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Joined 1 year ago
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Cake day: March 16th, 2024

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  • after learning that in China 200 years ago people used non-uniform money, that is, all kinds of coins, some literally ancient still in circulation, and somehow that worked

    I’m talking about valuation pegged paper money, not hard value currency. This old strawman is getting old too.

    The coins worked because they were still tangible material with assigned value (ie metals value by weight or marking).

    The local bank paper money was different, and pegged to hard value materials (gold standard).

    Cryptocurrency works like the second because, like the paper money, crypto doesn’t have inherent tangible value (technically even less than paper since it’s completely intangible).

    It doesn’t work like the fucking Chinese coins (which, btw, still relied on a very centralized government existing anyway) because you can’t hold or do anything with 0s and 1s, nor can you physically keep it around.


  • Yeah, because the last time humans tried decentralized money it also caused a ton of problems.

    Bitcoin and other cryptocurrency isn’t inventing anything new, it’s just doing the same old localized bank notes system again, but with computers™

    Even if crypto had any actual physical value, and solved the stability problems, lack of inflation, etc, it would still end up having control issues, because those already wealthy in a lot of it could manipulate the value easily by simply exchanging it or dumping it.

    So basically you’d just end up with the problems of current currencies + all the problems crypto has, which were the same problems localized notes had 200 or so years as well.



  • It rebounding and crashing by hundreds in value like a meth head on caffeinated cocaine laced with LSD is what doesn’t make it a currency.

    No one wants a shit currency where one day a donut costs 1000 and the next 2000 and on the weekend it’s either 599 or 3999.

    That’s why it’s at best a speculative asset, except it’s dumber than that because it’s intangible. It’s like the long term stupidity of fiat mixed with insane instability, all while using way more resources.