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Re:Cryptocurrencies Are Detrimental to Society by louwrentius on Friday March 27, 2020 @11:54AM (#22703957)
But no examples how it would actually work in real life.
Re:Cryptocurrencies Are Detrimental to Society by keymone on Friday March 27, 2020 @01:54PM (#22705092)
Money you think you have in your bank are actually just a promise recorded in a database. Even if that promise is fulfilled and you get cash on your hands, it can be diluted into worthlessness by printing trillions more. All of that is controlled by few guys behind closed doors.

None of that applies to Bitcoin. Is that good enough example from real life?

Re:Cryptocurrencies Are Detrimental to Society by louwrentius on Friday March 27, 2020 @06:26PM (#22707480)
No, because it's such a narrow view on currency. Because governments have every incentive to keep currencies stable, so they will never become worthless.

Cryptocoins are not backed by anything, making them very volatile and thus unsuited as a foundational currency for any stable society.

This example only illustrates to me that cryptocoin proponents only have esotheric hypotheticals in mind.

Sure Venezuela happened, but those are exceptions. When the stock exchanges went down hard due to corona, the cryptocoins went down hard too. But regular money kept stable.

Yes fiat money is just a record in a database. And that's it for cryptocurrencies. But fiat money like a dollar or euro is so much more.

Re:Cryptocurrencies Are Detrimental to Society by keymone on Saturday March 28, 2020 @02:28AM (#22709605)
Fiat is controlled by governments, governments are controlled by humans, humans are often irrational and there are many more examples than just Venezuela which is the only thing you could think of.

Bitcoin is governed by math and that’s why it’s valuable to me.

Bitcoin is beneficial to society because it provides choice. I don’t care if you don’t get it or if you disagree.

Re:Cryptocurrencies Are Detrimental to Society by louwrentius on Saturday March 28, 2020 @10:03AM (#22711185)
If you really didn't care you would not have responded.

The truth is that cryptocurrencies like bitcoin are highly volatile and in fact a very dangerous alternative.