• zalgotext@sh.itjust.works
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    7 days ago

    Basically all modern money is based on faith, including crypto.

    Ok, sure, however, fiat currencies are based on the faith that there’s at least one entire nation that you can use your currency in, and is motivated to ensure their currency is worth something, and has some semblance of stability. Crypto is based on the faith that there’s other dumbasses out there that will agree with you that these particular bits hold value for some reason.

    • TheEighthDoctor@lemmy.zip
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      7 days ago

      Crypto is based on the faith that there’s other dumbasses out there that will agree with you

      And that’s the most beautiful thing about crypto that got lost in all the speculation, shitcoin, scams, and nft bullshit. A currency of the people for the people, but of course, when the pigs came into power they were the same as the old farmers.

      • Cethin@lemmy.zip
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        7 days ago

        It was always a scam. When people were saying these things, that was part of the scam.

        There are good uses for the blockchain, just not really with currency.

        • technocrit@lemmy.dbzer0.com
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          7 days ago

          Keep telling yourself that crypto is a scam with no value, etc… While you loyally and unquestionably use your green paper money covered in pictures of slave masters.

      • zalgotext@sh.itjust.works
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        7 days ago

        Eh, it’s also the thing that makes it so vulnerable to speculation, shitcoin, scams, and nft bullshit

    • Cethin@lemmy.zip
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      7 days ago

      Sure. I’m not disagreeing with that, just that it doesn’t have value. It does. Just because it’s made up doesn’t mean it doesn’t have value, as long as someone is willing to buy it from you.

      I don’t like these uses of crypto either. It’s just a really stupid argument to say it doesn’t have value. There are plenty of valid arguments that can be made against it without making something up like that.

    • explodicle@sh.itjust.works
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      7 days ago

      I’m sorry, but at this point I honestly have more faith in the latter than the former. I just don’t have any faith in America at all.

      • zalgotext@sh.itjust.works
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        7 days ago

        Ok I’m talking about fiat currency as a concept though, not the USD specifically.

        If your point is that fiat currencies are still vulnerable to some instability, then sure, I guess I agree, but fiat currencies are still orders of magnitude more stable than cryptocurrencies.

        • technocrit@lemmy.dbzer0.com
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          7 days ago

          If a state converted from paper money to crypto, the only discernible differences would be like more computers, more transparency, less middlemen, etc. Crypto is literally just a new (distributed, open) form of accounting.