this post was submitted on 18 Mar 2025
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Be kind to your elders (lemmy.world)
submitted 1 year ago by The_Picard_Maneuver@lemmy.world to c/whitepeopletwitter@sh.itjust.works
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[–] EldritchFeminity@lemmy.blahaj.zone 4 points 1 year ago (1 children)

I think it helps to reinforce how silly crypto is, though. Once you establish that fiat currency is basically magic paper we all agree is worth something because it's backed by things like the government's reliability and contract to uphold that value, and then you say, "and crypto, designed to replace fiat currency, is backed by fiat currency," the whole thing falls apart like the house of cards that it is.

How can you justify a funny money that doesn't do anything new in terms of cyber security, while burning vastly more resources to do it, and is only worth something because of the currency that it's supposed to replace, and that value rapidly fluctuates from moment to moment.

[–] untakenusername@sh.itjust.works 0 points 1 year ago

How can you justify a funny money that doesn’t do anything new in terms of cyber security, while burning vastly more resources to do it, and is only worth something because of the currency that it’s supposed to replace, and that value rapidly fluctuates from moment to moment.[?]

Well its got lower inflation than gold, that's something.