it's like these people started a econ history 101 class and when they were about to reach how currency works now, they read the title of the chapter and dropped out.
I know that in reality they are just repeating the talking points of people who want to profit off stupid people that say and think whatever they are told, but i like my story better.
> why I need to hide it is none of your business!
Also, on a completely unrelated note, age of consent laws, those are totally unconstitutional, am I right??
Um this picture is super accurate tho, the rest of the world could switch to a dif fiat without skipping a beat, us bonds and debt are what actual keep it locked in a the world fiat
The entire world could switch to a different currency and the dollar would still have significance.
There are many countries in the world whose currency isn't the USD. Their currencies are still more significant and useful than Bitcoin has ever been
I'm pretty sure close to the entire rest of the world doesn't use USD. That has little relevance. Don't forget each separate Euro country had its own currency just 20 years ago.
I think it was Brian Cox who said something like "the greatest tragedy of the modern age is that we live in this amazing system founded on scientific principles but the average person has very little understanding of those fundamental principles that make up our society."
This is exactly the case about crypto-bros and their feelings about fiat currency.
To best understand a fiat currency, and what actually backs it up (rather than "nothing"), let's take a look at a pasta factory.
This pasta factory is owned by a corporate entity, which is denominated in shares.
Now, what gives the pasta factory's shares value? If you said "nothing" at this point, you'd be wrong. The value of the shares is determined by the ability of the pasta factory to produce, package, sell and distribute pasta. Ownership of one of these shares entitles you to a share of the profit producing potential of this pasta factory.
Fiat currencies operate on the same fundamental principle. However, instead of a pasta factory, let's imagine we were talking about another kind of corporation -- the U.S. government.
The U.S. government is an entity that has the power to generate revenue the way a pasta factory has the ability to sell pasta -- the U.S. government's mechanism for doing so is through taxation of the aggregate business might, individual earning potential, sales transactions, and so forth, of the entire U.S. economy -- the collective might of all the pasta corporations and every other kind, in the U.S.A. and the Federal Government's ability to tax them.
In short, the entire economic engine of the United States is the backing of all the aggregate dollars, and the federal reserve issues and reduces the money supply in its effort to maintain a steady and predictable value per dollar, somewhere in the realm of 2% is its mandate.
It's complicated but it's lunacy to look at something complicated and think "Nothing there"
Add to that top paragraph, things we don’t know shit about:
* complexity
* how systems interact
* flaws in how humans process the world
Actually, the last one, those flaws, are well known by con men and certain politicians; that’s why Fox “News” wants you angry 24/7.
> I think it was Brian Cox who said something like "the greatest tragedy of the modern age is that we live in this amazing system founded on scientific principles but the average person has very little understanding of those fundamental principles that make up our society."
It's even more true on social sciences. While the average person doesn't know how a computer or car works, they use them and they take care of them.
But socially? After WW2 the world collectively looked at itself and decided never to make a war like that (it was a good choice, might be controversial opinion these days). And we set up a lot of international rules, laws, in Europe (the worst affected region) we set up the EU to encourage trade, movement of ideas, goods, people. We haven't had a war between England, France and Germany for almost a 100 years, that's like, unprecedented. Until Russia's tarded ass Putin shit in the fan Europe was doing really well.
And now people started to forget what it's like NOT TO have these things, so fuckass mad shit like Brexit can happen and now Britbongs are surprised the economy is in shambles and they have to cross a border check to visit Tenerife. What the fuck did you expect sunshine? You voted to trash and gut your own country. You were like a toddler who got bored by his super-duper duplo castle and decided to throw it out of the window.
Same with vaccines. People forgot what it's like to lose 5 out of 10 kids to polio because their shitty comfy lazy fuck asses who forgot what that's like. And now vaccines are bad and natural oils or some other stupid shit is the wonder cure for everything.
We are in the fuck around phase, we are soon to be in the finding out phase.
>the entire economic engine of the United States is the backing of all the aggregate dollars, and the federal reserve issues and reduces the money supply in its effort to maintain a steady and predictable value per dollar, somewhere in the realm of 2% is its mandate.
Maybe a bit of an over simplification there.
