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Wife changing money (thelemmy.club)
submitted 5 months ago by to c/lemmyshitpost@lemmy.world
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cross-posted from: https://lemmy.ml/post/46379297

Source: r/buttcoin

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[–] 7 points 5 months ago (12 children)

It doesn't matter if it is fiat or not necessarily. But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks... You would think shit... Maybe there is a better way to do this. That has happened to millions of people across several countries. They didn't wake up one day and choose it, but poof gone. Your entire life turned to nothing because we are using currency that isn't based on anything but a government that can collapse. Universal currencys not run by local governments could help prevent such.

The thing is, large countries that don't have these problems currently, are the ones with power to change that.. and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.

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  • [–] 7 points 5 months ago (6 children)

    But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this.

    Doesn't that happen to most cryptocurrencies?

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  • [–] -1 points 5 months ago (5 children)

    Etherium is in question in the post, so never even close. I'm sure people have lost money, but if you bought at the absolute height and sold at the absolute low after it, you maybe could have lost half once. That's max loss unless you bought every up and sold on every down. In 5 years you'd be down 16%. 1 year you'd be up 31%. It's volatile but not as much as people make it out to be.

    The government and media have always had reason to put people against it and say it's only used for drugs. Kind of like those fish men we bombed in boats without trial.

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  • [–] 9 points 5 months ago (4 children)

    That graph is hilarious. If euros looked like that, nobody would be using them.

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  • [–] 3 points 5 months ago* (2 children)

    That's comparing apples to oranges. What you want to compare to Euros are charts for stable coins. Which, for the legitimate ones that are fully backed, are basically horizontal straight lines.

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  • [–] 1 point 5 months ago (1 child)

    the legitimate ones that are fully backed

    The other commenter was trying to use that chart to tell us that cryptocurrencies are somehow better than fiat currencies as a store of value, despite their wild swings in value in the most stable one that isn't backed by fiat currency.

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  • [–] 5 points 5 months ago (1 child)

    First of all, hyperinflation hasn't been an issue in any modern economy for decades. We understand more about monetary policy than we did in the 1930s.

    Secondly, economic crises did happen prior to Bretton Woods. In fact, they tended to be more common, and more severe.

    Finally, it is not obvious at all that "universal currencys (sic) not run by local governments" could do better, especially given our experience with cryptocurrencies, all of which are extremely volatile and not suitable as a currency for that and various other reasons.

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  • [–] 1 point 5 months ago

    The thing is, large countries that don’t have these problems currently, are the ones with power to change that.. and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.

    Well said. Ultimately imperialism. If we don't change this way of "countries thinking" humanity is truly fucked.

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