Aficionados always tell me that the important thing about it is that it isn't a fiat currency subject to inflation at the whim of the government. But it seems to me that if this were really the selling point, the price of bread in bitcoin should be constant.
Geez, Oren. I hate it when I have to agree with you. Look at the structure of any crypto currency, its value is completely determined in the moment by what the next buyer is willing to pay. There are no underlying fundamentals like cash flow or book value. That’s the very definition of a Ponzi Scheme or multi-level marketing, both of which are scams.
There is a degree of multi or duplicative regulation of the banking industry. Nonetheless, since the Great Depression, the banking industry has held up very well including the Great Recession and the collapse of SVB. The Crypto industry is hardly regulated and if it is allowed to pay interest, I think we will see a return to Andrew Jackson. If they pay interest and lend money, who will oversee credit quality?
Greed and corruption are the forces behind the political support for cryptocurrency. What is needed is a national real-time payment system for the U.S. dollar. No one would be taking stable-coins seriously if a “no fee” real-time payment system for the U.S. dollar was available. No fee means the merchants would not pay a fee or any percentage of the transaction for using the system.
Like transporting products over the national interstate highway system without paying a toll, America needs a payments highway that connects all buyers and sellers in real-time. Like cash, but cash that is deposited directly into the sellers account in real-time 7/24/365
Aficionados always tell me that the important thing about it is that it isn't a fiat currency subject to inflation at the whim of the government. But it seems to me that if this were really the selling point, the price of bread in bitcoin should be constant.
I have had that argument too
To convince me, it would have to be redeemable for something real.
Geez, Oren. I hate it when I have to agree with you. Look at the structure of any crypto currency, its value is completely determined in the moment by what the next buyer is willing to pay. There are no underlying fundamentals like cash flow or book value. That’s the very definition of a Ponzi Scheme or multi-level marketing, both of which are scams.
There is a degree of multi or duplicative regulation of the banking industry. Nonetheless, since the Great Depression, the banking industry has held up very well including the Great Recession and the collapse of SVB. The Crypto industry is hardly regulated and if it is allowed to pay interest, I think we will see a return to Andrew Jackson. If they pay interest and lend money, who will oversee credit quality?
Greed and corruption are the forces behind the political support for cryptocurrency. What is needed is a national real-time payment system for the U.S. dollar. No one would be taking stable-coins seriously if a “no fee” real-time payment system for the U.S. dollar was available. No fee means the merchants would not pay a fee or any percentage of the transaction for using the system.
Like transporting products over the national interstate highway system without paying a toll, America needs a payments highway that connects all buyers and sellers in real-time. Like cash, but cash that is deposited directly into the sellers account in real-time 7/24/365
For example see The MAFIA paradigm:
https://www.amazon.com/MAFIA-paradigm-America-Financially-Independent/dp/B0FSZ2QMKV
The MAFIA paradigm exposes the crypto lies and reveals the path forward for the USA 🇺🇸