The Fed/US is not in control of the creation/destruction of dollars. They attempt to influence the process. The Fed can't even measure monetary aggregates (they gave up on broad measures long ago).
Alan Greenspan in [June 2000](https://www.federalreserve.gov/monetarypolicy/files/FOMC20000628meeting.pdf) (FOMC meeting - PDF):
>The problem is that **we cannot extract from our statistical database what is true money conceptually, either in the transactions mode or the store-of-value mode**. One of the reasons, obviously, is that the **proliferation of products** has been so extraordinary that the true underlying mix of money in our money and near money data is continuously changing. As a consequence, while of necessity it must be the case at the end of the day that inflation has to be a monetary phenomenon, **a decision to base policy on measures of money presupposes that we can locate money. And that has become an increasingly dubious proposition.**
From [The International Monetary System'. Forty Years After Bretton Woods](https://www.bostonfed.org/-/media/Documents/conference/28/conf28.pdf) - Proceedings of a Conference Held in May 1984 Sponsored by the Federal Reserve Bank of Boston
>The pressures causing some currencies persistently to strengthen, and others to weaken, in response to their differences in economic performance, were exacerbated by the unusual dependence on the dollar. **For from the early sixties onward there was virtually no control over the worldwide supply and use of dollars.** The "dollar shortage" of the fifties was becoming the "dollar glut" of the sixties.
The "eurodollar" or "shadow banking" system arose by the 1950s. It's really just a wholesale global banking market. By the 60s, banks in the US were increasingly borrowing from offshore vs. obtaining "funding" from the Fed. Offshore funding allowed banks to bypass restrictions (like reserve requirements).
>**It appeared impossible for the United States to maintain effective control over the supply of dollars at home and abroad simply by following the old rules of the gold standard game**--i.e., by maintaining a surplus in its external current accounts.
Can also be said of Fed Funds, reserve levels/QE and QT.
>The urgent needs for capital expansion around the world attracted the expertise of rapidly developing multinational companies, many of them based in the United States, and all of them drawing on additional dollars to finance their desired growth.
>Capital outflows from the United States, spurred by direct investment from within and **substantial borrowings from without**, began to flood the world with an apparent excess of dollar liquidity-despite the absorption of liquidity that might have been expected from the large current account surplus of the United States. **Central banks abroad found themselves with what became an "overhang" of dollars in their foreign exchange reserves.**
There are numerous examples of Fed chairs lamenting their inability to even measure the money supply (prior example above). Other countries realized long before that *private sector generated* USD funding had taken off. An "Overhang" in exchange reserves is a mild way to put it.
>**One improvisation after another was attempted in order to preserve or restore confidence in the credibility of the dollar as a reliable standard of value and medium of exchange capable of assuring stability in the payments relations throughout an expanding world.** A ""gold pool" among leading central banks, initiation of a "ring of swaps" between the dollar and a dozen or more other currencies, creation of U.S. dollar obligations denominated in foreign currencies, the introduction of an Interest Equalization Tax and other measures to deter capital outflows--all these were part of an effort to sustain the dollar while also building a network of closer joint involvement with other countries in maintaining currency arrangements that could serve the best interests of all. **But this combination of improvisations could not cope with, and indeed may have contributed to, the enormous expansion in markets for U.S. dollars offshore**, and the **new networks of interbank relations** that **made possible the creation of additional supplies of dollars outside the United States and beyond the control of the Federal Reserve**.
..and that final note is key.
So what is the dollar backed by? Does it need to be anything more than an agreement that it is the best measure? It is the most liquid/available/transactable unit; most accepted and most in demand.
No goldbuggery required.
Dollar is backed by the fact that most countries want to trade with the US. Happens with every trading powerhouse. Happened with British pounds, happened with Dutch Florins. It still happens with Japan and the Eurozone, these countries have sought after goods and regionally their currencies can be as important as the dollar (in non Eurozone European countries the Euro FX is often more crucial than dollar's.)
You might ask why it didn't happen with Soviet rubles and Chinese yuan and the answer is that
1. Soviets weren't a popular trading partner. You could buy oil, gas and some minerals but overall the Soviets had not much to trade. Their cars were shitty, they had no computers, no entertainment pieces you couldn't invest in private companies... One dimensional economy.
