Cryto Currency is Fiat Currency The Same As The USD (Main Board)

by Hillarys Colon, Sunday, July 26, 2020, 20:44 (19 days ago) @ Pepe the Programmer

Think about the following:

Crypto currency is currency created out of thin air by the magic of some programmer whom as decided that it has value. It has no intrinsic value beyond what they say its worth.

The USD is also created out of thin air by the Fed Reserve which in reality is not even a govmt agency. It only has value because the govmt and the Fed Reserve says it does ie. the full faith of the US govmt. The USD is not pegged to gold any longer so the value can be whatever they say it is.

The only difference is crytp currency is backed by no one beyond what the computer says it is and the USD is baced by the US govmt.

So whom are you going to trust - the programmer or the US govmt?

The USD is the worlds reserve currency. Various countries have attempted to get away from it for their own reasons. All that would need to happen to completely devalue it is for various foreign govmts to dump their US govmt treasuries on the open market enmasse. The dollar would become worthless overnight.

Literally. Now those countires that dumped the debt would share in the misery because it also means they would never see their money ever again. There is to much at stake to play that game.

At this moment the Fed Reserve is propping up the stock market the same way as they did the housing bubble instead of letting the shit hit the fan. In essence as they say they are kicking the can down the road. It also means that at some point in the future the damage from this is going to be even greater.

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