Comment on Trump promotes family's new crypto platform, 'The Defiant Ones'
IcePee@lemmy.beru.co 4 weeks agoI would say the fiat money system is the biggest con, at least by volume. What with all the quantitative easing and fractional reserve banking.
aesthelete@lemmy.world 4 weeks ago
Yeah you’re right an ecosystem that produces things like peepee coin isn’t a scam. www.livecoinwatch.com/price/Peepee-PEE
dhork@lemmy.world 4 weeks ago
The PEE market is far less liquid than I would have expected
IcePee@lemmy.beru.co 2 weeks ago
I think I didn’t make myself clear. When I said “by volume” I meant was the amount of value the different systems hold and the amount of if not outright fraud, negative aspects of the systems. The fiat money systems’ money supply has a fundamental weakness, it can be created out of thin air so is constantly loosing value. Think of all the investment vehicles or other assets that tie themselves to this loosing value asset. Trillions in USD. And what’s it all backed by? Ultimately guns. Well most crypto currency is backed by maths and no matter how many guns you point at it, you cannot make 2+2= anything other than 4.
aesthelete@lemmy.world 2 weeks ago
Sure, you can make one type of coin or other rare or rate limited or whatever, but you can also just make up a different shit coin and give yourself a metric shit ton of that new coin, and then eventually try to move to either a more stable coin or back into fiat once you’ve gotten enough suckers holding the bag to exit.
That makes crypto ultimately not based on maths at all, but based on hype, stupidity, and scams alone.
IcePee@lemmy.beru.co 2 weeks ago
The main difference between these “shit coins” and fiat is once the shit coin scammers eventually pull the rug, they cannot just print more of that coin. Fiat scammers can just print more of that currency.
But in both situations one does need to look at the economics of the coins, and the priors of the people in control.