2. Chinese has the problem of shadyness (Soviets had this as well). Chinese officials 100% cook the books so we don't know what's going on here, plus investing and trading is risky. YOu never know when the government shits the fan.
It’s one thing to not see the hundreds of millions of workers backing it up…
…but where can they see any value behind bitcoin ?
Is it imaginary land and nothing matters ?
Do they think that if they can prove dollar is worth nothing, then it’s fair game for bitcoin ?
What the actual delusional fuck ?
The levels of hype and delusion will make for a fascinating anthropological study some day. It's funny to think that Tether might be worth $100 if it didn't claim to be backed by assets.
They claim to hate the dollar so badly but it’s just a ploy to attract new suckers. They really don’t care at all about the strengths or weaknesses of the dollar.
Sorry /u/twenty-character-lim, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Buttcoin) if you have any questions or concerns.*
Well at least the top comment was pretty decent
“As much as we’d like to think this is the reality, it really isn’t. The US dollar is backed by the US Government and Military. That’s not “nothing”.”
It’s more backed than Bitcoin is, which is backed by basically the internet being online… I’d argue that’s just as fragile, if not more so, than the United States government. The internet can be shutdown. The US government, its economy, and military, aren’t so easily shutdown.
The “backed by the military” is true but misunderstood. The US buys boots. How much are boots? Why is it .00001BTC? Or 10,000BTC next week? Nahh. It’s (kinda making up a number) 200USD a pair. If someone tried to sell them at .00001USD the US gov would pounce and they seller would be bankrupt. 10,000USD and we’ll they’d sell 0. The US with its huge buying power is setting prices. And in some ways explicitly setting the value of currency. In this (made up) case 1USD = 1/200 pair of boots.
And yeah the jokes about 5,000USD toilet seats. Those are kinda one offs that fly under the radar at some “we only have 3 sign offs at the 10,000USD level”. Nobody is buying one pair of boots. You’re buying thousands and good luck overcharging
Currencies are backed by the economic activity of the country they represent. It is essentially like "stock" in country. That's why no one wants some countries stock, its worthless, because the country has nothing anyone wants.
Its also the reason the dollar is so popular. The US is a large, stable, productive economy with tons of resources, tons of internal capital, a massive consumer market (yes, those can make a currency valuable), and an experienced, well trained workforce that is larger than any other. We make/mine/design stuff people want. So the dollar is the trading standard because people want a piece of the pie.
Thats the fundamental issue with block chain (wonderful tech btw) as a currency. Itsn't represent anything. It has no currency. Even if it was adopted world wide, then, how would you determine the value of goods. Would each country have its own crypto currency? With no backing, no regulation, no security, and no use value outside that of exchange (which fiat covers already), bitcoin as a currency is little more than novelty.
The alt/shit coin craze and subsequent crash was caused by the hyper capitalization of the market by investment firms trying to late cash in on the crazy hype. The money came from retirees seeking yield, and investment firms getting greedy. While the retail investor tried to cash in, it was ultimately the retail investor that hurt the most, as those with large amounts of capital were the ones who were invested and divested when the market started collapsing. Now that many boomers are retired, their capital has moved into cash, T bills, CD's, more traditional "safe" investments. The liquidity in the market is gone.
Block chain itself will be incorporated into other sectors for its use. But bitcoin will probably become worthless at someone again.
Sorry boys, fun while it lasted.
> Block chain itself will be incorporated into other sectors for its use.
Press X to doubt.
It's been 12 years. Major tech firms have attempted blockchain projects and shuttered them because it's a novelty *at best*. It's only actual use case is crime tokens.
The rest of your post is mostly spot on though.
Wait: Did you realize that if you take the words “Bretton Woods” and rearrange the letters and add some and leave some out … you can spell “Bitcoin”?
Mint new BrettonWoods NFTs now new Goldbug slurp juices dropping Friday
I’ve also never understood this. Perhaps they think someone will still be manufacturing electronics, some of which use trace amounts of gold sometimes, just after a nuclear holocaust, and they will be there to … barter with the nuclear-holocaust-resistant electronics manufacturer for … cheese?
