Comment on From millions of dollars to under a grand: The dramatic fall of the NFT

• HK65@sopuli.xyz ⁨1⁩ ⁨month⁩ ago

  To make money

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  • mattyroses@lemmy.today ⁨1⁩ ⁨month⁩ ago

    The government you’re talking about can print money at will.

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    • HK65@sopuli.xyz ⁨1⁩ ⁨month⁩ ago

      But that increases the money supply. This way they can take money from other people. For example Russia can get USD without printing and inflating RUB.

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      • mattyroses@lemmy.today ⁨1⁩ ⁨month⁩ ago

        That’s just FOREX with extra steps?

        If Russia controls the entire supply of Bitcoin (which is what you’re saying) then why would anyone with USD want to buy it? At that point, being owned by Russia entirely, it’s just a Russian currency.

        The whole supposed attraction of Bitcoin is that it’s not a government currency, and the supply isn’t controlled by a central bank. Ethereum has additional uses to that, but that’s still one of the prime factors as well.

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