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> I'm not sure what use case is a speculative pyramid scheme like crypto, where there is no intrinsic value at all. Modern currencies like USD, EUR, JPY etc. d

> I'm not sure what use case is a speculative pyramid scheme like crypto, where there is no intrinsic value at all. Modern currencies like USD, EUR, JPY etc. don't have intrinsic value either. > It is a morally repugnant gambling speculative vice which destroys lives and is even worse than fiat. We should ban speculative buying of comics, gaming skins, Pokémon cards and, of course, gambling in casinos worldwide too. Also, the gambling on Robinhood is morally repugnant too, as grown up adults can't be trusted to manage their money. > Not to mention Bitcoin and the like burning the planet trying to solve useless puzzles. The value in solving the puzzles is securing the network (no other network is as secure as Bitcoin, see [1]). Gold mining uses the same energy amount as BTC. [2] Only 8% of Gold of the gold dug up is used for productive means by the industry. The rest is bought by speculators, jewelries and central banks because it's shiny. [3] [1] https://howmanyconfs.com/ https://howmanyconfs.com/ [2] https://ccaf.io/cbeci/index https://ccaf.io/cbeci/index [3] https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/ https://www.statista.com/statistics/299609/gold-demand-by-in...

didibus 4y ago
> Modern currencies like USD, EUR, JPY etc. don't have intrinsic value either. Arguably, they are like ownership into the country's GDP and military influence no?
- super256 4y ago
  > Arguably, they are like ownership into the country's GDP and military influence no? Well, yes, but that doesn't give you intrinsic value. If you are long a currency, you make a bet that other people have confidence in the government's ability to enforce the currency and keep economic output high enough to keep the value stable. However, if the government collapses, the money becomes completely worthless. There is no commodity, product, or service backing it up.

didibus 4y ago

> Modern currencies like USD, EUR, JPY etc. don't have intrinsic value either. Arguably, they are like ownership into the country's GDP and military influence no?

super256 4y ago
> Arguably, they are like ownership into the country's GDP and military influence no? Well, yes, but that doesn't give you intrinsic value. If you are long a currency, you make a bet that other people have confidence in the government's ability to enforce the currency and keep economic output high enough to keep the value stable. However, if the government collapses, the money becomes completely worthless. There is no commodity, product, or service backing it up.