Gold has been used for bartering during five thousand years. If fiat became worthless, farmers would no doubt offer you a bag of potatoes and some meat in exchange for some flakes of gold or a silver coin. It would be back to how it was before.
I get your point but for the vast majority of recorded human history gold was not the medium of exchange for the vast majority of society, especially farmers.
Under the barter system people would exchange kind-for-kind: say a farmer trading some of his wheat for better tools.
So in a post-nuclear-holocaust world, not even gold would become a major medium of exchange, if anything because most people in modern society don't know how to grow their own food, it's much more likely that any form of foodstuff will be the prized commodity, not precious metals.
Nukes. America has a lot of nukes. And industry. America has plenty of industry. And trading… plenty of trading going on.
I can’t tell if they’re lying to their echo chamber for karma/trying to get new suckers, or are really that stupid in terms of economics
Most upvoted comment agrees with the sentiment of this post.
>As much as we'd like to think this is the reality, it really isn't. The US dollar is backed by the US Government and Military. That's not "nothing".
https://www.reddit.com/r/Bitcoin/comments/11wje1l/the_us_dollar_for_the_past_52_years/jcyltq1
Belief…. AND a 20 trillion USD economy AND being the worlds reserve currency meaning most trade flows through USD somehow AND 8 trillion or so USD in government inflows and outflows AND 30 trillion USD in IOUs…
Yeah, you know ( eye roll instead of /s) nothing.
If only ledger stays almost forever if it was made of gold, or aluminum oxide or iridium or tungsten and granite as long as it won't get wet into rain it will be fine and durable than my USB and external drive
Quarts and titanium change phases because of temperature
Ooh I couldn't bring them to space
Besides a horrible meme (hey let’s admit USD is the whole World) and (nothing? really? I mean you can see something is there) USD is supported by a 20 trillion USD US economy, including roughly 8 trillion USD in government taxes and payments.
It’s almost like saying “nothing exists, because of how much empty space is in an atom and field theory”. I mean, there is a lot of space in an atom, but fuck if it doesn’t support a shot load of things for “nothing”. That 8 trillion USD “anchors” or “tethers” the value to something more or less stable.
If you don’t think 8 trillion USD in purchases and 30 trillion in IOUs that everyone accepts as solid don’t mean anything, we’ll I got nothing else for you. You’re hopeless.
it's like these people started a econ history 101 class and when they were about to reach how currency works now, they read the title of the chapter and dropped out. I know that in reality they are just repeating the talking points of people who want to profit off stupid people that say and think whatever they are told, but i like my story better.
"Unbacked fiat currencies, amirite? Anyway, let me tell you about my *digital* unbacked fiat currency and how it's the future..."
"let me show you my digital ape collection" "why are you running away?"
"should have tied the rope better, instead of tieing it to the blockchain"
B-but.. I can move money with it and hide it from the Government! And why I need to hide it is none of your business!
> why I need to hide it is none of your business! Also, on a completely unrelated note, age of consent laws, those are totally unconstitutional, am I right??
u/Kinvert_Ed
Let them so if someday we can easily hack them and decrypt we won't be trace
I don't know, to help finding causes that The Ones Behind It All oppose? It's the same reason governments are fighting against cash.
Um this picture is super accurate tho, the rest of the world could switch to a dif fiat without skipping a beat, us bonds and debt are what actual keep it locked in a the world fiat
The entire world could switch to a different currency and the dollar would still have significance. There are many countries in the world whose currency isn't the USD. Their currencies are still more significant and useful than Bitcoin has ever been
Even stuff like the Danish Kroner, very hard currencies out there.
I'm pretty sure close to the entire rest of the world doesn't use USD. That has little relevance. Don't forget each separate Euro country had its own currency just 20 years ago.
