I don't want to get into a whole debate, but I really really doubt that the blockchain sticks around as an idea (To back a "currency". I can see applications for tracking who last had sensitive files or the like). If nothing else, the amount of energy it uses and the extremely slow transaction speed when compared to fiat currency are both deal-breakers as far as mass implementation goes. The former will likely kill the planet and the latter doesn't allow for practical daily use by billions of people.
Fiat currency also exists because the nature of money is that everyone has to have some. Because human population has trended upward, the amount of money needed has also trended upward. That's a major reason for inflation, and inflation on its own is not necessarily a bad thing. Consider that there may have been good reasons to change from currency backed by obscure metals to currency backed by agreement that it is valuable.
Currency backed by obscure metals - usually gold - comes from days when gold was the only metal that could be shaped. Gold did not back money, gold was money. Then things changed. Things will change again. The nature of time is that things change, and going back to the past typically is a bad idea.
Money is itself a social construct, so there's no particular reason a fiat currency is invalid. There's nothing inherently valuable about gold or silver or 1s and 0s in a computer somewhere - these things have value because we agree it does. Fiat currency just cuts out the unnecessary middleman and goes directly to: The currency has value because we agree it does.
Consider carefully that one of the ways grifters prey on marks is by convincing the marks that there is a massive problem they should be scared of that's responsible for all the bad things (Trans people, uppity women, inflation), but it's all right because the grifter can sell you a solution.
Think about that, and think about who you listen to.
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Date: 2022-06-13 01:45 am (UTC)Fiat currency also exists because the nature of money is that everyone has to have some. Because human population has trended upward, the amount of money needed has also trended upward. That's a major reason for inflation, and inflation on its own is not necessarily a bad thing. Consider that there may have been good reasons to change from currency backed by obscure metals to currency backed by agreement that it is valuable.
Currency backed by obscure metals - usually gold - comes from days when gold was the only metal that could be shaped. Gold did not back money, gold was money. Then things changed. Things will change again. The nature of time is that things change, and going back to the past typically is a bad idea.
Money is itself a social construct, so there's no particular reason a fiat currency is invalid. There's nothing inherently valuable about gold or silver or 1s and 0s in a computer somewhere - these things have value because we agree it does. Fiat currency just cuts out the unnecessary middleman and goes directly to: The currency has value because we agree it does.
Consider carefully that one of the ways grifters prey on marks is by convincing the marks that there is a massive problem they should be scared of that's responsible for all the bad things (Trans people, uppity women, inflation), but it's all right because the grifter can sell you a solution.
Think about that, and think about who you listen to.