It doesn’t matter if it is fiat or not necessarily. But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this. That has happened to millions of people across several countries. They didn’t wake up one day and choose it, but poof gone. Your entire life turned to nothing because we are using currency that isn’t based on anything but a government that can collapse. Universal currencys not run by local governments could help prevent such.
The thing is, large countries that don’t have these problems currently, are the ones with power to change that… and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.
First of all, hyperinflation hasn’t been an issue in any modern economy for decades. We understand more about monetary policy than we did in the 1930s.
Secondly, economic crises did happen prior to Bretton Woods. In fact, they tended to be more common, and more severe.
Finally, it is not obvious at all that “universal currencys (sic) not run by local governments” could do better, especially given our experience with cryptocurrencies, all of which are extremely volatile and not suitable as a currency for that and various other reasons.
The worst brunt was 20 years ago, but it returned a few times between 2019 and 2024.
But this is not to take a stand in the ongoing discussion. I agree that the global monetary system contains too much hot air, but I emphatically do not believe that cryptocurrency will solve or even improve this.
The thing is, large countries that don’t have these problems currently, are the ones with power to change that… and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.
Well said. Ultimately imperialism. If we don’t change this way of “countries thinking” humanity is truly fucked.
But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this.
Etherium is in question in the post, so never even close. I’m sure people have lost money, but if you bought at the absolute height and sold at the absolute low after it, you maybe could have lost half once. That’s max loss unless you bought every up and sold on every down. In 5 years you’d be down 16%. 1 year you’d be up 31%. It’s volatile but not as much as people make it out to be.
The government and media have always had reason to put people against it and say it’s only used for drugs. Kind of like those fish men we bombed in boats without trial.
That’s comparing apples to oranges. What you want to compare to Euros are charts for stable coins. Which, for the legitimate ones that are fully backed, are basically horizontal straight lines.
You would have to solve that silly little problem of there’s no such thing as perfectly free infinite energy generation entirely unregulated and uncontrolled by a government.
So long as energy is controlled and funded by a government, all crypto will ever be is a clever hand wave of a problem by removing itself one step and claiming that problem doesn’t exist.
Yes, for various reasons it would be beneficial to have a global government responsible for global issues. However, until such time as we have one, local currencies are going to be the best bet.
It’s controlled by a government. A government that has trillions of dollars worth of real assets isn’t nearly as safe or secure as digital currency backed by the block chain. It has been scientifically proven that human imagination is infinite. Bitcoin going to the moon isn’t an assumption, it’s a fact.
Why? Modern fiat currencies do exactly what a currency needs to do.
It doesn’t matter if it is fiat or not necessarily. But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this. That has happened to millions of people across several countries. They didn’t wake up one day and choose it, but poof gone. Your entire life turned to nothing because we are using currency that isn’t based on anything but a government that can collapse. Universal currencys not run by local governments could help prevent such.
The thing is, large countries that don’t have these problems currently, are the ones with power to change that… and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.
First of all, hyperinflation hasn’t been an issue in any modern economy for decades. We understand more about monetary policy than we did in the 1930s.
Secondly, economic crises did happen prior to Bretton Woods. In fact, they tended to be more common, and more severe.
Finally, it is not obvious at all that “universal currencys (sic) not run by local governments” could do better, especially given our experience with cryptocurrencies, all of which are extremely volatile and not suitable as a currency for that and various other reasons.
Not true:
https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
The worst brunt was 20 years ago, but it returned a few times between 2019 and 2024.
But this is not to take a stand in the ongoing discussion. I agree that the global monetary system contains too much hot air, but I emphatically do not believe that cryptocurrency will solve or even improve this.
https://xkcd.com/927/
Well said. Ultimately imperialism. If we don’t change this way of “countries thinking” humanity is truly fucked.
Doesn’t that happen to most cryptocurrencies?
Etherium is in question in the post, so never even close. I’m sure people have lost money, but if you bought at the absolute height and sold at the absolute low after it, you maybe could have lost half once. That’s max loss unless you bought every up and sold on every down. In 5 years you’d be down 16%. 1 year you’d be up 31%. It’s volatile but not as much as people make it out to be.
The government and media have always had reason to put people against it and say it’s only used for drugs. Kind of like those fish men we bombed in boats without trial.
That graph is hilarious. If euros looked like that, nobody would be using them.
That’s what we have been saying?
That’s comparing apples to oranges. What you want to compare to Euros are charts for stable coins. Which, for the legitimate ones that are fully backed, are basically horizontal straight lines.
100%
It’s pretty good except for the money printing and federal control aspect. A global currency which belongs to the people seems desperately needed.
Well crypto fundamentally can never be that.
You would have to solve that silly little problem of there’s no such thing as perfectly free infinite energy generation entirely unregulated and uncontrolled by a government.
So long as energy is controlled and funded by a government, all crypto will ever be is a clever hand wave of a problem by removing itself one step and claiming that problem doesn’t exist.
Yes, for various reasons it would be beneficial to have a global government responsible for global issues. However, until such time as we have one, local currencies are going to be the best bet.
It’s controlled by a government. A government that has trillions of dollars worth of real assets isn’t nearly as safe or secure as digital currency backed by the block chain. It has been scientifically proven that human imagination is infinite. Bitcoin going to the moon isn’t an assumption, it’s a fact.