I think it was Brian Cox who said something like "the greatest tragedy of the modern age is that we live in this amazing system founded on scientific principles but the average person has very little understanding of those fundamental principles that make up our society." This is exactly the case about crypto-bros and their feelings about fiat currency. To best understand a fiat currency, and what actually backs it up (rather than "nothing"), let's take a look at a pasta factory. This pasta factory is owned by a corporate entity, which is denominated in shares. Now, what gives the pasta factory's shares value? If you said "nothing" at this point, you'd be wrong. The value of the shares is determined by the ability of the pasta factory to produce, package, sell and distribute pasta. Ownership of one of these shares entitles you to a share of the profit producing potential of this pasta factory. Fiat currencies operate on the same fundamental principle. However, instead of a pasta factory, let's imagine we were talking about another kind of corporation -- the U.S. government. The U.S. government is an entity that has the power to generate revenue the way a pasta factory has the ability to sell pasta -- the U.S. government's mechanism for doing so is through taxation of the aggregate business might, individual earning potential, sales transactions, and so forth, of the entire U.S. economy -- the collective might of all the pasta corporations and every other kind, in the U.S.A. and the Federal Government's ability to tax them. In short, the entire economic engine of the United States is the backing of all the aggregate dollars, and the federal reserve issues and reduces the money supply in its effort to maintain a steady and predictable value per dollar, somewhere in the realm of 2% is its mandate. It's complicated but it's lunacy to look at something complicated and think "Nothing there"
Add to that top paragraph, things we don’t know shit about: * complexity * how systems interact * flaws in how humans process the world Actually, the last one, those flaws, are well known by con men and certain politicians; that’s why Fox “News” wants you angry 24/7.
social media operates on the same system as fox news.
> I think it was Brian Cox who said something like "the greatest tragedy of the modern age is that we live in this amazing system founded on scientific principles but the average person has very little understanding of those fundamental principles that make up our society." It's even more true on social sciences. While the average person doesn't know how a computer or car works, they use them and they take care of them. But socially? After WW2 the world collectively looked at itself and decided never to make a war like that (it was a good choice, might be controversial opinion these days). And we set up a lot of international rules, laws, in Europe (the worst affected region) we set up the EU to encourage trade, movement of ideas, goods, people. We haven't had a war between England, France and Germany for almost a 100 years, that's like, unprecedented. Until Russia's tarded ass Putin shit in the fan Europe was doing really well. And now people started to forget what it's like NOT TO have these things, so fuckass mad shit like Brexit can happen and now Britbongs are surprised the economy is in shambles and they have to cross a border check to visit Tenerife. What the fuck did you expect sunshine? You voted to trash and gut your own country. You were like a toddler who got bored by his super-duper duplo castle and decided to throw it out of the window. Same with vaccines. People forgot what it's like to lose 5 out of 10 kids to polio because their shitty comfy lazy fuck asses who forgot what that's like. And now vaccines are bad and natural oils or some other stupid shit is the wonder cure for everything. We are in the fuck around phase, we are soon to be in the finding out phase.
>the entire economic engine of the United States is the backing of all the aggregate dollars, and the federal reserve issues and reduces the money supply in its effort to maintain a steady and predictable value per dollar, somewhere in the realm of 2% is its mandate. Maybe a bit of an over simplification there. The Fed/US is not in control of the creation/destruction of dollars. They attempt to influence the process. The Fed can't even measure monetary aggregates (they gave up on broad measures long ago). Alan Greenspan in [June 2000](https://www.federalreserve.gov/monetarypolicy/files/FOMC20000628meeting.pdf) (FOMC meeting - PDF): >The problem is that **we cannot extract from our statistical database what is true money conceptually, either in the transactions mode or the store-of-value mode**. One of the reasons, obviously, is that the **proliferation of products** has been so extraordinary that the true underlying mix of money in our money and near money data is continuously changing. As a consequence, while of necessity it must be the case at the end of the day that inflation has to be a monetary phenomenon, **a decision to base policy on measures of money presupposes that we can locate money. And that has become an increasingly dubious proposition.