It always comes down to a division between those who “have” and those who don’t. Even simply having more power through length of time invested creates power dynamics.
That doesn’t mean that things can’t get better or we shouldn’t try, but it does mean that it’s something that can’t just be waved away with magic phrases.