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You don't understand the point that you're arguing against. Producing fiat currency through manual labor uses a mix of renewable resources, and value is provid
by smt88 6y ago
You don't understand the point that you're arguing against.
Producing fiat currency through manual labor uses a mix of renewable resources, and value is provided. You can't just dig in the ground and get paid for it. You have to do something that improves someone's business or life.
Producing crypto is just turning coal (or whatever) into numbers. There is no intrinsic value created in that chain.
If the crypto loses value, you may have even destroyed resources in the world for no reason. It's a net-negative.
- spinny 6y agoThe cost of producing fiat currency is not the same for everybody. Producing crypto keeps a secure ledger, claiming it's just producing useless numbers is the same as claiming that a TLS session is just playing around with numbers. The value of fiat always goes to 0, resources have been destroyed in the world for no reason
- smt88 6y agoIf I pay someone to build me a house, I have a house and they have fiat. We converted energy into a house and fiat. If I convert the same amount of energy into crypto, I have nothing with intrinsic value. And before you say that fiat has no intrinsic value, consider that most people have fiat debt (loans, taxes, wages, etc.) that they can pay off with it. Currently very few people have any crypto debt.
- spinny 6y agocrypto/fiat is not an apples to apples comparison. it's an apples to oranges. cryptos are a new class of asset If you convert energy into crypto, you have crypto, may not have intrinsic value for you. right now it's worth 42k usd for somebody which of those have/don't have intrinsic value: - gold, silver and other precious metals - stocks - options - house - car - fiat - cryptos
- smt88 6y agoGold, silver, all precious metals, stock, houses, and cars all have intrinsic value. You can use them. In the case of stock, you have a legal stake in an ongoing enterprise.