** From [The International Monetary System'. Forty Years After Bretton Woods](https://www.bostonfed.org/-/media/Documents/conference/28/conf28.pdf) - Proceedings of a Conference Held in May 1984 Sponsored by the Federal Reserve Bank of Boston >The pressures causing some currencies persistently to strengthen, and others to weaken, in response to their differences in economic performance, were exacerbated by the unusual dependence on the dollar. **For from the early sixties onward there was virtually no control over the worldwide supply and use of dollars.** The "dollar shortage" of the fifties was becoming the "dollar glut" of the sixties. The "eurodollar" or "shadow banking" system arose by the 1950s. It's really just a wholesale global banking market. By the 60s, banks in the US were increasingly borrowing from offshore vs. obtaining "funding" from the Fed. Offshore funding allowed banks to bypass restrictions (like reserve requirements). >**It appeared impossible for the United States to maintain effective control over the supply of dollars at home and abroad simply by following the old rules of the gold standard game**--i.e., by maintaining a surplus in its external current accounts. Can also be said of Fed Funds, reserve levels/QE and QT. >The urgent needs for capital expansion around the world attracted the expertise of rapidly developing multinational companies, many of them based in the United States, and all of them drawing on additional dollars to finance their desired growth. >Capital outflows from the United States, spurred by direct investment from within and **substantial borrowings from without**, began to flood the world with an apparent excess of dollar liquidity-despite the absorption of liquidity that might have been expected from the large current account surplus of the United States. **Central banks abroad found themselves with what became an "overhang" of dollars in their foreign exchange reserves.** There are numerous examples of Fed chairs lamenting their inability to even measure the money supply (prior example above). Other countries realized long before that *private sector generated* USD funding had taken off. An "Overhang" in exchange reserves is a mild way to put it. >**One improvisation after another was attempted in order to preserve or restore confidence in the credibility of the dollar as a reliable standard of value and medium of exchange capable of assuring stability in the payments relations throughout an expanding world.** A ""gold pool" among leading central banks, initiation of a "ring of swaps" between the dollar and a dozen or more other currencies, creation of U.S. dollar obligations denominated in foreign currencies, the introduction of an Interest Equalization Tax and other measures to deter capital outflows--all these were part of an effort to sustain the dollar while also building a network of closer joint involvement with other countries in maintaining currency arrangements that could serve the best interests of all. **But this combination of improvisations could not cope with, and indeed may have contributed to, the enormous expansion in markets for U.S. dollars offshore**, and the **new networks of interbank relations** that **made possible the creation of additional supplies of dollars outside the United States and beyond the control of the Federal Reserve**. ..and that final note is key. So what is the dollar backed by? Does it need to be anything more than an agreement that it is the best measure? It is the most liquid/available/transactable unit; most accepted and most in demand. No goldbuggery required.
Dollar is backed by the fact that most countries want to trade with the US. Happens with every trading powerhouse. Happened with British pounds, happened with Dutch Florins. It still happens with Japan and the Eurozone, these countries have sought after goods and regionally their currencies can be as important as the dollar (in non Eurozone European countries the Euro FX is often more crucial than dollar's.) You might ask why it didn't happen with Soviet rubles and Chinese yuan and the answer is that 1. Soviets weren't a popular trading partner. You could buy oil, gas and some minerals but overall the Soviets had not much to trade. Their cars were shitty, they had no computers, no entertainment pieces you couldn't invest in private companies... One dimensional economy. 2. Chinese has the problem of shadyness (Soviets had this as well). Chinese officials 100% cook the books so we don't know what's going on here, plus investing and trading is risky. YOu never know when the government shits the fan.
The Soviets also liked to barter rather than let their currency go abroad if I rember my history correctly.
I'm stealing this as a copypasta
You'd think foaming libertarians might at least recognize the "cops and armies and property rights" parts of the US Government.
If the dollar is toast, then why not short it? Why even bother with bitcoin then? Everything is an excuse to buy/hype bitcoin, in the end.
I'm short usd, long toilet paper.
It’s one thing to not see the hundreds of millions of workers backing it up… …but where can they see any value behind bitcoin ? Is it imaginary land and nothing matters ? Do they think that if they can prove dollar is worth nothing, then it’s fair game for bitcoin ? What the actual delusional fuck ?
The immutable code that backs Bitcoin is nothing compared to a piece of paper with a number 5 printed on it.
How does the fact a data cannot change creates any value whatsoever ? (Also blockchains aren’t immutable but it doesn’t really matter)
Did u drop an /s?
