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> Cryptocurrencies are superior to fiat money only if you accept the ideological basis for them. Hmm, ask the people who depend on the Turkish Lira, Argentine
by coralreef 5y ago
> Cryptocurrencies are superior to fiat money only if you accept the ideological basis for them.
Hmm, ask the people who depend on the Turkish Lira, Argentine Peso, Venezuelan Bolivar, Lebanese pound, etc. if the ideological basis of cryptocurrencies delivers enough utility for them.
- trutannus 5y agoCan you buy food in Venezuela with Ethereum or crypto? Somewhat difficult in a nation which has sporadic problems with blackouts. In situations like this people generally start using a more stable fiat like the USD in place of their local one.
- kalleboo 5y agoMy experience with countries that have poor trust in the local currency is that they use US dollars instead, not cryptocurrency. I'm not sure what that says about ideology.
- coralreef 5y agoIt says that an asset was trustworthy until it failed to be trustworthy.
- trutannus 5y agoThe issue with local currencies isn't trust, it's if you can use them to buy your food or not.
- coralreef 5y agoYeah, I would call that trusting the notes to retain their value by lunch time. It’s confidence in the currency and ultimately the central bank/government. If you don’t have confidence in it, you don’t want it.
- trutannus 5y agoRight, but the alternative has never been a crypto, it's always just a more stable fiat.
- coralreef 5y ago> the alternative has never been a crypto Cryptos have only existed for ~12 years. > it's always just a more stable fiat. What happens when there are no longer any stable fiats in the world? Do you see whats happening with negative interests rates across the developed world? Debt grows perpetually, the cost of borrowing is zero, and everyone thinks this is normal. Central bank fiat currency is simply an idea that is doomed to fail eventually.
- trutannus 5y agoNow you've moved into speculation at this point.
- coralreef 5y agoSemantically, yes, and you're speculating as well. You're speculating that fiat would remain stable and hold value, that inflation would not run rampant. I'm refuting your speculations of stable fiat with evidence shown in the macroeconomics, and of countries whose currencies have entered hyperinflation.
- trutannus 5y ago> You're speculating that fiat would remain stable and hold value, that inflation would not run rampant. Can you show me where I said that? This is nowhere in my comment, or any comment I've ever written here. You're completely making things up at this point. I said nothing about inflation, value, or stability. All I have said is that nobody is adopting crypto when their currency fails. They're adopting USD, a more stable fiat. Relative to failing states' fiat, the USD is significantly more stable, and more widely accepted. That's simply a fact.