Is Crypto Just Fiat Number 2 In Disguise

Hey Jessavers

As someone who feels they were screwed by the fiat system and having more of my purchasing power robbed from me than those who held assets, those in government, those close to the money printer and those whose countries benefit from the way the debt-based economy works, you can tell where my biases lie.

For years I felt something was not right, I searched for answers, and this eventually leads me down a rabbit hole of history, consumer behaviour, game theory, incentive structures and, of course, economics.

One of the resources that really opened my eyes was this website https://wtfhappenedin1971.com/ which centres around the effects of moving off the gold standard. The gold standard was by no means perfect, but it did put the breaks on governments ability to manipulate the money multiplier, something they have unrestricted access to today and even have people calling for more, in the form of MMT.

crypto-fiat.png

Having found Bitcoin, I made my way down the rabbit hole to other coins and eventually found my way back into Bitcoin. Since then, I've been called a lot of things.

Close-minded
Bitcoin maxi
Fudster
Hater

This leads me to believe that I am asking the right questions when it stirs up such an unsettling response. I am voicing my opinion on the information I am given and calling things as I see them. Is that so wrong?

Having come from a system where the wool was always pulled over our eyes, I see no reason why I shouldn't be overly critical of any so-called solutions.

Bitcoin trying to establish a monetary peg

When fiat left the gold standard, it was a boom time, and we only saw the after-effects and cracks in the later years. As is the case when you remove yourself from a hard money standard, we saw this with Weimar Germany, The Spanish Empire, The Roman Empire, The British Empire; I don't know how many more times this has to be repeated, but okay.

Bitcoins goal is to try and bring back the monetary peg, to have a way to measure shitfuckery in the system and expose it early on so people can make decisions on where they want to store their wealth and who they trust.

Bitcoin is trying to re-establish the risk-free rate that gold offered back when the monetary system was formed.

I was hopeful; I like the idea, it resonates with me. Then I look a the wider crypto space, and coins are made every day with a new promise. Now that's fine if these coins were a representation of equity that I get; you own a piece of the protocol or business like you would as a stock holder.

I'd get it if these coins were bonds that financed a project to be repaid as the project grows, but most of these tokens are trying to be some money replacement. Even if they don't explicitly state it, that's what people are doing with it and how the founders are profiting from this behaviour.

Crypto is basically private fiat

Many of these coins don't take many resources to make and can be spun up and allocated at will. Sound familiar? The fiat money system is itself a Ponzi scheme, so surely anything with similar attributes or tries to mirror itself on fiat is by definition a Ponzi.

Proof of stake is basically the same inflation attribution system as we have in fiat so how is this different other than who the people are who profit from it?

I get it's hard to see past the promise of more dollars for nothing and we all want something for nothing. I get others have been profiting from this system for years. However, if we perpetuate the same systems in crypto then we are no better than the so-called financial system we wanted to escape.

You don't have to convince me, you don't have to listen to me. All I ask is, that you ask yourself these questions and see if this all sits right with you.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

Let's connect

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16 comments
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When I see the control and hierarchy built in crypto world as well by the creators and the founders of those cryptocurrencies, I start thinking it's the same and maybe we need something better to be created. More democratized ! Really democratized, but not the fake democracy we see now in so many fields.

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I'm glad I'm not the only one who is seeing this and feels like it's not solving anything it's just there to enrich a new set of oligarchs

For me Bitcoin is the only one I see that's actually trying if you not buying or mining or rendering a service to be paid in BTC you can't get Bitcoin and having that hard issuance makes it less likely to be corrupt

Yes we can say there's a small percentage holding the coins but it's spreading out more and more each year where crypto and fiat are going the opposite way

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It all started from bitcoin anyway. So many tried to copy it, then they tried to compete with it like ethereum. Then they tried to create something else. Then everything moved to proof of stake. Now farming and yields and defi. Those seems only for those who can afford it. Becuase the fees are high and it's not a fact that if I'll buy something that expencive, I will be selling it someday.

All the improvement is great and any project has something good in it, that's why we just have to diversify to reduce the risk. Including social media as well, I mean all that made on the blockchain. It's good to grow in as many of them as possible. In some we may withdraw to use that, in some only accumulate if we belive in the project. That's why I'm trying to build @dcooperation community that will collaborate with more crypto communities, promoting hive at the same time. That's why I create content now in a few platforms. Noice on bitcoin cash, lbry, publish0x and others I would like to find. Of course those where there is something to earn, but not promising ones like voice for example on eos. I don't know if that's working or not. There is a lot of them and it's impossible to follow them all.

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I don’t blame people for acting rational and trying to earn something extra I just fundamentally disagree with the way these ecosystems work! I just think if they were serious about change as they preach they would use a money they cannot control like Bitcoin

When a business or service focuses more on the financialisation than anything else the product suffers and it’s all about delivering value to the base shareholders by any means and any cost!

We’ve seen this play out time and time again and slapping blockchain on the same system doesn’t change an thing

I just appreciate honesty and I don’t think there’s a lot of it in the crypto space!

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A lot of these coins are spun as disguised as try crypto currency. They just use the name count but behind the scenes a lot of them are controlled by someone which means they can manipulate the system any time.
Is not that true?

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I can't see a coin other than Bitcoin that's not following that route, changing shit all the time how things are issued, who gets tokens, why? It's labelled innovation and sure do with your project as you like but I'm not going to take part in it

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The fiat money system is itself a Ponzi scheme

I don't exactly understand this part. I guess it has more to do with the currency. Having a currency like the Naira is an outright scam and maybe we could call the US Dollar a Ponzi scheme.

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They all are because currencies are backed by nothing before it started with a set convertiablty to gold as in the USD case or a convert into AI liver as is with the pound Sterling now it’s all based on debt so did more money to be created it’s borrowed into the system!

The new money is then used to pay back the previous bond holders, that in itself is a ponzi

Read up on books like planet Ponzi

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Well I would have to agree with you. Crytpo-currency is essentially a more privatized version of fiat that is no longer only in the government's hand. Of course the people who run the money printer like Tether and cryptos can be just as bad if they engage in similar actions.

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Exactly I don’t see why if you confident in your app you don’t just use Bitcoin! To me it’s just prolonging the eventual failure of your service

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(Edited)

Dude I just glanced over you post, since you and a bunch of other accounts started downvoting me (maybe via themarkymark bot or something, since it started when he began hating me)... and I see we probably agree about many things, like fiat money is extremely evil, in 1971 they took the dollar of the gold standard as a huge step to make the money printer go crazy...

so why did you downvote a bunch of my posts lately?? What exactly have I done to get your downvote?..

I will not ask the other accounts, for me it is clear that it is connected with the themarkymark, who is a ballhead fraud!

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I am hardly online to be honest, I connected my account to voting trails, i hardly use HIVE

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(Edited)

Make sense, you are forgiven 100%, consider following another trail, marky is a brainwashed fraud.

I have known what you probably know now about the money system since 2004ish, controlled by the Illuminati..

So we agree on anarcho capitalism, right?

But you still dont know that the earth is flat, right?

You can make real money posting your content to LasseCash, just add the lassecash tag to your posts. the price variates a lot, but over a longer period it will go up a lot I believe.

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