this post was submitted on 23 Nov 2023
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If you actually read the article and not the headline you would recognize that this has nothing to do with the legitimacy of cryptocurrency and everything to do with money laundering. All monetary value is imaginary after we got off the gold standard, so how are currencies controlled by global governments any less of a sham than crypto that is decentralized and not obfuscated by central banks?
Also if you lost money trading this news then I agree, that's on you. The total crypto market cap is valued higher today than before this news broke in the past 24 hours so if you sold on this news you only have yourself to blame ๐๐๐
Well the practical difference is that money is something people actually use, where as crypto is mostly something they just hope to resell later to a higher bidder - who will only buy it because they hope to resell later to an even higher bidder.
Oh people definitely use crypto all right! That's why they had to pay $4.6B to settle a money laundering case.
" crypto is mostly something they just hope to resell later to a higher bidder"
Unfortunately this is not true. It was getting used for money laundering, which is not reselling to the highest bidder. The proof is in the fact that they payed the fine.
Otherwise what was the fine for?
Honestly all value is relative, even the gold standard is fairly arbitrary. If you're stuck in the desert with 100kg of gold bars you'd trade them for a gallon of water in a heart beat. That's basically how the american healthcare system works lol.
Arbitrary vs imaginary are distinctly different. You're both right but talking about different things.