Comment on API error knocks PayPal, Venmo offline around the globe
JackbyDev@programming.dev 1 day agoCash 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?
shortwavesurfer@lemmy.zip 1 day 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 1 day 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 1 day 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.