STREET DOGS: Let’s address the elephant in the room
Could it be that it has more to do with trying to take advantage of the "believers" in these things rather than a genuine belief
Have you seen those TV adverts for people selling gold? The sales pitch usually says something about the uncertainty of the financial system, the risks of financial assets and the erosion of your purchasing power. But the weird thing is that these firms selling you gold are always asking for the exact thing they’re scaring you about – dollars. Isn’t that strange? The same might be said of those punting cryptocurrencies. Could it be that it has more to do with trying to take advantage of the "believers" in these things rather than a genuine belief that either gold or cryptos could replace today’s money? The idea that money can become entirely decentralised is at odds with the way our economy works and the fact that consumers require purchasing power optionality. Our money supply is largely market based and driven by the creditworthiness of those who seek the optionality of purchasing power by taking out credit. Libertarians and free market advocates should love this arrangement as th...
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