• ssj2marx@lemmy.ml
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    28 days ago

    If anything makes money “real”, it’s the social contract behind it - “use this to pay your taxes or else” gives the dollar weight that no cryptocurrency can claim. That’s why they’re more accurately described as securities rather than currencies.

    • phoenixz@lemmy.ca
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      28 days ago

      Of course, but in the end they both rely on a social contract. Bitcoin is worth x amount because that’s what people are willing to pay for it

    • iopq@lemmy.world
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      27 days ago

      Okay, but national currencies failed before because people would keep dollars and just convert at the time when they need to pay taxes

      Source: I still remember the Soviet ruble collapse and hyperinflation

      • ssj2marx@lemmy.ml
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        27 days ago

        Do you mean the Russian ruble? The Soviet Ruble was pretty stable during it’s existence.

        • iopq@lemmy.world
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          27 days ago

          It lasted longer in some countries, the Russian ruble was introduced in 1993, in my country the soviet ruble lasted until 1992