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Started By
Message
re: The fundamental lie of Crypto.
Posted on 5/9/22 at 7:01 pm to Rtowntiger
Posted on 5/9/22 at 7:01 pm to Rtowntiger
quote:Oh boy I love this thread
While I agree that most cryptos are BS, I do feel like XRP has real-world application and functionality that could drive value.
0
Posted on 5/9/22 at 7:58 pm to JayDeerTay84
If crypto had ever been serious about being a currency that could be useful, it would have pegged to gold or some current stable fiat currency. That would have allowed it to get some runway and adoption as a global means of exchange until it was ready to free float.
None of the current crypto will ever be adopted as a currency, anywhere. It doesn’t behave like a currency because it isn’t one; the price tracks with other highly speculative equities, not currencies.
That’s what it is: a highly speculative equity without any company behind it.
None of the current crypto will ever be adopted as a currency, anywhere. It doesn’t behave like a currency because it isn’t one; the price tracks with other highly speculative equities, not currencies.
That’s what it is: a highly speculative equity without any company behind it.
Posted on 5/9/22 at 8:04 pm to cokebottleag
quote:
If crypto had ever been serious about being a currency that could be useful, it would have pegged to gold or some current stable fiat currency. That would have allowed it to get some runway and adoption as a global means of exchange until it was ready to free float.
That is what a stablecoin is and they exist in spades.
Posted on 5/9/22 at 8:11 pm to cokebottleag
quote:
stable fiat currency
no different than crypto both 'aren't real' and only exist because people believe they exist
quote:
That would have allowed it to get some runway and adoption as a global means of exchange until it was ready to free float.
crypto is already global, and continues to be adopted and legitimized globally. its governments/powers that be were delaying it from being means of exchange, but are slowly adjusting and this is a barrier which will inevitably be breached. crypto can't be stopped any more than the internet can be. the internet started in the 60s and is now everywhere, so too will crypto, the genie is out of the bottle.
quote:
That’s what it is: a highly speculative equity without any company behind it.
there is no company behind fiat either.
price behaving like a currency isnt the end all be all.
I agree with the speculative portion of your post though
This post was edited on 5/9/22 at 8:12 pm
Posted on 5/9/22 at 8:19 pm to AMS
quote:
no different than crypto both 'aren't real' and only exist because people believe they exist
There is a very big difference. The US dollar may not be backed by gold, but it is backed by the full force of the United States government, to command you to use it for legal tender. No such force exists for any crypto, stable coin or otherwise.
Posted on 5/9/22 at 8:25 pm to cokebottleag
quote:
but it is backed by the full force of the United States government
its backed by belief in the US gov currency that its worth what its worth.
Posted on 5/9/22 at 8:26 pm to cokebottleag
BTC has never been a currency. Only about 2.5 M btc is moving. It is digital gold. It is more legit medium for wealth storage than gold/diamonds.
Posted on 5/9/22 at 8:31 pm to AUCE05
quote:
It is more legit medium for wealth storage than gold/diamonds.
Why?
Posted on 5/9/22 at 8:32 pm to AUCE05
At their core, gold and diamonds have real, tangible uses in manufacturing, and thus will always retain at least some value. If we ran out of either, certain industries would halt completely for at least a substantial amount of time before operating again.
Bitcoin has no intrinsic value. It is equity in an idea.
Bitcoin has no intrinsic value. It is equity in an idea.
Posted on 5/9/22 at 8:33 pm to AMS
quote:
ts backed by belief in the US gov currency that its worth what its worth.
This is nonsensical and not at all what I stated.
Posted on 5/9/22 at 8:34 pm to cokebottleag
quote:
it would have pegged to gold
Pax Gold is a gold-pegged stable coin
Posted on 5/9/22 at 8:34 pm to AMS
quote:
crypto is going to 0! (months later) ---> crypto added a 0!
These sort of posts prove the OP’s point.
Crypto baws always shite on fiat, but their go to retort is to talk about the value of crypto in terms of fiat.
If you all truly thought Crypto was the future of currency, you wouldn’t even care what its USD value is.
