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Generative AI hype is ending – and now the technology might actually become useful
(theconversation.com)
this post was submitted on 20 Aug 2024
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Technology
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Found the diamond hands.
Crypto currencies are still backed by and dependent on those same currencies. And their value is incredibly unstable, making them largely useless except as a speculative investment for stock market daytraders. BitCoin may as well be Doge Coin or Bored Ape NFTs as far as the common person is concerned.
I hope your coins haven't seen a 90%+ drop in value in the past 4 years like the vast majority have.
Cryptos obviously have serious issues, but so do fiat currencies. In fact all implementations of money have one problem or another. It's almost like it's a difficult thing to get right and that maybe it was a bad idea in the first place.
What do you mean by “backed” here? I think I’m misunderstanding but I thought (and a short google seems to confirm) that currency A being backed by currency B means the value of A is fixed at a certain amount of currency B, and there is some organisation “backing” this with reserves.
Not trying to shill/defend crypto, just confused on terminology :)
I mean that crypto currencies are essentially the same as stocks. They have no worth on their own, and their value is tied to converting them to other currencies.
And this conversion rate fluctuates constantly. What one bitcoin is worth today is not what it will be worth tomorrow. In order to buy something with a crypto currency, companies have to first check how much it's worth in fiat currency.
That's why you stick with Bitcoin instead of running after whatever flashy new super duper coin that assholes trick fools into buying.