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Money is a token than can be readily exchanged for goods and services. The value of money created by governments is based on the ability of then government to
by docflabby 5y ago
Money is a token than can be readily exchanged for goods and services.
The value of money created by governments is based on the ability of then government to tax the population.
But there are many counties where USD is more useful form of money than the local government backed currency.
Legally enforcable numbers in a bank account means nothing when your account is frozen, the government changes, you have no funds to pursue legal remedies, or be bogged down for years in court. Probably wishing you'd kept it all under the mattress or in Bitcoin at this point
- magicsmoke 5y agoIf you're in a situation where a state is after you, cash or bitcoin isn't going to help. If they decide you owe them hundreds of millions, they'll claw it from you when you try to spend that cash on oil and find out your tanker was intercepted in the Indian ocean and its contents sold off to pay the state. The article's description of global momentary systems being colliding whirlpools is very apt. The international arena is a game played by giants, where individuals travel and do business with their permission, and we very quickly find ourselves unpersoned if we piss off our home whirlpool and can't find another to jump into. Most of us that stay comfortably in the center of a whirlpool don't even notice it. But criminal groups, political dissidents, international corporations, and even someone dealing with cross border taxes and payments will know how bad the waves on the edges can get.