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Get your vote in now!!
(lemmy.world)
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this post was submitted on 02 Jun 2024
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Cryptocurrency
that's not fake money, and it isn't "for" criminals. it's real, and that's why criminals use it.
They only "use it" to transfer the funds. Once they have it, they cash it in. No criminal is keeping it in crypto form. They use it the same way they use Apple gift cards.
tally sticks were debt tokens. people used them as money out of convenience, and would exchange them for cash if it was possible.
An easy way to tell if it's "real" money or not is to see if goods are ever priced directly in it, where it isn't just directly indexed to the exchange rate of an established currency.
Hint: Even places that accept crypto payments don't do this. The crypto price fluctuates based on the moment by moment exchange rate to the local currency.
sumerians denoted everything in silver shekels but trade was done will all manner of commodities, including barley grains. your theory of money sounds like it comes from the Adam Smith cult.
Are barley grains a currency? I'm not understanding your argument here. In a practical sense, cryptocurrencies are far too volatile to use as a currency and the "stable" coins are tied to things like the US dollar. Well, I should say allegedly tied because "stable" coins like tether haven't been audited to actually prove it's tied to the underlying.
barley grains have been used as currency, yes.
people use all kinds of things as money. none of it is fake, except counterfeits, but even they have found use as currency.
That's like saying stocks are currency because you can trade them for money.
no, it's not.
tally sticks denoted debt in Britain, and were used directly as money out of convenience, but they were themselves denoted in roman currency iirc.
All money is fake, it's legitimately just made up.
OMG Such edge
How is that edgy? It's a fact.
Everyone knows how money has no intrinsic value. What does pointing that out add to anything?
Just to contrast somewhat the saying that crypto is "fake" Edit: grammar
Gold coins?
Go throw crypto at a stripper then!
they probably don't accept tally sticks or turquoise as payment either. were those fake money too?
Yes.
great. live in your bigotry.
The fuck are you talking about?
If you're "invested" in cryptogoboligook and you're not ripping someone off--guess what?--you're the mark.
Regardless, you can generally use money to buy things.
You can't buy anything with crypto because it's 15 years later, and "mass adoption" is never happening. It's "fake money".
since people treat crypto as money, it is money.
The only ones that treat it as money are in on it. Otherwise, you could go to a Best Buy and get a TV with your crypto-card.
Can you buy a tv with a silver bar?
No, because it’s not legal currency. Are you getting it now?? Valuables aren’t all accepted currency….
Your argument is DEEPLY flawed.
Kenisis is apparently backed by silver, I think that solves it all somehow
WTF is Kenisis, and can you walk into a store and buy a TV with it?
I can't buy a TV with turquoise either. or sumerian shillings.
And what does that tell you? That maybe those things aren’t legal currency??
Then US Dollar isn't legal currency everywhere outside of USSA. You can't just go to shop and buy groceries with it.
It’s exchangeable. Go to a money exchange and see how much your bitcoin is worth.
now you're shifting the goalposts. why should modern legal standards define a universal anthropolgical phenomenon?
No goalpost has been moved. Currency is clearly defined. So whatever other valuable item you try and offer up as an example will be dismissed as well.
we were discussing money. it's not narrowly defined by what the US government decrees. it's a universal phenomenon across all cultures that predates even written records. do you accept barley corn as payment? the answer doesn't matter because people have used it as money regardless.
People certainly don't treat crypto like money.
And I suppose that's where our conversation has to stop because you've now outed yourself as willing to say any outlandish thing to support crypto.
Because I do not believe you can actually think that.
I am not defending crypto. I'm correcting people who don't know what money is
Crypto is an un-backed and unregulated security -- the value of which fluctuates wildly. Turns out most people don't like being paid in something that can drastically lose value in the span of hours.
The few people and institutions that accept crypto as payment either immediately convert it back into real money or are "investors" treating it like the security it actually is.
I mean, the same can be said for Norwegian Kroner (assuming you're not in Norway) and nobody doubts that it is money. I can't pay my rent with it, or buy bread with it, I need to exchange it for "real money" (Euro for me) but it is real money.