Cointicker coinbase12/25/2023 ![]() Sure I "own" a part of a company but they still are going to do what they want and overpay their CEO at the expense of the lowest paid workers but that is a tangent. I don't see crypto currency any worse than stocks. DAI is pegged to the dollar and does not fluctuate more than a penny. It's possible a cryptocurrency will be a feasible replacement for the dollar, but it won't be bitcoin.You can use stable coins like DAI if you want something that is tied to currencies. Add to this the inconvenience of using BTC as a payment method (it takes a long time for a transaction to clear with greater fees), and you get a purely speculative asset. It's also an uncertain store of value, because your savings can jump up and down with the market. It's difficult to understand the price of goods or labor represented in BTC because the price is always changing. ĪtrociKitty said:The uncertain value makes it a poor currency. Similar to this podcast about the US government borrowing too much money and maybe it does not matter anymore. Question: How can this be heading in a good direction? Now with cryptocurrency, we have a totally abstract concept which represents the totally abstract value of a totally abstract asset. Then with computers the physical money went away and we just had an abstract concept which represented the promise to make good on that indirect asset. Then the physical asset backing money was removed (no more gold or silver backed currency) and we had a physical yet indirect representation of an indirect asset which amounts to a promise to make good on the money. Then coins became a physical yet indirect representation of a physical asset (lead coin representing a share of gold). So, way back when, money was created as a physical form for a physical asset for example a silver or gold coin. Is that better, or worse? I don't have an answer that would satisfy everyone, that's all I know. Question: How can this be heading in a good direction?I won't try to address the other aspects, but the backing of cryptocurrencies is basically the cryptography and algorithms that we now trust, in lieu of trusting the governments and banks. Husker said:I must preclude this post with an appeal to please forgive my total ignorance on this subject but, hey, it never stopped me before.
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