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Copy-and-paste meme shitcoins are not a "monetary system". Thanks!

by henning 2y ago

monero-xmr 2y ago
[flagged]
- kemotep 2y ago
  At least in the US inflation seems to be cooling down and only experienced a 3% yoy inflation rate last month. Monero in the same time frame technically only experienced just over 1% inflation but from June to July this year is experiencing 12% inflation and then had nearly 19% deflation a few months back. Just crazy volatility compared to USD. Would be pretty hard for the average person to make ends meet in that kind of environment. And wars are definitely fought using or even over crypto these days.
  - beaglesss 2y ago
    Which is why feds need to allow crypto derivatives securities to be sold in tradfi to hedge this volatility. They claim crypto is an unstable asset but then make it harder to stabilize your crypto wealth, it is maddening.
  - roenxi 2y ago
    > Monero in the same time frame technically only experienced just over 1% inflation but from June to July this year is experiencing 12% inflation and then had nearly 19% deflation a few months back That doesn't sound right; annual inflation in the Monero blockchain is order of magnitude 200k new coins / 18,000k coins total ~= 1% annual and dropping. it isn't really feasible to get 12% inflation over a month with fundamentals like that. So while it is volatile, the changes in price aren't being caused by inflation. It is just supply-demand fluctuations in a relatively niche asset. Inflation is the trend in value change caused by longer term changes in supply.
    - kemotep 2y ago
      I think there is conflating that inflation can only be new money printing. The value of monero compared to a basket of goods from June to July changed by 12%. You can buy 12% fewer things today than in June. That is the same way the USD inflation is calculated. Yes supply of the dollar has an impact but if I were to buy groceries in monero today I would need 1.12x more units.
      - roenxi 2y ago
        A) If you're going to make a point of defining inflation as something other than inflating of the money supply, why should people care? The only reason anyone pays attention to it is because of the long term downward trends - which are pretty much 100% due to monetary creation. Otherwise why, in practice, would the value of a currency drop? And why would this sort of "inflation" in Monero be an issue? B) The [whatever]:XMR exchange rate is quite volatile, but that is measuring real fluctuations in the value of Monero depending on what is happening in the market today. Real value fluctuations are, by definition, not called inflation. It is like saying the price of bananas experienced 12% inflation when there is a hurricane and a banana shortage. That isn't the right term - that sort of volatility isn't inflation.
        kemotep 2y ago
        I’m not trying to be disingenuous, we simply have different opinions about the definition of inflation. Honestly I have not heard that inflation is just the increase in money supply before. With us having different definitions we are clearly talking at cross purposes here. Inflation is a long term measurement, short term events like a hurricane causing supply shocks can all add up to impact the rate of inflation over time but individually it doesn’t. It is fair to not count month to month fluctuations so I will give you that. This is probably where most pro/anti crypto people break down in communication is us not using words the same way. You taught me a new definition of inflation today, I don’t think that’s right, but since we were using words differently that explains our disagreement.
      - throwaway22032 2y ago
- arp242 2y ago
  No one mentioned outlawing anything until you brought it up yourself.
nailer 2y ago
The post you are replying to did not state that they were. You can easily look up practical application of cryptocurrency by looking up stablecoin usage over time.
- ajkjk 2y ago
  You're gonna convince people there are practical applications of cryptocurrencies outside of grift and crime when they actually see them and find them useful in their own lives, and not before.
  - nailer 2y ago
    Yes. Stablecoins are a proxy for real world usage.
    - UberFly 2y ago
      You trying to boost it to make your investment viable? It doesn't really exist for anything other than that like most crypto.
      - nailer 2y ago
        My investment in…. stablecoins?
    - ajkjk 2y ago
      What does that mean?
- not2b 2y ago
  "stablecoin" is a misnomer. Perhaps they should be called temporarily stable coins, because they tend to fail under pressure. https://chainsec.io/failed-stablecoins/ https://chainsec.io/failed-stablecoins/
  - nailer 2y ago
    USDC is more collateralised than your bank is (if you bank in the US).
robbyiq999 2y ago
https://www.forbes.com/advisor/money-transfer/currency-converter/zwl-doge/ https://www.forbes.com/advisor/money-transfer/currency-conve...
RestlessMind 2y ago
> Copy-and-paste meme shitcoins are not a "monetary system". Agreed. But we are talking about crypto here which seem to have a lot more than shitcoins. (Hint: search for "bitcoin" or "stablecoins")

