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Can't trust ethereum or bitcoin for the same reason we can't trust the fed and their "quantitive easing": 1. It's way complicated 2. It's fiat 3. Nobody unde

Can't trust ethereum or bitcoin for the same reason we can't trust the fed and their "quantitive easing": 1. It's way complicated 2. It's fiat 3. Nobody understand who really is in control of its value

mac01021 9y ago
What's wrong with fiat currency?
- jamisteven 9y ago
  I think you meant to write intelligence and not ignorance.
- jamisteven 9y ago
  Is this a serious question
  - rspeer 9y ago
    Yes. Can you answer it? Assume I'm neither a libertarian nor an anarchist.
    - ytNumbers 9y ago
      During the past decade, the Federal Reserve has created 4 trillion dollars out of thin air in an attempt to prop up the economy. The Fed seems hesitant to unwind that as it carries the risk of harming the economy. Fiat money can always be created out of thin air, and it seems to be proving difficult for those in power to resist that temptation. https://www.thestreet.com/story/14181100/1/the-fed-normalizes-money-printing-marking-the-dollar-s-eventual-demise.html https://www.thestreet.com/story/14181100/1/the-fed-normalize...
      - albertgoeswoof 9y ago
        But why is that bad?
      - aphextron 9y ago
        >During the past decade, the Federal Reserve has created 4 trillion dollars out of thin air in an attempt to prop up the economy. During the 1840's to 1860's we created billions of dollars out of thin air by mining gold from the ground in California. Fiat currency saves us the digging. Money is not a static "thing" that definitely exists. Markets need liquidity. QE has provided that liquidity as the vast majority of capital in our society has become locked up by the top 1%. If anything, they could increase the flow of QE because of how low inflation is right now.
      - wentoodeep 9y ago
        Damn, I should've stick to actual goods barter trading instead of a piece of paper.
      - rspeer 9y ago
        If the reason I'm supposed to be concerned about fiat money is Jim Cramer's website, I feel even better about it now. (Also, they're arguing against QE, not the entire concept of fiat money.)
Retra 9y ago
If it weren't too complicated, then it would just as well be too simple. But really, you cannot measure the efficacy of a solution by measuring your own ignorance.
Cthulhu_ 9y ago
It's NOT fiat currency, it's a product that can be used to exchange funds, evade taxes, go around a country's poor economy, make a buck via day or long-term trading / investing, etc. It's an investment product; nobody uses it as fiat outside of dodgy darknet websites, and whatever webshop does accept it only does so to hold onto it for a while and hope the value increases. There's too much inflation and uncertainty for it to be a fiat currency. I mean the value of BTC fluctuated 1000% in the span of just a couple of years.

mac01021 9y ago

What's wrong with fiat currency?

jamisteven 9y ago
I think you meant to write intelligence and not ignorance.
jamisteven 9y ago
Is this a serious question
- rspeer 9y ago
  Yes. Can you answer it? Assume I'm neither a libertarian nor an anarchist.
  - ytNumbers 9y ago
    During the past decade, the Federal Reserve has created 4 trillion dollars out of thin air in an attempt to prop up the economy. The Fed seems hesitant to unwind that as it carries the risk of harming the economy. Fiat money can always be created out of thin air, and it seems to be proving difficult for those in power to resist that temptation. https://www.thestreet.com/story/14181100/1/the-fed-normalizes-money-printing-marking-the-dollar-s-eventual-demise.html https://www.thestreet.com/story/14181100/1/the-fed-normalize...
    - albertgoeswoof 9y ago
      But why is that bad?
    - aphextron 9y ago
      >During the past decade, the Federal Reserve has created 4 trillion dollars out of thin air in an attempt to prop up the economy. During the 1840's to 1860's we created billions of dollars out of thin air by mining gold from the ground in California. Fiat currency saves us the digging. Money is not a static "thing" that definitely exists. Markets need liquidity. QE has provided that liquidity as the vast majority of capital in our society has become locked up by the top 1%. If anything, they could increase the flow of QE because of how low inflation is right now.
    - wentoodeep 9y ago
      Damn, I should've stick to actual goods barter trading instead of a piece of paper.
    - rspeer 9y ago
      If the reason I'm supposed to be concerned about fiat money is Jim Cramer's website, I feel even better about it now. (Also, they're arguing against QE, not the entire concept of fiat money.)

Retra 9y ago

If it weren't too complicated, then it would just as well be too simple. But really, you cannot measure the efficacy of a solution by measuring your own ignorance.

Cthulhu_ 9y ago

It's NOT fiat currency, it's a product that can be used to exchange funds, evade taxes, go around a country's poor economy, make a buck via day or long-term trading / investing, etc. It's an investment product; nobody uses it as fiat outside of dodgy darknet websites, and whatever webshop does accept it only does so to hold onto it for a while and hope the value increases. There's too much inflation and uncertainty for it to be a fiat currency. I mean the value of BTC fluctuated 1000% in the span of just a couple of years.