Yeah, it also needs to derive its value from somewhere. Any stable nation’s fiat derives its value from the fact that the government is believed trustworthy in matters of printing money and that in order to deal with that government you have to use that currency. An Australian could do all their financial life in etherium assuming everyone takes and offers it, right up until tax time where they have to convert a lot of ETH values into AUD, then trade some ETH for AUD in order to pay taxes. And if they receive any money from their government you bet your ass they aren’t being given ETH. If they trust the Australian government even a little they’re probably not jumping through those hoops.
Comment on From millions of dollars to under a grand: The dramatic fall of the NFT
HK65@sopuli.xyz 2 weeks agoYeah, but a currency practically needs a military and an economy to back it.
Who is going to stop me from fucking with the bitcoin supply if I own the US economy?
captainlezbian@lemmy.world 2 weeks ago
mattyroses@lemmy.today 2 weeks ago
That’s the point of crypto - unless you can alter 51% of the blockchain, you can’t.
HK65@sopuli.xyz 2 weeks ago
You misunderstand, if I own the GDP of a world power, what’s preventing me from buying a ton of Bitcoin and fucking with the supply that way?
Crypto nowadays looks like a pump and dump free for all.
mattyroses@lemmy.today 2 weeks ago
How is buying the asset fucking with the supply?
If you mean hoarding it, that’s pretty much all Bitcoin is good for.
HK65@sopuli.xyz 2 weeks ago
The supply of an asset is the volume of that asset available for purchase.
If I buy all of that, supply becomes zero.