cryptocurrency

If They Offer ‘Rewards’ For Deposited Stablecoins, Aren’t They Banks?

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Private money will eventually replace fiat, government money. The reason is simple: Inflation (meaning currency devaluation) is a brand risk, and a private business would never be so foolish as to rip off customers via devaluation. It’s something about the desire for repeat business… Conversely, governments have been devaluing for as long as they’ve been issuing […]

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Bitcoin Will Never Circulate As Money, But Amazon and Walmart Will

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Do you take Amazon or Walmart dollars? In the question it’s easy to see the problem with bitcoin, and other well-known speculations. People aren’t prone to storing their wealth meant for essentials in speculative instruments. Which is why bitcoin will never be broadly circulated as money. See its well-documented turbulence. Really, who would speculate

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Tether & Bitcoin Have a Big, Routinely Ignored Dollar Problem

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Private, or “crypto” money will eventually replace government money. Bank on it. As written in The Money Confusion, profits from the trading of fiat currency chaos ($7 trillion per day worth of currency trading) ensure the eventual erasure of those margins. The speculation here is that stable, private money will be the instigator of the

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Bitcoin’s Fixed Supply of Coins Remains Its Biggest Demerit

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Bitcoin “doesn’t trade on fundamentals, but supply and demand.” The previous point was made in a recent column meant to explain the surging value of the most prominent crypto concept.  In the same column penned by Giedre Valaviciute, he cited a response from an investor who’s made millions on bitcoin. Asked why he put

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So Long As Bitcoin Is Loud Price Story, It Won’t Ever Be Money

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Bitcoin in its present, high-profile form cannot be money. About the previous assertion, it should in no way be taken as a knock on crypto, or private money more broadly. Evidence supporting the previous statement can be found in my 2022 book The Money Confusion: How Illiteracy About Currencies and Inflation Sets the Stage

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