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USD, EUR etc are also "fundamentally worth $0". Fiat currencies and crypto currencies are just a median for representing value for real goods and services. What
by kralos 6y ago
USD, EUR etc are also "fundamentally worth $0". Fiat currencies and crypto currencies are just a median for representing value for real goods and services. What's unique about crypto currencies is the distributed method of transacting and therefore the inability for them to be regulated. The whole financial industry, is fundamentally a massive waste of humanity's resources. Fiat currencies are regulated, regulators are a target for bribery, deals are made etc... Cryptos are a massive waste of electricity. Decentralization is a great way to curb corruption and restore a natural economy but we need to solve the electricity problem. The electricity problem came from the mechanism chosen to "fairly" distribute the initial pool of cryptocoins based on mathematical effort.
- recursive 6y agoWell USD is fundamentally worth $1. Really the most fundamental of all.
- renjimen 6y agoWhat’s $1 worth? It hasn’t represented a physical asset since Nixon.
- recursive 6y agoSeparate question. I was responding to a question about the value of things as measured in currency. $1 is worth $1, tautologically. If you happen to believe $1 has no worth, just send me all your dollars. I can use them. I'll send you a loaf of bread, which you can eat to sustain life.
- renjimen 6y agoNearly everyone believes $1 is worth something so it's not in my interest to give you $1, particularly with a snarky response like that. Dollars are not actually a measure of any physical thing, unlike metres or whatever. They represent what we perceive as worth. That only exists in our heads.
- usaar333 6y agoCurrencies can be valued based on interest rate differentials. Bitcoin is a bit underdeveloped there.