The fake money for criminals is the best because there's a lot of people that aren't criminals that have bought in on it and among those the concensus is "I think a bunch of IT neck beards can build a better financial system better than the one that evolved over centuries".

The delusion is laughable.

[–] Appoxo@lemmy.dbzer0.com 1 points 6 hours ago* (last edited 6 hours ago) (1 children)

Is a currency really that much better if it's less stable than balancing two pyramods on their respective tips?

[–] musicalphysics@discuss.online 1 points 44 minutes ago

Bitcoin is the youngest currency around and u like all of the other currencies it isn’t mandated or controlled by governments. If inventions have to be 100% perfect out of the gate then you’ll never get anything new.

[–] explodicle@sh.itjust.works 6 points 13 hours ago* (last edited 13 hours ago) (1 children)

Honestly I think pretty much anyone could build a better financial system, and more people should try. What we have now is the result of centuries of unchecked power. This monetary policy was created by Richard Nixon and then we adopted a Keynesian rationale post facto. It didn't evolve, it was stolen.

If you've got another idea (including moneyless systems) I'm down to try that too, but what we've got right now is pure garbage, and having no out before the modern era doesn't imply that it's good.

[–] megopie@lemmy.blahaj.zone 3 points 13 hours ago (1 children)

The modern banking system and monetary policy was created under FDR. Nixon just stoped pretending it was backed on gold and told de Gaulle to kick rocks when he asked for the gold back.

Realistically the changes under Nixon are peanuts compared to the digitization of it all since the introduction of systems like Swift.

[–] explodicle@sh.itjust.works 1 points 13 hours ago (1 children)

You say that like Nixon wasn't unilaterally breaking the Bretton Woods Agreement. No offense, but are you an American?

https://en.wikipedia.org/wiki/Nixon_shock

[–] megopie@lemmy.blahaj.zone 2 points 12 hours ago

Yes I am an American and I know what he did, but I also know that the Breton woods agreement was only a small part of the financial system, and that realistically, the economic downturn of the 70s was far more heavily impacted by several oil shocks and the hangover from massive spending on Vietnam.

[–] Amir@lemmy.ml 1 points 13 hours ago

I think it's very true, but cryptocurrency is not the way to go