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To explain this in a way that people on this forum will understand: A currency relies on network effects. The dollar is kind of like twitter. It doesn't matter
by amadeuspagel 4y ago
To explain this in a way that people on this forum will understand: A currency relies on network effects. The dollar is kind of like twitter. It doesn't matter how much it fucks up, network effects ensure it's continuing dominance.
Actually the dominance of a currency is harder to challenge, since you can post the same text on both twitter and mastodon, but you can't invest the same money in both dollars and euros.
- pzone 4y agoTo continue your analogy: the two major competitors also have serious flaws. The Euro is like Mastodon. Its decentralized leadership prevents it from offering the features and convenience of Twitter. The Chinese Yuan is like Truth Social. Tight restrictions on what you can do there mean it is not a useful alternative for most people.