Backed By Fiat Dollars: How Do you value Cryptocurrencies without Fiat Dollars, the beautiful imperfection of real money – June 5, 2021,

A big thank you to George Gammon for having the guts to get into the details regarding the stupidity of Tether, which for me reminds me of a High-yield investment program(HYIP). In my personal opinion, Tether is a pyramid-schemers’ dream come true, but because most of the people in the crypto-community are obsessed with fiat dollar-denominated capital gains in my opinion it’s best to allow the market to fix things on its own.

I don’t write about Tether because I think the concept is stupid, I do like Bitcoin for a few reasons, one being that it’s educational for people who don’t understand how destructive central banks are to society. Where I’m having problems with the entire crypto-currency community and why I no longer follow much of what’s going on is, because they’re too emotional and sensitive for me, which based on my experiences remind me of a pyramid scheme.

People involved in a pyramid scheme, deep down in their souls, know that they’re getting something for nothing and if there’s ever a mass awakening, the pyramid scheme comes crashing, and therefore the participants involved in the pyramid scheme do whatever is necessary to avoid listening to opinions that might allow them to think critically of he scheme they’re involved in.

Once a person understands that Fiat dollars revolve around confidence, that person should either seek real wealth or at the very least find value in the equity or the cash flow of said fiat money. However doing trade with a derivative of a fiat dollar, to somehow avoid transaction costs is one of the dumbest things I’ve ever heard.

My opinion with cryptocurrencies all along has been this, how do value Bitcoin without fiat dollars? My answer is you can’t, some will argue oh there’s blockchain, and I’ll say yes and there’s Microsoft and Apple, if let’s say the fiat market crashes, how does the blockchain make my life better or more efficient than Microsoft, Google, or Apple?

Where is the value in Bitcoin? where are the web browsers, the Youtube alternatives, what does Blockchain do for me to make my life better if the fiat market crashes? What annoys me with a lot of these bitcoin people is they attempt to make Bitcoin out to be this perfect money.

Bitcoin is struggling to be a better alternative to the fiat monetary system, I can’t even take a bitcoin out of their blockchain. Sure I can save it in an external hard drive but if I want to spend it, I have to plug it back into the matrix. I can use my Macbook on or offline, I don’t have to connect my Surface Pro to the internet, this hardware that comes with software has value outside of the internet, so for myself, I don’t understand how anyone in their right mind could price Bitcoin higher than they would Apple or Microsoft.

Because if this entire fiat money market crashes, Apple and Microsoft still have value, cryptos will lose their value, because the more expensive crypto gets in fiat dollars the less value it has in the real world. In order for a token to be considered stable, it has to have some relation to fiat dollars? That alone should scream how worthless Tether is.

I often write that the economy is DEFLATING and in response to a deflating economy, the government via the central bank offers liquidity, but without the retail banks, liquidity or fiat money doesn’t enter the system. Now, recently because of the stupidity of Donald Trump, the government has been sending former working Americans checks for doing nothing.

This has obviously distorted the markets, Joe Biden is attempting to make UBI permanent and for most people, they see this as signal that Bitcoin and other cryptocurrencies will go higher, but what most people forget is that the global economy is controlled by the working class, not the government and not the financial sector and if any government or business has to pay the working class more fiat dollars, this guarantees consumer price inflation.

Consumer price inflation is actually a DEFLATIONARY mechanism because more money is being used to purchase less stuff. Now let’s say cryptos price goes up because of this and the government becomes so bloated that Bitcoin becomes efficient means of exchange, if you get into Bitcoin late where’s the incentive for you to pump up Bitcoin? Wouldn’t it be smarter to get in early on a bitcoin rival?

Remember even if you’re a miner, as costs for mining go up, how do you benefit from a system that produces nothing outside of its own matrix? Fiat money was created to make people consume more, creating a derivative of a product destined to be debased, is silly if you ask me. Where I like Bitcoin is the educational component, but because people are buying in to simply pump up the price, it’s losing its appeal. Tether makes cryptocurrencies look like a joke.

A stock of a profitable company can have value outside of the fiat system. Once copper is mined and refined, it has value with or without government fiat money. Food has value with or without fiat money, gasoline has value with or without fiat money and in the event of a fiat money crash, yea pricing things will be chaotic for a period of time, but whether it be Gold, Silver, tobacco, a cocoa plant, oil, etc. We can find a way to revalue things in comparison to each other

If the fiat money system crashes, the people who will be screwed most are the people reliant on the government. It’s the government that benefits from fiat money and the mere fact that Tether would tie itself to fiat money is the dumbest thing I’ve ever heard.

Most companies don’t tie themselves to fiat money by choice, they do so because it’s illegal if they don’t. The whole purpose of crypto was to be DECENTRALIZED, the mere fact that Tether would tie itself to a centralized fiat system, tells me that it has no value.

Now in a market economy, there is no such thing as a LEGAL tender, legal tender is for taxation, in a market economy, banks aren’t safe and it’s not the government’s job to make a bank safe. I like to remind people that Western civilization is based on Judea-Christian values. I get it, some of you reading this are atheists and believe that humans are evil and need to have their wealth redistributed by the government, but Christianity clearly points out why a rich person shouldn’t be GREEDY! a market economy PUNISHES TOO MUCH GREED

Excessive greed distorts the markets, excessive greed, whether by the individual or by government destabilizes society, but to get to the heart of greed one must engage in DEBATE. If you ever as an example wonder why Jews seemingly have the highest IQs on the planet, a theory could be that they’re always debating something, pushing each other’s minds to the limits of discussion.

One of the reasons why I don’t complain about the fiat money standard is that I think most humans are not financially educated enough to understand why government redistribution of wealth is a bad idea. So in the event, the government redistributes wealth in the form of fiat dollars at least the financially ignorant can feel like they’ve received some sort of victory.

Am I wrong for thinking this way, Of course, I am, but people looking for fast capital gains often will go to war to achieve it. There hasn’t been a world war since the creation of fiat money. Soon after Richard Nixon took Gold off of the money, the Vietnam war ended.

If there were to be a Bitcoin standard, world wars would start all over again, because greedy people which outnumber people who aren’t greedy, will always find a way to justify the theft of another’s property. Imperfect money is market money, which is PERCEIVED VALUE. If cryptocurrencies have any real value, they don’t need to be backed by ANYTHING! But as we can clearly see, Cryptos need fiat money to achieve value which tells me all I need to know about their value in a real market economy.

interesting times ahead!