Why I’m Cryptophobic
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Why I’m Cryptophobic
1–10 of 455 posts
Re: Why I’m Cryptophobic
#2I am also cryptophobic.
That is why I only use Bitcoin.
Bitcoin, not crypto.
Re: Why I’m Cryptophobic
#3That link to mass movements such as communism is an important point.
Re: Why I’m Cryptophobic
#4There needs to be some basic economics here..
Money has value because of the value of the economic transactions in which its conducted.
Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades.
Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier to spread around. So that 1hr of my time/output can be more easily traded for 1hr of another persons. We are still just trading output.
For BTC (or any coin) to have any value, it needs actual economic transactions to be conducted in it. If there arent any, its value is smoke-and-mirrors; its not real. If you can't trade the market cap of bitcoin for actual economic output, it isnt actual economic value.
Imagine doing that right now. Imagine BTC was actually used for any scale of economic transactions. It would collapse overnight.
Re: Why I’m Cryptophobic
#5There needs to be some basic economics here.. Money has value because of the value of the economic transactions in which its conducted. Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades. Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier…
I really don’t buy the old taxes-make-the-money-work chestnut. Far too many counterexamples.
Re: Why I’m Cryptophobic
#6There needs to be some basic economics here.. Money has value because of the value of the economic transactions in which its conducted. Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades. Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier…
Gold having value over a long period of time is a counter argument. Nobody is transacting in gold yet it is valuable.
Re: Why I’m Cryptophobic
#7There needs to be some basic economics here.. Money has value because of the value of the economic transactions in which its conducted. Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades. Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier…
I really don’t buy the old taxes-make-the-money-work chestnut. Far too many counterexamples.
Taxes are only a chunk of what makes fiat money work but theyre probably the largest chunk.
There arent really many counterexamples and arguably the counterexamples have extenuating circumstances (e.g. dinar under saddams occupation).
Re: Why I’m Cryptophobic
#8There needs to be some basic economics here.. Money has value because of the value of the economic transactions in which its conducted. Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades. Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier…
I really don’t buy the old taxes-make-the-money-work chestnut. Far too many counterexamples.
Paying taxes in a given currency means that the government forces the use of that currency nation-wide. Without a central tax authority requiring that currency, groups of people could start exchanging, say, peanuts for the mutual exchange of goods and services. Since you can't pay your taxes in peanuts, you would want to hold national currency instead of peanuts.
Re: Why I’m Cryptophobic
#9There needs to be some basic economics here.. Money has value because of the value of the economic transactions in which its conducted. Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades. Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier…
Gold having value over a long period of time is a counter argument. Nobody is transacting in gold yet it is valuable.
If anything this is an argument for Bitcoin also having “value” without being used by the average Joe for day to day transactions like buying a coffee.
Re: Why I’m Cryptophobic
#10There needs to be some basic economics here.. Money has value because of the value of the economic transactions in which its conducted. Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades. Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier…
I really don’t buy the old taxes-make-the-money-work chestnut. Far too many counterexamples.
It's not taxes but salaries.