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You might just as well wait for the 'obvious scam of the FED printing fake money' to implode. The thing with fiat money is, fake or not, as long as enough peopl
by misja111 3y ago
You might just as well wait for the 'obvious scam of the FED printing fake money' to implode.
The thing with fiat money is, fake or not, as long as enough people believe in it, it functions well.
- vagab0nd 3y agoYou are being downvoted but I think there's some truth. I'd like to see counter arguments. One that I can think of is the difference in intent. Tether is for profit and the FED is to stabilize the economy.
- JumpCrisscross 3y ago> I think there's some truth. I'd like to see counter arguments. The history of money and banking. Starting with John Law [1], and why private, leveraged money requires a public backstop. [1] https://en.m.wikipedia.org/wiki/John_Law_(economist) https://en.m.wikipedia.org/wiki/John_Law_(economist)
- kkielhofner 3y agoReplacing an imperfect implementation with one that has demonstrated time and time again it's far worse should never be the solution. Crypto has languished in obscurity (other than gambling, scams, and criminality) for 15 years because anyone who isn't in the cult (or hyping their "bags") can see how obviously ridiculous it is. It's been clearly and obviously explained to death for crypto people where the value of fiat comes from and it's not a "debate" I'm interested in rehashing.
- TheCoelacanth 3y agoFiat money is backed by guys with guns. Tether is not.
- kkielhofner 3y agoGuys backed with guns funded by fiat (tax revenue). It's unbelievable to me that crypto people don't see/understand/refuse to acknowledge the huge difference. "It is difficult to get a man to understand something when his salary depends on his not understanding it." Or (in this case) their gambling.