$1 Trillion Crypto Meltdown--Huge Crash Wipes Out The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano

[hunter]

73. That's not true. And basing money on some gold standard is just as stupid as bitcoin.

Cryptocurrencies and gold hoarding are both environmentally destructive behaviors, and neither can support a stable economic system.

The U.S.A. rightfully abandoned any vestiges of a gold based monetary system in 1971, although this wasn't made official until 1976. The destructive gold standard was first killed by FDR in 1932. In 1944 FDR-hating conservatives reclaimed its maggot ridden corpse until Nixon reburied it. (Nixon did many things our twenty first century "conservatives" can't understand -- stupid fascists, grifters, and meat puppets all of them.)

Be that as it may, modern twenty-first century "hard" currencies like the dollar are based on the ability of a government to collect taxes, enforce contracts, and regulate markets.

"Softer" currencies are issued by governments that have less competence to do this because of corruption and/or impractical ideologies and economic theories.

Even the old school Chinese Communists seem to understand this and listen to their technocrats, which is how China became a superpower as kleptocratic Russia falls apart.

Here in the U.S.A. our increasing inability to tax and regulate giant corporations and billionaires may lead to our own demise as a superpower.