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Is there innovation in Block Chain? Yes. Are crypto-currencies over inflated? Yes. We can see the path from commodity currency, to paper, to fiat was a long a
by valarauca1 9y ago
Is there innovation in Block Chain? Yes.
Are crypto-currencies over inflated? Yes.
We can see the path from commodity currency, to paper, to fiat was a long and messy road history makes this clear. While in all likelihood crypto may very well supplant fiat the likelihood it'll happen in 1-2 generations is slim.
Furthermore if history is a guide the replacement of Fiat by crypto will likely happen by mistake, or in such a small way few will notice.
- dalanmiller 9y agoWhat are the obstacles to replacing Fiat? I think people underestimate the combination of payment method and value, but I also just haven't heard a good argument against.
- valarauca1 9y agoOkay here is one: We haven't. A strong argument can be made the USD (and most the world's curreines) are backed by oil as oil may only be exchanged for USD. Furthermore inflation tracks oil sale perfectly since the petro-dollar started.
- taw55 9y agoWorth adding that cryptoc as a method does not exclude fiat creation. That's an orthogonal distinction.