Re:Bitcoin Is a Hideous Monstrosity Made Out of Computers an...
by trashtester on Wednesday June 22, 2022 @09:44AM
(#31835897)
Most of them watched some youtube video providing a conspiracy theory view on banking, "fiat" currencies and debt-as-money.
They think they have deep insights when saying "banks create money out of thin air", or "there is not enough money in the economy to pay down all debt". They also use the word "fiat" as if it's bad that a currency is backed by a government.
All the above are strong indication that there is something fundamental about the monetary system that someone fails to understand.
A lot of crypto has been bought because the buyer were under such illusions.
They think they have deep insights when saying "banks create money out of thin air", or "there is not enough money in the economy to pay down all debt". They also use the word "fiat" as if it's bad that a currency is backed by a government.
All the above are strong indication that there is something fundamental about the monetary system that someone fails to understand.
A lot of crypto has been bought because the buyer were under such illusions.