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Certainly you can find cases of government overreach if you look hard enough but they aren't common. The USD is backed by faith in the US Government, and it wou
by jacobsenscott 4y ago
Certainly you can find cases of government overreach if you look hard enough but they aren't common. The USD is backed by faith in the US Government, and it would be financial suicide for the wealthy to destroy that faith by just randomly locking people out of their bank accounts.
Meanwhile people get "locked out" or just lose their crypto far more regularly. Lost passwords, crashed drives, hacked online wallets, rug pulls, crashing values, fake "pegs", misplaced decimals during transactions, etc. 20% if bitcoin is forever inaccessible, and that percent will only go up, never down.
The "you can be locked out of your fiat" cohort are the climate deniers of the financial world "If the earth is warming why was there a record low temperature somewhere yesterday?". "Your fiat isn't safe - just look how those donations to the truckers in Canada were reversed!"
- ptudan 4y agohttps://en.wikipedia.org/wiki/Convertibility_plan#Abandonment_of_the_peg https://en.wikipedia.org/wiki/Convertibility_plan#Abandonmen... Entire countries have had access to a currency completely pulled. Not just the US wants to use USD. Plenty of people can lose access to their money, not just alleged domestic terrorists (and isn't alleged is a scary word?).
- jacobsenscott 4y agoI'm certainly no expert on Argentina, but I'm talking about dollars backed by the US government, not pesos that the Argentine government was pretending were worth a dollar. I'm sure even when the hard peg was in effect it would have been impossible to actually convert the bulk of the pesos to dollars - I'm sure no foreign bank would cooperate. This was no different than some crypto coin pretending to be worth a dollar.