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wongarsu 7 hours ago | parent | next [-]

I would agree that most crypto is not very good money. It's more like a speculative investment that just happens to be easy to exchange

I don't think fake money is the right term though. It's just as much money as the US dollar or the Euro, and it isn't pretending to be some other currency (like say a fake bill). It just happens to be not very good at the job of being money

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AnthonyMouse 2 hours ago | parent | next [-]

> It's more like a speculative investment that just happens to be easy to exchange

That's what money is. Being easy to exchange is the main ingredient.

It's slightly more convenient if the value doesn't have large swings over short periods of time, but there are government currencies that aren't immune to that, and that only really matters if you're holding large amounts over significant periods of time. Which is to say, it only really matters to speculators.

Especially if the thing actually is easy to exchange, because then it's only speculators who hold it for non-trivial periods of time at all. Suppose you could exchange stocks for cryptocurrency and then cryptocurrency for goods and services over the internet, both in less than a second. If you're inclined to invest in stocks rather than cryptocurrency then do you care about day to day volatility of cryptocurrency? No, because you'd never be holding it for more than a second even if you use it to pay for things.

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atomicnumber3 6 hours ago | parent | prev [-]

Crypto doesn't have nuclear weapons. (It may sound like I'm joking, but I'm not.)

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zinekeller 6 hours ago | parent [-]

In a slightly less bomby way, monopoly on violence (https://en.wikipedia.org/wiki/Monopoly_on_violence)

	▲	AnthonyMouse 2 hours ago \| parent [-]
		It's getting pretty hard to maintain a monopoly on violence without nuclear weapons. Ask Ukraine, as one example.

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retrac 6 hours ago | parent | prev | next [-]

100 BTC might convince you otherwise.

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jandrese 6 hours ago | parent | prev | next [-]

It’s not fake money, it’s a fake speculative asset.

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metalman 7 hours ago | parent | prev [-]

fake? Money is a human construct, all of it, pulled out of wherever we got the "easter bunny" from, literaly, something something, rabbit hopps around hiding candy, something something, this →£¢€¥$← thing is exchangable for candy

the something somethings, are arbitrary rules to describe a construct, and I guarnatee that if we were to go and ask a group of smaller humans about this whole bunny thing, some of them would take pitty on us and bring us up to speed on the whole thing, with all, ALL the conviction of a government economist, same goes for crypto, believe in the bunny, get some candy.

	▲	avadodin 6 hours ago \| parent [-]
		Good crypto(like BTC) is about pm-backed fiat level of reality. A bit less because the compute has no intrinsic value. Modern fiat is literally just paper(or an electronic record) with numbers printed on it that the government certifies as "real money". they can print a quintillion more the next day or just tell you that it is all fake now that the bad guys are out of office. shitcoin-tier.