Crypto is an un-backed and unregulated security – the value of which fluctuates wildly. Turns out most people don’t like being paid in something that can drastically lose value in the span of hours.
The few people and institutions that accept crypto as payment either immediately convert it back into real money or are “investors” treating it like the security it actually is.
I’m assuming those quotes are referring to fiat currency. Faith in the solvency of the issuing government, widely agreed upon exchange rates, and regulated prices of goods are all forms of backing. Sure: you can argue that’s “not enough” but crypto “currencies” don’t even have that. Hence why their values fluctuate by the minute – which defeats the entire purpose of “money”.
unregulated
… government controlled central banks and entire bodies of law exist to do just that. Nobody is regulating crypto.
I hate to be “that guy” but your definition of money is a little constrained. By that definition, the only “money” is the money of the country you’re currently in. Can you walk into a bestbuy and purchase a TV with Yuan?
You’re likely trying to say “Can you walk into a normal store of an appropriate country and pay with that currency” but even that is flawed, as certain stores don’t accept credit/debit, or don’t accept cash.
You literally quoted an article about the US…. Which is again an issue. The Canadian dollar is not legal tender in the US.
There are also countries where the “legal tender” is useless. Take Zig, which is the recently mandated legal tender of Zimbabwe, which is so scarce that it’s impossible to trade in, leading people to fall back to the (by your definition) fake currency of the US Dollar.
I don’t really care what is legal tender in places I will never live. If I visit, I will convert my money to the local currency as needed. Bitcoin however, is NOT going to be among them.
Because it’s not money. It has value, but it is not money.
They only “use it” to transfer the funds. Once they have it, they cash it in. No criminal is keeping it in crypto form. They use it the same way they use Apple gift cards.
An easy way to tell if it’s “real” money or not is to see if goods are ever priced directly in it, where it isn’t just directly indexed to the exchange rate of an established currency.
Hint: Even places that accept crypto payments don’t do this. The crypto price fluctuates based on the moment by moment exchange rate to the local currency.
sumerians denoted everything in silver shillings, but trade was done will all manner of commodities, including barley grains. your theory of money sounds like it comes from the Adam Smith cult.
Are barley grains a currency? I’m not understanding your argument here. In a practical sense, cryptocurrencies are far too volatile to use as a currency and the “stable” coins are tied to things like the US dollar. Well, I should say allegedly tied because “stable” coins like tether haven’t been audited to actually prove it’s tied to the underlying.
Can I ask what the point of arguing semantics here is?
Maybe you have put in the effort to figure out all the avenues to use bitcoin to pay for things, but its not easy and you sound more like a drug addict scrounging for metal and bottles, and then wondering why noone else is interested in your hustle.
Why do you care if people call bitcoin real or not anyways? For most people its not real, for you I guess it is, does that make sense?
Money refers to some token which is commonly accepted as a form of payment for goods and services and for the repayment of debts. In some contexts - dark web marketplaces, for example - certain cryptocurrencies such as Bitcoin and Monero are money. In the context of the physical world, generally cryptocurrency isn’t considered to be money, but rather a security - a tradable financial asset, but not a form of directly usable money - the asset has to be exchanged for e.g. USD to be spent.
In this way, cryptocurrency is a bit like WoW gold. I can’t pay for my rent with it, and I can’t really buy any physical property with it, so it’s not money in that context, but in Azeroth, it’s money. I might be able to exchange my digital asset for real money or physical assets, but only in black markets.
I mean, the same can be said for Norwegian Kroner (assuming you’re not in Norway) and nobody doubts that it is money. I can’t pay my rent with it, or buy bread with it, I need to exchange it for “real money” (Euro for me) but it is real money.
Yeah, that’s what I was trying to explain - NOK is money, but only in Norwegian contexts. Runescape gold is money in a Runescape context. Bitcoin is money in the context of dark web marketplaces. The more contexts that some asset is considered to be money, the more widely recognised that asset is as a “real” money. If cryptocurrency becomes more commonly accepted as a medium of exchange, then it will more broadly be recognised as money. But as it stands, for most people in most contexts, cryptocurrencies are not money. I hope that makes sense!
