There are going to be a lot of people left holding the bag when people realize that cryptocurrencies have no value.
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You trade them to other people who need guaranteed portability
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But what are you really transferring?
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The ability to move wealth in situations where no other way is possible
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But numbers aren't wealth
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They are, if they enable circumvention of capital controls
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But they only enable that to the extent people are interested in buying numbers. People have no independent use for these numbers
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I don't think you understand what I'm saying, bitcoin functionally has value because it allows you to walk a billion $ through US customs
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What do you do with it on the other end? Trade it to someone else who needs to do the same thing
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Pretend it has value like you pretend the dollar has a value. We pretend/agree/legitimatize that Trump is president.
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Maybe I'm spewing retardation but that's my understanding of things.
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But the dollar has value because guys with guns tell us it does. Bitcoin?
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The dollar has a value because people don't know it's intrinsically worthless. If MSM tells everyone tomorrow that $$$ is worthless —
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The $ would lose the entirety of its value in a day. The $ can be meme'd to death. The dollar doesn't have a value because of guns but —
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Because we agree that has a value. If the value of money can be backed with violence, wouldn't the venezuelan bolivar be stabile right now?
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Wouldn't the collapse of the weimar paper mark have been avoided?
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The Weimar government made the political decision to print money to that extent.
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