Patrick on Nostr: Dollar doesn't limit money creation to a responsible entity. There's lots of people ...
Dollar doesn't limit money creation to a responsible entity. There's lots of people counterfitting physical dollars that get absorbed into the economy all the time. This ends up increasing the available supply beyond the actual issuer's desires.
Crypto projects are limited to creation only by the rules of the token because they're still tied to underlying math just like Bitcoin. If the code allows for money cretion then yeah that can still be a problem but crypto actually has better protections against creation (when imposed by code) than the dollar does because of cryptographic proofs (outside the range of network control.)
I don't really see a use for crypto, outside of Bitcoin, either. The whole point of this topic was more so about the dollar than it was crypto. Shitcoins were just brought in to highlight my disdain for the dollar more so than highlighting them. The point for me in shitcoins is the ease of convertability to Bitcoin over the dollar primarily, without the need to hold a slave token enforced by violence.
Published at
2024-11-11 13:35:49Event JSON
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