How to use Stablecoins to Pay Rent
While direct payment of rent in digital dollars might not be mainstream yet, Rent.App allows its users to pay their rent in USDC or USDT with no fees. By creating or connecting your digital dollars wallet on their website, you can input your landlord’s email and the amount you wish to send them for your rent. However, your landlord will need to create or connect their wallet to the platform to receive the money.
It’s not though - I can’t pay for my rent with it. And I can’t really buy any physical property with it. Just because someone somewhere did do that, it doesn’t mean I can. I don’t have any cryptocurrency so I can’t actually buy anything with it. Checkmate.
With real money you can take out a loan. Kinda the whole point of money, it represents value that is owed.
While crypto loans would be technically possible it would be a foolish thing to do since it’s effectively a short on something that could increase in value. Real money has a small but steady (well, ideally) inflation so you can be confident in taking out a loan and not having to worry about the currency doing something crazy like doubling in value resulting in you owing double the value than you initially borrowed. This is not the case for crypto so it’s simply not a viable currency for financing anything.
Since it’s not viable for financing, it’s not a real currency and never will be. Like is someone supposed to take out a business loan in real currency, convert it to crypto, pay someone else who would then have to convert it back to real money so they can pay back their loan? Why would people want to do all of these conversions back and forth to and from crypto? Because they like the risk of the value dropping for the brief time they’re holding onto it?
Cryptocurrency
that’s not fake money, and it isn’t “for” criminals. it’s real, and that’s why criminals use it.
If you’re “invested” in cryptogoboligook and you’re not ripping someone off–guess what?–you’re the mark.
Regardless, you can generally use money to buy things.
You can’t buy anything with crypto because it’s 15 years later, and “mass adoption” is never happening. It’s “fake money”.
since people treat crypto as money, it is money.
Crypto is an un-backed and unregulated security – the value of which fluctuates wildly. Turns out most people don’t like being paid in something that can drastically lose value in the span of hours.
The few people and institutions that accept crypto as payment either immediately convert it back into real money or are “investors” treating it like the security it actually is.
most money throughout history has been “unbacked” and unregulated
I’m assuming those quotes are referring to fiat currency. Faith in the solvency of the issuing government, widely agreed upon exchange rates, and regulated prices of goods are all forms of backing. Sure: you can argue that’s “not enough” but crypto “currencies” don’t even have that. Hence why their values fluctuate by the minute – which defeats the entire purpose of “money”.
… government controlled central banks and entire bodies of law exist to do just that. Nobody is regulating crypto.
People certainly don’t treat crypto like money.
And I suppose that’s where our conversation has to stop because you’ve now outed yourself as willing to say any outlandish thing to support crypto.
Because I do not believe you can actually think that.
I am not defending crypto. I’m correcting people who don’t know what money is
The only ones that treat it as money are in on it. Otherwise, you could go to a Best Buy and get a TV with your crypto-card.
Can you buy a tv with a silver bar?
No, because it’s not legal currency. Are you getting it now?? Valuables aren’t all accepted currency….
Your argument is DEEPLY flawed.
Kenisis is apparently backed by silver, I think that solves it all somehow
WTF is Kenisis, and can you walk into a store and buy a TV with it?
I hate to be “that guy” but your definition of money is a little constrained. By that definition, the only “money” is the money of the country you’re currently in. Can you walk into a bestbuy and purchase a TV with Yuan?
You’re likely trying to say “Can you walk into a normal store of an appropriate country and pay with that currency” but even that is flawed, as certain stores don’t accept credit/debit, or don’t accept cash.
My definition of money is “legal tender.”
https://www.digitalmint.io/customer-support/faqs/is-bitcoin-illegal-or-legal/#:~:text=Bitcoin is legal in the,to accept Bitcoin as payment.