Copy-and-paste meme shitcoins are not a "monetary system". Thanks!

monero-xmr 2y ago

[flagged]

kemotep 2y ago
At least in the US inflation seems to be cooling down and only experienced a 3% yoy inflation rate last month. Monero in the same time frame technically only experienced just over 1% inflation but from June to July this year is experiencing 12% inflation and then had nearly 19% deflation a few months back. Just crazy volatility compared to USD. Would be pretty hard for the average person to make ends meet in that kind of environment. And wars are definitely fought using or even over crypto these days.
- beaglesss 2y ago
  Which is why feds need to allow crypto derivatives securities to be sold in tradfi to hedge this volatility. They claim crypto is an unstable asset but then make it harder to stabilize your crypto wealth, it is maddening.
- roenxi 2y ago
  > Monero in the same time frame technically only experienced just over 1% inflation but from June to July this year is experiencing 12% inflation and then had nearly 19% deflation a few months back That doesn't sound right; annual inflation in the Monero blockchain is order of magnitude 200k new coins / 18,000k coins total ~= 1% annual and dropping. it isn't really feasible to get 12% inflation over a month with fundamentals like that. So while it is volatile, the changes in price aren't being caused by inflation. It is just supply-demand fluctuations in a relatively niche asset. Inflation is the trend in value change caused by longer term changes in supply.
  - kemotep 2y ago
    I think there is conflating that inflation can only be new money printing. The value of monero compared to a basket of goods from June to July changed by 12%. You can buy 12% fewer things today than in June. That is the same way the USD inflation is calculated. Yes supply of the dollar has an impact but if I were to buy groceries in monero today I would need 1.12x more units.
    - roenxi 2y ago
      A) If you're going to make a point of defining inflation as something other than inflating of the money supply, why should people care? The only reason anyone pays attention to it is because of the long term downward trends - which are pretty much 100% due to monetary creation. Otherwise why, in practice, would the value of a currency drop? And why would this sort of "inflation" in Monero be an issue? B) The [whatever]:XMR exchange rate is quite volatile, but that is measuring real fluctuations in the value of Monero depending on what is happening in the market today. Real value fluctuations are, by definition, not called inflation. It is like saying the price of bananas experienced 12% inflation when there is a hurricane and a banana shortage. That isn't the right term - that sort of volatility isn't inflation.
      - kemotep 2y ago
        I’m not trying to be disingenuous, we simply have different opinions about the definition of inflation. Honestly I have not heard that inflation is just the increase in money supply before. With us having different definitions we are clearly talking at cross purposes here. Inflation is a long term measurement, short term events like a hurricane causing supply shocks can all add up to impact the rate of inflation over time but individually it doesn’t. It is fair to not count month to month fluctuations so I will give you that. This is probably where most pro/anti crypto people break down in communication is us not using words the same way. You taught me a new definition of inflation today, I don’t think that’s right, but since we were using words differently that explains our disagreement.
    - throwaway22032 2y ago
arp242 2y ago
No one mentioned outlawing anything until you brought it up yourself.

nailer 2y ago

The post you are replying to did not state that they were. You can easily look up practical application of cryptocurrency by looking up stablecoin usage over time.

ajkjk 2y ago
You're gonna convince people there are practical applications of cryptocurrencies outside of grift and crime when they actually see them and find them useful in their own lives, and not before.
- nailer 2y ago
  Yes. Stablecoins are a proxy for real world usage.
  - UberFly 2y ago
    You trying to boost it to make your investment viable? It doesn't really exist for anything other than that like most crypto.
    - nailer 2y ago
      My investment in…. stablecoins?
  - ajkjk 2y ago
    What does that mean?
not2b 2y ago
"stablecoin" is a misnomer. Perhaps they should be called temporarily stable coins, because they tend to fail under pressure. https://chainsec.io/failed-stablecoins/ https://chainsec.io/failed-stablecoins/
- nailer 2y ago
  USDC is more collateralised than your bank is (if you bank in the US).

robbyiq999 2y ago

https://www.forbes.com/advisor/money-transfer/currency-converter/zwl-doge/ https://www.forbes.com/advisor/money-transfer/currency-conve...

RestlessMind 2y ago

> Copy-and-paste meme shitcoins are not a "monetary system". Agreed. But we are talking about crypto here which seem to have a lot more than shitcoins. (Hint: search for "bitcoin" or "stablecoins")