so is crypto, and it's the nsa's invention. as said in the article, only gold and silver are money (or really whatever people decide it is, precious metals have been used for obvious reasons.) when the state has a monopoly on money issuance, the state will corrupt it, because power corrupts doesn't it?
lord acton also said the issue which will come down through the ages and which will eventually be fought over is the people versus the banks. wise man. tick-tock.
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I agree that crypto is money that is being produced from virtual space. But it is at least required some type of work to prove that currency. For fiat, you don't need anything but printing machine and agreement that it is worth something. And that being said crypto is decentralized while fiat is central.
yes, via the nsa:
http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
well i did not exclude the possibility that some powefull bankers might "stay" behind whole crypto project, but still it does not change a fact that crypto has better and more relevant backup than fiat.
no it's not, they're both bogus.
a sound money system is where i can take whatever token is issued (paper, coin, digital, whatever) to the money warehouse and exchange it for silver or gold. this is its guarantee, its backup that it is worth something universally recognised as valuable.
while we are in agreement that fiat dollars, euros, pounds, yen etc. fail this test (though they didn't use to - a 'pound sterling' used to be able to be ex changed for a pound of sterling silver at the bank of england, and there used to be gold and silver dollar certificates as well,) it is also true that all current cryptocurrencies also fail this vital test. they are backed up by nothing but trust + belief, making them inherently worthless.
that won't stop the rulers using them as future digital cash so they can completely control the economy and therefore mankind though.
A valid point
In crypto space at least some kind of energy is put into it, for example bitcoin is "spending" electircity - POW, we on steemit are using our intellect to make a difference(Proof of Brain). So as far as im consirned crypto has back up, at least stroner than the fiat currency. Thans for the time boyz! :)
Hey now the dollar is backed by something..... The Federal Reserve
The dollar is backed up by brute force.