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The question isn't whether or not the USD can fail. Of course it can. The question to ask is whether Monero or any other given cryptocurrency will fare better t
by hnaccount141 3y ago
The question isn't whether or not the USD can fail. Of course it can. The question to ask is whether Monero or any other given cryptocurrency will fare better than the USD in the event that it does collapse. That seems much less clear at this point in time.
- mattdesl 3y agoAs a thought experiment: if USD were to fail, yet other world currencies stayed afloat, why would anybody holding non-custodial crypto flock to a dying currency? It’s not entirely unreasonable to predict that “crypto” might outlast a central currency, given the ease at which it can span geographic and state borders.
- hef19898 3y agoUnless crypto is backed actual economies, as fiat currency is, that will propably not happen anytime soon.
- smcl 3y agoThe assumptions here are: 1. USD fails 2. All the other currencies are "dying" 3. (let's say) Monero exists and is not dying So yes in the scenario you've constructed where everything but a cryptocurrency dies or is dying, crypto is more successful.
- mattdesl 3y agoYou misread - the scenario is that USD is dying, but other state currencies like Euro or JPY stay afloat.
- smcl 3y agoOk then in that case everyone flocks to the other reserve currencies for all normal goods and services and crypto remains the primary means of exchange on the Ape JPEG market
- Analemma_ 3y ago> if USD were to fail, yet other world currencies stayed afloat, This "thought experiment" amounts to "suppose I'm right; then I'd be right wouldn't I? Checkmate." The entire question here hinges on whether there could be scenario where the USD— and only the USD— collapses, without causing so much chaos that cryptocurrencies also become functionally useless. I would argue there is no such plausible scenario.
- mattdesl 3y agoSure, if the entire world economy collapses and we go back to the dark ages, crypto (and the internet in general) will be functionally useless. It seems like a given. I am imagining a scenario where USD fails, but some other state currencies (and the internet) continue to exist.