U.S. traders are buying 'digital residency' in Palau to skirt restrictions on the amount of cryptocurrency they can withdraw and the exchanges they can use. Major exchanges have already banned the ID, fearing abuse.
Ah, okay. See, we are exactly the opposite in that case, because I have lost all faith in governments, and therefore have lost all faith in what they call money.
Edit: Tap the Publish button before I’m into.
You could give me a bunch of government fiat, and I would take it and turn it into crypto simply to have more crypto because there are still people who desire to have government fiat currency. And I am not one of them.
I understand the inflation argument, but what gives crypto any value other than a) a relative value which is based on fiat currency anyway and b) the faith of the userbase in it?
What gives any currency any value other than human belief in it? After all, when fiat currencies become valueless, we as humans end up back at gold, which has been in use for millennia.
I trust governments with fiat currency a hell of a lot more than I trust anything that has to do with crypto.
Ah, okay. See, we are exactly the opposite in that case, because I have lost all faith in governments, and therefore have lost all faith in what they call money.
Edit: Tap the Publish button before I’m into.
You could give me a bunch of government fiat, and I would take it and turn it into crypto simply to have more crypto because there are still people who desire to have government fiat currency. And I am not one of them.
I understand the inflation argument, but what gives crypto any value other than a) a relative value which is based on fiat currency anyway and b) the faith of the userbase in it?
What gives any currency any value other than human belief in it? After all, when fiat currencies become valueless, we as humans end up back at gold, which has been in use for millennia.