this post was submitted on 09 Mar 2024
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I don't think anybody likes paypal, Visa, Mastercard or any of the other major players. It's just that blockchain "currencies" are much, much worse.
The idea of "Alternative Money" is a silly idea. Money has always been, and will always be connected to a state. The taxing and spending of the state is what gives money its value.
With cryptocurrencies, the "value" is only "greater fool" value. Someone is willing to pay 70k in dollars for a bitcoin because they think someone else is going to be willing to buy it from them for $71k at some point in the future. If it were a legitimate currency people wouldn't bother checking its value in dollars because it would be useful in its own right. The only legitimate demand for cryptocurrencies is to pay ransom, and even then, the people who get the ransom immediately transform it back to a useful "fiat" currency.
Lemmy users are knowledgeable about open source, privacy, digital rights and knowledgeable enough to know that cryptocurrencies are a scam.
The idea that money is tied to the state is silly. Many things have been used as money, way before the concept of a "state" existed. Undeniably the money that lasted best across the passage of time is gold. Up until very recently it was the standard to settle cross country currency exchanges with. The value does not come from the state, but from people willing to exchange it for goods and services. Todays fiat money is created at will by a few select people that are not democratically elected. They get to decide how much they debase your savings for the "greater good", while the ones that profit the most are those who control the source.
Most people do not care about their open source, privacy and digital rights, so they only hear and care about crypto when the price jumps or when it is used for crime. Everything else is simply not newsworthy. So you end up with a bunch of "investors" looking to make a quick buck and people who believe to solve crime with more laws (requesting ransoms is already illegal, has existed before crypto and currently gift cards are scammers favorite form of payment).
I never mentioned the price nor suggested investing, because quite frankly, I don't care. What I do care about is giving the few big companies that control the internet as little data and influence as possible, and not processing payments through them is a really important step. So I keep about as much crypto as I keep cash in my wallet, and use it preferably when buying or selling.
No, it's not. It's historically accurate. All money is state money, always has been, always will be.
Nope. Sorry, that's wrong.
Gold isn't money. Gold is a commodity. Gold was used for jewelry, and as a bright shiny thing that didn't tarnish had value because of that. People would sometimes exchange gold or things made of gold, but not gold coins. But, they'd also exchange other useful things: food, tools, cloth, etc. Gold coins were created by various states.
Never happened. Sure, there were gifts or donations, but it wasn't X amount of gold for Y amount of grain. There were debts, but debts weren't listed as a certain amount of gold, or a certain amount of money. Debts are old, money is new. Trading one thing for a certain "price" didn't happen until coins existed, and coins didn't exist until there was a state.
Oh, blah blah blah. "Fiat money" is the only kind of money that has ever existed or will ever exist. It doesn't much matter whether the government is "democratically elected" or not, currencies are created by and backed by a state and their ability to obtain a monopoly on the use of force within their area of influence. Most states with currencies are currently democratic, even if the structure of the US federal reserve is confusing to you.
More blah blah blah crypto nonsense.
Look, do some research on this stuff. Debt is a good place to start.
This is literally what you do every day. You exchange something for goods and services. This something is money based on it's functional role, not some obscure definitions. To be money, it must be used as money. To be used as money, a group of people must agree that the item is worth exchanging for. This something does need to fulfill additional properties to be useful, notably it must be fungible, durable, portable, recognizable, divisible and have a stable supply. Gold does fit this description, but so does fiat.
What you are describing is a government issued currency, which has some overlap with money, but is not the same thing. Maybe you should research on this stuff.
Yes, now that there's money it's what happens. Prior to money there were debts, but no exchange of "X" for a set amount of goods or services.
To be money it must meet all the definitions of money. It must be a store of value, it must be a unit of account and a medium of exchange. There was no real money until there were states.
Government issued currencies are the only real currencies. Everything else is valued by what someone will pay for it in government issued currency.
Gold being a commodity because its shiny and therefore has value is no different than "I want to use this coin to better protect my data and privacy". Both are values attributed to a commodity. Also, "It may have intrinsic value (commodity money), or be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat money)."
https://en.m.wikipedia.org/wiki/History_of_money
You are wrong that money has always existed as state issued. That isn't true
It's completely different. Gold is a commodity because it is inherently useful in itself. If someone invented a way to create gold out of thin air, people would continue to want gold because it's pretty and shiny, and because it's a very good electrical conductor that doesn't tarnish. Crypto coins are only useful because everyone thinks that a greater fool will come along and pay as much or more. Everyone knows they have no inherent value, but so far there has always been a greater fool.
Sure it is.
Hey by the way, after we had that discussion bitcoin surpassed silver to become the 8th most valuable asset by market cap on the entire planet More than coca cola and Pepsi combined.
Also no, money has existed outside of States and Countries before you should look into the Theory of Money and the history behind it
It's not an asset. A bubble doesn't prove anything. Tulips were once as valuable as houses... until they weren't.
The theory of money is a theory. The fact is that money has always been associated with a state.