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What is real money anyway? Money is an idea and the money supply contains far more than physical currency. If someone believes they have crypto wealth, they wil
by dougmwne 4y ago
What is real money anyway? Money is an idea and the money supply contains far more than physical currency. If someone believes they have crypto wealth, they will spend accordingly and the velocity of what we measure as the economy increases. If that crypto wealth disappears, that person is going to cut back on their real spending. The economy is human.
- jmcgough 4y agoIt's easy to take a philosophical stance on this, but this represents many peoples' life savings. There are countless lives that have been irreparably harmed by crypto scams, which has a net negative effect on our society.
- dougmwne 4y agoI think the idea here is that pumping the economy full of helium will eventually be catastrophic. If this crypto crash is allowed to actually play out instead of getting bailed out it could prevent something far more damaging later on than even a million people losing their deposits.
- Ferret7446 4y agoHow is that different from people who have been affected by regular scams?