Quote:
Originally Posted by tabs
Crypto is like a fiat currency..so you burned a lot of time and energy to come up with one so have I on this Board.
Govts so far have not perceived it as a threat as it has been so minuscule ...once they do..ohh well.
The real problem is TRUST...how long has Crypto been around? Who says it has value? Without Internet/cloud or electricity...wat the fk is Crypto???
Gold and Silver on the other hand has 5000+ years of history attached to it...people trust Gold and Silver as having value...it is built into the DNA.. I can hold it in my hand, it has weight and people have no problem recognizing it. I will trade you one Gold coin for your sister..
|
Hello, Tabdullah Numero Uno!
My memory is not what I remember it to be but here goes anyway.
Wasn’t it you who argued a few years back that S & G did
not have intrinsic value? I could be wrong, so no offense intended.
Also, after thinking about cryptocurrency, I was trying to figure out where my initial resistance to it being viable was. It is because of its intangibility. It simply doesn’t exist. So, IMO, it’s very difficult for it to somehow have value. I understand I use nonexistent money every day when I use my credit card, write a check or whatever. The card, nor the paper check, has any intrinsic value. What they represent, ie., the money in the accounts, really also doesn’t have any intrinsic value. They are merely pieces of paper. But even further, those pieces of paper (dollars) used to represent the value of gold. But now, since we are off the gold standard, even the gold doesn’t exist. A trillion dollars of newly printed dollars does not automatically and magically
create the corresponding pounds or tons of gold.
So my problem with crypto is that it is not one layer removed from gold, as is paper money, which is physical. Nor is it two layers removed from gold, such as a credit card, which is less physical, but crypto is actually THREE layers removed from gold and doesn’t even exist at all!
My house could burn down but the gold within it would still exist. My bank could go broke, but my gold still exists. If the interwebs is kaput my gold still exists.
This reluctance on my part may not be rational, but so what.? Nobody said I was sane to begin with.