A word about crypto. Andrew Jackson thougjt the idea of a central...

[TreasonousBastard]

bank was a scam, simlar to wha we now see crypto as. The difference is basically who agrees to the system.

Over years, we had all9 sorts of money, backed by gold, silver or Apple Annie's big ass.We gradually moved to a system that did not require any backing other than the faith and credit of the US government. That works if you are talking about governments, since being a government, it is presumed to dpeak fo all its people.

That's exactly what you've got with Bitcoin and its relatives. Its value jis not decided by agreement among its holders, but by some agorythm.

In theory, the algoryth should smooth the rough patches, but in feality it simply amplifies the problems we already have.

For instance, where in this alleged money scheme do we have any control over fractional reserve banking?

[Trailrider1951]

1. We do not have any control over fractional reserve banking

Other than who we elect as President, and his/her control is very limited.

[TreasonousBastard]

2. But we have some, and wa change the reserves to..

try to control the money supply

[TygrBright]

3. Crypto is a massive grift. Bitcoin "mining" is doing devastating damage to the climate. n/t

[hlthe2b]

4. I have long thought crypto would be a nightmare ultimately. Call me a Luddite or whatever

(and I am NOT technologically ignorant) but I would NEVER have embraced it no matter the incentives.

There were quite a few proponents on this forum a year or so ago. I wonder how they have fared.