Snoop Dawg it’s very simple. When you want to turn your internet money into real money you need to go through an exchange. The exchange limits your withdrawals and can crash in a busy day. No matter how hard you shove your fingers in your ears and say they are the same, crypto is not USD. I understand the angle you are trying to work by saying USD is also a relational value, but the USD got here first and IS our standard. Crypto is late to the party and USD is the currency base. You can’t bend that reality, it’s just the way things have played out. It could have been Deutschmarks, or Chickens, or Bitcoins but it isn’t and that’s a fact. Crypto has a value that is only as good as you can convert into USD. And that’s a max of $10k a day.
Seriously, where are you getting this 10k cap from? I've personally done more than that amount in a day on an exchange without any problem.
Govt backed currency isn't without dangers of liquidity. India few years back had a bank closing when getting rid of large denomination bills. Venezuela needs a black market for actual exchange rate of their currency.
Many people rarely use cash these days, so it's much more internet dependent. My credit/debut card gets rejected due to technical issues.
You gone from saying crypto is as good as USD to not as bad as the Venezuelan bolívar. At least for now, they have *slightly* more differences as countries than their national currency. I heard the $10k part on the news a while back. I do think you are right, Crypto is somewhere between the USD and bolívar at this time. However it’s at risk from so many aspects, not least it’s massive energy requirements and Govt crackdowns on something so uncontrolled.
"I heard.." - next time do research. Dont believe everything you hear. Your post is misinformed and littered with in accurate facts. Ponzi/pyramid scheme is different. Closest correlation for Bitcoin - works like a stock. Its intrinsic value is set as per market demand.
Never said it was as good as USD. My statements was classifying token economies. An argument around reliability and adoption is understandable, but these were not your original statements.
I hope that this conversation brought you more information than before. At minimum, it can be seen that crypto is at least on the spectrum in between some government backed currency. Even though those govt are run like shit. But as time progresses, it's unfortunate to see some countries go into a downward spiral. Think Venezuela is at more than 400% inflation this year. That's even worse than the crypto crash that happened this year. Not including the massive inflation from last year.
Energy issue needs to solved. Govt crack down is the biggest issue I see. But this was the same for gold confiscation decades ago. Govt wants to be in control of monetary policy or else they can't inflate their debt away. Even then, I see a need for better accountability on monetary supply, and an open ledger like crypto has is an option.