3 ms·
better than the cult of USD. how's that doing this year? or last year? or the year before? or ever? does it even have a THEORETICAL path to value? I'll take m
by elif 5y ago
better than the cult of USD. how's that doing this year? or last year? or the year before? or ever?
does it even have a THEORETICAL path to value?
I'll take my currently existing and computationally reinforced and yes bubbly increase of value.
- belval 5y agoIf inflation makes the USD worthless, there will be significant social instability and most likely chaos at the GLOBAL level. This is why we can all be part of the cult of USD. If Bitcoin falls to 0$ tomorrow, the vast majority of people would shrug and move on with their lives.
- elif 5y agoIt doesnt take USD going to 0 to cause social instability. i'm pretty sure we're already there in 2022. If you take the 7% inflation of 2021 at face value, and apply it to the M1 money supply, the headline of this article (130B lost) played out for USD eleven times in 2021 without recovering.
- danaris 5y agoThe issues we're having in 2022 have nearly nothing to do with the value of the USD.
- andybp85 5y agoUSD is an actual currency, and if everybody HODLs it we wind up in a recession (or worse). This comparison is wildly invalid.
- rocgf 5y agoWhat do you mean a "theoretical path to value"? If I understand you correctly, I think you're implying that everything has to be speculative, like currencies too?
- elif 5y agoNo. I'm implying that a currency should make an effort to maintain its value to be considered a currency. The fundamentals of USD are not backed by a trade surplus or by a demand for foreign reserves, as has been the case for the majority of time since the end of the gold standard. In this context, indefinite QE unsupported by economic growth puts USD in an unprecedented position, and is exposed to runaway inflation.
- deleted 5y ago[deleted]