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by rapsey
2449 days ago
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> The innovation of cryptocurrency is simple and undeniable. Yes but does the innovation have market value? For the amount of investment, there has been no real demand for the innovation. > Fiat money requires armed forces to secure its supply against counterfeiters. Yes fiat money lives in the real world. This is why it is used in the real world. > Cryptocurrency uses math to defeat counterfeiting. Counterfeiting is a minor issue in the real world at best. |
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"By 1865, up to one-third or even one-half of American money in circulation was fake." [0]
Governments regularly have to redesign their bills in order to prevent counterfeiting.
Extreme punishments are given for the crime of counterfeiting.
It's not just private actors to worry about. Opposing nations could destabilize an economy.
When counterfeiting is not a concern and a currency system can be created with very little effort, we can make currencies that we have more agency over.
The demand isn't for a cheaper way to combat counterfeiting but for greater agency over how the money supply is formed.
There is a massive, global call for reduced wealth inequality that existing governments have not been able to address. I'm not certain that cryptocurrency can do it either but it does seem like a possibility.
[0] https://time.com/3774327/lincoln-history-secret-service/