Fiat doesn't work on a finite planet. Crypto has failed on its goals. What is a better way to be economically secure?
Fiat doesn't work on a finite planet. Crypto has failed on its goals. What is a better way to be economically secure?
Assuming the title to be accurate, what is a good way for the working class (90%+ of all humans) to save and succeed in this current environment?
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Why would I assume the title is accurate? I've never heard this criticism of fiat currency before, since the whole point is that it doesn't rely on on scarcity but on the stability of the issuing body. Can you explain, or is that outside the scope of this thread?
The issue is those closer to the money printer get the biggest rewards (according to the US Fed's description of their stakeholders) so as they increase their supply of currency they can accumulate more goods, outpacing the rest of the classes which have to suffer through inflation, which debases their money, keeps wages low and goods prices increase
In an evenly distributed and fully observable currency supply which can rise and lower as needed, there is no inherent issue with fiat currencies as long as the issuing party is reputable and wages increase at the same pace (up or down) with all prices
Yes, that sounds better. I didn't mean to imply there are no problems with fiat currency, only that scarcity wasn't one I'd heard argued.
Why would I assume the title is accurate?
It's prerequisite to understanding much of anything on lemmy.ml.
Can you explain, or is that outside the scope of this thread?
We will definitely explain. But, I don't think I'm the best on to do so. If you don't receive an adequate answer by tomorrow then reply to this and I'll do my best.