Posted on 5/9/22 at 8:37 pm to AUCE05
I agree, many people want BTC to be digital cash as per the white paper but it’s much more analogous to digital gold. Hard to have an inherently deflationary asset people want to part ways with for a transaction when there is an inflationary asset they can use instead.
Posted on 5/9/22 at 8:38 pm to LordSaintly
quote:
Pax Gold is a gold-pegged stable coin
You cut out the second half of what I said.
quote:
That would have allowed it to get some runway and adoption as a global means of exchange until it was ready to free float.
What steps are being taken to ensure pax gold is legal tender? Otherwise it’s just buying a gold certificate, which I again, have to convert to something else in order to use it.
I’d be totally on board with this particular coin, except to my knowledge, it has no adoption.
Posted on 5/9/22 at 8:41 pm to TomRollTideRitter
quote:
Crypto baws always shite on fiat, but their go to retort is to talk about the value of crypto in terms of fiat.
im not shitting on fiat. just pointing out it has the exact same backing as crypto. nothing other than belief.
fiat baws just get butthurt when you point this fact out.
quote:
If you all truly thought Crypto was the future of currency, you wouldn’t even care what its USD value is.
thats silly. things are only valuable in comparison to something else, thats just a commonly used comparison.
when im trading crypto I dont care what USD is, im comparing differences in sats.
non crypto baws just dont understand a satoshi so we use USD to communicate with non baws
This post was edited on 5/9/22 at 8:47 pm
Posted on 5/9/22 at 8:44 pm to cokebottleag
quote:
This is nonsensical and not at all what I stated.
I know its not what you stated, mine is more correct. fiat is just as imaginary as crypto.
people could decide BTC is worth less tomorrow and its value would drop.
countries could stop accepting the petrodollar and the USD value would drop.
gov could decide USD is worth less tomorrow and print 30% of the supply and the value would drop.
USD value is only based off what others believe it is.
This post was edited on 5/9/22 at 8:55 pm
Posted on 5/9/22 at 8:45 pm to KillTheGophers
quote:
It is all a scam and will crash to zero.
Call it what you want to call it.
Everyday, my bank account gets a deposit from my mining farm!
That's USD baby!
Posted on 5/9/22 at 8:49 pm to cokebottleag
quote:
You cut out the second half of what I said.
I wasn't arguing, but I didn't know if you knew about gold-pegged stables.
Posted on 5/9/22 at 8:58 pm to AMS
quote:
know its not what you stated, mine is more correct. fiat is just as imaginary as crypto.
I think a thought experiment is best to explain the difference here, respectfully.
Suppose we have a Great Depression. Suppose some people have this deflationary asset stored away and could possibly use it in lieu of dollars to pay for things. This asset might even be widely accepted enough that it could be used almost as an alternate completely, substituted for dollars in all transactions except paying taxes.
What would the US government do in such a scenario? Would they allow such an asset to be traded as legal tender and exchanged for dollars?
We don’t have to speculate. In the Great Depression this happened. Gold became illegal to own in 1933 in an effort to protect the value of the USD. It’s probably better to use an active voice here: the federal government outlawed the ownership or trading of gold in 1933 to stop exactly the thing Bitcoin could be used for, at exactly the moment it could be used for such a thing.
There is nothing to stop the fed from doing the same with Bitcoin. The federal government will use force to back up the value of its currency. There exists no such backing for Bitcoin or any stable coin or other crypto.
That is the fundamental and very important difference.
Posted on 5/9/22 at 9:02 pm to AMS
quote:
when im trading crypto I dont care what USD is, im comparing differences in sats. non crypto baws just dont understand a satoshi so we use USD to communicate with non baws
You instantly jump to trading crypto because, like me, that’s probably all you do with it. Therefore, you’re treating it like an equity/speculative asset.
Can you tell me what your mortgage is in Satoshi? How about your paycheck? Maybe you and a handful of people can, but I, and everyone I know who also trades Crypto, has no idea.
No one currently treats Crypto like a currency or even like an inflation hedge, and few even push to do so.
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