Comment on US passes Genius Act, first major national crypto legislation
knightly@pawb.social 4 days agoFiat 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.
locuester@lemmy.zip 4 days ago
Indeed. But only one can be printed by state actors who over millennia have proven to mismanage and fail.
knightly@pawb.social 4 days ago
As opposed to crypto, whose track record is barely over a decade old and filled to the brim with scams.