that’s only true if you accept stablecoin as currency. Which many don’t because of this and than they can reverse it by forking the code. Alt headline: hackers steal code thought to be valuable by some.
thought to be valuable by some.
That is every currency
Not really. Currencies are genuinely valuable, in that they resolve non-discretionary liabilities.
You could say that those liabilities are made-up too, as well as the laws that produced them, or the authority of the lawmakers that penned the laws, or that words can be derived from the scribbles that pen produces, or the notion of words themselves…
But ultimately, you’ll confront the fact that the IRS demands payment in USD or they’ll throw you in prison.
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That’s a really reductionist take, I can pay taxes with the currency of my country of residence.
The best way I’ve found to explain crypto currency as someone who dabbled in mining and trading.
It’s like any other foreign currency. I don’t know what backs the British pound, I don’t know what people do with it, but I do know at any given day the pound vs the dollar fluctuates in price. Some people somewhere prefer the pound.
All that is true about most crypto currencies
The analogy isn’t strictly incorrect, it’s just misleading. The price of usd to btc has seen more fluctuation in the last 24 hours than gbp to usd has seen in the past year. Crypto isn’t a currency, it’s a speculative asset.
The fact that you don’t consider Zimbabwes dollarinos an actual currency doesn’t take away anything from the argument you replied to.
Honestly not sure what point you’re making. ZWD has been completely stable against USD for a long time. BTC fluctuated by 7 entire goddamn percent. The currency of Zimbabwe is more of a currency than literally any crypto.
A currency isn’t defined by being stable. Argentina, Venezuela, and Turkey have had crazy inflation recently, and what’s inflation if not high volatility in valuation? Argentina, for example, had 200% inflation or something last year, that’s nuts! It doesn’t make it any less of a currency.
I consider something a currency if it is primarily used as a medium of exchange. That is absolutely true for a number of cryptocurrencies. Stability of valuation vs some benchmark is irrelevant.
