I think this decentralization and federation is what web3 is all about, without all the corporations calling everything to do with monkey pixel art that costs a million dollars “web3”

  • dx1@lemmy.world
    link
    fedilink
    arrow-up
    4
    arrow-down
    1
    ·
    1 year ago

    The value of cryptos are measured relative to USD and are highly volatile because they’re based on subjective predictions of what the value will look like 10, 20, 30 years in the future. The Fed doesn’t control the value of USD beyond their ability to manipulate its supply, which for the most part only serves to devalue it. Meanwhile, crypto supplies are algorithmically deterministic and not subject to human influence or corruption. It’s a very poor comparison and TBPH shows you don’t really understand the fundamentals.

    • argv_minus_one@beehaw.org
      link
      fedilink
      arrow-up
      3
      arrow-down
      2
      ·
      1 year ago

      The value of cryptos are measured relative to USD and are highly volatile because they’re based on subjective predictions of what the value will look like 10, 20, 30 years in the future.

      Indeed. It’s a vehicle for speculation (aka gambling), not a viable currency.

      The Fed doesn’t control the value of USD beyond their ability to manipulate its supply, which for the most part only serves to devalue it. Meanwhile, crypto supplies are algorithmically deterministic

      Then it’s doomed to deflate endlessly. A quick look at the Great Depression should tell you why that’s catastrophically bad. The Fed keeps the USD inflating for a reason.

      It’s a very poor comparison and TBPH shows you don’t really understand the fundamentals.

      No crypto bro has any business lecturing anyone on economic fundamentals. Especially not one who seemingly doesn’t know that deflation of the main currency is to be prevented at all costs unless you want to see bread lines.

      • dx1@lemmy.world
        link
        fedilink
        arrow-up
        4
        arrow-down
        1
        ·
        1 year ago

        Lol no, it’s the same way any up-and-comer has volatile value initially because there’s uncertainty as to the outcome.

        Great Depression “deflationary spiral” was a direct consequence of the Fed’s inflationary policies during the 1920s. These are all just discredited mainstream econ talking points. And get out of here with this “crypto bro” BS, god forbid anyone have an original thought that differs from your thinking.