Money is a piece of paper. It's completely worthless even if you have 5 million pounds of it

Money is a piece of paper. It's completely worthless even if you have 5 million pounds of it.

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OK then give it all to me

This...is actually completely true. Originally, the dollar was an IOU for an equivalent amount of gold stored in Fort Knox; trading bank notes was passing the ownership of that amount of gold from one person to the next. However, after the government went and spent all of that gold (most of it went to China), there was nothing left to back the bill; at that point, it became just a worthless piece of paper. The Gold Standard was dissolved at that point to avoid liability - the dollar no longer needed to represent an actual sum of gold purely because the US Treasury said so. Fast forward to today, and now we're moving on to Crypto Currency, which doesn't even have a fake paper note backing it...and so the cycle begins anew.

I mean, literally yes, but it can still get people to move stuff, so it still has value to feed yourself day by day


until you can leave Satan's abomination

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Fuck off attention whore

Why are you fucking here cartoon larpfag?

Kill yourself.

por............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................andhadtoworkforittoo

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It's only worthless to whose who don't have it, user.

And plus, only poor people spend cash anyway. The rest of us store our wealth as numbers on a screen, or as a score in the largest multi-player game ever created, the stock market

yeah.....rigged


judeshit


nuke

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Fiat currencies are flawed but they work to some sense. But I mean look at the german mark. That wasn't useless at all. Those poor families kept their homes warm with their bundles of useless cash.

crypto has more intrinsic value than the us dollar

yea.....noshit


BUY

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How though? What exactly is it backed by? Faith in it? So essentially crypto is backed by the same shit as fiat. Hope, good wishes, and unicorn farts.
> fiat is worthless intrinisically
> crypto is worthless intrinsically
> nothing matters
> we just use these forms to avoid trading goods for goods for goods
> arguing otherwise is autism

Nothing has any value unless it is backed by something tangible. What, exactly, is tangible about a form of currency that only exists as a bunch of 1's and 0's on the internet?

It's backed by Proof of work / proof of stake.

>inb4 hurr that doesn't count!!

No it does not

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The hell does that mean, exactly? How do you consider it something of solid, tangible value?

Found the retard who can't think logically for 30 seconds.

Try paying your bills or feeding your family without it.

Yes like fiat it is backed by "faith" but it also has a finite amount that will take a long time to be mined and a solid infrastructure of trading and tracking purchases. Take for example if you have ever had to get something notarized at the bank, cryptocurrencies can simplify that along with smart contracts.

Gold for example is a mineable resource but we don't know how much there is... ballpark numbers only. That being said we know how much bitcoin will be mined each year and when it will all be mined. Gold on the other hand is unpredictable, we have had gold rushes in the past which make the value of the metal go way down. Silver platinum and palladium all apply along with other metals are the same but diamonds are a monopoly.

You’re confusing value with arbitrary validation concepts that are intrinsic to crypto. It doesn’t make those ones or zeros any more valuable. Their value is ultimately and completely based on faith on intangible fucking electrons.

In order to create it, you need to use processing power or hold a certain amount of it for a period of time. The act of creating it is what gives it its value.

As an analogy, the act of taking a pickaxe and mining for gold is what gives gold its value.

You can make them "tangible" as much as the us dollar is. Im sure there will be some dumb marketing ponzi scheme that will fit that niche in the future.

With the right tools, I can generate an infinite amount of crypto. It has no real value, because it can be generated on the fly if necessary.
Gold, on the other hand, is a finite resource - it's a metal not native to Earth, having its origins in meteor impacts from the distant past. As is such, its physical and limited supply is what gives it its value, along with its multiple uses.
>You can make them "tangible" as much as the us dollar is.
The US Dollar no longer has tangible value. once the Gold Standard was dropped, it was worth less than the paper it was printed on. Which is the point.

Also "mining" digital currencies takes a lot of resources and a lot of power. Yes they are digital but a good portion of them were created by burring fossil fuels and using nonrenewable energy methods. Sustainability will be crypto's big issue in the following years and many to come.