You literally quoted an article about the US…. Which is again an issue. The Canadian dollar is not legal tender in the US.
There are also countries where the “legal tender” is useless. Take Zig, which is the recently mandated legal tender of Zimbabwe, which is so scarce that it’s impossible to trade in, leading people to fall back to the (by your definition) fake currency of the US Dollar.
I don’t really care what is legal tender in places I will never live. If I visit, I will convert my money to the local currency as needed. Bitcoin however, is NOT going to be among them.
Because it’s not money. It has value, but it is not money.
Is it too thick sarcasm, incompetence or you just wanted to say smart cards?
Bitcoin isn’t legal tender. Just accept it.
Dollar isn’t legal tender either. Everyone wants something called “рубль”.
Accept it
I can’t buy a TV with turquoise either. or sumerian shillings.
And what does that tell you? That maybe those things aren’t legal currency??
now you’re shifting the goalposts. why should modern legal standards define a universal anthropolgical phenomenon?
No goalpost has been moved. Currency is clearly defined. So whatever other valuable item you try and offer up as an example will be dismissed as well.
Then US Dollar isn’t legal currency everywhere outside of USSA. You can’t just go to shop and buy groceries with it.
It’s exchangeable. Go to a money exchange and see how much your bitcoin is worth.
They only “use it” to transfer the funds. Once they have it, they cash it in. No criminal is keeping it in crypto form. They use it the same way they use Apple gift cards.
tally sticks were debt tokens. people used them as money out of convenience, and would exchange them for cash if it was possible.
An easy way to tell if it’s “real” money or not is to see if goods are ever priced directly in it, where it isn’t just directly indexed to the exchange rate of an established currency.
Hint: Even places that accept crypto payments don’t do this. The crypto price fluctuates based on the moment by moment exchange rate to the local currency.
So latin American currencies are not real money. We already knew but wow harsh reality
sumerians denoted everything in silver shillings, but trade was done will all manner of commodities, including barley grains. your theory of money sounds like it comes from the Adam Smith cult.
Are barley grains a currency? I’m not understanding your argument here. In a practical sense, cryptocurrencies are far too volatile to use as a currency and the “stable” coins are tied to things like the US dollar. Well, I should say allegedly tied because “stable” coins like tether haven’t been audited to actually prove it’s tied to the underlying.
barley grains have been used as currency, yes.
Are they a currency now? Why or why not?
people use all kinds of things as money. none of it is fake, except counterfeits, but even they have found use as currency.
That’s like saying stocks are currency because you can trade them for money.
tally sticks denoted debt in Britain, and were used directly as money out of convenience, but they were themselves denoted in roman currency iirc.
Can I ask what the point of arguing semantics here is?
Maybe you have put in the effort to figure out all the avenues to use bitcoin to pay for things, but its not easy and you sound more like a drug addict scrounging for metal and bottles, and then wondering why noone else is interested in your hustle.
Why do you care if people call bitcoin real or not anyways? For most people its not real, for you I guess it is, does that make sense?
if someone is making a semantic argument it’s those who won’t accept that Bitcoin is money as surely as any other form of money we have ever used.
What’s the difference between something having monetary value and it being currency then?
I dont see the difference between the bitcoin I could buy drugs with online, and the ps2 I trade my weed dealer 15 years ago for drugs.
I dont understand what greater point there is to be had here besides, “well technically anything is currency”.
Money refers to some token which is commonly accepted as a form of payment for goods and services and for the repayment of debts. In some contexts - dark web marketplaces, for example - certain cryptocurrencies such as Bitcoin and Monero are money. In the context of the physical world, generally cryptocurrency isn’t considered to be money, but rather a security - a tradable financial asset, but not a form of directly usable money - the asset has to be exchanged for e.g. USD to be spent.