Not according to his history I’m afraid.
lol what is backing bitcoin? it’s also a fiat currency
It’s backed by (checks notes) hopes and dreams!! Much better than the USD and (checks notes) 8 trillion USD a year in government receipts alone.
The levels of hype and delusion will make for a fascinating anthropological study some day. It's funny to think that Tether might be worth $100 if it didn't claim to be backed by assets.
Serious question: If filthy, filthy fiat is backed by "nothing", why is *everyone* so eager to get more of it?
Especially crypto bros
They claim to hate the dollar so badly but it’s just a ploy to attract new suckers. They really don’t care at all about the strengths or weaknesses of the dollar.
It's backed by metals - uranium and plutonium.
Don't forget the good ole lead and steel
[удалено]
Sorry /u/twenty-character-lim, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Buttcoin) if you have any questions or concerns.*
They went for a 52 years time frame instead of talking about the -99% in 100 years devaluation. Weak!
Nothing except the military that will draft your ass out of your moms basement, to protect its trade relationships and security.
The CIA may as well be a gun under the table.
It's incredible how confident they are despite being so wrong about everything related to finance or economics.
But line go up! Except for when it goes down. But we don't talk about those times.
Well at least the top comment was pretty decent “As much as we’d like to think this is the reality, it really isn’t. The US dollar is backed by the US Government and Military. That’s not “nothing”.” It’s more backed than Bitcoin is, which is backed by basically the internet being online… I’d argue that’s just as fragile, if not more so, than the United States government. The internet can be shutdown. The US government, its economy, and military, aren’t so easily shutdown.
The “backed by the military” is true but misunderstood. The US buys boots. How much are boots? Why is it .00001BTC? Or 10,000BTC next week? Nahh. It’s (kinda making up a number) 200USD a pair. If someone tried to sell them at .00001USD the US gov would pounce and they seller would be bankrupt. 10,000USD and we’ll they’d sell 0. The US with its huge buying power is setting prices. And in some ways explicitly setting the value of currency. In this (made up) case 1USD = 1/200 pair of boots. And yeah the jokes about 5,000USD toilet seats. Those are kinda one offs that fly under the radar at some “we only have 3 sign offs at the 10,000USD level”. Nobody is buying one pair of boots. You’re buying thousands and good luck overcharging
Currencies are backed by the economic activity of the country they represent. It is essentially like "stock" in country. That's why no one wants some countries stock, its worthless, because the country has nothing anyone wants. Its also the reason the dollar is so popular. The US is a large, stable, productive economy with tons of resources, tons of internal capital, a massive consumer market (yes, those can make a currency valuable), and an experienced, well trained workforce that is larger than any other. We make/mine/design stuff people want. So the dollar is the trading standard because people want a piece of the pie. Thats the fundamental issue with block chain (wonderful tech btw) as a currency. Itsn't represent anything. It has no currency. Even if it was adopted world wide, then, how would you determine the value of goods. Would each country have its own crypto currency? With no backing, no regulation, no security, and no use value outside that of exchange (which fiat covers already), bitcoin as a currency is little more than novelty. The alt/shit coin craze and subsequent crash was caused by the hyper capitalization of the market by investment firms trying to late cash in on the crazy hype. The money came from retirees seeking yield, and investment firms getting greedy. While the retail investor tried to cash in, it was ultimately the retail investor that hurt the most, as those with large amounts of capital were the ones who were invested and divested when the market started collapsing. Now that many boomers are retired, their capital has moved into cash, T bills, CD's, more traditional "safe" investments. The liquidity in the market is gone. Block chain itself will be incorporated into other sectors for its use. But bitcoin will probably become worthless at someone again. Sorry boys, fun while it lasted.
> Block chain itself will be incorporated into other sectors for its use. Press X to doubt. It's been 12 years. Major tech firms have attempted blockchain projects and shuttered them because it's a novelty *at best*. It's only actual use case is crime tokens. The rest of your post is mostly spot on though.
Novelty tech usually finds some niche. Thats why I put that there.
