I haven't really thought about it, but since it's pegged to the dollar, it at least doesn't have the volatility problem of other cryptocurrencies. But what's the advantage of it over just holding actual dollars in an account?
No surprise except in how quickly it happened but Crypto loooking pretty dead
- Thread starter Celticguy
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I haven't really thought about it, but since it's pegged to the dollar, it at least doesn't have the volatility problem of other cryptocurrencies. But what's the advantage of it over just holding actual dollars in an account?
If we do not believe your conspiracy theory, then everything you say is drawn into question.
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no it isn't.
I suppose what might be useful, if it exists, is a cryptocoin pegged to a trade-weighted average value of, say, the twenty top currencies in the world. That would tend to be highly stable and not subject to aggressive devaluation by any single nation's policies (the dollar is such a monster, in terms of share of global trade that you'd still be exposed to the Fed to some extent, but it would be dampened by all the others in the mix). But presumably there's already a way to invest in ETF's or mutual funds pegged that way.
Clearly, the Fed is trying to keep the Dollar steady. There are other less obvious players trying to keep the Dollar steady. Almost all trade is denominated in Dollars, in at least bookkeeping terms. A wildly fluctuating Dollar hurts just about everyone.
I did not realize how much everyone was doing to keep the Dollar steady, and how difficult it was, until I saw the wild fluctuations in BitCoins. It is the wild west, in a way even gold is not.
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you can pretend to be a cool crypto tard?
the dollar could collapse too, you know, there has never not been a collapse of major fiat currencies.
this is why most customers on wallstreet are known as "the dumb money".
I am amazed by how much is being done to keep the Dollar steady. I guess we just have very different news sources.
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clearly they've been printing so much money for their friends on purpose that it's obvious they're not actually trying.
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I'm amazed you just can't recognize malice, lies, and shirking of duties or are a mindless cheerleader for a corrupt system.
wait, no i'm not.
Almost any asset class can collapse in value. For example, the kinds of people who scoff at "fiat currencies" tend to be goldbugs, but gold has a nasty habit of collapsing in value. It was about $2,500 per ounce in early 1980, then $938 per ounce just two and a half years later. It went as low as $425/ounce in early 2021.... a loss of 83% of its value from its high. That's why you want to be diversified.
Very little of the modern money supply is actually printed. The Fed is raising interest rates, and selling assets they bought during quantitative easing to try to lower the money supply. These are massive moves being made.
The vast majority of Americans are doing quite well. If you are not, is that the Fed's fault, or is it your fault?
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you can still keep the supply limited without printing it out.
here you are mixing up issues in the dumbfuck way you always do.
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gotta link to the vast majority of americans doing quite well?
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yes.
they supress the price of gold to make it seem unattractive.
THe powers that be...be.
the dollar is benefitting by the huge pressures on all other major currencies.
Most money is not created by the government, and most inflation is due to velocity of money, and not creation of money. In short, it is very complex to control inflation, much as it turned out to be very complex to reverse deflation.
Keeping the US Dollar stable has taken a huge amount of effort. Volcker raised the fed rate to 20%, causing double digit unemployment, and hurting the income of over half of Americans, all to get inflation under control in the late 1970's. It was brutal what we as a country went through, but the Fed decided it was worth it.
Your claim they are not trying to keep the Dollar steady is just delusional.
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bullshit.
America is doing better than most of the world, and the Dollar is a stronger currency than any other currency. That is causing the Dollar to become dearer, which is good and bad. It does make our exports more costly, and our imports cheaper.
You seem completely unwilling to accept reality. I have watch Bitcoins go from 5 cents to $1000, back to 2 cents, back to $1000, and then up to $50,000. Some of those moves took less than an hour. There is no one trying to keep Bitcoins steady, and they are useless in accounting. Meanwhile, most of the world uses the Dollar for cross border accounting. Extreme amounts of effort goes into making it very stable.