3 ms·
All money is fake money, the notion of a currency is a value fiction shared among a group of people. Most governments are very young, and do not last very long
by johnmorrison 7y ago
All money is fake money, the notion of a currency is a value fiction shared among a group of people.
Most governments are very young, and do not last very long historically. Central banking is a handful of decades old, cryptocurrency is one decade old.
Neither the maximalists nor deniers are right at this point. It remains to be seen when/whether cryptocurrency will replace fiat currency.
- tossAfterUsing 7y agocryptocurrency will never replace gold-backed fiat currency.
- FloresHernandez 7y agoThere is no gold-backed fiat currency.
- Qasaur 7y ago“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law' becomes apparent: most people have nothing to say to each other! By 2005, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” - Paul Krugman
- tossAfterUsing 7y agoPaul Krugman - the original stable genius
- omarchowdhury 7y agoPray tell which fiat currency is gold backed.
- tossAfterUsing 7y agous dollars. obivoulsy
- omarchowdhury 7y agoU.S. dollars aren't gold backed.
- johnmorrison 7y agoFiat currency is not backed by gold, in fact, it is not backed by anything. Also, gold is not inherently valuable. It will become a regular common metal once we shift extraction to the asteroid belt. The truth is there really isn't much with "inherent" value out there, with the notable exception of potential energy.