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Yes, I will take the crypto advice from the chairman of the most threatned entity by crypto. He's argument is valid to me though but Crypto is still much better

Yes, I will take the crypto advice from the chairman of the most threatned entity by crypto. He's argument is valid to me though but Crypto is still much better alternative than government issued currencies. Aren't all other paper currencies even worse in some way? if everyone decides to dump a currency, what happen to my savings? if a government will go mad about printing/issuing, isn't all the value diluted (all governments will do that at some point, but the first example that come to mind is Zimbabwe)

deleted 4y ago
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nl 4y ago
Fiat currencies are backed by that countries economy. No one had faith in the Zimbabwean economy hence hyperinflation when they printed money. The world has faith in the US economy hence the US can do quantitative easing and the worst that happens is ~7% inflation (also caused by the worst supply chain problems in history, a global pandemic and a major European war). Note that Bitcoin has lost more value than the US dollar.
- jostiniane 4y ago
  > the world has faith in US economy That's a bold statement. I guess by "the world" you mean US, EU and Japan. That's not even half of "the world".
  - Nasrudith 4y ago
    It is the leading world dominant reserve currency by far. It is at about 58%. The nearest runner up, the Euro is at about 21%. When even adversaries keep large reserves of US currency I think that is a pretty strong acknowledgement.
    - jostiniane 4y ago
      Yeah, a long time ago it was trusted and given that unfair printing advantage, it doesn't mean everyone is happy with that today, nor does it mean it's a measurement of economic strength.
      - nl 4y ago
        I suspect most of the world is unhappy with it. Doesn't mean it isn't the reality though.
  - fatjokes 4y ago
    Wut. I don't know of a single entity on earth, government or private, legal or illegal, that wouldn't accept US dollars in some form or other. I wouldn't say the same about Bitcoin, much less other forms of crypto.
    - jostiniane 4y ago
      > on earth Different countries have their own currencies. In most of them, it's illegal to use another's country currency. So this statement doesn't make a lot of sense to me. Regarding most currencies being attached to the USD, it's an old tradition that a lot of entities are trying to get rid of. Some got democracy just for trying to get out of it (Libya comes to mind).
      - nl 4y ago
        The majority of foreign trade is settled in US dollars. > Some got democracy just for trying to get out of it (Libya comes to mind) This is such a low-effort analysis of the geopolitics of the Arab Spring that it doesn't even make sense to argue.
- codehalo 4y ago
  > Note that Bitcoin has lost more value than the US dollar. How does that make any sense? It's up more than 26,000% against the US for ten years now. What time frame are you working with?
  - nl 4y ago
    > What time frame are you working with? Since inflation has been an issue (since the OP raised hyperinflation as a risk).

deleted 4y ago

[deleted]

nl 4y ago

Fiat currencies are backed by that countries economy. No one had faith in the Zimbabwean economy hence hyperinflation when they printed money. The world has faith in the US economy hence the US can do quantitative easing and the worst that happens is ~7% inflation (also caused by the worst supply chain problems in history, a global pandemic and a major European war). Note that Bitcoin has lost more value than the US dollar.

jostiniane 4y ago
> the world has faith in US economy That's a bold statement. I guess by "the world" you mean US, EU and Japan. That's not even half of "the world".
- Nasrudith 4y ago
  It is the leading world dominant reserve currency by far. It is at about 58%. The nearest runner up, the Euro is at about 21%. When even adversaries keep large reserves of US currency I think that is a pretty strong acknowledgement.
  - jostiniane 4y ago
    Yeah, a long time ago it was trusted and given that unfair printing advantage, it doesn't mean everyone is happy with that today, nor does it mean it's a measurement of economic strength.
    - nl 4y ago
      I suspect most of the world is unhappy with it. Doesn't mean it isn't the reality though.
- fatjokes 4y ago
  Wut. I don't know of a single entity on earth, government or private, legal or illegal, that wouldn't accept US dollars in some form or other. I wouldn't say the same about Bitcoin, much less other forms of crypto.
  - jostiniane 4y ago
    > on earth Different countries have their own currencies. In most of them, it's illegal to use another's country currency. So this statement doesn't make a lot of sense to me. Regarding most currencies being attached to the USD, it's an old tradition that a lot of entities are trying to get rid of. Some got democracy just for trying to get out of it (Libya comes to mind).
    - nl 4y ago
      The majority of foreign trade is settled in US dollars. > Some got democracy just for trying to get out of it (Libya comes to mind) This is such a low-effort analysis of the geopolitics of the Arab Spring that it doesn't even make sense to argue.
codehalo 4y ago
> Note that Bitcoin has lost more value than the US dollar. How does that make any sense? It's up more than 26,000% against the US for ten years now. What time frame are you working with?
- nl 4y ago
  > What time frame are you working with? Since inflation has been an issue (since the OP raised hyperinflation as a risk).