Blockchain is Dangerous Nonsense

[SunTrader]

That was before government-backed currencies were introduced and adopted. What era are you living in?

I said relics of the past, but it doesn't matter the era. ALL money, now and forever, is based on belief.

 

[Frederick Foresight]

ALL money, now and forever, is based on belief.

Belief in the issuer. Because it is backed by the faith and credit of the issuer. You cannot overlook that part.

Crypto is backed by...what? Crypto bros?

 

[Tokenz]

I will leave the sugarcoating to the professionals.

Don't smile at me, there's no sugar in my diet

 

[Frederick Foresight]

Don't smile at me, there's no sugar in my diet

 

[murray t turtle]

That is exactly the point.
Millions do believe. And that is all it takes.

It is only once "they" collectively stop believing that it is no longer money......

Such as rocks and shells and other assorted relics of the past.

%%
LOL Bernie Madoff had ''a good run'' unquote , sorry, but more to it, than just right or wrong belief.
What's a Madoff fund worth even if some quote '' believers '' unquote still value it highly?? .Nor does B Madoff ruin Nasdaq, or capital markets just because he worked there .
Its no skin off my teeth when those invest in frauds;
or pay an unusual amount of US dollars for coins, shells , +relics of the past. It' s a free country.
I see your points , because liquidity on a B Madoff funds statement could be a problem .

 

[engineering]

It's hilarious to watch people act as if a non-productive asset is going to change everything and those of us who invest in companies that actually do things are fools.

Even if Bitcoiners wildest dreams come true, it will reach a steady-state market saturation. At that point it can grow no faster than productive markets.

positive mindset :
Short Blockchain technology as it is useless/worthless

Shorting only makes sense if you know for sure WHEN it will crash.

 

[SunTrader]

Belief in the issuer. Because it is backed by the faith and credit of the issuer. You cannot overlook that part.

Crypto is backed by...what? Crypto bros?

No. As always belief in someone else's same belief of the value of that money when they intend to use it in a transaction.

Of course people feel warm and fuzzy if their gubmint backs the money.

But all we need to do is look at Zimbabwe or Argentina, even Turkey, as people using the money their own gubmint issues but having very little faith in it holding its purchasing power very long. Black currency markets exist because lack of belief in the local currency.

Another reason why gubmint issued money holds up, for the most part, is the monopoly they have and most especially that they strongly enforce.

That's changing. Nations will try to resist the change, futility IMO.

 

[Frederick Foresight]

But all we need to do is look at Zimbabwe or Argentina, even Turkey, as people using the money their own gubmint issues but having very little faith in it holding its purchasing power very long.

Not all economies are created equal. The currency is only as good as the government backing it.

NOTHING backs crypto other than hopes and dreams. There is nothing THERE.

 

[SunTrader]

Not all economies are created equal. The currency is only as good as the government backing it.

NOTHING backs crypto other than hopes and dreams. There is nothing THERE.

That is what you believe. Nothing wrong with that.

In the same vein nothing wrong with others believing differently, right? We're not AI robots ....... yet.

But spinning it back to the topic title, what is so dangerous others having a different belief?

 

[Frederick Foresight]

That is what you believe. Nothing wrong with that.

In the same vein nothing wrong with others believing differently, right? We're not AI robots ....... yet.

But spinning it back to the topic title, what is so dangerous others having a different belief?

About government-backed currencies vs crypto?

Yes, can believe in different things. One of those things is false equivalency.