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[–] Baconmon 5 points 19 points (+24|-5) ago  (edited ago)

Luckily for the world, you are wrong.. Crypto will replace fiat currency.. Have you actually done any critical thinking about all of this?.. Saying that cryptos are a fad that will go away is like saying that the internet will diminish and go away..

Crypto is here to stay.. It is a natural step in our technological advancement, and if satoshi didn't create bitcoin, some one else would have eventually created some thing similar, just like if the guy who invented the telephone was never born, some one else would have created some thing similar eventually, because that is just how technology advances..

If you compare fiat to crypto, fiat loses on almost every aspect, rendering it obsolete in a technical sense.. But fiat has a huge foothold so it will remain with us for a bit longer, but it has already started on its way out..

Down-vote me if you like, but you had best come back and up-vote me again several years from now when cryptocurrencies are literally every where and every store in the world is accepting them..

As far as gold/silver being "sound" currency, what makes it sound? It is a hunk of metal that people give value to.. Yeah I know it glitters in the sun and is very pretty.. But if people give value to some thing else like cryptocurrencies, then it has value.. If you know bob johnson down the street will give you a new car in exchange for some bitcoins, suddenly you are trying to get ahold of some bitcoins..

[–] [deleted] 1 point 2 points (+3|-1) ago 

[Deleted]

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[–] talmoridor-x 0 points 1 point (+1|-0) ago 

https://substratum.net

https://powerledger.io

There's already work being done aimed at decentralizing the internet and electric power alone using the blockchain, same technology that cryptos use.

It's also worth looking at IOTA, a technology that could support both internet and power.

https://iota.net

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[–] Baconmon 1 point -1 points (+0|-1) ago 

Yeah it does need internet, which is a disadvantage of it compared to fiat or gold, but enough people feel like they will always have internet access save for an apocalyptic disaster so I guess most people don't mind that disadvantage..

There are already many businesses that will accept cryptocurrencies (rakuten, overstock, newegg, etc) despite the volatility, maybe because they convert it to fiat quickly as soon as they receive it? (Although I know overstock keeps 50% of the crypto it receives for the purpose of investing in them..)

But yes, the volatility is a current issue with cryptocurrencies, and it will continue to be that way until they become mainstream and the price finally levels off and stabilizes.. The more wide-spread a particular coin is, the more stable the price tends to be.. This is why bitcoin is the most stable coin price-wise compared to all the other coins (although compared to fiat like USD, bitcoin is still wildly unstable)

It will continue to be mostly an asset class until it becomes very mainstream.. Over time it slowly morphs from an asset/currency class to just a currency class..

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[–] Kleyno 2 points 1 point (+3|-2) ago 

I agree about crypto being a big part of future commerce. But as for Gold, it is valuable because of its rarity.

It can only be created in a supernova explosion, which makes it pretty damn special, as metals go.

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[–] Sakusha 1 point -1 points (+0|-1) ago 

When I go poo-poo, my unique turd isn't valued equal to the entire world's supply of gold just because it's one of a kind. Scarcity doesn't equal value. Demand equals value, and ordinary people no longer have a high demand for gold and silver. Bitcoin, however, is both scarce and in high demand.

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[–] EyeOfHorus 0 points 1 point (+1|-0) ago  (edited ago)

is like saying that the internet will diminish and go away

I said this in 1994 after hiding a physical server on the University of California backbone, hacking my own DNS IP and being offered money to advertise collector cars on my automotive website. Fuck me.

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[–] RiverWind 1 point 0 points (+1|-1) ago 

You are correct in stating that OP is wrong regarding the belief that "sound money" ie gold or silver, will "save us from debt slavery".

Firstly, so much of the gold has already fallen into the hands of a small group of private hands that it is not viable as a guarantee.

More importantly though, OP raises the issue of money and debt. This is a huge problem which underlies most of the world's woes and which few understand. I can try a quick explanation for people, that hopefully will shed light.

  • The Government has some crucial powers, including: 1) The ability to exact taxes from the population 2) The ability to nominate the legal tender in which taxes must be paid or in which other debts can be satisified.
  • The government's power to imprison you and seize your property gives value to their chosen "coin of the realm". You have to get hold of the legal tender.
  • The government has the power to create its own money, if it wants. It doesn't need to borrow it and can make as much as the economy needs.
  • Instead of sensibly creating its own money, the government has given this incredible power to private organizations, called banks. (The Federal Reserve Bank is not a government organ, like the Department of Defence, but a private company, just like Mars, the chocolate company, or Deloite the accounting firm, or Uber the taxi service.)
  • When the government needs money to purchase things it does not have the political will to pay for by raising taxes, it turns to the Federal Reserve to loan them money. Loan! (In Europe, a different private bank exists fulfilling this role, the European Central Bank.)
  • None of the money that the government borrows from the Fed exists prior to the government borrowing it! (This is crucial to understand.) They simply tap some numbers into a computer. That is it, believe it or not.
  • The government later repays the Fed and pays interest. Where does the interest come from? (Where does all money come from?!) From money created out of thin air, as debt by the Fed.
  • This is the root of all economic evil.

Instead, the government could remove the power to create money from the Fed, and create it itself. This money would not be created as debt! It could be spent by the government into the economy as and where it is needed, on infrastructure projects, for example.

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