52 million Americans already own crypto. And yet, crypto’s future in America remains uncertain. Congress is writing the rules as we speak – but they won’t vote YES until they’ve heard from you.
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Hi
What cracks me up about such conversations is the American Government’s assumption that America runs the world. It may be part of the brainwashing, but I look at it as just the next in a series of arrogant rulers of once great nations (like Great Britain which is not so great) using threat and intimidation to force a global population to adopt THEIR agenda. For sure the good ol’ USA has had a good run of it in the 20th century and in the first quarter of the 21st century, but the arrogance is stifling. Fortunately you do not have to be a non-USA domicile or national to share my views. I think over half the Americans in the world share my view, and that is encouraging. Because despite all efforts for any democratic peoples’ governments to lead them into dictatorship by fear and intimidation, I am always of a positive disposition to believe that the true Americans will see through this veil of misdirection and keep America independent and democratic. It may take another few decades, but I look forward to the day when Americans can feel proud to be Americans.
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52 million Americans own crypto, but the rules are still uncertain. Congress wants to hear from you before deciding.
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Congress only acts on behalf of interest groups, and not the American people. Maybe if enough Americans speak up, Congress will act on behalf of Americans instead of the interest groups.
52 million may sound like a lot but it’s only 16% of the over 334 million Americans in the United States.
My problem with crypto is that it has no intrinsic value:
- Due to volatility and instability, it isn’t a good store of value
- You can’t eat it
- You can’t make jewelry out of it
- It has no medical, surgical, scientific, or engineering applications
- It is not on the periodic table or even a semi-precious element
- You can’t burn it to provide heat or cook with it
- You can’t put it in a slingshot and hunt for food with it
- Most people can’t buy a gallon of milk or gas with it
- It’s dependent on electricity and the power grid, so an EMP or power outage would render it useless
Crypto is a purely speculative asset class and should be treated as such, instead of people trying to treat it like it’s actual money.
As long as I can convert crypto to fiat I have no problem with it
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So just like the USD or any other fiat currency then. Understand the difference between money and currency. Then you can grasp the concept of crypto.
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I can wipe my butt with a dollar bill or use it to tip my waiter at dinner, so at least that has some intrinsic value based on utility and wide acceptance. Crypto has neither of those qualities.
Do cryptocurrencies have intrinsic value?
All cryptocurrencies have intrinsic value in different forms. Bitcoin and its forks (i.e. Litecoin, Bitcoin Cash, Bitcoin Gold, Dash) and other cryptocurrencies that are mostly used as a medium of exchange have an intrinsic value deriving from their ability to be censorship-resistant.
Ethereum, Cardano and Polkadot have these intrinsic value and more. On all of these blockchains, many DeFi services can be implemented, such as loans, trading, private banking, and even gaming.
Fiat currencies, such as the US dollar has also has intrinsic value, although uncomparable to cryptocurrencies. Fiat currencies are valuable simply because governments says that it is legal tender. Beyond its use as medium of exchange, fiat currencies don’t really have any other function.
What gives cryptocurrency its intrinsic value, and why is it more valuable than fiat currency?
The intrinsic value of fiat currencies is found in their use as legal tender, meaning that it is the only medium of exchange with which citizens pay taxes. While the same can’t be said for cryptocurrencies, most of them offer what fiat currencies don’t offer — true scarcity.
Central bank policies are complicated. Attempts to balance a country’s economic output with the money supply often lead to the oversupply of money, which leads to devaluation of the currency and inflation. The supply of fiat currencies is technically infinite, while most cryptos have a supply cap.
This makes cryptocurrencies more valuable than fiat currencies. The same reason why gold is more valuable than water, even if life cannot exist without it.
Cryptocurrencies are also the only assets that have an increasing cost of production, thereby diminishing the rate of supply over time. Combining this factor with the network effect, it seems only natural that the price of bitcoin and other cryptos increase exponentially.
What Gives Cryptocurrency its Value and Price? - Easy Crypto
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You can’t do either with a kg bar of gold, but that doesn’t mean it has no intrinsic value. But you can freely exchange crypto for gold or for USD. This conversation has become nonsensical.
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I’m pretty sure a waiter would be ecstatic if they were tipped with a bar of gold. Thank you for your initial unsolicited response to my post. You have a great day.
There is currently an anti-crypto regime in the US. Namely, Gary Ginsler with the SEC.
He’s got a handful of years left in office, something like 2026. We need that change sooner.
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