Molly Whiteaccurate 😂
from @davidgerard and Amy Castor
https://davidgerard.co.uk/blockchain/2023/01/12/crypto-collapse-dcgs-check-kiting-comes-home-to-roost-nexo-raided-voyager-sale-to-binance-progresses-unbanking-the-banked/
kurtsh@molly0xfff I always find it funny how crypto-apologists with no apparent experience in financial services declaring "OMG CRYPTO IS THE SAME THING AS ANY OTHER FINANCIAL INSTITUTION" conveniently get stricken with amnesia about the safety net called government-guaranteed assets.
Spidee@kurtsh @molly0xfff fair enough but what’s backing the money in your pocket? It’s just paper.
@spidee @molly0xfff Srsly? Okay, well, in my case, the US govt, its assets & its citizens, who collectively have an interest in the demand for the dollar & will make fiscal decisions to protect it as it represents a share of American value.
@kurtsh @molly0xfff exactly there no fundamental resource there backing it like gold. All there is is enough people who place a a value on it. Otherwise it’s just paper.
@spidee @molly0xfff No, you just described cryptocurrencies & applied a triviality like "gold" to conflate it with fiat currency.
Governments like the US have trillions in quantifiable assets. A country has objectively valued services & GDP with interests external to but linked to the value of the dollar.
Cryptocurrency has 2 metrics: Circulation & the investor's perceived value based on demand. Access, diminished exchange rates, anonymity are not value metrics.