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Your definition of "useless" is different from mine. What's more useless: a) $2.5m sitting in a bank account, vulnerable to taxation, confiscation, legal judg
by panarky 6y ago
Your definition of "useless" is different from mine.
What's more useless:
a) $2.5m sitting in a bank account, vulnerable to taxation, confiscation, legal judgment, gradual inflation, rapid devaluation and bank insolvency, unlikely to increase much in value, where the only thing you can do with it is trade it for something useful.
b) $2.5m invested in something rare, that could increase in value, where you can both trade it for something else you want, or appreciate the object itself and enjoy owning it.
- WalterBright 6y agoMoney in a bank account gets loaned out to others who use it productively. Something rare is just that, something rare. It produces nothing.
- panarky 6y agoProduction is not the source of all value. And neither is fractional reserve banking.
- WalterBright 6y ago> Production is not the source of all value Yeah, it is.
- atweiden 6y ago> Your definition of "useless" is different from mine. > What's more useless: > a) $2.5m sitting in a bank account, vulnerable to taxation, confiscation, legal judgment, gradual inflation, rapid devaluation and bank insolvency, unlikely to increase much in value, where the only thing you can do with it is trade it for something useful. > b) $2.5m invested in something rare, that could increase in value, where you can both trade it for something else you want, or appreciate the object itself and enjoy owning it. Holding an NFT should be benchmarked against holding BTC. The way you've presented it — as being either USD or NFT — is clearly a false dichotomy.