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,,The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) fine silver or, from 1837, 23.22 grains (1.505 g) fine gold, or

,,The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) fine silver or, from 1837, 23.22 grains (1.505 g) fine gold, or $20.67 per troy ounce''. The definition of the US dollar changed over time, but according to how it was defined originally, it lost 99% of its value.

koheripbal 5y ago
The purpose of currency is not to retain long term value. The purpose is to act as a means of exchange so we don't have to barter for transactions. If you want a long-term hold of value - buy some sort of asset that has utility beyond it's trading value. This is the key thing 99.9% of the crypto community does not understand. The winning crypto, one day, will be the one that DOES NOT make you rich.
- reasonabl_human 5y ago
  Exactly. This is why Eth has a wildly superior value proposition than pretty much any other coin, because it drives a useful blockchain ecosystem and isn’t just another stagnant store of value…
  - koheripbal 5y ago
    Unfortunately, ETH, while definitely better, still makes the same deflationary mistake. The ETH money supply growth is still effectively a negative interest rate since economies grow much much faster than their ever-shrinking coin generation. It is the reason gas prices are choking Ethereum economic activity.
- Breza 5y ago
  > The winning crypto, one day, will be the one that DOES NOT make you rich. Well said! I bailed on Bitcoin in 2017 when I started seeing breathless coverage on CNBC. Once the speculators get out, cryptocurrencies could become very powerful. Unfortunately, I don't see that happening any time soon. Crypto needs to become boring before it can become useful.
- razius 5y ago
  > The purpose of currency is not to retain long term value. > If you want a long-term hold of value - buy some sort of asset that has utility beyond it's trading value. That's the definition of gold.

koheripbal 5y ago

The purpose of currency is not to retain long term value. The purpose is to act as a means of exchange so we don't have to barter for transactions. If you want a long-term hold of value - buy some sort of asset that has utility beyond it's trading value. This is the key thing 99.9% of the crypto community does not understand. The winning crypto, one day, will be the one that DOES NOT make you rich.

reasonabl_human 5y ago
Exactly. This is why Eth has a wildly superior value proposition than pretty much any other coin, because it drives a useful blockchain ecosystem and isn’t just another stagnant store of value…
- koheripbal 5y ago
  Unfortunately, ETH, while definitely better, still makes the same deflationary mistake. The ETH money supply growth is still effectively a negative interest rate since economies grow much much faster than their ever-shrinking coin generation. It is the reason gas prices are choking Ethereum economic activity.
Breza 5y ago
> The winning crypto, one day, will be the one that DOES NOT make you rich. Well said! I bailed on Bitcoin in 2017 when I started seeing breathless coverage on CNBC. Once the speculators get out, cryptocurrencies could become very powerful. Unfortunately, I don't see that happening any time soon. Crypto needs to become boring before it can become useful.
razius 5y ago
> The purpose of currency is not to retain long term value. > If you want a long-term hold of value - buy some sort of asset that has utility beyond it's trading value. That's the definition of gold.