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Joined 2 years ago
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Cake day: June 22nd, 2023

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  • That is not true, for the vast majority of the history of money it was based on a commodity that was valuable in its own sense. It is only in the last century that we have begun experimenting with currencies that are not pegged to the value of a commodity.

    Cryptocurrencies derived their value from being a network of users (metcalfe’s law) so they are more like a commodity money. Thing about something like Meta, which has a valuation in the trillions despite its physical assets not be worth nearly that and its functionality as a website being easily replicated on an alternative platform. The users are what is valuable.







  • Yeah crypto critics often gloss over the fact that the war on drugs is an example of repressive government policy and that darknet markets where a lifeline for folks using drugs. As an example, psychedelic have genuine therapeutic uses and on the street level, many “research chemicals” with horrible safety profiles are sold as things like LSD or MDMA.

    With a darknet market you get access to a community that can help vet sellers through forums, comments and rating that help keep users safe.

    Moreover what this shows is crypto can help organizations or people under repressive governments. Another example was a group in Nigeria who was protesting against the police group SARS. The Nigerian government froze their bank accounts but the group was still able to fundraise using BTC.