Cash still loses value at the whim of the central bank
You don’t believe that an unregulated and anonymous money like crypto doesn’t have its price manipulated?
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shortwavesurfer@lemmy.zip 4 weeks agoCash still loses value at the whim of the central bank and therefore is good in that it cannot be confiscated electronically but bad in that it can be confiscated quite well through inflation. Sure, you absolutely may have the same amount of notes in your pocket, but those notes buy less and less over time.
JackbyDev@programming.dev 4 weeks ago
shortwavesurfer@lemmy.zip 4 weeks ago
True, but the market decides what it’s ultimately worth. For example, Monero, on the 365-day moving average, is worth $152.31. And it fluctuates within about 6% of that level, almost always.
JackbyDev@programming.dev 4 weeks ago
It’s weird to me that you believe the market ultimately decides what crypto is worth while acknowledging manipulation happens, but don’t believe the market ultimately decides what the US dollar is worth while acknowledging the fed controls the rate of inflation.
shortwavesurfer@lemmy.zip 4 weeks ago
I guess what I’m meaning is that American citizens are basically forced into using the US dollar. If you go to the grocery store in Atlanta, Georgia, you cannot use euros to buy your groceries. And so you just have to put up with whatever the grocery store says it’s worth. The forex markets such as the euro dollar market or the yin dollar market or the yuan dollar market set the actual value of the dollar, but the Fed does have control with inflation.
corsicanguppy@lemmy.ca 4 weeks ago
- Not sure the point
- Not sure the relevance
- Not sure the timing.
Its like a kid on the transit bus talking about dinosaurs.
possiblylinux127@lemmy.zip 4 weeks ago
That’s interesting criticism coming from someone recommending crypto
shortwavesurfer@lemmy.zip 4 weeks ago
I don’t see how considering that Monero, which is actually used by people as money, has a supply inflation of less than two percent. And if I remember correctly, Bitcoin also has a supply inflation of less than two percent. Other cryptos are not money. They are either utility tokens to be used for a specific purpose or complete and utter degenerate scams such as meme coins.
deltapi@lemmy.world 4 weeks ago
I don’t agree. My raw ETH holds up pretty well as money.
shortwavesurfer@lemmy.zip 4 weeks ago
Do people price items in ETH or is it just a utility token for the Ethereum network? Because it seems more like the latter rather than the former. Like, will somebody sell you a toaster priced in ETH? Because I will sell you a toaster priced in Monero today. xmrbazaar.com/listing/ivSz/