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Buying a $250 Residency Card From a Tropical Island Let Me Bypass U.S. Crypto Laws
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this post was submitted on 03 Mar 2025
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Money of course. I have been paying my bills with crypto since 2023.
And i have been using my bank account and cash to pay all my bills since i have had bills to pay. What's the advantage of using something that is less convenient, less secure, and more resource intense than a normal checking account with direct deposit? You keep dodging the question on what use cases you think crypto currencies have an advantage over fiat currency.
Fiat currencies are money by decree of a government. If you have lost trust in your government or your government is not trustworthy to begin with, then the Fiat currency is not worth the paper it's printed on or the digits in your bank account. Your access to your bank account can be restricted at any time for any reason with just a simple push of a button and you have extremely small or no recourse to such an action. Cash is better in that regard, but even so your government or central bank purposely says they want to devalue your cash and other currency by a set target per year. Therefore making you have to work harder or become poorer. As an example, the U.S. Federal Reserve targets a 2% inflation target per year, which means if you put a $100 bill under your mattress today, in 2035, it would only buy you $80 worth of goods. I'm not that old, and yet, when I was a young kid, a $500,000 nest egg would work extremely well for a good retirement. Now, that is absolutely not the case. Not because of the goods getting more expensive, but because of the currency depreciating in value as you work for it.
I trust governments with fiat currency a hell of a lot more than I trust anything that has to do with crypto.
Ah, okay. See, we are exactly the opposite in that case, because I have lost all faith in governments, and therefore have lost all faith in what they call money.
Edit: Tap the Publish button before I'm into.
You could give me a bunch of government fiat, and I would take it and turn it into crypto simply to have more crypto because there are still people who desire to have government fiat currency. And I am not one of them.
I understand the inflation argument, but what gives crypto any value other than a) a relative value which is based on fiat currency anyway and b) the faith of the userbase in it?
What gives any currency any value other than human belief in it? After all, when fiat currencies become valueless, we as humans end up back at gold, which has been in use for millennia.
I'm not saying that governments are the most trustworthy institutions in the world, but as someone who tried to be an early adopter of blockchain from both a tech and a financial perspective, I immediately assume that anything that has the word "crypto" in it is deeply flawed and inherently untrustworthy. I've unfortunately learned this from experience.