U.S. traders are buying 'digital residency' in Palau to skirt restrictions on the amount of cryptocurrency they can withdraw and the exchanges they can use. Major exchanges have already banned the ID, fearing abuse.
Ah, okay. See, we are exactly the opposite in that case, because I have lost all faith in governments, and therefore have lost all faith in what they call money.
Edit: Tap the Publish button before I’m into.
You could give me a bunch of government fiat, and I would take it and turn it into crypto simply to have more crypto because there are still people who desire to have government fiat currency. And I am not one of them.
I understand the inflation argument, but what gives crypto any value other than a) a relative value which is based on fiat currency anyway and b) the faith of the userbase in it?
What gives any currency any value other than human belief in it? After all, when fiat currencies become valueless, we as humans end up back at gold, which has been in use for millennia.
I’m not saying that governments are the most trustworthy institutions in the world, but as someone who tried to be an early adopter of blockchain from both a tech and a financial perspective, I immediately assume that anything that has the word “crypto” in it is deeply flawed and inherently untrustworthy. I’ve unfortunately learned this from experience.
Ah, okay. See, we are exactly the opposite in that case, because I have lost all faith in governments, and therefore have lost all faith in what they call money.
Edit: Tap the Publish button before I’m into.
You could give me a bunch of government fiat, and I would take it and turn it into crypto simply to have more crypto because there are still people who desire to have government fiat currency. And I am not one of them.
I understand the inflation argument, but what gives crypto any value other than a) a relative value which is based on fiat currency anyway and b) the faith of the userbase in it?
What gives any currency any value other than human belief in it? After all, when fiat currencies become valueless, we as humans end up back at gold, which has been in use for millennia.
I’m not saying that governments are the most trustworthy institutions in the world, but as someone who tried to be an early adopter of blockchain from both a tech and a financial perspective, I immediately assume that anything that has the word “crypto” in it is deeply flawed and inherently untrustworthy. I’ve unfortunately learned this from experience.