Gold Standard ?

[blackeagle603]

In other news, a Big Mac backed coin.

Those coins can be collected, shared, or redeemed for a free Big Mac between August 3 and the end of the year.

[evan price]

In the end crypto currencies are nothing more than a pyramid scheme that requires ever more stickers to pay off early investors.
I suppose you could make that observation about fiat but if it all goes to hell at least you can wipe your ass with fiat.

[BDK]

A gold standard is inherently deflationary - much of the economic boom after 1492 was the boom in the money supply. By definition, any physical standard is. (Bitcoin is deflationary, by design, TMK.)

And, as a general rule, yes, all commodities get cheaper, faster than inflation. Market competition constantly drives innovation to lower costs. Barring when things break, those market forces are faster than inflation.

[blackeagle603]

In the end crypto currencies are nothing more than a pyramid scheme that requires ever more stickers to pay off early investors.

remind me again how much worse that is than the USD? /asking for a friend/


...and nevermind coins like BTC are limited in total qty to be produced. How does that fit with the pyramid scheme analogy.
<Not arguing -- am enquiring, seeking better understanding>

[evan price]

In the end crypto currencies are nothing more than a pyramid scheme that requires ever more stickers to pay off early investors.

remind me again how much worse that is than the USD? /asking for a friend/


...and nevermind coins like BTC are limited in total qty to be produced. How does that fit with the pyramid scheme analogy.
<Not arguing -- am enquiring, seeking better understanding>

Crypto is the labor theory of value expressed literally.
"I expended so much resources doing random computing that I gave it a name and claim its worth something."

Pyramid scheme because the only way to make money is to convince other people that it will be worth more money later. And so on.

[blackeagle603]

Pyramid scheme because the only way to make money is to convince other people that it will be worth more money later. And so on.

So the question still remains... how does that differ from the USD? Other than the unbroken history of the USD losing value over time.

I'm totally good with Big Mac coins in the meantime -- at least til August 3rd.

I'll gladly pay you on Tuesday for a hamburger today.

[BDK]

Fiat is backed by the military ability, and resources of the central govt.

[evan price]

Pyramid scheme because the only way to make money is to convince other people that it will be worth more money later. And so on.

So the question still remains... how does that differ from the USD? Other than the unbroken history of the USD losing value over time.

I'm totally good with Big Mac coins in the meantime -- at least til August 3rd.

I'll gladly pay you on Tuesday for a hamburger today.

My statement still stands about the labor theory of value related to crypto.

And with fiat when it collapses you can still wipe your ass with it. Crypto you've got nothing.

[HTRN]

Other than the unbroken history of the USD losing value over time.

All currencies devalue over time, it's called inflation.

[blackeagle603]

And with fiat when it collapses you can still wipe your ass with it. Crypto you've got nothing.

Evan FTW