The problems with our current fiat system creating booms and busts is because the govt can't be trusted to properly regulate the money supply. We've had six major depressions prior to the Great Depression, all caused by govt tampering with the money supply, even back before we had fiat currency.

OK but that doubt could be resolved because you could go to the bank and demand specie. *If* crypto was less volatile you could even do reserve banking in it. Like issue 'dalareedoos' where 2000 dolareedoos was redeemable for 1 BTC. But you can't because there would be a bank run every time BTC spiked so anyone selling a loaf of bread for 1 dolareedoo would lose out.

And I wonder why we haven't had a Great Depression since the mandate given to the Fed? Hmm... I wonder. Hmm. 🤔 <:thinkcide:462282415549841409> <:thinkcide2:462282425486147585>

I was all about the start of your remark, regarding the medium of exchange, but when you started in on cryptocurrencies, nonsense about central banks that're best reserved for countries you're likely sympathetic toward, I just gave up. BTC is a virtual good, perhaps a commodity when times are good and propaganda campaigns keep the search trend up. That's about it.

And I'm done.

<:tiptip:462282246695419934>

Within my lifetime we had Black Monday, the dot-com bust, and the housing bust.

And your point is?

He's a boomer

Silent Cal avoided a recession by doing **nothing**

What does this have to do with a free floating currency?

Absolutely nothing.

Free floating currencies render far greater resilience.

All these happened under your free floating currency.

@Jeremy There'll be another Great Depression once we hit the singularity in about 2047, at which point automation will eat jobs faster than we can replace them.

@Jym the fact that you have multiple competing cryptos concurrently is also a strength since if one collapses, you can switch to another, the same as you would any other good or service.

There is no competing USD

Metals were supposed to be that, but there's a reason we got off them

You can't send gold over the internet

Look at what policies incited your so-called "housing bust." It was an elimination of the regulation separating both investment and consumer banking.

@Marushia Dark

It does not matter with that degree of volatitlity. It makes sense if you speculate and play the crypto market but not if you want to buy dinner.

And again, that gold has to stay in reserve as money when it could build spaceships or something

Another commodity pegger.

Jesus Christ.

<:thinkcide2:462282425486147585>

The dollar fluctuates in value but it's not like people are freaking out that bread goes up and down in USD.

Because of the degree of fluctuation.

@Jym apps will resolve that in time. It took a while for credit cards to become common use, but now every store and restaurant uses them

Exactly so if crypto was widely adopted it would have the same degree of fluctuation.

@Marushia Dark

I prefer not to bet on deus ex machina....

I don't know what you mean by that.

I think he's referencing the movie?

Or the game? <:trumpepe:588019356215279642>

@Jeremy


If you were reading I clearly stated I am not a gold bug. I was merely using specie as a comparison to crypto on the subject of currency.

Alright, I'm going to begin unloading my dissertations on this server.

Fair enough, Jym.

Desu Ex Machina means 'god from the machine' it is the argumentation that a hypothesized technology will solve the problems in a system.

Ultimately, all Crypto is, is blockchain technology applied to digital currency as a measure of security to prevent hacking or inflation.

I know what DEM means, I just wasn't sure what you were referring to - apps, the singularity, etc.

I'm a supporter of using beads and shiny rocks for money so Skynet can't steal all our cash

but that's just me

Apps and the Singularity would both be excellent examples but no I was referring to "apps will fix it". Fun fact 'machina' was a generic term for what were used as special effects in theater back in the day so origonally "deus Ex Machina" meant "we solved the plothole with CGI."

Literally, all you'd need is like the crypto equivalent of Square, which I'm sure someone already invented a crypto wallet app. I think Cash App is supposed to be that, or close enough in concept to it if I'm not mistaken. The tech already exists, it just needs to be more popularized and people will follow. Again, you probably had people making the same claims as you are now about credit cards back in the day