Comment on SEC says it will deregulate cryptocurrencies with 'Project Crypto'

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Lumisal@lemmy.world ⁨3⁩ ⁨days⁩ ago

after learning that in China 200 years ago people used non-uniform money, that is, all kinds of coins, some literally ancient still in circulation, and somehow that worked

I’m talking about valuation pegged paper money, not hard value currency. This old strawman is getting old too.

The coins worked because they were still tangible material with assigned value (ie metals value by weight or marking).

The local bank paper money was different, and pegged to hard value materials (gold standard).

Cryptocurrency works like the second because, like the paper money, crypto doesn’t have inherent tangible value (technically even less than paper since it’s completely intangible).

It doesn’t work like the fucking Chinese coins (which, btw, still relied on a very centralized government existing anyway) because you can’t hold or do anything with 0s and 1s, nor can you physically keep it around.

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