MacedWindow@lemmy.world to Microblog Memes@lemmy.worldEnglish · 28 days agoGet your vote in now!!lemmy.worldimagemessage-square347fedilinkarrow-up11.69Karrow-down162
arrow-up11.63Karrow-down1imageGet your vote in now!!lemmy.worldMacedWindow@lemmy.world to Microblog Memes@lemmy.worldEnglish · 28 days agomessage-square347fedilink
minus-squaressj2marx@lemmy.mllinkfedilinkEnglisharrow-up6arrow-down1·edit-228 days agoIf 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.
minus-squarephoenixz@lemmy.calinkfedilinkEnglisharrow-up3arrow-down1·28 days agoOf 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
minus-squaressj2marx@lemmy.mllinkfedilinkEnglisharrow-up1·27 days agoThat’s a market value, that’s why i called it a security.
minus-squareiopq@lemmy.worldlinkfedilinkEnglisharrow-up1·27 days agoOkay, 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
minus-squaressj2marx@lemmy.mllinkfedilinkEnglisharrow-up2·27 days agoDo you mean the Russian ruble? The Soviet Ruble was pretty stable during it’s existence.
minus-squareiopq@lemmy.worldlinkfedilinkEnglisharrow-up1·27 days agoIt lasted longer in some countries, the Russian ruble was introduced in 1993, in my country the soviet ruble lasted until 1992
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.
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
That’s a market value, that’s why i called it a security.
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
Do you mean the Russian ruble? The Soviet Ruble was pretty stable during it’s existence.
It lasted longer in some countries, the Russian ruble was introduced in 1993, in my country the soviet ruble lasted until 1992