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Damn... maybe crypto/blockchain isn't so bad (beehaw.org)

submitted 1 year ago by metaltoilet@beehaw.org to c/chat@beehaw.org

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I'm going to keep this short but I just fell down the rabbithole of crypto again and maybe it isn't as bad as I thought. Many of their ideas are very similar to the fediverse's. The idea of decentralized finance using a stablecoin sounds awesome to me. (though i'd much prefer to live in a world where money isn't needed) Maybe the technology is actually good but the techbros and scammers ruin it with their false promises and complicated words. Hopefully, in a few years after the rest of those scammers have moved on to scamming with AI this tech could be truly used for meaningful purposes.

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[–] yozul@beehaw.org 2 points 1 year ago

Gold is a fiat currency. There are things that are far rarer and harder to extract that are worth far less. Sure, the metal itself has some intrinsic uses, but that's not where most of its value as a currency comes from. It's just pretty and lasts a long time, so we decided it made a good currency. That's still an arbitrary decision, and if we collectively decide we don't care about that anymore its really not worth much more than copper is for its usefulness and rarity. It's valuable because it is the original fiat currency.