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No they don’t. “Cryptocurrency” isn’t money at all. Just because you can trade it in for money, doesn’t make it so. I can also trade in my hat to the Buffalo Ex
by AStonesThrow 1y ago
No they don’t. “Cryptocurrency” isn’t money at all. Just because you can trade it in for money, doesn’t make it so. I can also trade in my hat to the Buffalo Exchange for money. But my hat is not money.
- woah 1y agoThere is no bright line separating "money" from any other type of fungible asset
- AStonesThrow 1y agoExcept for, you know, being able to spend it where you buy things? And deposit it into an actual bank? Those seem sort of intrinsic to how we use money today. https://en.wikipedia.org/wiki/Legal_tender https://en.wikipedia.org/wiki/Legal_tender
- Ukv 1y ago> > There is no bright line [...] > Except for, you know, being able to spend it where you buy things? [...] The extent to which you can use it to buy things is a good metric, but I think that comes in varying degrees rather than being a sharp line or binary true/false. There are at least some things you can buy with cryptocurrency, and arguably there are some forms of "regular" (fiat, national, government-issued) money that aren't very widely accepted.
- yieldcrv 1y agowhat's more important to me is how quickly can you trade your hat, how quickly can you determine the marketable value of your hat for selling, how close in value can you buy that hat for the same price you sold it, how many hats can you buy or sell at that price? and that's where hats fail in all metrics to cryptocurrency and how cryptocurrency satisfies my criteria for money
- djrj477dhsnv 1y agoI am paid my salary in crypto. I pay my rent in crypto. I pay for flights and car rentals in crypto. That's surely enough to be considered money.
- wmf 1y agoYeah, it would be more accurate to say that Coinbase is de facto a brokerage but does not have the same level of regulation as traditional brokerages. The result is the same though.