In this way, cryptocurrency is a bit like WoW gold. I can’t pay for my rent with it, and I can’t really buy any physical property with it, so it’s not money in that context, but in Azeroth, it’s money. I might be able to exchange my digital asset for real money or physical assets, but only in black markets.
Hope this helps
me too
I mean, the same can be said for Norwegian Kroner (assuming you’re not in Norway) and nobody doubts that it is money. I can’t pay my rent with it, or buy bread with it, I need to exchange it for “real money” (Euro for me) but it is real money.
Yeah, that’s what I was trying to explain - NOK is money, but only in Norwegian contexts. Runescape gold is money in a Runescape context. Bitcoin is money in the context of dark web marketplaces. The more contexts that some asset is considered to be money, the more widely recognised that asset is as a “real” money. If cryptocurrency becomes more commonly accepted as a medium of exchange, then it will more broadly be recognised as money. But as it stands, for most people in most contexts, cryptocurrencies are not money. I hope that makes sense!
Many landlords accept USDC
https://realt.co/
https://www.architecturaldigest.com/story/miami-beach-home-most-expensive-bought-cryptocurrency
https://www.idealista.pt/en/news/financial-advice-in-portugal/2022/05/13/5003-house-in-braga-sold-for-3-bitcoins-1st-100-crypto-transaction-in-portugal
Dude, if it’s newsworthy then it’s not a common occurrence. And no, many landlords do not accept crypto lol.
You previously said buying property can’t be done. Now you’ve shifted to “not common”.
https://www.muralpay.com/blog/how-to-use-stablecoins-in-your-daily-life
How to use Stablecoins to Pay Rent While direct payment of rent in digital dollars might not be mainstream yet, Rent.App allows its users to pay their rent in USDC or USDT with no fees. By creating or connecting your digital dollars wallet on their website, you can input your landlord’s email and the amount you wish to send them for your rent. However, your landlord will need to create or connect their wallet to the platform to receive the money.
The opening line of my comment literally reads:
You literally wrote
This is false
It’s not though - I can’t pay for my rent with it. And I can’t really buy any physical property with it. Just because someone somewhere did do that, it doesn’t mean I can. I don’t have any cryptocurrency so I can’t actually buy anything with it. Checkmate.
All money is fake, it’s legitimately just made up.
Gold coins?
it’s all made up but the only fake money I can imagine is counterfeit.
OMG Such edge
How is that edgy? It’s a fact.
Everyone knows how money has no intrinsic value. What does pointing that out add to anything?
Just to give some contrast the saying that crypto is “fake”
Crypto is fake because it’s a Ponzi scheme, not because it’s fiat currency
In order for someone to cash out and make money some new idiot has to buy in, or a bigger idiot has to buy them out
With real money you can take out a loan. Kinda the whole point of money, it represents value that is owed.
While crypto loans would be technically possible it would be a foolish thing to do since it’s effectively a short on something that could increase in value. Real money has a small but steady (well, ideally) inflation so you can be confident in taking out a loan and not having to worry about the currency doing something crazy like doubling in value resulting in you owing double the value than you initially borrowed. This is not the case for crypto so it’s simply not a viable currency for financing anything.
Since it’s not viable for financing, it’s not a real currency and never will be. Like is someone supposed to take out a business loan in real currency, convert it to crypto, pay someone else who would then have to convert it back to real money so they can pay back their loan? Why would people want to do all of these conversions back and forth to and from crypto? Because they like the risk of the value dropping for the brief time they’re holding onto it?
your standards aren’t based on historical fact.
Go throw crypto at a stripper then!
they probably don’t accept tally sticks or turquoise as payment either. were those fake money too?
Yes.
great. live in your bigotry.
The fuck are you talking about?
So you think anyone with a different opinion than you is a bigot?
That’s not how being a bigot works, but uh, cool, thanks for sharing?
Regardless of your personal opinions about cryptocurrency, that is absolutely what this post is referring to by saying fake money for criminal.
they’re not opinions, but I’m sure you’re right about the post.