Money, Currency, Cryptoverse

The Cryptoverse – Bastard Son of the Fiat

If there were ever a pure play in the great fraud of fiat, Elon Musk is it. Yet here he is electing to go with crypto instead.

The true battle is between fiat & crypto. On balance, I support the latter.https://twitter.com/elonmusk/status/1396049547680391168

Actually, there is a seminal picture in these few words and it amounts to this: Crypto currencies are not money, they are the latest boiling hot speculative asset class that, ironically, is just another bastard spawn of the central bank money-printers. They are not an alternative to bad central bank money; they’re an issue from its own loins.

It’s blatantly evident that neither Bitcoin nor any of the other swarming herd of cryptos are a store of value or a medium of exchange. During the last 48 months, for example, the value of Bitcoin has changed on a monthly basis as follows.

Monthly Value Change:

  • Gain of 40% or more: 7 months;
  • Gain of 20% or more: 17 months;
  • Gain of 10% or more: 21 months;
  • Loss of 20% or more: 5 months;
  • loss of 5% or more: 19 months;
  • Loss of 2% or more: 22 months;

As to a means of exchange for anything less than a $125,000 Tesla (for a time), a good old fiat wire transfer, check or chunk of cash has a lower transaction cost as a percent of purchase price. Read more at https://www.lewrockwell.com/2021/05/david-stockman/the-cryptoverse-bastard-son-of-the-fiat/

History of $

By Mike Maloney 2013

The whole world has been turned away from real money and fooled into using currency — a deceitful imposter that is silently stealing your two most valuable assets: your time and your freedom.

Those colorful pieces of paper in your wallet with pictures of dead presidents and other historical figures on them — aren’t real money; they’re currency. Fiat currency, to be exact.

In 1971 the Bretton Woods system collapsed after the United States prohibited the world’s central banks from exchanging their dollars for gold. The world has been using fiat money — unbacked currency with no intrinsic value — ever since.

Unfortunately, because fiat money isn’t linked to something of real value like gold and silver, it’s extremely vulnerable to becoming worthless. How vulnerable? Eventually, every fiat currency dies; it returns to its intrinsic value which is zero — a historical fact.

As people’s faith wanes in their paper currency, hyperinflation sets in, and money rapidly loses value — usually annihilating nest eggs that took decades to build.

Money vs Currency – Hidden Secrets Of Money Episode 1 – Mike Maloney [2013]

https://youtu.be/DyV0OfU3-FU

The best individuals can do is get educated, and share so others can do the same. TY

Without Prejudice and Without Recourse
Doreen A Agostino
http://freetobewealthy.net
Via ethernet to safeguard life

gfes

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