Tell me more about these trustworthy governments that can be held accountable…
Can you point to the trustworthy government in this article?
… Is the trustworthy government in the room with us right now?
Comment on US passes Genius Act, first major national crypto legislation
knightly@pawb.social 4 days agoBoth, but currencies are dependent on the trustworthiness of a government that can at least theoretically be held accountable by its citizenry, while crypto is dependent on the banks and whales that own almost all the crypto.
zebidiah@lemmy.ca 3 days ago
locuester@lemmy.zip 4 days ago
Both are dependent on banks and whales. Only one is dependent on the trustworthiness of a govt tho.
knightly@pawb.social 4 days ago
Fiat doesn’t need banks and whales, it can operate just as well with centralized postal banking and wealth taxes. Their existence in our economy is a choice, not a necessity.
locuester@lemmy.zip 4 days ago
The usd has a huge dependence on other nations accepting it, and capital being injected by wealthy nations and people. It’s backed by military might and threats for not using it as a reserve currency to trade oil.
knightly@pawb.social 4 days ago
You’re describing the concept of currency in general, “it only has value because people act like it does” applies to crypto too.