Comment on US passes Genius Act, first major national crypto legislation
locuester@lemmy.zip 3 days agoThe 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 3 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 3 days ago
Indeed. But only one can be printed by state actors who over millennia have proven to mismanage and fail.
knightly@pawb.social 3 days ago
As opposed to crypto, whose track record is barely over a decade old and filled to the brim with scams.
locuester@lemmy.zip 3 days ago
Scamming is done by humans, not digital currency. Scamming isn’t new.
Crypto is liked by scammers for the same reason it’s so valuable to everyone else, including nation states. It’s irreversible. It’s a mathematically perfect ledger objective of corruption and military might. It’s a source of truth in a very grey world.