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I know it might be difficult to lower your IQ this much but I am exposed to many liberals all the time and I swear this is the case.

When people have a low IQ, they can't grasp abstract concepts, especially when it comes to money and how it works.

They don't understand the difference between gold backed currency vs fiat. Or how increased prices are not always inflation.

They also think that bitcoin is "insert defamation label here" cause it doesn't exist. as if fiat represents something more tangible.

And that is the difference, a dollar is something they can touch, so they trust it. In order for crypto to really be adopted by the masses voluntarily, it will need to be tied to a physical something somehow. Whether thats another countries currency, a credit card type thing, or whatever. But there must be some way for someone to hand it to another person and say this has x satoshi's on it, or this is x satoshi.

I know it might be difficult to lower your IQ this much but I am exposed to many liberals all the time and I swear this is the case. When people have a low IQ, they can't grasp abstract concepts, especially when it comes to money and how it works. They don't understand the difference between gold backed currency vs fiat. Or how increased prices are not always inflation. They also think that bitcoin is "insert defamation label here" cause it doesn't exist. as if fiat represents something more tangible. And that is the difference, a dollar is something they can touch, so they trust it. In order for crypto to really be adopted by the masses voluntarily, it will need to be tied to a physical something somehow. Whether thats another countries currency, a credit card type thing, or whatever. But there must be some way for someone to hand it to another person and say this has x satoshi's on it, or this is x satoshi.

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[–] • 1 pt

You've forgotten one important part: cryptocurrency's value is measured by it's ability to be bought and sold in fiat currencies. If you don't think that's true, tell me how much BTC is currently valued without using a conversion to a fiat currency. Crypto only has value in that it can be exchanged for a fiat currency that can purchase more things than crypto can. Without it's conversion to and from fiat, no one would care about crypto. Think about that.

[–] • 1 pt

I would say as a practical matter you are 95% correct.

farmers don't accept crypto for food, and almost nowhere accept it for rent. But it can be used to buy stuff, such as on overstock.com and newegg.com and el salvador and one other government in africa have officially recognized bitcoin as currency where people could pay their taxes with it. So yes, right now you are correct, but it is not a solid rule that will be true forever.

[–] • 0 pt

Crypto is young compared to the classic fiat so it's true that people will continue to price goods & services in terms of their country's fiat currency... for now. This could change in the long term, but only if the mass population has incentive to make that shift. If the USD goes into hyperinflation there will be incentive to at least shift away from USD (but not necessarily to a crypto currency).

In the mean time, stable coins on the crypto block chains provides a reasonable bridge for the short term: funds are measured in USD and you can pay someone w/o first having to have a central bank's blessing, even if you have to momentarily convert your stable coin to some other cryptocurrency at whatever price it is at the time just to complete the payment.

Either way, crypto-technology itself has value beyond just the ability to buy & sell it in terms of a fiat price. Data storage, digital ID, and elections, all on a decentralized network are great examples of recent developments. Imagine being able to re-count the votes in an election yourself, without compromising the identity of any voter, while still confirming that your own vote was counted.

[–] • 1 pt

Either way, crypto-technology itself has value beyond just the ability to buy & sell it in terms of a fiat price.

Will you still think that way once the (((FedCoin))) replaces fiat currency?

[–] • 1 pt

yes because CBDCs can only compete with current public cryptocurrency, not replace it, and groups like WEF already admitted they're far behind the curve trying to catch up. They're banking on the idea of forcing adoption of their new digital product by criminalizing the competition.