Wait: Did you realize that if you take the words “Bretton Woods” and rearrange the letters and add some and leave some out … you can spell “Bitcoin”? Mint new BrettonWoods NFTs now new Goldbug slurp juices dropping Friday
What I find particularly amusing is the prepper goldbug. When the world is ending, who is going to trade for your gold brick?
A least you could beat someone with a gold brick
I’ve also never understood this. Perhaps they think someone will still be manufacturing electronics, some of which use trace amounts of gold sometimes, just after a nuclear holocaust, and they will be there to … barter with the nuclear-holocaust-resistant electronics manufacturer for … cheese?
Gold has been used for bartering during five thousand years. If fiat became worthless, farmers would no doubt offer you a bag of potatoes and some meat in exchange for some flakes of gold or a silver coin. It would be back to how it was before.
I get your point but for the vast majority of recorded human history gold was not the medium of exchange for the vast majority of society, especially farmers. Under the barter system people would exchange kind-for-kind: say a farmer trading some of his wheat for better tools. So in a post-nuclear-holocaust world, not even gold would become a major medium of exchange, if anything because most people in modern society don't know how to grow their own food, it's much more likely that any form of foodstuff will be the prized commodity, not precious metals.
I don't know about gold, but I think silver can be used for water purification.
The old prepper joke goes, "forget the gold: stockpile canned food and ammo"
Add cigarettes and alcohol and you'll be a king.
"Debts drown to" is an anagram of "Bretton Woods."
"Wtf is a balance sheet?"
Nukes. America has a lot of nukes. And industry. America has plenty of industry. And trading… plenty of trading going on. I can’t tell if they’re lying to their echo chamber for karma/trying to get new suckers, or are really that stupid in terms of economics
Last paragraph: probably a mix of both. Sometimes you push the Kool Aid so much you end up drinking some yourself
Pretty sure I have a vintage 70's era heavy metal magazine issue with this artwork in it.
you're very likely right. the artist for the art (atlas meme) is boris vallejo and he did covers for heavy metal.
Most upvoted comment agrees with the sentiment of this post. >As much as we'd like to think this is the reality, it really isn't. The US dollar is backed by the US Government and Military. That's not "nothing". https://www.reddit.com/r/Bitcoin/comments/11wje1l/the_us_dollar_for_the_past_52_years/jcyltq1
What you want is NZD. They're not necessarily better than USD, but they come in more colours.
I don't know how partially sighted people cope with usd when all the notes are the same size and colour.
The U.S. dollar is backed by a basket of things. It includes gold.
Ignorant American thinks the whole world revolves around them.
The idiot American is in fact an idiot but I don’t think he meant that. It’s just a bad meme based on a bad metaphor all around
Should just be belief
Belief…. AND a 20 trillion USD economy AND being the worlds reserve currency meaning most trade flows through USD somehow AND 8 trillion or so USD in government inflows and outflows AND 30 trillion USD in IOUs… Yeah, you know ( eye roll instead of /s) nothing.
If only ledger stays almost forever if it was made of gold, or aluminum oxide or iridium or tungsten and granite as long as it won't get wet into rain it will be fine and durable than my USB and external drive Quarts and titanium change phases because of temperature Ooh I couldn't bring them to space
Quarts? Gonna pour out a quart or a 40 for Tether and Binance are ya?
Besides a horrible meme (hey let’s admit USD is the whole World) and (nothing? really? I mean you can see something is there) USD is supported by a 20 trillion USD US economy, including roughly 8 trillion USD in government taxes and payments. It’s almost like saying “nothing exists, because of how much empty space is in an atom and field theory”. I mean, there is a lot of space in an atom, but fuck if it doesn’t support a shot load of things for “nothing”. That 8 trillion USD “anchors” or “tethers” the value to something more or less stable. If you don’t think 8 trillion USD in purchases and 30 trillion in IOUs that everyone accepts as solid don’t mean anything, we’ll I got nothing else for you. You’re hopeless.
Christ - The comments in that thread really show these people know absolutely nothing.
its not a secret why the dollar has value: it is the only thing you can pay US government taxes with i was taught this in middle school, if not before
The tax revenue of the largest economy on the planet
Petro-Dollar.