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Fiat doesn't work on a finite planet. Crypto has failed on its goals. What is a better way to be economically secure? (infosec.pub)

submitted 5 months ago by aviation_hydrated@infosec.pub to c/asklemmy@lemmy.ml

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Assuming the title to be accurate, what is a good way for the working class (90%+ of all humans) to save and succeed in this current environment?

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[–] geneva_convenience@lemmy.ml -1 points 5 months ago (1 children)

Has crypto failed?

[–] Omodi@lemmy.world 9 points 5 months ago (1 children)

Yes

[–] hglman@lemmy.ml 1 points 5 months ago (2 children)

But also no.

[–] rockmeat@feddit.org 4 points 5 months ago

yeah, it succeeded in scamming a lot of people for their money

[–] dmegatool@lemmy.ca 2 points 5 months ago* (last edited 5 months ago) (1 children)

BTC 130% up last 365 days. 10% up last 30 days

But seriously if everybody would use crypto, the up and downs wouldn't matter. The value/pourcentage is only VS Fiat.

[–] bionicjoey@lemmy.ca 5 points 5 months ago (2 children)

Newsflash: currencies shouldn't wildly fluctuate in value. The fact that people use it like a stock market investment, (and an idiotic one at that, since there is no underlying business), is exactly why it has failed to be a currency.

[–] aviation_hydrated@infosec.pub 0 points 4 months ago* (last edited 4 months ago)

What does the term "wildly fluctuate" mean? In 50 years of USD fiat, gold vs USD has gone from 35$ to ~2000$ per ounce. That seems pretty rapid to me, since I can still talk to living people who experienced it

At least BTC has historically gone up, whereas fiat goes down, although only a few years of data for crypto compared to thousands of fiat, so maybe crypto will do the same as well

[–] dmegatool@lemmy.ca -2 points 5 months ago (1 children)

It fluctuate vs the Fiat value, not with itsleft. The supply of BTC is determined, not like the printing machines we got now.

[–] bionicjoey@lemmy.ca 2 points 5 months ago (1 children)

Nothing's value fluctuates with itself. Money supply is controlled through interest rates in modern economies because it works better than directly controlling the money supply. Your comment betrays an unsurprising lack of understanding of the most basic concepts of economics. You're just parroting some talking points you've heard from techbros.

[–] hglman@lemmy.ml 0 points 4 months ago

No, you think economics is a physical science and it isnt. It works like it does bc its been made to work that way. It could work differently.

Also Bitcoin isn't the only way cryptocurrency could or does work.