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Strategies & Market Trends : The Art of Investing
PICK 46.18-0.3%Nov 14 4:00 PM EST
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To: Sun Tzu who wrote (6094)12/21/2022 4:30:58 PM
From: Hank Scorpio1 Recommendation

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Anchan

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I don't dispute what you're saying. At its worst fiat money is worthless. This is true. But, its the system we use now. And it does have 'backing'. The country that guarantees the currency has a great deal of control over the economic output and level of taxation and that is not worthless. So, while I do agree that fiat money's critics have much to be critical about there is still a value there that cannot be disputed. I can, and do, dispute this wrt. crypto.

You do have a valid argument wrt. individual companies issuing their own currencies, but the economic output and control is significantly less than that of almost any government. And those companies also have to cede power to the government in every jurisdiction, so the argument is only valid to the point that the gov't allows it.

Anyway, my original point was that crypto has no real, tangible value. It seems you agree but argue that all fiat currency is the same. So, as I said already, I concede the point that they are the same but I will still argue that even if they are the same, the central bank backed fiat currencies are still magnitudes more attractive than crypto currency simply because there is nobody or nothing attempting to control the value of those cryptos with the aim of stability.

Without stability it will never be more than a speculative investment.
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