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Be kind to your elders
(lemmy.world)
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this post was submitted on 18 Mar 2025
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Traditional currencies are backed by governments and the global economy. Boiling down USD/EUR to "it's worth money because we say so" is many many magnitudes larger of a splicification than saying the same for crypto.
I think it helps to reinforce how silly crypto is, though. Once you establish that fiat currency is basically magic paper we all agree is worth something because it's backed by things like the government's reliability and contract to uphold that value, and then you say, "and crypto, designed to replace fiat currency, is backed by fiat currency," the whole thing falls apart like the house of cards that it is.
How can you justify a funny money that doesn't do anything new in terms of cyber security, while burning vastly more resources to do it, and is only worth something because of the currency that it's supposed to replace, and that value rapidly fluctuates from moment to moment.