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No, that's not the same thing at all. For every other example of currency besides the government's currency, there's a tangible thing backing that unit. Crypt
by matai_kolila 4y ago
No, that's not the same thing at all. For every other example of currency besides the government's currency, there's a tangible thing backing that unit.
Crypto still doesn't have that, and that matters. To what degree is up for debate, but it does matter. Only governments apparently can get away with the unbacked currency, because they otherwise back it with enforced societal rules (a.k.a. laws).
- CyanBird 4y ago> No, that's not the same thing at all. Per Mark Blyth Money, to be useful is what Economists call three things; ♦ A Unit of Account ♦ A Unit of Exchange ♦ A Store of Value: A hedge against uncertainty Crypto is not money, so what is it? Is what the Chinese Central Bank characterized three years ago as Digital Gambling Asset
- sgerenser 4y agoSince when does HN allow emoji!?
- keneda7 4y agoWhat other currencies are there in todays world other than fiat (government's currency back by nothing)? I was trying to think of something other than crypto and really came up blank. Sure some corporations have things like CompanyX dollars that they could give out to employees who then redeem them for something. But in these situations those dollars are back by nothing.