Mar 29, 2020, 12:34 PM
—“Boomers hate crypto for some reason even though crypto still seems more real than printing infinity money.”—Avin Welleci
Fiat Currency or “Infinity” money (share-in-economy money) is a competitive necessity. We can’t survive in a world economy without it. And we certainly can’t insure one another against disasters without it.
Special Fiat Currency such as Food Stamp Money is extremely useful. There is no reason we don’t add ‘utility money, housing money’ as well.
Conversely, Crypto money (token money) is a means of saving.
And commodity money an even more fault tolerant means of saving – albeit a costly one.
They all have their roles.
I suspect it’s not occurring to you that the central issue is having one currency rather than multiple.
Fiat Housing < Fiat Utility < Fiat Food < Fiat General < Digital Savings < Gold(commodity money). There is too little gold to serve as commodity money. Oil is too variable for commodity money. It’s possible to crate a basket of commodity money, from all the precious metals.
My argument was that (a) crypto cannot serve as money substitute given current tech and costs of computing, (b) that self hosted crypto means the network is institutionally fragile (c) that a monolithic transaction system is faster, less fragile, and unassailable by the state. (d) the state will not tolerate the us of it for the reasons it was invented: drug money.
Don’t assume boomer means bias (I’m a jones generation by the way – between boomers and x’s – like bill gates, steve jobs) It might mean (as it does in this case) i know more than you do. ’cause I do. 😉