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> the US government’s full faith and credit Increasingly doesn’t mean as much to people as it used to when it comes to debasing their own currency. See the rec
by md2020 5y ago
> the US government’s full faith and credit
Increasingly doesn’t mean as much to people as it used to when it comes to debasing their own currency. See the recent lie about inflation being transitory, which Powell literally just admitted isn’t true.
> the number in the bitcoin wallet has no value itself
This is a weird take and I don’t see what your point is. The number in your fiat bank account means just as much as the number in a BTC wallet. The number there is how much you’re entitled to withdraw or spend.
- AnIdiotOnTheNet 5y agoRight, it isn't the number that has value, it's what the number represents. The number of dollars in my bank account represents (in a roundabout way) debt the US government owes me. What does BTC represent? Most generously one could say it represents debts owed by the community, but since each member of the community can choose whether or not to honor that or to what extent it doesn't have any stability.
- danuker 5y agoAnd the US government does not choose to what extent to honor you? What is inflation targeting then, and why is inflation targeted instead of deflation? The answer: so its debt is inflated away.