I am constantly talking politics/economics with friends and family. In this specific case I am talking about the benefits of crypto-currencies as opposed to the U.S. dollar, and no matter what I said I could not convince him that these new currencies are more valuable. I mentioned all the benefits that I have read about and could not sway his opinion. Ultimately he said that he would stick with the dollar. Even though he saved dollars he was only thinking of them as a medium of exchange and not as an investment. "If I can buy the same goods with the same amount of money, does it matter which form of currency I use?" The benefits of an alternative currency were non-existent in his mind. I finally came to the conclusion that the trust he has in the U.S. Dollar is what makes it more valuable.
What would it take for the average person to lose their trust in the dollar?
Faith in the dollar should have been lost in 1973 and to some it was. The American educational system has failed miserably in financial planning and world currencies. Its a horrible investment alone. Unless its a silver dollar or youre trading oil. Inflation, or the buying power of it, provides no return. What a dollar bought ten years ago can no longer be obtained for the same amount. A dollar saved today will be worth less in the future for where it is needed. Taxes alone will never come down, only shifted at best.
Let's face it... We grew up thinking the Dollar was money... Until the dollar crashes, I think many will remain blind to the fact that it's just a Debt Note, Printed out of thin air... I'm into Common Coinage... Read some of my Blogs to find out why... @pocketechange
Coinage stated in the constitution is legal tender,dollar is worthless,i have this crazy thought when the dollar collapses the coinage will still be a medium of exchange
Actually, a Real Dollar is a weight of Silver... It comes under the Coinage Act of 1792... Look it up... Our paper is backed by nothing... I call them Debt Notes... We're on the same track thinking our Coinage will remain a medium of exchange after the Paper and Digital Fiat Dollars Crash... @pocketechange
Hyper inflation.
I have similar experiences with my family members, haven't tried friends yet. When I mention how the dollar under ticker DXY has lost $2 in 6 days they don't bat an eye it means literally nothing to them, they do not get that it means that the money they have now has less purchasing power than 6 days ago and this trend of decreasing value looks like it will continue, and may collapse all together unless it is protected by the plunge protection squad at all the big banks. I believe the only way the the average person will loose faith/trust in the dollar is when it is no longer the king of fiat currency. Only then will we see a massive panic as everything will increase in price so rapidly people will not know what to do and by then people will be so worried about feeding their families that the opportunity to invest and get ahead with crypto will be mostly gone, they will be playing catch up and kicking themselves for it, especially the ones that didn't listen to friends or relatives.
Exactly. Everything is so reactionary. The average person will not even consider it until after it is no longer an option.
Trust, or faith is the only thing that give value to every currency without a intrinsic value. That is also the case for crypto-currencies, by the way. A assumed value is not a true value.
The faith in a currency begins to fail, when the buying power of this currency decreases, especially if it decreases rapidly. That is called inflation or hyper-inflation. Once the faith into a currency begins to crumble, there is no way to restore it again. Only a new currency can get acceptance then.
Congratulations @crypto-g! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPIf you want to support the SteemitBoard project, your upvote for this notification is welcome!