this post was submitted on 11 Mar 2025
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[–] zalgotext@sh.itjust.works 7 points 17 hours ago* (last edited 17 hours ago) (14 children)

Basically all modern money is based on faith, including crypto.

Ok, sure, however, fiat currencies are based on the faith that there's at least one entire nation that you can use your currency in, and is motivated to ensure their currency is worth something, and has some semblance of stability. Crypto is based on the faith that there's other dumbasses out there that will agree with you that these particular bits hold value for some reason.

[–] TheEighthDoctor@lemmy.zip 4 points 17 hours ago (4 children)

Crypto is based on the faith that there's other dumbasses out there that will agree with you

And that's the most beautiful thing about crypto that got lost in all the speculation, shitcoin, scams, and nft bullshit. A currency of the people for the people, but of course, when the pigs came into power they were the same as the old farmers.

[–] Cethin@lemmy.zip -1 points 15 hours ago (1 children)

It was always a scam. When people were saying these things, that was part of the scam.

There are good uses for the blockchain, just not really with currency.

[–] technocrit@lemmy.dbzer0.com 1 points 14 hours ago* (last edited 14 hours ago)

Keep telling yourself that crypto is a scam with no value, etc... While you loyally and unquestionably use your green paper money covered in pictures of slave masters.

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